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tv   Worldwide Exchange  CNBC  October 5, 2020 5:00am-6:00am EDT

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>> it is monday october 5th, this is worldwide exchange right here on cnbc well, good morning, afternoon and good evening and welcome from where ever in the world you may be watching. i'm brian sullivan i hope that you're having a good start to your week where ever you may be it's a very light data and earnings week on wall street that wouldn't matter much anyway all the attention and focus of the financial markets remain firmly on president trump and the first lady and their help as well that's the key question on wall street right now the help of the president. so that is where we're going to have our focus and futures, they are higher by about 141 points
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the polls right now have swung wildly in joe biden's direction and agree or disagree with the validity of polls and their accuracy, investors see reduced chances of the possibility of a contested election which as we have shown you can send stocks sliding. there's also more hope for another round of stimulus perhaps closer to the $2 trillion number that the democrats want and can get done. dow futures up 143 well, the world is watching what happens to the president and the first lady it's the story that has gotten the attention of everybody from london to beijing and certainly could move markets karen is in our london newsroom. karen, good morning. >> good morning, what we are witnessing is stronger trade across the board from asian markets to european markets today as investors try to be in on the stage of the president's help
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mixed messages but communication from trump suggesting that it is making progress. you can see how the markets are up on the slope. japan bouncing 1.25% today we had services data that also moved in the right direction for japan today. 46.9 in september and up from 45 the previous month so the market moving on that news. hong kong, 1.3 on south korea and australia also moving on news of the stimulus there to help out the economy elsewhere here in europe you can see what it looks like as well the market from the outside responding to the news around the president and we travelled higher by ranges in the green. you can see we have given back some of the early leadership as we also digest the latest services data and what we saw on the euro zone september services 48 versus 50.5 the previous month. so we have come back a little bit. as you think about all the fresh restrictions across various parts of europe. closures early in some bars and
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restaurants. restrictions of movement also more social distancing. that has had an impact on the september numbers and you can see the markets just drifting off as a result we're only .4 higher versus a much higher range of 1% on the fste early on you can see it on the french market don't forget, bars close in paris as the city is on high alert. back to you. meantime, in maryland president trump remains at walter reed medical center the president leaving to greet supporters from a distance from inside of his suv. the president could return to the white house as early as today although others question some of the seemingly conflicting comments around his health and the medications he is taking he joins us now with more. where do we stand at 5:00 a.m.
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eastern time on a monday morning? >> good morning, brian, as you say today could be the day where they release president trump back to the white house. that doesn't mean he is being discharged in the typical medical sense. they say he would continue his treatment at the white house where they do have substance shl medical facilities so we'll watch and see whether that can happen today meanwhile, over the weekend, there were confusing accounts from the president's medical team but dr. sean connolly, the white house physician briefed reporters yesterday and said that ultimately the president had some alarming episodes and they're giving him intensive treatment. here's what he said. >> we debated the reasons for this and if we would even intervene. it was the determination of the team that we initiate
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dextamethazone. >> that's a treatment designed to prevent the overactive immune response they see in a lot of covid patients described as something that you do in a severe case of covid nonetheless, the white house medical team describing the president in good spirits over the weekend saying he was up and walking around and conducting business over the course of the weekend. still as we track all the information that we're getting from the white house, we are getting shifting accounts starting with mark meadows, the white house chief of staff that on friday told us the president was only having mild symptoms and then over the next 48 hours or so we got conflicting accounts of that suggesting that the symptoms he experienced on friday were more than just mild. on saturday he said the president had a mild cough, nasal congestion and fatigue as early as thursday. the president had fever, drug oxygen levels and those dropped rapidly on friday.
