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. but personal income following at the fastest rate in months

and technology outperforming in today's trade. they're all up more than 1 hers at the moment we've got 59 minutes left to go in another wild session. >> green across the screen once again. the company now pivoting to very different space. we'll speak with the ceo about the strategy shift plus, former ceo getting in on the spac craze with a blank check company. let's get straight to the big stories we're watching mike santoli tracking the market on this first day of the fourth quarter. steve leezmiesman has a look ate economic data and we have the latest on the stimulus notions >> it's been a little jumpy. a little fitful action it is shuttling up and down within that range.

it seems as if the market is trying to shake out the people or the al go riridg al algoriths the year to date chart, we remain here. we keep pointing out it's kind of this, you know, upper range above the year to date break even level it is about 1%, 1.5% up from this level in the 3400s. people say maybe represent an upside break towards the old highs. will we'll see if there is enough juice in there to try that this time look at the nasdaq 100 relative to the average s&p 500 stock this is a ratio. and nasdaq is the superior performer today. obviously a rotation back into big cap growth and what you'll see is this massive takeoff in the fourth

quarterst loehr year that's the peak around august 31st we're around that prior peak earlier in the summer. of we'll see if this represents the market resuming the old leadership profile or just meaner version and people saying we have a little too negative on the big nasdaq stocks and nasdaq 100 futures. had a big short position maybe that is all being squeezed out. >> we'll hear the latest on the stimulus talks in a moment do you think if we get a deal it leads to a bigger jump higher for the market than if we don't get a deal in terms of a fall for the market >> i think that's probably correct. if we're talking about, you know, on the upper end of the size, raily i really do think i going to matter which stocks perform better than the aggregate market cap of the u.s. stock market just because we do have this give and take in there where we have a slow growth environment. people are happy to own growth stocks as long as yields are maintained i think the premise to your

question, i would agree with, wilf we haven't really baked into the market at these levels incremental short term fiscal stimulus >> mike santoli, see you in just a moment let's talk about the need for that stimulus. some signs today that what we've seen already in terms of relief could be wearing off jobless claims coming in below estimates. but still above 800,000 claims filed a week and personal income saw the biggest decline in months the steve liesman has the latest on the numbers steve? >> sara, yeah, second wave of job cuts is washing out jobs in key industries it does threaten the overall recovery we're undergoing right now. disney looking to lay off 28,000, mostly part time workers. dow says they will lay off 6% of the workforce. royal dutch shell cutting 11,000 jobs by 2021 the layoffs come as the government reported a modest

decrease but still a very high 837,000. add the regular claims to the pandemic unemployment assistance and 26 1/2 million americans were receiving jobless benefits. that's up nearly half a million. they write the labor market is recovering over time but the amounts of layoffs and unemployed people are still significant significantly above the norms when covid-19 started spreading. construction and manufacturing data today both positive the economy is forecast to have grown a strong 30% but personal income falling 2.7% in august, reflecting a rise in wages. a bigger decline in government assistance the advisors write today, the huge decline in household income is a warning that the economy is still heavily dependent on government social welfare payments some of the shorss will be on display tomorrow in the jobs

report that's a huge number it will be the smallest of the pandemic recovery and still leave 10.7 million lost jobs of the. >> yeah. it's all about that perspective, steve. one of the biggest questions i have is on consumer spending because we also got that spending number today along with incomes. and it shows that consumers are still spending i think that's one of the biggest questions, right the stimulus wears off, what happens after this third quarter surge to the u.s. consumer >> you have the dynamic right. the i think what is happening is clear. the government did flood the zone with money so to speak, over the spring and early summer, period you had 1% increase in consumer spending 0.7% when you look at real spending and that's a decent number

the economy has a little runway perhaps until it needs additional stimulus. one or two things has to happen. the kbhe has to p open up again in a big way or there has to be another big stimulus ill and i'm guessing that ylan will tell us all about that >> i think she s let's pivot to washington and the stimulus talks which we have the latest on for us. over to you. >> the house is scheduled to vote today on the democrats $2.2 trillion coronavirus relief package. and that is not a good sign for the prospect of a bipartisan bill happening any time soon now the treasury secretary and the speaker of the house did speak over the phone today for about 15 minutes they're supposed to talk again later on this afternoon. in a statement, her office said they discussed further clarifications but the distance on key areas remain. the areas include tax credits, state and local funding, unemployment benefits,

meanwhile, the white house is criticizing pelosi as not serious and not interested in either the administration's smaller $1.6 trillion counter offer or a clean bill to help the airline industry and avoid that second wave of furloughs. the now we do not know yet exactly what time the vote will happen but we'll keep you posted when we find out. back to you. >> how much of a further hurdle are mitch mcconnell and the president? do we expect that if pelosi and mnuchin can find an agreement that is it, done and dusted or are there further hurdles to come is. >> we are hearing some rumblings from republicans that they are not happy with even the level of aid that the white house is putting forward. there are signs that folks like kevin brady, the chairman of the house and ways committee that he feels that a $400 unemployment benefit is too high.

mitch mcconnell is waiting to see what develops between the white house and with pelosi. so right now the game is between the administration and the democrats. and then it will be up to the white house to try to get the republicans onboard. >> great stuff thank you very much for that we've got 51 minutes left of the session. we're up .5% on the s&p 500. the nasdaq up 1.5% up next, colony capital unloading part of the real estate portfolio and pivoting to a different space. will we'll discuss the shift in the company's new focus with the colony ceo next. you can't predict the future.

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47 minutes left of trade st real estate investment trust colony capital is shifting from the traditional legacy assets by selling some of the hotel portfolio and moving towards digital infrastructure plays by investing in data centers and server farms the ceo joins us now for an exclusive interview. mark, good to have you on the

show for the first time. i think of colony capital and buying the plaza hotel and real estate, why are you shifting so dramatically >> well, thank you, sara, for having me on the program today i'm excited to be here and share with you some of the rotation. look, fwz the future of it's about where our economy is going and about where the world is going candidly. i think the board at colony recognized that last year when we merged our business with colony that a lot of traditional real estate has been disintermediate yated by things like e-commerce, air bnb and reworks and other digital mod tha els that disrupted real real estate and really that's where we see the future of real estate. you can see that today in the s&p 500 where tower trade and they're trading at a significant premium to traditional real estate vehicles. >> so i'm wondering if it's

