>> bah, one of the leading consultants. they particularly work for the department of defense and agnostic to the winner of the election. >> jim, i need a name. >> greenbrier, rails of breaking out. >> surat, name >> constellation brands, you've got the beer that's what i like. >> joe. >> seattle genetics. >> that does it for us thanks for watching. "the exchange" is now. >> thaerng you, scott. hi, everybody, on another busy news day and on wall street. the president is the still in the hospital following his covid-19 diagnosis, treatment and the top impact on investors. plus, two major issues the u.s. will have to deal with after the pandemic, weaker population growth and the drag of high debt. and an industry on the brink. we'll look at the future of theaters, malls and hollywood as cinemas chose down again and impact it's having on stocks, but first we begin with the markets at this hour

dom chu has more dom? >> reporter: we're solidly in the green and have been for quite some time. if you take a look at the dow, the s&p and nasdaq, we're sitting at just about the session highs right now. maybe just a hair below. 3365 is a key level that you're going to want to watch it's one of the medium to longer term trend lines, something traders call the 509-day moving average, so we'll watch that average. solid games. now the major indices that you see is 5% from their recent record highs over the course of the past 52 weeks. take a look now at one of the other big trends today it's a reflation type of environment. people are betting on a little bit of growth right now. the ten-year u.s. treasury note yield, you can see they are rising slightly over here, but we're now at the highest levels going all the way back to around september here and then possibly back to june if we take a little bit higher here. watch that trade people are selling treasuries because maybe they expect growth to pick up a little bit. yields are on the rise, and then

speaking of that reflation trade, check out these stocks. albemarle and martin marietta, concrete and gravel and asphalt, united rentals if you want to rent aback hoe and deere, kind of the global play take here look at these two stocks, united rentals, kelly, and deere, both of those hit record highs in trading, so as we talk a little bit about the overall picture, that's what we're looking at right now. i'll send things back over to you. >> yeah. from backhoes to the ten-year yield. got it all covered let's get to the white house as white house press secretary kayleigh mcenany has announced she, too, has tested positive for the covid-19 kayla tausche with the very latest. >> reporter: she announced the news on a twitter. after testing negatively

consistently including every day i tested positive for covid-19 on monday morning while experiencing no symptoms mcenany says she will now work while quarantined at that the white house's medical unit counts no members of the press among her close contacts being traced mcenany has briefed the press regularly in the last five days as the white house covid cluster grew, including as recently as yesterday evening. there's reports of two of mcenany's junior staffers testing positive adding to a growing cluster, including the president's body man nick luna and two staffers working in the white house residence that received positive tests weeks ago raising questions about when the virus first entered the white house complex. advisers on hand to prepare president trump for last week's presidential debate including kellyanne conway, chris christie and his campaign manager bill steppien have also all tested positive, and this morning on fox news the white house chief of staff mark meadows again raised the possibility of president trump being discharged from walter reed this afternoon, but he said that there will be

an assessment taken of the president's condition later today and a decision will be made then. kelly, back to you >> kayla, in the meantime, what are the implications of the press secretary, the public face of this white house, testing positive you mentioned she didn't have symptoms, but will she be available for press briefings over the next couple of weeks? as you said, there's other members of the press office who reportedly have tested positive as well, so what happens now to the president's kind of main method of communicating with the nation >> reporter: well, kelly, mcenany hasn't held a formal briefing since thursday and she's been holding informal gaggles to the white house coming to and from appearances on television. she does have deputies that have been talking to the press as well, but i think just as importantly of having mcenany taken out of the mix is having hope hicks taken out of the mix is sort of the behindth scenes confidant of president trump's i'm told by many senior white house officials that she is

really the talent behind the president's messaging and that she's basically in every single room where every important decision is made, so, yes, it is a severe handicap to not have the public face of the administration able to deliver its message, but it's equally important that this very influential communications can aide in hope hicks is also taken out of the mix of course, we wish them both a quick recovery and a full recovery, and it remains to be seen what the impact on the re-election will be. >> right that's such a good point, and the timing of this, like you said to have that trusted aide hope hicks not available, and i said it's his main way of communicating the press conferences but to your point, kayla, as long as he's got twitter, we think that's really the main way of communicating. still, we'll see how kayleigh mcenany deals with her positive diagnosis. kayla tausche, thanks very much. let's turn to the treatments that the president is receiving to battle the coronavirus, in particular an experimental

