welcome to "power lunch. glad you could join us on a lovely fall thursday tale of two markets to kick off the fourth quarter of the year the dow is down nearly 3% this year after a very good third quarter. the nasdaq is up 25% we'll tell you what to buy heading in now to the end of the year one top analyst says wall street is getting it wrong on amazon he'll be hear to explain why he slapped a street high 4500 price target on that stock later, the spac explosion heats up it's going public. we'll speak to a board member and early investor in this direct to con sierm health care company. "power lunch" starts right now

thank you. wall street is waiting on the deal on more stimulus from washington we'll have more on that in a second first as we head into the last month of trading before the election, october bring a number of hurdles could there be an october surprise for the markets bob has more on what to expect bob. >> there usually is. the good news is we have a positive start for the quarter the big story remains stimulus and the chances for getting the stimulus through the other story we'll hear a lot is earnings. they are better than expected. the early quarter is much better than expected. we had one of the big semiconductor companies came out with positive guidance that's moving all of the semiconductor stocks that's a big important sector. elsewhere different companies out there but they have beaten the earnings constellation

pepsi reinstated their guidance. that stock has been moving bed, bath and beyond they had 50 cent na they are expecting a loss. the positive trends continue into september that stock is at a two-year high elsewhere this just generally interest in thematic etfs. any kind of tech theme investing. as for october, it's tough we have a uncertainty around the election and what the outcome might be and whether we'll know what the outcome will be there's progress out there there's people hoping for phase three vaccine results, maybe progress maybe on stimulus but we don't know. that's hanging out there another unknown.

then we have this whole reopening story. layoffs from a number of companies. some of the industrial numbers we were getting were below expectations very, very mixed results here from the buckets that move stocks back to you. >> thank you very much markets are a little bit higher in this first day of october despite the failure of congress to get a new stimulus bill speaker pelosi and treasury secretary mnuchin are still working. the big question is can they get anything done. >> we are waiting to find out whether the treasury secretary and the speaker of the house have wrapped up their phone call and how it went. here is how things stand the white house offered a $1.2

trillion -- a $1.6 trillion proposal that ups their ante as well as on unemployment insurance. democrats are threatened to move forward with their own 2.2 trillion package if no deal can be reached earlier today, pelosi characterized the gap between the two sides as a difference of not only dollars but also of values >> we're hopeful we can reach agreement because it means the american people are so great there has to be a recognition that it takes money to do that it takes the right language to make sure it's done right. >> reporter: perhaps the most ominous sign of all so far, senate majority leader mitch mcconnell wished them both well. back over to you >> thank you very much it's not just the stimulus stale meat thatmate that's a rie

market now 61% said a new wave of the virus is their biggest concern for stocks 27% said a slow economic recovery is worry number 1 12% said election uncertainty. when asked where the s&p will be in last quarter of the year, 46% said it will rise. 30% said volatility will i crease 15% said the s&p will be flattened. 9% said it will fall let's get some reaction from our panel. mike ryan is divisional vice chairman mike, let me ask you how you would have answered those two questions in terms of what your greatest concern is going into fourth quarter and what you think the hallmark of the s&p will be. >> i probably wouldn't have had the focus exclusively on the

economy. what i would have focused on is the things that will cause the economy to trip up in the fourth quarter. they do relate to covid-19 if we get a more extensive shutdown and see a secondary outbreak i throw in if we were to get a failure of congress to deliver on next phase of stimulus which i think is pretty critically important. we need to get that to push us over to the goal line. >> jack, the same question to you. what would you have said if you asked those two questions what the biggest risk to the market is and where you think it will finish the year? >> i think probably the biggest risk near term is the election uncertainty. they are putting that at roughly a contested election of about 25% likelihood it is relatively high for risks.

with respect to the markets, i'm probably in that 9% camp and i think the market could go lower. some of it related to election uncertainty. could be 40% chance of a democratic sweep that would raise taxes next year. we're looking at perhaps lower markets between now and year end. >> that's what i want to bear down on what is your sort of definition of electoral uncertainty. sounds like it's both. one is a concern you'll have a contested election that one of the great pillars of the democracy. everybody's faith will be eroded and the outcome may not be known. which is it or both? >> i think it's that combination that leads us to believe markets

trend lower. i think the election uncertainty is not knowing for several weeks or having some kind of contention or crisis where it's back and forth we'll lead to an undermining of our system dollar weakness and higher volatility. i don't believe that foreign markets are going to zig well, u.s. market a zagging. i think all markets are likely to move in unison. i think foreign currencies could provide a buffer as the tlar falls. on the other front, i think the potential for higher taxes is another risk >> mike, let me turn back to you. yesterday during our delivering