coming a little bit too late, mark covid-19 has only exacerbated the shift. you're trying to sell hotel properties at a time where i'm sure they're very devalued and buy digital properties where everybody wants them >> yeah, look, it hasn't been easy i think if we think about the move that we made last week and selling our lodging assets, it was really an important move for us and we began that process really in earnest in january. we tried to restructure our hotel loans. we had had an asset we thought was attractive and very sellable and the most thing is to return cash back to the balance sheet and continue the rotation which very successful over the last 40 months the so as for asset prices and digital, you know, we've been at this for 26 years. the this is a management team in charge of colony that was back there in the 90s when cell towers were still being built. we think we have a advantage

compared to the others and we are excited. >> what are the key themes that you're focused on? >> it's so important right now that the tail winds in our business today are really two sort of core schematics. adaptation to the cloud and 5-g. 38% in cloud over the last ten years, it's a $210 billion spend and now as we think about the acquisition that we made this week at data bank, growing our footprint to 64 data centers across the united states and luke about where the future is and edge computing, much like cloud, that's where travel ffic migrating. data centers were in cbd locations, right work loads were in the central business district. you think about what happened with vud and what is happening in your them to day, all of these work loads have shifted to the edge and so edge computing is huge for colony over the next decade. the we believe it's $100 billion

marketplace over the next ten years. as our customers continue to move those work loads to the periphery of the network in in the suburbs, secondary markets, and you combine that at the same time with 5-g and the amount of capex that is needed to proliferate the networks and handle $29 trillion devices over the next two years, you can imagine we've got our handsful right now with colony in terms of keeping up with our customers. >> so you made this big deal as you mentioned, mark, just a few days ago to sell a lot of the hospitality assets, hotel rooms in the portfolio what is left what mortgage backed security market for hotel properties is like and whether you're making payments on those. >> yeah, so look, what we have left to do, sara, is a lot easier than it was a year ago. if if you think about the assets that we sole last december, moving our industrial portfolio to blackstone, moving our

european office assets last year to axa, turning the community shopping centers with the albertson leases and ultimately selling our position to dial, we had a tremendous amount of success in selling assets. so what is left for us is we have about 400 medical properties we have a 30% stake in a publicly trait publicly traded mortgage reet. so we made a complete pivot out of lodging now the narrows are a lot smaller for us in terms of the rotation remember, we reduced leverage by four turns, taking net leverage from 12 to 8 times. reduced $80 million in gnah we're really running hard now. there's a lot going on in this company. but i think for first time we got this headed in the right direction and shareholders are excited about where we are

going. >> mark, when we think of the digital themes that you outline and drawn towards, are you attracted to those only in the private market or in the public markets as well? in particular, i'm talking about the valuations are they overpriced a little bit in the public markets? >> that's a good question. we acquired that public business and took it private for 11 times. most thought that was a significant trade. one of the best fiber networks in the united states we look today at what traditional infrastructure gps are doing. the they're paying 30 times for subscale fiber assets and we think sometimes the value can be found in the public markets. you before i a company into a private setting. so we had had a lot of success in doing that also i say as you think

about m & a costs to day and look at what a cost to build on a green fill basis, we're looking at m & a prices being close to two to three x what we call replacement cost or new construction cost. we have 16 portfolio companies globally building around the planet, new cell towers and data centers and we like green field right now. we think that's where we create the most value for share holers today at colony. >> keep us posted. as you continue to transform yourself mark, thank you very much for joining us >> thank you, sara st have a great day. >> colony capital. we've got just about 40 minutes left before the closing bell take a look at the markets we're hanging on to gains here just barely for the dow. the nasdaq is the winner along with the russell 2,000 undechl. it's been a big week for boeing investors. that stock is up around 15% or so since last friday

after the break, we'll tell you about the company's latest move to cut costs and why it's bad news for the state of 'lwainon wel be right back. 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.

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dow turns negative 38 minutes left of trade. boeing announcing new cost cutting moves surrounding the dream liner production amid a big blow to aircraft demand that we've been seeing this year. phil lebeau with the details >> you know, sara, for several

years, boeing built the dream liner. some in the seattle area some in south carolina going forward, they're all going to be built in charleston south carolina once the move is completed, which is expected to be by the middle of next year, they'll consolidate production down in north charleston they have a little under 7,000 workers in south carolina. that means the end of the production in seattle. washington's governor not happy about this remember, just a few years ago they gave a bunch of tax incentives to boeing in order to say, hey, look, we want you to stay here. we want you to invest in the seattle area he says it's going to cost them potentially 1,000 jobs in the area boeing, by the way, in the process of cutting 19,000 jobs this year as part of a streamlining effort. and, guys this is not a huge surprise here. take a look at shares of boeing. they delivered just 87 planes this year. 87 it's going to be one of the lowest years in a long time in terms of deliveries. remember, that is important.

deliveries drive revenue en that is a company that still has -- hasn't delivered any maxes. we know why. and the 787 like all wide body demand is slower because of what is happening with airlines around the world >> that's like a one huff two punch. is there any pro grection from the industry of when deliveries could start to pick up is it a leading indicator or lagging? >> they don't believe that we're going to see an increase in orders and that's really what you want to see first you won't see that for a couple years at least if not looking out three, four years. the air monica lewinsky around the world simply are sayin we've got a glut of planes and we don't have high demand. we certainly don't have international demand and nobody sure when that's going to return. they're not expecting ut in in the air line industry. at least until going into 2024 probably you might see some increase by 2023 again, it all depends on what happens with covid-19. the expectations are very low right now.

>> he excuse me. phil, sorry, you said 80 deliveries this year how many in the last couple years? >> it's a fraction of that keep in mind, you have no 737s being delivered. so you're going to see bate of a rebound because of that. you've got these backed up planes that are built, that they're going to start deliveringing once the plane is ungrounded the production on the 737 max that, is limited right now they're uncreasing it gradually over the next year and a half. but that's the reason why you see no -- you shouldn't say no deliveries, very few deliveries this year. >> yes phil, thank you. phil la bho phil lebeau. are retailers in for a rough october? we're going to ask the ceo of columbia bortz wear what he is seeing from his customers. a quick check on bonds for you