antibody cocktail made by regeneron. meg tirrell joins me now with more on that meg? >> reporter: hi, kelly this is pretty remarkable. this drug has not been cleared by the fda and the president really only one of a handful people who have been able to access this outside clinical trials let's see what the president is receiving, three prescription drugs. first, we learned that on friday he was given regeneron's antibody cocktail. friday evening he was said to start a five-day course of remdesivir which, of course, is that antiviral that has emergency use authorization for gilad. it's used on hospitalized patients, and saturday he started the steroid dexamethasone, and now that's usually given to more severe hospitalized patients. in fact, because the president's oxygen level was low, doctors say, you know, that makes sense that he got that steroid of course, questions about the regeneron antibody cocktail and how well it works, we asked that of the regeneron ceo this

morning. >> we haven't proven anything 1,000% there are more trials going on, but i think the evidence that virus is the problem in this disease, more virus is bad for you and we can lower that virus, that's a powerful and compelling argument >> and, kelly, of course, if it's determined that this has helped the president there will be a clamoring for this drug and before it's available. that's going to be a problem for folks. some do expect though that this could mean an emergency use authorization is right around the corner for this drug regeneron tells me if that's the case, right now it has about 50,000 doses available hope to ramp it up to 300,000 within a few months, and under a contract with barda for $450 million it would be provided by the government to americans at no cost. kelly. >> meg, we're also at the same time seeing an uptick in cases especially in the midwest but

really nationwide. is this regeneron treatment something that you think will be broadly available and that people can and should partake, and what do you make of this kind of case count increase in general? i mean, one of the things that we keep talking about that as the case numbers go up, it doesn't seem necessarily like hospitalizations and deaths follow suit. you know, we don't want to get too ahead of ourselves in that regard obviously, but is it a little bit less severe this time around >> yeah. well, that's of course the hope, and you saw the graphics just there showing the increase in the case counts. that started coming up in early september, mid-september, really connected by a lot of public health experts to labor day. hospitalizations have not ticked up in the same way, deaths certainly haven't, but if you look at those graphs you see there is a delay in hospitalizations and an even further delay in deaths after case numbers pick up they have been more muted since the first round of really, you know, the country just getting

hit so hard in the beginning by covid because treatments have improved, and so, you know, we are faring better. as younger people are getting infected more, they have less severe disease but they infect older folks, kelly, so we've just got to be more careful. >> yeah, and i'm curious as well because it's going to affect the public policy response you see the new york governor ordering schools to close in some hot spots meg, we'll leave it there for now. thanks very much meg tirrell with more on the covid front. markets are hanging on to their gain even as the questions swirl about the president's condition, the election and the rising number of new virus counts we're talking about, both here and abroad, by the way. why is the market shrugging off these developments and which headlines are going to matter the most from here let's talk with our cnbc contributor and jack manley here with asset management. gina, are you surprised that

markets aren't more rattled than we're seeing play out today? >> oh, i think the initial response from markets on friday was just the shock factor, but as you see continued news reports that the president is getting better, you know, i think that the markets are going back to a status quo which is that they are looking past most of these events. all of these things will eventually -- the election will come to fruition eventually this virus will be brought under control, and those are the things that the market continues to discount. >> that's fair enough, but, jack, i guess i wonder if -- does the market just want an election outcome one way or another, or for this swings it towards biden or towards trump, is that the larger question or even the supreme court if i mean, i'm not going to say that's market-moving, but it certainly has dramatic policy implications so do you think investors are just trying to figure out where we go from here, or do you think that none of these events for now really make a difference? >> well, you're right, kelly