alpha symposium chamath said some interest things and he believes the market will grinds higher over the next 6 to 12 months he cites a biden presidency or a trump presidency is the treasury department and the monetary side are fuse they are working hand in haennd the -- you cannot fundamentally have anything other in a slow economy of anything other than rising asset price sboos that scenario is that a corner stone of your view >> i would toenend to agree wit it i think it's going be a period of volatility going into and probably coming out of the election we're unlikely to know who the president is or perhaps the composition senate but we will

know at some point this will not be something that will permanently indeterminent the market will react to that. ourp view is whether it's a democratic or republican, what you tend to see is we focus on marginal interests this will allow the recovery process to deepen. people forget what we're seeing right now in terms of what we're seeing in monetary policy and fiscal policy is most massive mobilization since the second world war. to dismiss that and say it will not have a more pronounced impact, just ignore the power of that policy mix going forward. >> all right mike ryan. always great to see both you have we appreciate it kelly.

thank you. let's get to the bond market now where rick is tracking the action at the cme this afternoon. rick >> good afternoon. we had a litany of data points today. for the most part, outside of ism, all of it pretty solid. we can debate as to the drops and initial continuing claims and the fact that the drops are getting smaller but reality is the market liked it. you could see look at intraday of ten we made it up to 72 basis points we're talking one month highs. it's starting to come down as you can see. one of the issues is what's going on with the equity markets. if you put a three-day chart of ten on top of the s&p, you can see interest rates are pulled up now they are starting to flatten out. you can see what i'm talking about. hovering against resistance. 10s and 30s the curve is steepening finally the dollar index let's go back to mid-august. it's giving ground up again.

tyler, back to you coming up, a new wave of layoff sweeping the country from airline to goldman sachs we have the latest details terwe'll speech to lynn cho an early investor that just announced a spac deal today. more power lunch after this break. (♪ )

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welcome back as covid cases spike in many parts of the country, many are concerned that this could be the second wave of the disease but we're also seeing a second wave of job cuts. thousands announced just this week steve has been looking at the numbers for us ahead of tomorrow's unemployment report or employment report i was surprised that some of those layoffs, steve, particularly disney's which were out on tuesday were not mentioned at all in the debates. i guess they were focusing on other things >> the economy took a sidestep to some of the other issues out there. this second wave is washing out jobs in keyening the overall

recovery dow will reduce its work force by 6%. that's to name a few layoffs come as the government reported a modest decrease in jobless claims of just 46,000 which is still very high 837,000 between regular claims on the one hand and the added pandemic unemployment assistance some 26.5 million americans were receiving jobless benefits in the week of september 12th that's up nearly half a million. daniel silver at jpmorgan writes the labor market is recovery over time. the amount of layoffs and unemployment people are still significantly above. economy forecaster going a strong 30% come falling 2.5% in august, that reflected a rise in wages but a much bigger decline in government assistance.

the huge decline is warning. these positive and negative forces will be on display tomorrow wall street looks for job gains of 8,000 that's a huge number but the smallest of the pandemic recovery and it could leave 10.7 million lost jobs. kelly. the job quality index maintained by cornell university measures unemployment based on wages and hours worked per week. its data showing the realtime jobs picture is worst than it looks looks. revealing a lot of repeat layoffs and forecasting more job losses ahead dan, last hour we spoke with evans and he pointed out some positive trends in the rekrutsirekruts i -- recruiting market where there's strong demand. you seem to be looking at a different segment of the labor

force here what do you see? >> additional repeated layoffs we have seen something like 63 million aggregate jobless claims since the beginning of the crisis we have seen 7.4 million of those claims since the ppp effectively ended at the end of july when the money was pretty much spent that's a lot of jobless claims when you start to funnel that back into the economy, you're talking about a major, major crimp in household spending and income this will have a continued ongoing effect for a long time the idea these continued -- these 63 million layoffs have all been the same or distingts people is crazy. it's people being reemployed and relaid off.