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quite a discrepancy there between the dow and nasdaq growth definitely different. the dow is down slightly and nasdaq up 1.2% tech, communication services and consumer discretionary because of amazon all higher energy, materials, and financials are not doing well. and goldman sachs down 1.4% having a heavy points weighting on the dow as well trying to get that with the dow in negative territory. time for our daily coronavirus tracker. new york state is on high alert. 20 zip codes in the state are averaging 6.5% positivity rate

a full percentage increase since yesterday. meantime, the nchl envelope's postponed the pittsburgh-tennessee game schedule ford this week as more members on the tennessee titans test positive for the coronavirus. this is the first major coronavirus outbreak for the nfl. and carnival is under pressure after the cruise company plans to cancel most of the u.s. cruises through the end of the year this is after the cdc extended the no sale order until october 31st >> time now to get an update with sue herrera >> hello, everyone here's what's happening at this hour firefighters are bracing for high wind and low humidity to fan the flames of multiple wild furz fires in northern california red flag warnings have been extended through saturday morning. >> texas's governor limiting dropoff locations to just one per county the republican governor says the move will improve election

security the texas democratic party said it is a blatant voter suppression. the mesh medical association is asking the supreme court to strike down a trump administration rule restricting family planning programs they prohibit clinics from refer wum f women for abortions. and a new poll showing 59% of american adults plan to get a flu shot this year the that is the same amount as in previous years. health officials have been urging people to get vaccinated to limit the strain on hospitals from both the flu and covid-19 you're up to date. that's the news update this hour sara, back to you. >> sue, thank you. we have just under 30 minutes to go before the closing bell dow is taking a turn lower we're down just about 30 points. the s&p 500 though remains higher, helped in part by technology and some of the related groups nasdaq is up 1.25% we're still on track to break four weeks of losing streak for

our stocks after the break, we talked at length about how a contested election could impact stocks the what about the credit market we're going to tackle that topic with an expert from goldman sachs next [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance.

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new estimates for overall election spending just hitting the tape it's a lot the center for responsive politics says the total cost of the 2020 election could approach $10.8 billion. that is over 50% more expensive than the 2016 contest adjusted for inflation, of course according to the research group, even if federal committees didn't spend another dollar from this point on, the 2020 election would still be the most expensive ever for more on this story, head to cnbc.com, wilfred. the question is whether that money is going to count for something. hillary clinton spent so much

more money than donald trump on that election. did not pay off. both candidates here have a lot of money coming from behind them the stakes are very high and people are contributing in a big way. the. >> massively and plenty of money to spend it is being spent and going to continue to be so pt well placed social media adds coming in cheaper were more affected than the big bucks. we'll have to see what happens this time. sticking with the election topic, a number of wall street players weighed in on the contested results could have on stocks but what about the credit market joining us now is johnny fein, from goldman sachs johnny, very good afternoon. thank you for joining us before we get open to the election specifically, we know the first half of the year was blowout in terms of issuance for the investment banks helping companies raise money. what does the second half look for? >> thank you for having me on the show great to be back

it's been a robust year with the crisis year in financing and march, april, may and june that is complimented by robust activity in august and september. it was driven by the shear attractiveness of the market being able to establish the lowest cost ever in 30 year corporate debt that extended into september as issuers look to try to get in advance of any volatility that might emerge as a function of november's election. >> is there any feeling that some companies have raised too much debt? i mean, i get the prices are very cheap for doing so. but will they look back in a year or so's time and regret they raised quite so much? >> i don't think so. they are very conservative going

into the pandemic. and that conservatism played out by ensuring the companies built a bridge to the economy being reopened and earnings starting to re-estabilsh themselves now that's not obviously been at zero cost even though cost of financing is extremely low as we wind the cart forward and think about next year, company is going to have decisions to make do they want to use the excess catch that they have assuming that they did indeed conservatively position to delever or use it for more offensive uses, for example, purchasing m & a we'll have to wait and see it's a factor of the market is focused on very carefully. st. >> yeah. powell opened the floodgates so from if the march lows, basically johnny when the market went -- the stock market went straight up until september, the credit market gave the green light. all is calm. what have you seen since the bump started in september? what are you seeing now?

>> so the good news for the unvestment grade market is it is beta to the equity market has been reduced fairly substantially. and that, i believe, is a function of the fed policies announced in late march. with the fed from the first time announcing that they would intervene in it corporate credit marks is probably monetary policy tool kit, it changed the risk paradigm that exists in corporate credit even though things have traded a lull weekly in the last maybe four to six weeks or so, the movement in credit has been fairly modest overall. the flow dynamic in terms of the money that continues to flood in to unvestment grade bond funds is very, very strong we had a number of consecutive weeks of in flows. since they turned around in april, there is nor in that natural period and in any year in history

>> i wouldn't say signs of stress there are things that people are looking at it's going to the next week. that's 50% of the investment grade credits you. they want to review for downgrade or have a negative outlook assigned to them so the room for slippage is fairly small than obviously in an environment where economic growth disappoints and earnings come in lower than forecasts are expected and then the leverage uncrease the company will will see as a result could come back to the risk factor >> johnny, thank you for joining us big tech outperformed and again today. will names like amazon, microsoft, and alphabet finish

yeert on a high note we'll discuss when we take you inside the market zone you can always watch or listen to us live on the go on the cnbc app. she wanted a roommate to help with the cooking. but she wanted someone who loves cats. so, we got griswalda. dinner's almost ready. but one thing we could both agree on was getting geico to help with our renters insurance. yeah, switching and saving was really easy!

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but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. with 15 minutes left in the trading day, we are now in the "closing bell" "market zone," commercial free action going into the close mike santoli here to break down the crucial minutes of the trading day.

to we have stephanie lufrink hee as well. we kick it off with broader markets. s&p 500 and nasdaq both on track to close the day higher for the second straight day. we're up power play. >> pete: 25% helped by groups like technology and communication services and consumer discretionary the hot growth stocks, essentially:under some pressure. i think the economic data was a bit of a warning sign. nothing of a disaster. but incomes lower. spending moderates jobless claims remain high it was worse than expected so what is the economic picture telling you here about stocks? >> well, we've been talking about the economy being uneven for a while now. it's not perfect we're seeing the rate of chaufrpg slow down a bit, especially in jobless claims

but you're still 13% below the august average levels. the so we're trending down i thought the most interesting point is the house hole spending but the historical levels are 5% to 6%. the if consumers get back to the level of 5% to 6%, that means they would have spent a trillion dollars to get there so they have the spending power. consumer confident, remember, was the fourth highest on record ever so that are combination is not a bad one, right you thought ism rz were disappointing. that is positive for future production and construction spending is still up 2.5%. we need a fiscal package of that's why we're bouncing around today we'll get one. because to your point, the jobs picture is still very bleak. >> steph, you think if we don't

get one we have a big selloff as opposed to a big jum fp p if weo get one? >> i think the market is vulnerable it adds another worry point. it means it is really pushed out, maybe even into next year we can't do that some of the industries cannot afford not having help, right? travel, leisure. they're in dire straits, for sure we hear it all the time. that's why you need it but at the same time, you have so many other parts of the economy that are doing just fine in housing, auto, manufacturing which we talked about. you know, it's not all gloom and doom, it really isn't. we need this package absolutely >> mike, what have earnings estimates been doing we're going into the season now. are we going to get a clear picture even after this quarter for guidance it's been sparse and way don't know about this fiscal stimulus. we don't know about the virus. where does that leave us on