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a little bit of confusion but the gist is that the president is up and around and may go back to the white house as soon as today. back over to you. >> what do we know about the growing circle of medication and diagnosis around his covid treatment. >> start with the first lady she has stayed at the white house. she has not gone to walter reed for intensive treatment. that might indicate that her case of covid might be less severe than the president. meanwhile, a number of aids continued to be diagnosised with covid. including the younger official that goes with him everywhere he goes he has tested positive over the weekend. chris christy over the weekend kellyanne conway overnight a series of disclosures as
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officials and aids around the president are also testing positive for this virus. this seems to be unchecked at this point and we'll see what the white house can do to get it's arms around it and get the virus out of the white house complex. >> is there any realistic chance that he would go to the white house today? >> it seems odd that they would raise the possibility. in the sense of raising and low lowering expectations. where they have elaborate facilities they can't do that today they have set themselves up saying the president is worse than expected. a lot of people were surprised that they raised the prospect yesterday but it does seem that the president himself is directing some of this, the
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doctor said that on friday when they tried to give him oxygen, the president was addiment that he didn't need the oxygen. at the end of the day he did go on the oxygen as early as friday but there's a lot we still don't know here. thank you very much. let's get back down to the markets and the on going health situation. wall street firms are weighing in a strategy note late yesterday quote financial markets have lowered their expectation of prolonged uncertainty post election day and now seems less worried about a close and contested election joining us now is josh, he's the portfolio manager, good morning, i know that you're not a political strategist nor am i asking you to be one but at least as somebody that manages money for a living, might you agree that as we showed our viewers in 2000 with s&p 500
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fell nearly 6% in a matter of about four weeks if the reality of a contested election is reduced slightly, the chances of, do you agree that would make the financial markets a little bit more stable >> i would agree completely. i think that on thursday before the prospect of the president coronavirus was a reality. there's money on the line and they condensed everything into one number, you know, it was about 61, 62% chance of a biden win with the president, you know, being diagnosed, there was some lift there. so it might be 64 or 65. so yes, i think the idea that it is a more convincing win, if that's the case, i think that is helpful and you saw that on friday the market was down and the market has been on a good run
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for a little bit there the market looks at outcomes, probability and the level of risk i was looking at the betting markets over the weekend not only the presidential race where biden is down about 67% but the senate race as well. you had goldman sachs saying last week that the chance of a democratic sweep is growing. they view that as equity market positive not because they're making some kind of political statement but they're simply saying the market would then know what it's going to get and what the playing field of regulation may look like a little bit more clearly you focus on utilities incredibly regulated segment of the market. >> right exactly and i think to your point, the market doesn't love
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uncertainty. in a time like this, to the extent that the market doesn't like uncertainty, granted there's less of it perhaps utilities, pretty high dividends, you're not saying buy those necessarily because you're nervous and those are a place to hide, you view them as realistic capital appreciation stories. >> we did. when we talk about utilities, it's hard admittedly to get people's attention because utilities are not exciting and i'm not going to try to convince you that they are, but i don't think that making money in the market needs to be exciting.
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you have yields that are 150 basis points you get earnings growth from 5 to 8% across the board dividend growth of about the same and you mentioned wec. earnings compounded into about a 5 to 6% annual rate and dividends rate at about 14%. so i would say that's exciting. >> a pleasure to get you on worldwide exchange for an important day for the country and an important day for the market thank you very much. we're just getting started here on worldwide exchange and when we come back, much more on the president's health and the possible policy implications from capitol hill all the way from the supreme court nomination to more stimulus. plus blaming the pandemic, a major global theater chain says
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it will shut it's doors in the u.s. and the u.k for now, some theaters may close permanently. they call this a sign of the electric times and a new chapter in exxon mobil's fall from grace. it's your morning i.rb it's all still ahead as worldwide exchange returns right after this dow futures up 152 we're back in two minutes.