>> kelly, i would say there's a lot of different forces going on right now and there is no analog for this these explanations are being made up as we go you have places that have opened and then reclosed. the manufacturing data has been very strong. housing has been very strong then you have disney that opened up and appears to be maybe rehire too many people that they brought on there's an adjustment going on in this economy that is profound it's hard to over state how profound that is right now in terms we have to right size certain industries in ways that will be wrenching and other industries have to grow in order to take that place and how it all shakes out, we're watching

this in realtime and historic restructure of the economy >> stay right there for a moment we have a news alert on the state of play for the next stimulus bill. what's going on? >> reporter: kelly, the house is telling members there will be a vote today on democrats $2.2 trillion stimulus proposal this comes as the treasury secretary and speaker pelosi have wrapped up their phone call a spokesperson said the two discussed further clarifications on amounts and language but distance on key areas remain he says their conversation will continue this afternoon. they will keep talking but it's not a good sign that the house is now scheduling this vote on the democrat's bill. a move they said they would only take if a deal did not seem imminent back over the you. >> the market, as you might expect is down on this news by about 70 points. we have given up all the gains we saw earlier

dan, what would you say the significance is for the labor market if there's not another stimulus bill this year? >> you have the withdrawal of the ppp benefits you have the cut back in the federal unemployment insurance supplement those all funnel into demand those will call other businesses to fail or cut back employment that will cause further layoffs and further income cuts. if the federal government doesn't step up and plug the gap, we're just going to have a significant collapse in aggregate demand the other problem, challenger came out this morning with 118,000 job cuts announced by big businesses in september. that number is going to increase dramatically more in october

we're going to start talking about large businesses that are resizing for the economy >> yeah. i think it's the way to put it quick last word, steve i'm not quite as pessimistic as all that businesses have to resize and right size for a new economy that's part of the process of getting back to indigenous growth or grows on its own without the government i think it's an essential role for the government to play to help people over that time but government is not going to create the right economy that we need it's going to be the private sector that is going to do so. it's going to have to be some pain the question is does the government step up to help people through that period >> steve and dan, thank you both tyler, over to you

>> thank you we have a news alert out of pfizer let's get to meg for the details on this. >> the ceo writing a memo to employees after the presidential debate on tuesday night where their vaccine time line was brought up the president reiterating he thinks a vaccine before the election is possible based on his conversation with companies. pfizer saying in this letter to employee, tuesday night i joined the millions of americans who tuned into the presidential debate once more i was disappointed that the prevention for a deadly disease was discussed in political terms rather than scientific facts people are confused don't know whom or what to believe. he lays out pfizer's commitment to safety, to only bringing a vaccine to market and to regular larts once they have proven saying at the end let's continue to work together o build trust

in science that's what we're doing in pfizer manage the compoundsed tragedy if we have a safe and effective vaccine that many people didn't trust. that's a risk none of us should accept this came up in the debate and comes up over and over again the president keeps tieing the vablts availability of the vaccine to a special day. no doubt meaning november 3rd. >> mr. borla who is the ceo. has pfizer been, in terms of time lines, the most aggressive of the vaccine hunters >> they have the earliest time line for when they expect to have data from the phase three trial. they have been enrolling their trial the fastest. they started the phase three trial on july 27th they have enrolled more than 35,000 people of a planned 44,000 and more than 24,000 have received their booster shot. moderna has been making progress as well but say probably

november for their vaccine pfizer saying october does seem more aggressive or optimistic. that date is dependent on what happens in the trial >> let me ask you a dumb request, which i'm very famous for. what happens after you get the second booster how do they evaluate whether it inoculates you to virus? do they expose you in a direct cay. put an aerosole mask your face and shoot you with covid how do you know the virus protection is there? >> it's not a dumb question at all. it's one that many people have there's so much vary blt in the trial. it's a human challenge trial it's been discussed but is not being done what they do in these trials is say you got the two shots. you don't know if you got

placebo or the vaccine take all the precautions we're telling wefr to take don't try to get exposed if you get exposed, we'll be able to see if there's a difference in the placebo group versus the vaccine group the goal is to see fewer infections in the vaccine group. that's why it can take so long because it's people going about their natural lives. >> this could take months to evaluate where it was working at sca scale. do they look for antibodies? does the vaccine cause you to produce antibodies >> we know it does the problem is we don't know in this disease because it's new, what levels of antibodies you need to be protected that's what the phase three trials will tell us. >> you have all the answers. i can't throw you a dumb question you can't answer.