earnings estimates >> i imagine you get a little more guidance. i think guidance has been permission for companies to just forget about it. i think they're just kind of taking advantage of that right now. the estimates are going in the right direction. have generally nudged higher i think that they're directionally okay the market doesn't look cheap base ond today you have to project out in terms of the magnitude of the snap back is going to be next year. and right now it's pen selled in as a big gain. i don't think we're trading kind of tick for tick on what is happening in earnings. it's kind of what do you want to pay for the earnings what do you want to assume in term of earnings leverage in a lot of companies going into next year and the year beyond so it's a little bit of a foggy picture. i don't think that means that it's complicitly the thing that is going to hold the market back. >> mike, what is happening in the energy sector today? >> falling apart again

crude is down a lot. the big energy stocks have been just for sale every day. it looks like there is a trade going on where renewable energy type stocks are rallying hard. probably some kind of an election related rational in there. if you actually want to look for a sector bets on a biden within, that is how you would lay the bets but, yeah, just seems as if, you know, it's -- there is not a lot to problem up the long term story for energy just because of secular decline and buildup in inventory demand would snap back with a stronger economy the if you get economic acceleration this group is spring loaded to do better but off a real low base. >> tech may have been the worst performing sector in september but we polled dozens of strategist for the fourth quarter stock survey and found that more than half say that big tech names like facebook, amazon, apple, microsoft will continue to lead the market in the coming months.

steph zshgs th steph, does that concern you when you see those type of surveys? we know the fundamentals and the reason why they can continue to outperform are they overcrowded >> i think they are. by the way, i participated in this survey. i think they are overcrowded but i think for good reasons we talked about it strong free cash flow. dominant market share. i spare you the numbers. i come on all the toime and give you them they're powerful you see the trends continuing for a long time. do you want to have all your eggs in the basket of the tech names and of the five in particular i don't know i think no i feel like you still want to own a combination of some of the other economically sensitive stocks because of the sectors i just mentioned, housing and auto and manufacturing actually doing well so i think you want to have exposure to those sectors as well a combination, that makes sense. i think google sets up quite

well into the quarter. it's only up 10% on the year it's growing 20% it's trading at 20 times i think digital ads is recovering i also think you get search on the rise it was flat june youtube can growing double digits the real question and the reason it is live is because it has travel exposure. to the extent we can get past that, i think the stock is set up very, very well >> 11% year to date. mike, there was bate of a shaa a shakeout this was a loved trade then september is all about rebalancing and repositioning and frothiness and crowded positions. it looks like tech is still loved relatively speaking, how loved is it? what does that say about where kit go >> it's definitely loved by discretionary managers also loved by retail

yeah, there has been a good shakeout f you look at the big five, they're all still down 10% to 15% from their highs. p it's a lot more than the overall market is down so they have kind of come back to the pack to some degree it seems today's action looks like investors to the zhaent there are new quarter, new month flows are using it as a chance to reload in some of the familiar names also, really big short position as i he mentioned earlier developed in a hurry in terms of nasdaq 100 futures and huge joet flows from tech etfs right at the end of september people got scared in the short term the big question to me is not is tech going to do okay in a bull market it's is it going to be tech to the exclusion of everything else as it has sometimes seemed over the past couple years in the individual phases? and that's not as clear to me that it is just going to be tech to the exclusion of everything else like more cyclical stocks >> well, we did have an earnings

mover, pepsi organic sales up more than 4%. the it was a lot better than expected it was a combination of all pepsi's businesses, better growth in snacks at frito-lay, quaker being folks eating more at home. and even in benches which exceeded expectations thanks to gatorade taking back market share. the mountain dew which was struggling lately. and also doing quite well. pepsi resumed full year guidance for the first time since the pandemic i asked the cfo and vice chair why he felt confident putting out an outlook in the face of rising covid-19 cases, uncertainty around stimulus, and global economic challenges the listen >> at least for next quarter, we really do feel like we have good line of sight.

we feel we can give ib investors a reasonable sense of positivity they're performing in a stable way. >> looking at the share price reaction for pepsi, up a bit mike, i feel like there is a hesitation around this group with food and deabeverages. if this was in another industry, this is a big beat on sale a quality beat as analysts call it maybe the valuation here is full or wall street thinks so but there is a skepticism around some of the stocks consumer staples are proving defensive and showing a little growth, i don't know, there is a hesitation around whether they can continue to post the numbers. the whether they can comp the comes next year. everything is working right now with people at home. but for stock like pepsi, it was doing well before the pandemic too in terms of the performance and sales. >> it certainly still quality ff

that's one of the sleeves that you have in a portfolio. but it's no the necessarily where an invest yo tore day looking at the next couple years are going to bring trying to position and it's going to say the next dollar i'm going allocate is going to be toward very stable but not particularly economically geared growth which would be something like a pepsi co $200 billion company i mean there is not a host mystery in terms of what it can deliver. ut certainly quality it's going to be steady. 3% dividend yield. yopd that, unclear how much you want to bet that they're going to be able to accelerate top line i'm sure that's what kind of keeps the stock in a range here. >> steph, do you want to be geared to the u.s. consumer? is this the right type of stock if you want that zblfr well, i you this consumer staples have always been expensive. they've got steady earnings. and this beat is very impressive with 4.2% organic growth ut is trading at 25 times forward earnings for 4.2% organic growth

as an investor, i'm trying to look for different opportunities. you own coke i think it is overdone on the down side. i like the 3.4% did you have dend yield if we do reopen when we reopen fully, i think they will be back in business. the they've done an amazing job at really cutting costs and overhead i want to be selective in staples. the you do prefer the discretionary companies. i like target, walmart, costco i love stanley black & decker. there plevent other names. i love nike. that quarter was flawless last week there are a lot of things that i can pick that have better growth if i'm paying 25, 30 times earnings, i want to have better groernlg you feel hike that's what i'm getting. >> shares of bed bath & beyond are soaring after the company reported the first increase in same-store sales in nearly four years. earnings and revenue beat expectations for the quarter the company saw a surge in the e-commerce business. bed bath & beyond says the added two million new customers during

the quarter despite spending less on promotions and mike, this is, of course, a bounce off a very low level and a jump in sales also after a long decline still, shows the kind of sprik loaded nature when you do get a bit awful turn around. >> for sure. top line can stabilize, i mean, the stock was valued for perpetual decline to some degree in terms of revenue. there is a good amount of debt which is an overhang if revenues are going down but if they're stable, then you have a publicly traded, you know, lbo type situation 1500 stories that, is a liability in the big picture used to be viewed. the but now it is 1500 places can you pick up what you ordered online there is a way to spin the story and make it a better managed competitor in this area. >> we j just over two minutes left in the session, mike.