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>> let's get a check on this morning's other top headlines including china with a roll out of an experimental vaccine therapy there. >> let's start there beijing is reportedly set to ramp up the program amid the global race for a vaccine. according to the financial times a representative has revealed that hundreds of thousands of citizens had already taken the company's two leading experimental covid-19 drugs. the program now appears to be expanding to include large portions of the population the paper adds the vaccines were administered even though phrase 3 trials had not been completed. meanwhile, regal cinemas announced it plans to close all of it's locations in the u.s. later this week. the second largest theater chain making that decision after mgm announced it was delaying the release of the james bond film, no time to die until april
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the parent company is getting hammered in overseas trading you can see it down 31%. new york city set to roll out a new wave as they grappled in those locations. mayor bill de blasio says the city will close all non-essential businesses in public and private schools wednesday in nine zip codes pending aproopen pending approval by state leaders. he was apparently tasked with regulating content on tiktok amid the apps record rise. the official brand's global content policy team in beijing until early this year before the company allowed it's biggest markets to decide which videos remain or are pulled it raised some questions about tiktok's operations. >> i read that story over the
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weekend. it was mind blowing to think they're saying oh, we're fine and then you realize one of the chine chinese communist party guys are doing it thank you very much. we have a lot more to do here on this busy monday morning we'll head back to washington for the latest on the president's health as well as a realistic time line for his possible release from walter reed
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they have matched the market cap of exxon mobil in fact for a moment it was larger than exxon. companies already bigger than chevron and this renewable company has actually been around since 1925 who is next era energy it's the old florida power and light utility renamed and moving the renewables and the market has rewarded it in a big way shares have gone from 100 to 81 in five years and the market cap is now about to become bigger
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than what the biggest company in the world was just in 2007 a sign of the shifting times coming up, we're going to keep our foot to the gas pedal on this busy day and why the president's diagnosis raises a chance of a stimulus package and breaking down the president's treatment. what's been approved by the fda and what is still experimental mega meg is here to layout exactly what the president is taking and what it may mean for the market. dow futures up 157 we'll see you on the other side of this break.
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more chance that stocks move higher some in the markets see it that way. the president continuing improvement and we hear about a complex and sometimes contradictory cocktail of treatment that he may be taking. and amid his recovery, the president is putting pressure on congress to get a deal done to provide more stimulus to millions of americans who are still out of work. it is monday, october 5th, this is worldwide exchange right here on cnbc.
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welcome back, everybody, it's 5:26 i am brian sullivan. the world and the financial markets are focused in on what is happening right outside of the capital and that is the help president and the first lady and whether it will change the calculus in congress about the coronavirus stimulus out with a strategy note late last night saying it might writing financial markets lowered expectations of prolonged uncertainty and now seem a little bit less worried about a close and contested election futures seem to agree. they are higher right now. dow futures up about 177 nasdaq futures up 80 points right now. we are coming off another down week for the major averages. they didn't lose a lot last week
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off about 1% but they were down. i say major because the small caps actually out performed. the s&p small cap index 600 and the russell 2000 inch up about 2% let's also keep an eye on bonds. anything related to stimulus, perhaps issuing hundreds of billions or trillions more in debt certainly could move the bond market. we are seeing the benchmark yield rise to .71% around the world, the world's attention also focused on what is happening in washington wrapping up the trading day mostly in positive territory look at that the hang seng and kospi up more than 1%. china though, it's mainland market was closed for a national holiday. i'll have to wait until tomorrow to see what happens there. you're noticing a theme. futures here up, asia up and the european markets are up higher as well. back home now and continuing coverage of the president's
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covid-19 diagnosis the white house over the weekend releasing a number of photographs of the president working from walter reed medical center where he has been receiving treatment for the virus since being admitted on friday afternoon the president also taking to twitter to reassure the public about his health and evolving attitude toward the coronavirus, for more on the current health of the president, time line for his likely release back to the white house and the major policy implications on capitol hill for a stimulus bill. also amy coney barrett's nomination to the supreme court, our full team coverage as always the best in the business, aman javers. let us begin with you. where do we stand with the president's health where do we stand on the time line for a likely release? >> good morning again to you, brian. the white house over the weekend suggests that the president is recovery nicely and also suggesting that he's actually conducting work at walter reed
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medical center over the course of the weekend and he feels well enough to do that. and cheering the president on. that may have the effect of bucking up the president's spirit over the weekend. doctors suggested that today could be the day they let him go and head back to the white house to continue the treatment. this wouldn't be a discharge saying he is healthy but this would be allowing the president to go back to the white house for more treatment here's what they said yesterday. >> today he feels well he has been up and around. our plan is to have him eat and drink and be up out of bed as much as possible and to be mobile and if he continues to look and feel as well as he does today our hope is that we can plan for a discharge as early as