oil is getting crushed down 4% today. that's taking the energy sector. we'll have more on what's driving that move. a semiconductor. smh is up 5% we'll explain why right after this break 20 years ago, i was an hourly

associate cart pusher. the different positions i've had taught me how to be there for others. ♪ i started out as a cashier. i mean, the sky's the limit with walmart. it's all up to you. ♪ ♪

you know what it means when we roll that animation it means it's time for trading nation welcome back, everybody. already an uneasy start to october. one of our next guests says a key group could indicate whether this month will be more trick than treat let's bring in the trading nation team. >> there's no question, the semiconductor group has been an important one for many decades and in a leadership way. the last five years it's been good in giving us a good hint of

what will happen with the market next one of the things that is interesting, if you look at the smh, it was testing the bottom end of the sideways range that had been in over the last week or two this week the group is rallied to over 5% we need to see it fall through more we want to watch that important all time high from beginning of september of 183.50. it's going to show the tech group looks good especially the chips and the broad market will move higher. >> one stock you like and one you don't. >> i couldn't agree more with

matt stock trading 13 times forward three times sales and a 1.5% dividend while you wait. stock has gotten hit i think it's offering a nice entry point. despite the performance, we're not a fan of broadcom here paying $13 in dividends despite last year earning $6 the etf is said to rebound this year i'm not such a fan of this name. >> thank you very much for more trading nation, as we're fond of saying, head to our website or follow us on twitter @tradingnation >> what do you know. thanks very much still ahead, the spac craze

continues. bc investor and board member joins us next to weigh in. penny for your silence coin base offering to pay employees who decide to quit after the company discouraged political activism and discussion at work amazon getting a new street high price target. we'll ask the analyst why he says it's the best megacap out there. stay with us on "power lunch."

♪ ♪ ♪ ♪ "hmm's and ahh's" heard in-call. ♪

welcome back here is your cnbc news update. joe biden's campaign saying it's raised more than $34 million in the day and a half since the

presidential debate. biden raised significantly more money than the president during august which is the last month for which there are numbers. no word yet from president trump campaign from post-debate nominations. both campaigns are likely to announce september fund raising figures in the coming week in new york, a roman catholic diocese serving more than 1.4 million catholics filed for bankruptcy to protect itselves from past waves of lawsuits over sexual abuse it's the 8th largest in the united states and the biggest yet to declare bankruptcy. you are up to date that's news update this hour back to you. ty >> they had a lot stoiries out there around the sexual abuse allegations. thank you. let's take a look at the markets that's lost a lot of

steam. the house appears ready to head to a vote on their version of a new stimulus plan. the house apparently said earlier that if they did that, they would suggest there was no agreement foreseeable between it, the house and the administration not interrupreted as a good sig. the dow has lost most of its gains have bounced back slightly into positive territory. nasdaq remains positive by more than 1%. that's the stand out and the s&p 500 up about a half a percent. russell 2000 small stocks moving up by 1.2% big move in oil today. let's go to seema at the commodity desk >> the uncertainty hitting the oil market as well the wti crude was down as much as 5% and ice brent crude was down as much as 6% closing off the worst levels of the day, you can see down 3% for oil prices rising coronavirus cases also

part of the story as we're seeing around the world. that's crushing prices on the demand side. on the supply side, increased out put from opec. that isn't helping the energy story we're seeing play out. the weakness in oil hitting energy stocks on the first day of october which is the worst performing sector today led by big declines it's down as much as 5.6%. i would point out these names are the worst performing names on the s&p 500 as well kelly. >> all right thank you very much. let's turn to this year's spac spectacular continuing today with the health company hims and hers. playboy is saying it will go public again and through a spac. this trend was part of the hot conversation at yesterday's "delivering alpha" conference. >> spas have raised triple the

amount they did. some say bubble. others believer that spacs have staying power. apollo global known more for taking companies private recently filed to take a yet to be determined company public through a $750 million spac. co-founder says they aren't going anywhere >> spacs provide a real pocket for pre-ipo into capital that we don't have otherwise we think we also could add value to the market. we have hundreds of companies that have gone into the public markets. they have done well in the public markets and so, these are no different it's just a unique strategy that i believe is here to stay and will be a big part of the market >> chamath also touted the benefits of spacs saying they imply fi ti

simplify the routes and provide more opportunities for investors. >> we need more high growth companies to be public especially so you can give ordinary folks a chance to own these things in their 401(k)s, in retirement accounts, generate returns for them to replace bonds that now do nothing for them >> he urged investors to do their due diligence noting that not all spacs are created equal. guys >> your conversation with josh harris was fascinating on that topic. also on the 76ers, by the way. love you for going there you nailed it on that last point. he was extremely cautious about saying you need to watch and know how much of the spac sponsors own capital is going in if there's a lot of it, you can ride with that jockjockey. if that spac sponsor is riding on other people's money, watch out. >> he said similar to the way that not all hedge funds are