dow has gone into positive territory. of what are the market internals telling you? >> very mixed. which i guess would support this idea that we've been just sort of waivering back and forth between positive and negative. look at the new york stock exchange volume breakdown, sut pretty much 50/50 as it has been most of the day. it seems as if nasdaq breadth in terms of stocks up and down has been a little better you see advancers nudging a little bit ahead of declining volume at the moment you see the consumer side outperforming. some is amazon but not really it does seem as if it's thicks like housing related, even autos are up today so that shows you where the market is sort of at the marge undeciding things look a lufirmr volatility index doing what it wants within this range. it's no the responding that much to the intraday moves within the

s&p 500 range. of so you have it up a little bit above 26 i keep saying, it has a little bit of unflainnation in there bf the way that volatility is going into the election, sara. the. >> home construction is strong again today. dr horton trading at record highs. that is a point of strength in this economy and as we go into the close, take awe look at the major averages we're green all around we've gone back into green for the dow. and that would mark its fifth positive session in the last six. as far as the s&p 500, fifth in the last six as well we're hooking at a gaughan so far this week of 2.3%. heading into a from you. a jobs friday. that would break a four day losing streak. it is up almost 4% on the week for the best weekly performance going back to july technology is back nasdaq is seeing a 1.4% gain

right now. the russell 2,000 doing quite well today for the week, it's up 1.5% right now. and it's up about 3.5%, heading for the best weekly performance since back in if august. i would also note the transports which have been strong lately going into this week thaur underperforming to day and for the week so potentially something to watch as we look for the necht signal looks like we're going to go out four for four. >> certainly are, sara welcome to the "closing bell," everyone cnn cbs senior markets commentator joins us the dow higher at the close 3w0i.1% h or 36 points had been higher at the high of the session by 260 points. right near the open. you can see this did have a little bit of red as well during the day. s&p 500 up .5% nasdaq up a healthy 1.4% consumer discretionary, communication services, tech, and real estate the best

performers the worst comfortably was energy down 3%. oil prices declined had% goal had a nice rebound today. the dollar a little soft down .2% brent saupders znders decided th spac route and the companies that he is looking to acquire. joining us to talk about the market day, our chief investment strategist stephanie link who is still with us and chief investment officer at aerial inve investments joins the conversation as well first in terms of quite a big value verse you growth differential today you can call it tech versus energy as well just shows this market really only wants to deliver the oners. >> certainly today, if you can, you know, accept this

construction, big cap expensive growth is at the greatest discount on a relative catchup trade that, seems like what is going on return to the mega cap growth stocks other areas did fip too. of overall, s&p 500 still making progress relative to the lows from if late last week we regained not quite half of the total 10% pullback that we got from high low in september it seems as if it sort of, you know, earning its way out of the idea that it was still, you know, in this pullback mode. although, i have to say the burden of proof is still there on whether this rally has enough energy behind it to make the rest of that margin up in terms of what was lost it seems like there is a little loss of energy in terms of the very mix back and forth trading to day >> it's good to see you. we haven't checked in with you for a while. you always have a contrarian view or play for us on the market

so where are we? after several up months, a bumpy september. we begin october with sort of a tentative rally, all eyes on washington where do you think we're going >> well, sadly, i think more down than up i think the momentum trade has been a very strong one but i'm the opposite the i know there is a lot of companies. but i think that momentum would reverse the course can be extremely painful and fast and furious. we had had the episodes. i realize they were just episodes in q-4 of 2018 and in q-1 of 2020. at every turn, more stimulus came to the rescue they've been addicted to stimulus that is why you see the market and the tension and experiencing degree of volatility because of the lack of agreement on the stimulus program coming up >> steph, we're talking earlier about how the u.s. data kind of held up all right even if it didn't beat expectations what about the international outlook? we're seeing the data on the

coronavirus worsen the but underlying economic data, how is that looking? >> yeah. i mean like across the pond. the euro-zone actually posted great pmis they beat by 200 basis points. germany had a 26-month high, right? and italy is at a 27-month high. and so we also have been seeing a consumer confidence and business confidence especially in germany also improve dramatically. it is always cheaper versus the u.s. but you are definitely getting a recovery there and their margins on the whole are almost half of what the margins are here i don't think they can get back to the u.s. margins because they just can't cut costs like we can here but i do think that it is an interesting place and very encouraged that the global picture can continues to show

improvement. >> back to your call on the market you would want to be in the mega cap growth stocks then as almost defensive move on day like today where there is some worries about weakness and the economic data oil is lower copper got crushed to day. the stocks rallied >> no, the opposite. i think it is a crowded tray st that is a less pew to lose money, not make money. in the short term, it can provide leverage i think the opposite you hook for value where no one else is looking or caring. and that value is in the new consumer staple not what the previous guest talk about the expensive consumer staples i would not own those. the new consumer staple is telecoms it is a resilient business model. it has reoccurring revenues. think i job or no job, we're not

going to be able to pay our phone bildz and more dependent as ever on a telecom network and around the world, can you fund tremendo you can find tremendous value in tell he comes. it is a steady growth sector you get the money back in the form of very good gains. 46%. i think the income symptom world, you know, steady growth is broad but can you pay just about 10, 12 times earnings so they're very cheap for what they bring to the table so that's what i would look at nobody else is looking. >> do you want pure play telecom companies? because after the u.s. in particular there is quite a lot of complexity to the total companies. >> i like the international ones more than the u.s. ones. germany, you know, there is entity in japan. there are domestic players because of the cable companies

offer the broadband networks here the so you get a trup will play, quadruple play that means it's a very high revenue base the and the companies are very good with respect to returning that cash to shareholders. i think that is the win-one i'm hooking for. >> steph, where are you on this group? they could be the new consumer staples because they are looking rich relative to history >> yeah. valuations are very attractive dividend yields are very trafkt and well covered it's only 3% of the benchmark though so i almost don't have to pay attention to them. you can own maybe a verizon or an at&t. but i don't. because i just don't think it's worth it back to the energy thought, by the way. while energy is getting crushed

today, likely because of the esg phenomena, i think that those two sectors, like they're less than 5% of the bench i don't have to pay attention to them i can find other ideas very good dividend growth stories. >> mike, where are we on market sentiment after that pullback and a bounce >> i think it is pull back from kind of overconfident into neutral zone and most measures that i look at, retail investors definitely on the survey basis are fighting the strength of the market that's a net positive. i think, you know, institutions never got kind of fearful and panicky and really liquidated or anything like that no the to say that would be expected but what it also means is that you didn't necessarily kind of pull the sling shot back all that far at the lows so that goes that much higher right away that's usually the tradeoff you get. if you don't get deeper scare, then it is a grind higher.