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tomorrow to the white house where he can continue his treatment course. >> now meanwhile, we're getting shifting accounts from the white house medical team as to exactly what kind of treatment the president had and when he has gotten it. we have gotten different glimpses into the medical treatment over the course of the past three days or so. starting with friday in which we were told that the president was simply monitored by a white house doctor at the white house. then we were also told that he got a single dose of regeneron, the antibody cocktail on friday as well. that evening he was moved to walter reed. then the first dose of remdisivir on friday supplemental oxygen was given to the president on friday but we didn't learn that until sunday and then sunday they also told us that the president had been given dexamethazone on sunday. that is said to be something used to prevent the extreme immune system response that we sometimes see with covid
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patients so they're suggesting that the president is up and around and feeling better but at the same time, the medical treatment they're giving him is the medical treatment you would give somebody with a very severe case of covid back to you. >> just very quickly on that t market implications, regeneron shares moved on that news. there are implications we are about a month away from the election as well we talked so much about the presidency but let us be clear, the senate has been a major source of intrigue, the presidential race gets all the attention over the weekend and the betting markets saw the chances of the democrats retaking the senate as well. how does this play into some of the key battlegrounds for the
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senate first we don't know which is sick and testing negative so far. and then there's the complexity of the barrett nomination. mitch mcconnell in the senate has been determined to move forward as briskly as possible and confirm her before the election he is still determined to do that but if senators can't show up physically because they're sick that might be a complicating factor here in all of this and of course she of course was at that event announcing her name where it seems like a number of officials contracted the coronavirus right in that event at the white house on saturday a week ago so we'll wait and see all of
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that it's uncharted territory and i'd hate to predict how any of that turns out. >> we know how that event turns out. a lot of people outside not wearing masks. thank you very much. let's get to the other side of the story. that's the policy implications there's so much left for congress to get done, how will this play into that? >> joining us on stimulus and nomination to the supreme court. there are numerous sides to this part of the story as well. the president has been asking top aids over how another round of coronavirus relief is going on saturday he tweeted this, our great usa wants and needs stimulus work together and get it done. heading into the weekend there was optimism coming from senate
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majority leader mitch mcconnell. he said that talks are heating up now the one area that you have been talking about where republicans are remaining absolutely firm is on the time line for nominating and confirming supreme court nominee amy coney barrett. her hearings are scheduled to begin in the senate judiciary committee in one week but two republican senators now tested positive for covid-19. they're mike lee of utah and tom tillis of north carolina and that outbreak is giving some new urgency to democrats demand to delay the hearings in a statement, the democrats said now is the time to provide much needed covid relief not to rush through a supreme court nomination and further
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endanger health and safety brian, republicans say democrats can always dial in virtually if they prefer. back over to you. there's not just macro stimulus. there's targeted things related to airlines, movie theaters, you name it. where do we stand with some of those policy moves >> yeah. the help for the airlines was a little bit of a save she intended to bring forward a for airlines whether that came in stand alonelegislation. it was straight up in a procedural move after everyone else finished voting on the business of the day and it was immediately blocked by
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republicans. so that appeared to be political maneuvering and so the airline industry is still waiting on a comprehensive deal. >> yeah. and of course, a pretty brutal one down there in north carolina as well. thank you very much. >> let's talk more about the implications of this and bring it all back together policy analyst raymond james you have been doing spectacular work by the way. the reference point as far as battleground states. some of the policies so good work there i understand the polls were spectacularly incorrect in many instances in 2015. maybe 6 to 8% which is why many people believe the president may have been a lot closer in key battleground states like
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wisconsin. i think 14% lead over the weekend. do you agree with that has it extended that gap and makes the chance of a close and potentially contested election go down? >> you know, four years ago we had not yet had the "access hollywood" tape. we had not yet had the coney letter last year was quite the year we don't know what's going to happen in the last couple of weeks of this election so when i talked to investors here at raymond james, the way i think about it when i try to take a step back and if we are correct from the polling data assuming that president trump is down in his re-election bid right now, does this event add or subtract from potential