great, not all private equity firms are great, not all spac managers are great investors have to do their due diligence saying do i want to write a blank check to this individual do i trust him or her to make an acquisition i can get behind the one with hims and hers, that stock price traded lower unuppo the announcement this morning. >> for more on hims and hers, the rise of telemedicine and th spac boon, we are joined by lynne chou o'keefe

welcome. we're glad to have you with us >> thank you for having me >> we'll get to spacs and their virtues and pitfalls in a moment are you happy to see it go the spac route is this like one of your babies leaving the nest or what >> absolutely. this is an exciting day because this is a category defining company in held care where we're putting consumers first in a consumer first health care platform hims is attacking a very large market of generation x or younger which really comprises 70% of the u.s. health care population who truly have little to no brand of filluatiaffiliatn

health care. most don't have a primary care doctor probably don't have strong affiliation with local clinicians or hospitals. hims really becomes the brand for that population and the front door to health care to really guide them through their health care journey in a 3.6 trillion dollar market it's an kpietsi inexciting day y >> before today, i knew little about hims beyond the advertisement that show on our air. if you asked he what they do, i would say they sell products in hair restoration, anxiety medications. e.d. drugs and the like. my question is do you expect that telemedicine will be persistent and will it continue to receive the kind of approval

that those companies have gotten from insurers. >> there's a lot nested in your question first, terks lemedicine is a technology platform. what hims and hers is a consumer health care platform in which we are putting the consumer in the front and in control of the whole health care journey. we started in our entry point into health care is what i call wellness we now evolved and expanded the company to primary care. well known the quarterback for most people's health care. you can imagine expanded services into the future into chronic or specialty care which is the evolution of health care journey. >> i've taken some advantage of some telemedicine. it works pretty well in many environments.

i'm curious and this is out of ignorance which i'm famous for is this, for you, a kind of exit point from hims or do you have money in the spac right along oak tree, which i guess is the main sponsor of? >> we believe in partnership with our companies being the front door of health care for a $3.6 trillion industry we are very linking arms with hims we believe there's great growth potential. if you just look at the financial metrics, triple digit

growth, 71% gross margins, high reoccurring revenue. it's like i was formally on the board of levongo but very similar in what you see in terms of the financial metrics and both of these companies were relatively very early in truly growth in their core segments which is very exciting to me as an investor. we're very long. >> you have a fascinating job. i really like to spend day with you talk about what you do let me make sure i do understand are you still invested in hims as it moves into the spac? you're nodding, yes. >> yes, absolutely >> thank you very much for your time today fascinating conversation >> appreciate it >> you bet >> kelly thank you very much.

let's just do a quick market flash here on crocs. take a look at the stock shooting higher in the last couple movants justin bieber is teasing a new partnership with the shoe company on instagram crocs up almost 8% as the beibs buys in. here is the tease. there's a couple of crocs floating in a pool the only thing he says is soon crocs liked it some silicon valley companies are encouraging workers to be social activists and take a stand on political issues. tyler, i think i just stole your tease. the story of one company that's not doing this the ceo telling pl inin ining ep your opinions to yourself or pack your desk

as we're head into the most contentious presidential elections ever, politics is on everyone's minds you better express your views if if you work for coin base. kate rooney has more on the policy and those offer who just don't like it. hey, kate. >> tyler, the ceo wants his employees to know they're in the

cryptocurrency business, not the business of social activism. he made the view clear this week armstrong says coinbase won't debate causes or political candidates internally and will not engage in things unrelated to the core mission. he points continue to ternl stri internal strife at other businesses that do engage in these issues he offered them about four to six months of sefrverance if th decide to quit because of that new policy he said life is too short to work in a company you're not excited b the pack ablg helps create a win-win for those who leave. coin bs das stance is an outlier where most tech companies embraced the causes during protests over racial injustice it is sparking big debates in the tech community twitter and square ceo jack dorsey saying the policy leaves people behind. he says it's important to at

least acknowledge the societal issues that customers face daily h dick costello said it's an ab did he indication of leadership. he applauded the stance and predicting that other companies will follow suit back to you. >> so what -- under what circumstances would someone be asked to leave any kind of expression in the workplace of any political sort? i favor black lives matter i favor trump, whatever? >> it's up to the employee so they can approach hr and say, i'm not comfortable with the policies i'd like to leave and get the severance. they have not made it clear what the policies will be there will be an all hands meeting today where they'll clarify the policies >> kelly, do you have a question for kate >> i do. kate, i'm thinking through this. you know, it's not -- i mean is the ceo the kind of figure who