>> which is not necessarily what you're expecting tomorrow we're going to get the jobs report. last one before the election how do you think the data and the polls and the whole risk around uncertainty for the election plays into the markets over the next few weeks? >> i think we're not going to see very good in terms of jobs not just tomorrow but for the coming weeks and months. i think the second wave of corporate headlines are just beginning. you saw that yesterday what is worse about the layoffs is they're affecting the white collar workers and that means higher paying jobs being xut kut which has a disproportionate effect on gdp. i think without a stimulus, that is going to be more awkward in terms of maintaining momentum. i think the collapse in oil, stocks and price is not just about esg. this are lots of other sectors which have not had the same. i think it is a measure of the market telling that you gdp

growth and demand, you know, that people expect a v-shape recovery is pushed out further and longer and manifesting itself in europe and uk prematurely opened up and now supposed to shut down. same thing happening in europe and other parts of the world unfortunately, can you see that very clearly in the foreign exchange moves you have to look ahead it's very clear becausepandemic. >> we were talking about credit and the fact that it is still ripping in the second half of the year is that encouraging core corporates is that a factor we don't look at enough that even if the economy does turn down that there are strong balance sheets at the moment? >> yeah. it's a supportive back trap. they have loaded up on debt. but thaur very liquid in terms

of cash. they raised all that debt. so it's a combination of companies that had to raise a lot of debt and burning it to stay afloat and keep operating but also there is a tremendous amount of debt issuance as we heard earlier and no provide m & a, further spending and further investment i think the way the capital markets absorbed that new supply of debt and held things nogt terms of credit spreads, it just means there is a little bit of a backstop in there. and that, you know, a little flurry of selloff didn't really disturb the credit picture very much >> yeah. encouraging, i guess, to the bulls. mike, thank you. stephanie link, good to see you. thank you for joining us rupal, always good to check in with you as well. >> thank you. >> stay safe >> spac attack spac news. brent saunders launching his health care focus back

yesterday. find out if he thinks the political climate could negatively impact the health meig space when "closing bell" co rht back in just 90 seconds. 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.

keeping your oysters growing while keeping your business growing has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo the spac craze is showing no signs of slowing down. they announced they'll go public through a merger and a spac

sponsored by oak tree capital management they're valued at $1.6 billion and aiming to raise $280 million cash through the deal. it will trade on the new york stock exchange under the symbol hims and "playboy" planning to return to the public market through a merge we are a spac mounting crest valued at $4 15 million they will trade on the nasdaq under the ticker pbly once the merger is complete >> everyone's doing it blank check company vesper making the market debut yesterday. launched by former alergan ceo they plan to focus on opportunities within the pharmaceuticals and health care industries saunders joins us now. brent, good to see you thanks for joining us. >> yeah. thank you for having me, sara. it's a pleasure.

>> so you led alergan and everyone wondered where you would come up next here you are with a spacy are you getting in on this spac gold rush >> i you think it's not so much about a spac it's about an idea of trying to find a way to bring some scale back to health care to some segments that are underserved by the ipo market itself. i have some ideas where i think a spac can bring some real democratization to investors and to segments of health care that's what i'm going to try do with this spac >> apparently a lot of investors were buying into you and your ideas. apparently there was a ton of interest for this. what is it what is your pitch here? what are you looking to do >> you know, so it was oversubscribed the interest was quite robust.

that is very satisfying. but, look, the real work is ahead of us. the ipo is just a very initial first step the real work is to find a kb company to do a business combination with st that is something i'm going to start working on very sincerely now that we have the ipo behind us. the idea here is to find a platform company unlike many spacs, i'm not a financial expert i'm an operator. i've been in this space for 25 plus years the goal is not to just do a serial spac and so we're looking broadly at health care i think more narrowly i'm looking at medicine in a noncompetitive way to our former company. ophthalmology and health and wellness three sectors i like a lot that

have great demographics and growth and have i think huge opportunities for a vehicle like vesper to create a real rollup type of company. >> once you decided to go down the route, how quickly did it come together? and did the offering get oversubscribed >> yeah. >> yeah, it was about a three month process. once we started in earnest really what i started with was a strategy working with my co-founder we came up with a strategy and then looked at capital vehicles and spacs and working with pe firms and just going out and friends and family and venture and came to the conclusion that a spac is the most hlucrative.

it took three months and being on road shows, they're by zoom just like this interview but, you know, the interest and the demand was there and i'm excited for the future and what i'm going to do and also recognize that for the banks, the ipo is the big thing but for the operators, the guys that actually have to run this thing, the work is absolutely still in front of us >> so as far as the health care space in general right now, how much has covid-19 created opportunities or maybe shifted resources, given the search is on and you're looking in it places that you were well before the pandemic, to what extent is the pandemic affecting the sorts of companies with other drug trials being put on hold and taking precedent at so many big companies?

>> it's a great question, sara if you look at the areas that we're going to focus on hike i mentioned aesthetics or help nl and wellness, they were severely impacted by vud. these are predominantly elective procedures or nonessential procedures and so many of them were just outright cloeszsed to three to r months aing cross the world. so it did cause some, you know, anomalies for the companies. it did cause a big speed bump. the good news and most of the cases that these businesses are highly resilient they're bouncing back with incredible strength. but, you know, i think it put the owners whether they be pe companies or sponsors or even founders on notice that, you know, the world isn't as smooth as it may have been. these are fast growing companies we're looking at and they may think about, you know, the comfort of having a

limb w liquidity event with vesper and a more seasoned management team that i can bring to the table. >> do you think vud and tcovid-d vaccines when the dust settles going to earn the health care sector some good will or quite the opposite do you think we'll continue down the line of always being criticized for high prices despite the huge amount of money that goes into r & d >> yeah. i'm slightly optimistic. you know, i think that the vaccine and the therapeutics being developed, i couldn't be prouder of the biopharmaceutical company for how they jumped in and really took on trying to solve the covid-19 challenge i think we will see a vaccine and see increasingly more therapeutics come to market. i'm hopeful that we get good will out of.