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voters going to his camp does it add or subtract from his base coming out? it's hard to come up with a scenario where some of the events of the last week would add to the number of voters he had. and it's been starting to show up a little bit more in the polling data and so as different kind of october surprises continue to play out, i want to always ask that question is this adding to his support? and if you can't come up with a yes or you say this is a neutral, that's a positive for joe biden at this point. >> yeah. because again, you read everything -- everything you read from your team and others suggests this is not trump versus biden in the debate it was each guy versus themselves in a way. pretty much every -- if you can't make up your mind between the two, i'm not sure what i have gotten for anybody. it's whether people show up and support. it's not as much as who do i pick, it's do i actually want to
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go out and vote for this candidate in general do you believe this is the diagnosis but all the drama surrounding this reduce the chance of the middle of the road trump voter saying, you know what, i can't bring myself to go to the poll. >> it's a real question. i think the biggest uncertainty we have going into november 3rd is understanding turnout that is one of the ways in which polls can be wrong what we have seen in the last kind of two elections in 2018 and 2016 was an underrepresentation of some of the voters that ultimately supported president trump, a republican candidate what we're seeing now with mail in voting is a lot of new voters when we look at the data which is basically the only state we have good data on in north carolina, 20% of the voters who have returned ballots didn't
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vote in 2016 right now, that's disproportionally based upon the information that we can gather in favor of democrats. what also is interesting is how little of the undecided voter is at this point. we had a lot, you know, probably close to 10% of the electorate undecided four years ago in polling data right now it's in that 2 to 4% range most voters largely made up their mind they either support president trump or they don't. >> people are locked into their candidate one way or another i don't know about you but i woke up on saturday morning, you open up social media, half of social media says trump is a super spreader the other half says he's faking the whole thing because -- i
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just wanted to crawl back and cry myself back to sleep but that's a different issue the reality is this, you look at boris johnson in the u.k., you know, in brazil, the president has a very, very good chance of recovering and coming through this we all know that getting top notch medical treatment as well. we still have a few weeks. is there this idea then of a potential recovery bump for lack of a better term >> yeah. so we looked at other countries and where there has been a head of state, a leader with covid-19 there has been a bit of a kind of rallying around kind of boost in their popularity but as you mentioned, we are a very decided country and i think that you have to look to see kind of the questions that have come up over the weekend related to what exactly is his condition
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when did we learn about it is it making it more likely that voters go into his camp or is it going to bring up questions of his covid response and bring up questions of whether or not this is something that voters want to spend four more years with. the american people are going to have to decide that, but that's where i keep on going back to does each individual action add or subtract at this point. >> doing a great job. >> by the way, i spent a lot of time in wisconsin. i talked to him yesterday and he said that testing lines, drive-thru clinics have long lines over the weekend
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keep up the good work. >> thank you coming up from regeneron to one day dextamethazone and pep scid. a break down of the treatments trump is receiving with meg next some lost work and invented new ways to get by. others were busier than ever, and found strength they never knew they had. we sheltered with the people who matter most, sometimes finding how far apart we'd drifted. we worried over loved ones, over money, over our planet. and over take-out. and we found a voice one the noise out there had kept quiet. when the world starts spinning again, let's remember this time where none of us felt secure, and fight for a future where everyone can.
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continuing focus remains on the treatment since disclosing his covid-19 diagnosis among them an antibody cocktail made by regeneron. the treatment is fast, fluid and often confusing. meg joining us on the cnbc newsline there's been so many drugs and names. it's tough to keep track of. what can you tell us about trump's treatment. >> well, good morning, president trump is receiving everything that is currently available for c covid-19 and even more of course he is the president. so let's walk through the prescribed drugs that he is receiving. he was getting that regeneron antibody cocktail. this is an experimental drug and you only saw the first data on tuesday of last week, three days before then friday evening he had also
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been started on a five day course this is the antiviral drug that is clear for covid-19 and is commonly used. saturday we were told he started dextamethazone that does signify he is in a more severe state of the disease than we realize. at the same time, his doctors told us his oxygen level dropped to 94% or less twice over the previous couple of days. doctors i have spoken with says that does mean that the president is categorized as having severe covid-19 that's when the latter two drugs make sense typically they are given -- well, they are always given in the hospital and indicated for more severe patients what do the clinical trial results tell us about all three of these drugs first, the first thing he got -- sorry, we're showing it in a clinical trial that it reduced
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mortality by a third of patients on ventilators and they said that it could cause possible harm if given too early but now we know that the president did receive some oxygen. now on the other two drugs, the regeneron antibody cocktail it was shown to reduce levels and improve symptoms in patients not hospitalized and we know that the president got it before he went to the hospital, brian. >> yeah. i mean, certainly a lot of armchair physicians over the weekend saying if he's on that he must have more severe complications than we believe as well you have to cut through it his doctors obviously getting the best treatment in the world, they know what is best meantime, everybody going to want this combo of drugs and if you want it, is any of this even available to the general public? >> some of it is you're likely going to get it.