this is a landscape that's absolutely riddled with complications, but as we have seen in the past, markets more than anything just don't like uncertainty, and we are facing a profound amount of uncertainty, particularly over the next month, whether it's the president's health, the election, escalating tensions, new case load in the united states i think a result in november regardless of who wins will be taken by the market with a sigh of relief because at least we'll get a little bit more clarity on what perhaps the next four years will hold. i think that's what's going on with the markets now it will put current conditions into the new status quo. >> gina, let me turn to some of the topics that dom mentioned off the very top when he was talking about some of the industrials and materials names rallying today the ten-year yield at 0.75%. i mean, you know, break out the pom-poms if you're the banks, you know those all are going to fit into this big discussion over whether you can find of follow the opening rotation or not, or whether you have to take with

the idea, nope, covid is spreading. it's going to be back to the stay-at-home stocks. what would you say >> well, i think the rally of industrials and materials is a little bit of a head-scratcher, because if you look at the macro data coming through the past month we have seen a showdown in the recovery and that has opinion proven out by the data -- the labor data we've seen personal income falling, and there's yet no sign that stimulus package is a done deal yet, and until we see that, it i think the slowdown conditions so i'm not entirely certain why the industrials would be rallying at the moment >> jack, what would you add to that >> i would say that we've been here before. i mean, we've seen these bounce and fits of cyclical rotations throughout the course of the last six months. i think investors looking for that's value-driven opportunities that may exist out thereto in the market, but i would say as long as there is still this uncertainty, as long as we don't have a vaccine, i'm really wary about that cyclical

trade. i think there is a lot of uncertainty on the horizon i think things could get worse before they get better i don't see another recession, but i do see things slowing down and i would rather focus on things that have done well and likely continue to do well and hold well on that cyclical location until we get more clarity around the election or vaccine timetable. >> i assume then you wouldn't be a big fan of the financials, jack >> you know, believe it or not, it is one of the parts, the cyclical space that i am leaning more into. i'm looking at things like energy and industrials, particularly the airlines. i see lower for longer demand for these sectors. long outpacing even the end of covid, but for financials i think you have banks in particularly, large-cap ones, well capitalized and the underlying credit quality of their borrowers is still very high i think you might see a nice valuation tailwind over there and while i wouldn't advocate for a wholesale rotation in

cyclical stocks i would say financials are the ones, kelly. >> i asked you that after you work for jpmorgan but i wouldn't expect you to say forgot them. they are dead money. anyway, thank you guys both. appreciate it. jeff manley and gina sanchez on these markets and where they think you can invest. coming up, the movie industry facing a crucial movement as movies keep getting pushed back and theaters keep closing. plus, the stimulus plan is hanging in the balance as the president urges compromise while the senate goes on recess. what's the economic fallout if another big covid relief bill isn't signed. and facebook says an antitrust break-up is a non-starter. we've got all those details on the other big story out there today. "the exchange" is back in a couple this is decision tech.

find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

welcome back to "the exclank. regal cinemas, the second largest chain in the u.s., will close all of its locations nationwide less than two monies after reopening. shares of regal's parent company cineworld are tanking, nearly 40% at one point moderated to 24% look at the share prices the 40-cent stock, its market cap is less than $400 million. julia boorstin is standing by with more on the trouble at

movie theaters here. julia? >> reporter: well, kelly, with no big wide releases scheduled for months, it simply doesn't make sense to keep theaters open regal owner decided to shutter all of its u.s. theaters after mgm delayed james bond, "no time to die" which is expected to be one of the biggest films of the year scheduled for november 25th and now it's delayed until april of 2021 we spoke to the ceo of the company on "squawk alley" this morning. >> we're in a shop with no food to sell. the cinemas are good and ready weism presidented cinemas safe and very successfully and was very warmly welcomed by our customers but we don't get new movies >> reporter: shares of regal parent cineworld down 20% and cine mark down 17% and amc

entertainment down 9% and there's no word on when cineworld aims to reopen the regal theaters but, of course, a lot depends on what the studios decide a bit of a chicken and egg situation there. >> oh, yeah. julia, stay right there. we have the national association of theater warnings if the status quo continues, 69% of small and mid-sized movie theater companies will be in or near bankruptcy. the ripple effect of that could be felt across industries from real estate to the towns that depend on this tax revenue and foot traffic for more on how precarious the situation that movie theaters also in, the managing director at mkm joins us now. eric, good to have you use amc if you like. i mean, what are the options here, and how frustrated are the movie chains that they don't have more movies to show >> well, i think you got it right when you said it's a bit of a chicken and egg situation that we have here.