this i think the industry deserves it and the foeshlks working on this are doing an incredible job i have never seen them focus like i have seenthem try to solve covid-19 that being said, the politicalization of it is just an awful thing to watch. >> how do you think that biotech and insurance companies are going to be impacted more broadly by the election, by which party wins does it matter it feels like there is a lot at stake. >> yeah. look, i mean, i think that in fairness, i know there is a general belief that if republicans win it's better for the biopharma industry and if democrats win, it's worse for the biopharma industry i argue if you look back over the last say, 11 or 12 years the the biopharmaceutical industry did very well under the obama administration and much

less under a trump administration president trump is very tough on the biopharmaceutical industry you know, even talking about imports and importing prices from other countries with more socialistic systems. i think that health care is goi be under scrutiny for a long period of time we have to come up with better ways to provide more access and more affordable health care for all. and that's just going to be a topic of debate for, you know, until we solve it which may take several years. >> brent, thank you for come on and talking to us about your mune project. >> thank you for having me thank you wilfred. >> our pleasure. >> brent saunders. >> wall street's earnings expectations on the rise up next, mike santoli will have a look at whether a massive profit snap back is realistic

for next year. reminder, you can watch or listen to us live on the go on the cnbc app

stocks finish the session higher after twists and turns

over stimulus negotiations tech led the way take a look at current earnings expectations mike >> you were asking a little while ago about the earnings setup. i got my etch and sketch and put some charts together we got them made into this big screen here's the next two years. the this year and next year. in terms of the consensus. this is about is 32 f132 this y. it looks like the expectations are firming up this is 12 months forward now keep in mind calendar year. thank you. this is suggesting a 25% increase it is a complete round trip v recovery the question is, is this market worth 20 times this figure which is about where it's at right now in terms of that uncertain level of snap back now take a look at this next chart which suggests in the near term those earnings forecasts increases are getting a little overheated thst is from citi.

all the forecasts are to the upside this is a mean reverting thing it can only go so high this is as high as it's been in the last 20 years. the near term forecast is going to have to wayne a little bit. the question is as we get into reporting season, is the market going to be able to absorb that or has it already figured that out? >> to the point of get back to 2019 earnings level by the end of next year, the follow up question to that is what percentage of companies make up that same key portion of the earnings i imagine that s hchrunk significantly. >> right market cap is also equal contributors to the earnings growth this year you do have a little butt it of tail wind.

big question as to whether you'll have that breadth of earnings improvement that can get us to a 25% increase mike, thanks for that. >> eric joins us now with a news alert on new york city general obligation bonds eric >> that's right. new york city general obligation bonds getting a downgrade from moody's. down to aa 2 it had been aa 1 rated moody's now downgrading the new york city bonds to aa 2 the reasoning that the downgrade reflects the substantial challenge that's the city faces by the economic response to the coronavirus. and our expectation, moody's expectation that new york city is on a longer recovery path than most other major cities the lasting economic consequence as moody's says will be among the most severe in the nation and require significant fiscal adjustments. mo moody's downgrading. the outlook still remains negative sara and wilf, back to you >> i guess i have to see if new

york starts raising taxes to improve that fiscal situation even more. eric, thank you. nc colombia sport wear saul a surge in sales we're going to ask thecompany ceo whether we're seeing a permanent change in shopping habits and whether consumers are loading up on outer wear ahead of cold weathe like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something else that's good to know. if you have medicare you may be able to get more benefits without paying more through a medicare advantage plan. call now to request this free guide. learn about plans that could give you more benefits from humana. a company with nearly 60 years of experience in the healthcare industry. humana offers a wide range of all in one medicare advantage plans that include medical and prescription drug coverage. plus valuable extras that may include the silver

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take a look at shares of crocs jumping higher after a post by jujustin bieber. the photo showing a pair of orange crocs in a pool saying soon the crocs respond responding with a green heart emoji the company said they had no comment at this time very secretive shares have been on fire since the march lows they're now up more than 315% from that period we talked to the ceo recently. a big part of this has been very smart collaborations buzzy and just popular bieber could be the next one. apparently there is a thing called croctober he says maybe they're trying to keep secret ahead of that. it's a big deal. they've done this with mopostma lone they did a really hot colab with

peeps. and now the sneaker heads are watching the crocs collaboration. >> i've always been a big bieber believer i haven't seen the green heart i wondered whether bieber was just playing around or whether saying soon i'm going to get in the swimming pool. but that response may be does confirm that there is a collaboration maybe in time for croctober as you said, sara. >> exactly >> croctober >> we'll keep you poisted on this very important story. >> it is moving the stock. >> the stock went up, i know. >> there we go moving on, the national retail federation saying today that consumer spending recovered quicker than expected and the momentum should carry through to the fourth quarter as people gear up for outdoor activities could some oiter wear brands see an extra boost? joining us to discuss in an exclusive interview, colombia ceo tim boil thank you for joining us

>> good to see you of thank you for including me in today's program. >> absolutely. always a pleasure. the first question is just that the level of sales you've been seeing and in particular to pistonline k that continue do you fear that lack in pickup in physical retail will hit the numbers in the next 12 months? >> well, you know, this -- there is something to be said about tactically touching product, especially apparel and footwear. brick & mortar retail for these products is not going to go away we certainly seen increased shopping by consumers. they say it was a real complete redo on our own website.

we put a totally new package together to be able to have consumer see our products in a better light and the move to digital purchasing on all sorts of products but especially apparel and footwear is here to stay >> do you think you will get a boost as people have to sort of eat and drink outdoors in places like new york city are doing to allow tables outside will that help you in the winter >> historically, our business is a function of the weather. not that people in new york are myopic but we've seen an earlier level of interest in consumers in winter products. and we expect that's going to continue if we have a normal winter,

weather globally, the company will do just fine. we have to remember the impacts of the virus are probably not yet completely known we had closure in ireland and we have a global business so our business is impacted when consumers can't go shop in physical retail. what about consumer discretionary spending what about consumer discretionary spending in general right now, tim hoy has that held up given the high level of unemployment and the uncertain nature of whether we're going to get more stimulus >> well, there certainly is an impact on consumers. it always helps when anthony fauci tells people to go

outside. i think we're in the right position, frankly, if it we were telling tailored apparel or formal apparel, it will be a much different story today we're selling outer wear that is functional it will keep you warm. we're going to be celebrating the tenth anniversary of omni heat on october 10th which is our big innovation in it terms of keeping people warm and so our expectations are that people will continue to go outside and want to be comfortable that way that is good for us. [ no audio >> sorry, tim. bit of confusion between sara and i. the our apologies there. in terms of your point earlier about store purchases versus onhio

online, do you have any data on higher cost items about in store versus online? >> i couldn't be able to tell you in terms of the range of price and where that would be. but, you know, clearly consumers can shop at various -- for the same items at various price points digitally we see that happening as well. but typically our customers like to spend money on products that fit well and make them look good and there is no substitute for having something physically on and making that decision >> tim, thank you so much for joining us >> thank you >> coronavirus vaccine conspiracy theories are gaining momentum co coming up, we'll look at how misinformation can impact the return of normal life once covid-19 vaccines become available.