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the thing they're not going to be able to get easy is that cocktail the only way to get it is through compassionate use which is how the president got it but he tells me only a hand full of the extreme circumstances have been able to access the drug that way and they prefer to use their limited supply for clinical trials to generate the data to prove that the drug works and for whom that's going to be a huge question for the company and of course we have the ceo coming up with us on squawk box. >> yeah and by the way, getting an upgrade this morning and a price target having nothing to do with covid has to do with an atopic dermatitis product. there's other drugs. we seem to forget about that thank you very much. regeneron getting an upgrade this morning and thankfully hospitalizations nationally have come way, way down on deck, investors keeping close tabs on the president's health dominic will be along to break down the most volatile assets
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tied to this uncertainly and lays out how this could impact the market leading up to the election and a programming note, nbc news lester holt will hold a live town hall event with joe biden tonight at 8:00 p.m. eastern time which you can watch right here on cnbc as we said, we havfue ll team coverage the best in the business dow futures up 192 and we're back right after this.
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welcome back and good morning. dow futures up 187 and nasdaq up 192. a very different picture from friday when the news surrounding president trump's diagnosis broke adding more volatility to already volatile and some what nervous markets. dominic is joining us with how this news may increase or change, perhaps, even decrease the volatility that we have seen so much of overthe last couple
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of weeks >> give us a benchmark highs and lows on that friday. it gives us an indication of the type of position that might be period hahhing right now let's go start overnight thursday into friday when we first got the tweet from president trump about a positive test for coronavirus that's what you see here 1:00 eastern time in the morning. you're seeing the big drop there. roughly about 500 points on the down side. now around 9:00 a.m. this is around the opening bell, we got the headlines when house speaker nancy pelosi was interviewed saying the diagnosis changes the dynamic for stimulus talks. more reports of less severe symptoms for the president that's the bump that you're seeing here. then around noon another 300 point bump when we got some headlines from nancy pelosi saying that airline help was imminent and a little before 2:00 p.m. we
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saw highs right around here when we saw some of the headlines from speaker pelosi saying that disagreements on an aid package still existed and after we heard some of the headlines that meg spoke about with regards to the treatment and it gives you an idea of the types of moves that we're seeing but still remember a 500 point move in the dow. back over to you. >> oh how things are changed as the numbers get bigger the percentages get smaller. we'll see you all day, of course, appreciate it. thank you. let's continue this market conversation and bring in chief investment officer chuck, it's good to see you again. listen, i don't want to be distasteful here but we have the intersection of politics and the markets is well-known. do you change your investment strategy at all given any of the news of the last 72 to 96 hours.
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>> obviously the markets will move based on what's happening with the president's help. investors have to look at the economic situation and it's giving work that bonds are still the place to go. in fact, we increased our bonds position over the past week. >> and why do you like kind of a bar bell of technology and utilities. it seems like kind of an odd combo there, chuck. >> yeah, but the important thing right now is we don't know what's going to happen we don't know what's going to happen with the stimulus package. we don't know what's going to happen over the course of the coronavirus. even though they're very different as far as risk is concerned, we think that both technology and utilities will have less volatility >> it feels like ice cream and
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mushrooms, individually good but together a little weird. we have to leave it there. it's a very busy day hope you understand. we'll see you back in a bit. that's it for us stock futures, they were up 183. hope you are healthy and have a wonderful day where ever you may be we'll see you tomorrow on worldwide exchange
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good morning, president trump remains at walter reed medical center for a third day being treated for covid-19 the second biggest theater chain in america pulling the plug temporarily shutting down more
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than 500 locations the ceo says it's like trying to run a grocery without any food to sell. plus outbreaks in new york, the city is looking to shutdown businesses and schools in nine neighborhoods. and squawk box begins right now. good morning, welcome to squawk box right here on cnbc i'm andrew ross sorkin becky is off today take a look at the u.s. equity futures across the board let's show you what's going on ahead of a very eventful news weekend we lating to the health of the president and so many others the dow looking like it would open up about 174 points higher right now.

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