is trying to avoid politics and hot button issues or is he, you know, is he known for kind of leaning one way or the other is that even relevant here >> it's interesting. he actually tweeted about the black lives matter movement in june and that came after an employee walkout where multiple employees came out and said that they were upset with the ceo for not coming out sooner and saying something. so he has in the past come out and made political statements. and supported certain groups this seems new folks i talk to say it is likely in response to that and the walkout. so he is not an apolitical figure but he is thinking differently and this is a complete outlier we'll see if they set the stage for others to do the same. >> yep 100% kate, thanks so much ka kate rooney with the latest you may think you know

everything about am amazon think again. wall street is getting one major thing wrong about the company, its advertising business pivotal hiking to a pricetag of $4500 which is a price gain of $3200 price today. michael levine, the senior internet and media analyst good to have you we're talking about advertising. simply advertising on amazon.com >> yeah. that's right i would say 90%st advertising business right now is to sponsored products and as we highlighted in our note, you know, for an advertiser like procter & gamble and unilever, they pay for shelf space and placement at places like walmart and target and this is just where a lot more of the world transact is on amazon. it is a highly lucrative business which a lot of people underappreciate.

>> facebook and google are the two leaders in the advertising business does amazon have to take share from them? are they taking it from if, you know, kind of bricks and mortar players so to speak? how big can this business get and why is it so valuable? >> what i think is a dollar of advertising is not exactly akin to a dollar of advertising on amazon our survey work, it is very high towards cpg on amazon. and to me, it really is this ability to end up in the purchase path, you know, increase the chance that you basically are going to get bought on amazon now where it is super compelling for amazon and the way i frame for years is for, you know, for amazon, it's the right ad business for amazon. where people basically pay for placement on the site, the transaction stays on amazon. amazon basically keeps the purchase information and the procter & gamble or unilevers of

the world have a better set of results versus not knowing exactly how well those trade dollars may have actually performed on the shelf space for target or walmart. you say it is for buying for shelf space. it is almost hard to use amazon anymore because it's all kind of amazon's choice being pushed at you and sponsored stuff everywhere but that's life. we all -- we know that as things get more sophisticated, they're packed with ads. so you're saying $93 billion of earnings power with advertising. the rest of the street thinks it's only about $69 billion worth. does it feel like maybe things are all going a little bit too well to be believed? >> you know, i really don't. i would say two things one, i am discounting back on a

reasonable multiple for 24 so, you know, my two cents is people are going to be valuing the stock in 2024 so i think you have a chance of this being a $6,000 stock by then so it's not that i think they're going to be $93 billion. but what i want to frame was people were not understanding the underlying contribution coming from advertising a, and b, when everybody tries to do the parts model which when companies give more wall street tendency, i don't think it's how amazon looks at advertising. it is really part of this fly wheel of retail, prime, and advertising together so that is what we want to try to frame we didn't take our numbers up that high. and, look, we also highlighted in the note a few areas we think where conceivable large incremental investment areas can come the big ones i look at, to be honest are a move to same day from one day

which will drive revenues up and i think that they ultimately will be competitive with fedex they will be expensive so they're increasing the element to the story >> so i actually don't think it is particularly expensive. you don't think the most likely candidate for regulatory risk, google before them you said $4500, maybe $6,000 by 2023 thank you for making your case we appreciate you joining us >> yes, my pleasure. >> tyler >> kelly let's take a look at where the markets stand as we head into the final hour of trading. the dow has turned back into positive territory by 34, 35 points it was much higher earlier it took a little dip as news came out about the top of the hour that there seem to be stalemate in washington over the possibility of a second stimulus package. but now moderating just a bit

and up 33 points s&p 500 is higher. so is the nasdaq bye-bye 1%. >> and in ten seconds, i'm going to say of watch the ipo of mission produce. it's an avocado play, everybody. it's up 13%. the. >> we buy a million a week >> "closing bell" starts right now. >> thank you, kelly. welcome to "closing bell." if you thought september's volatility would end in it october, maybe time to buckle up and think again. stocks all over the map again today as we kick off the new quarter. let's look at what is driving the action wall street hanging on to every development out of washington right now. treasury secretary and house speaker holding a call this afternoon but doubts about a deal and an upcoming house vote are dragging on sentiment. jobless claims coming in below estimates. pe