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vote no on the deceptive uber, lyft, doordash prop 22. one ride california doesn't want to take. welcome back time to get a cnbc update. >> hello, everybody. here's what's happening at this hour president trump says he is opposed to any rule changes for the remaining presidential

debates. after this week's chaotic first debate organizers said that they planned new rules to add more structure and encourage orderly discussions. the trump administration cutting next year's limit on refugees allowed into this country to a record low of 15,000 claims for asylum have surged with more than a mullon cases now pending. south carolina republicans are asking the supreme court to reinstate its witness signature requirement for mail in ballots. yesterday a federal appeals court ruled against that requirement saying adding it back now would lead to mass voter confusion. and health and human services announcing $20 billion of new funding for front line health care providers dealing with the pandemic. hhs has already provided more than $100 billion of relief aid in previous distributions: you are up to date that is the news update this hour back to you. >> sue, thank you so much. up next, combatting covid-19

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and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. pharma companies race to get a covid-19 vaccine, there are a number of conspiracy theories online this could impact the number of

people willing to get a vaccine when one is available. here to break down the data is the predata director of analysis thank you so much for joining us >> yeah, really glad to be here. >> so just break down for us very quickly what predata does, how it is different from other data analytics firms the. >> happy to we look at the other side of the internet most web analytic firms are looking at what people are saying online. we look at the web traffic analytics that in the aggregate tell us how online audiences are consuming information and how they behave on the internet. and for problems or issueslike misinformation this is critical. we know it's out there we see it in our twitter time lines and facebook news feeds. the is it moving the needle? is it changing wait that people consume information that will ultimately determine whether or not the misinformation is going to be successful >> do you predict that and are you expecting it to bounce back

further? >> it's a steady trend we've been seeing since the summer it's when companies like moderna began to announce the positive early phase trial results for their coronavirus vaccines since then, since that point, engagement with the anti-vaccination themes are building online, since the beginning of september as we've seen protests really across many european capitals. they're citing various conspiracy theories. the theories implicating big pharma companies have really been getting traction online as well so we really been seeing that shift building since that point in jewel >> wasn't facebook supposed to take care of anti-vac groups before covid-19? why is this still popping up where is it coming from? >> yeah. i think it speaks to the power of the narratives and how much people are able to be swayed by them that's what our an lalytics are showing. however this information is getting out whether it is

through facebook or when it trickles through tradition alameda outlets, we're seeing that impact. it's changing the way they consume information. they're engaging and they want to learn more about who is hund it and what are the key pieces of information that go into building these very dangerous ideas and that's what we're able to measure easy. >> and, eric, the data is helpful in predicting the possible direction of hospitalizations particularly in europe >> yeah. that's exactly right i think what we see are early signs of that research that is taking place when an outbreak he is merging people looking to take precautions and public health measures whether that is disinfectants or surgical masks or quarantining. we saw that in france in the end of july. cases began to surge there we're seeing more similar trends in places ranging from italy to iran similar steady builds around the themes which suggest people are

preparing more so than they were over the summer to respond to a surge in cases >> just quickly on the vaccinations and the anti-vacs and information spreading. is there a particular insight that you can glean from that as par as what percentagest population will not be vaccinated and is it different from what experts are predicting >> i think it's in line from what you're seeing from experts across the spectrum, finding the concern, it will limit people from going out and getting the vaccine. it's a key challenge for government officials around the world. even, you know, once pharma companies have made the vaccine available, can we convince people to go and get it? i think what our analytics is underscoring is the threat is real i think most disturbingly from our perspective, the threat is there even before the vaccine is available. this is starting to mobilize and so public health authorities, government officials and pharma companies altogether have to begin combatting this information now as opposed to waiting until the

vaccines are on the market and already convincing people to try and go get it. >> that's a tough task eric, thank you for joining us. >> yeah, of course thank you. >> am coulding joining us. >> yeah. of course, thank you. coming up, anti-activism from silicon valley? companies are encouraging employees to be social activists and to speak out on political issues, but not all of tm.he one company that's saying keep quiet or head out the door that's straight ahead. now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

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coin base now offering to pay workers who decide to quit the crypto currency company, this after it discouraged activism and discussion of political and social issues at work what a controversy this is >> coin base ceo brian armstrong is asking employees to leave their views and politics at the door in a blog post this week, armstrong says the company won't debate causes or political candidates internally and will not engage in things unrelated

to their core mission. he points to what he calls strife at places like google and facebook that do engage in these issues yesterday armstrong followed up in an e-mail offering months of severance if employees decide to quit because of the policies most tech companies have embraced social causes it's sparking some big debates in the tech community. twitter ceo jack dorsey says this leaves people behind. others including paul graham applauding armstrong's stance and predicting other companies will follow. it's not so clear cut. it does raise a debate, because we are expecting more of our companies than ever before. it's so polarizing it's a tough pill to swallow for a company to tell employees don't speak up, don't share your political views. >> absolutely. >> that's not where we are in

2020 >> and to share is healthy >> absolutely. considering the climate in silicon valley especially, these tech companies have gone the other direction. he is an absolute outlier in silicon valley we'll see if other companies do the same and say, leave it at the door we'll see. >> yeah. especially as the politics get so divisive. as we look to tomorrow, we've got a big jobs report. we are expecting another big number more than 800,000 jobs could be creates, which is great, it's a slowdown from the pace at which we were adding jobs in the previous month how the market reacts to all this in the face of major

uncertainty over whether they're going to extend another round of stimulus for people who are jobless. >> also, the numbers on a monthly basis are so large in terms of the churn in the labor market 800,000 new jobless numbers reported today there could be vast differences. i do think it's going to be a little bit noisy i think the market without a doubt wants better numbers there's not one of those gains of wishing for weakness so they get more stimulus. >> with the stock market having bounced quite a lot, there isn't a huge incentive for the republicans to get a stimulus bill over the line. >> no, apparently not. it's hard to determine what the calculus is right now. most of the calculus is

political rather than a direct response to the market and what the economy seems to want. i don't know if it's because we're living off a backlog of savings in an aggregate basis and that's keeping things from seeming as bad as they might get down the road if we don't get further up i'm tyler matheson in for melissa lee. tonight's trader line-up, guy adami, tim seymour, karen finerman and dan nathan. and the chart master has the one chart to play as wekick off this fourth quarter. plus, more on today's crude collapse oil falling hard again we will look for any buying opportunities in this beaten-down sector later, a bed