theaters need contempt, and without the content it's tough to -- it's tough to be open. i think on the studio side, what they are looking for, particularly in the united states is new york and los angeles to be able to reopen its theaters i think without those two markets, which account for a significant amount of revenue, it -- it's -- you know, they are going to be very reluctant to open up any big-budget film. middle america can't carry the business on its shoulders. >> sure. i mean, tenet was a $200 million picture that grossed $45 million. i understand why the producers are saying we can't accept that and need to try to get a better return on our money, but why is it that international movie theaters are able to make a better box office right now? and it's funny you mentioned new york and los angeles i mean, could the movie industry survive if we simply had those two major markets reopening? >> well, i think you need the whole portfolio of the u.s. to

be open, but missing los angeles and new york city, the two largest markets in the country really hurts, and when you spend that much money, you need those markets open internationally is further along because they were further along in terms of the pandemic recovery "tenet" did a pretty decent $250 million internationally, so, you know, international is -- we're cautiously optimistic by international, but now i think one of the things that was worrisome for mgm with bond is you have the second wave and now you have concerns about the uk where -- which is one of bond's most important markets as well as germany >> yeah. great point. eric, one more question for you and then we'll turn back to julia, but you say that right now these -- the theater -- the movie companies themselves, the studios, don't have another great option you said that "mulan," in your view, was a flop

can you explain that because by what standard and does it matter if for disney is it it still drives people to for disney plus i'm curious why you don't think that's a moreviable option. >> based on the data i've seen the first week numbers for "mulan" were 1.is million buys that's about $33 million it hasn't done exceptionally well internationally they had some issues in china with reviews as well as some political issues, but when you look at the u.s., you know, you spend over $200 million, you need a much bigger opening than $33 million in the first weekend so i've yet to see any studio proclaim significant success with premium video on demand, and there's definitely been nothing there to replace what a theatrical window can provide. >> yeah. so julia, final question if it's good for the theaters, if the studios really face no other option, why not get these movies out there if you can argue it's good for

the economy and kind of keep this all going, maybe they can say, look, we're not going to make the return we wanted but maybe we can get some help from washington >> kelly, kind of acknowledge the medical risks here i think that the reason the studios are holding back is what we saw with "tenet" that it indicates that consumers are not really ready to rush back. the states, new york city, los angeles, the two biggest movie-going markets, local authorities deem that the numbers are too high to be safe so when you simply don't have either the demand from the audience or the safety, you know, element in place where people -- where either the theaters are open or people would feel comfortable going back, it's not worth it for the studio, and i think the move we saw with the delay of james bond on friday really indicates that the studio will say, okay, we'll wait until end of november or christmas. it's a total -- it's going to be, you know, a total wash until then let's just focus on video on demand for the films that make

sense and it may not make sense to release a $200 million movie on video on demand but may make sense for smaller films so that decision and that move gives some clarity to the studios right now and at least removes that uncertainty >> yeah. i will be surprised if christmas day even if that "wonder woman" movie is going to be the event that they hope it will be h.julie and eric, we'll leave it there. you're julia boorstin and eric handler of mkm coming up, greg ipp of "the wall street journal" says two key things will weigh on this economy post-covid the debt and our demographics. we'll join us to explain and as cases are rising in europe, paris on maximum alert and england reeng rethatinmo lockdowns. we'll be live in paris with more stay with us ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. as business moves forward, we're all changing the way things get done.

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welcome back to "the exchange." dow is up 350 points right now, so the gains that we saw going back to the future session last night after the president took that motorcade trip, said he wanted to be released from the hospital today we saw futures up a couple hundred. we've continued that into the session today and we await news on his condition and release still, the s&p is up 46 points, nasdaq up 201 so the nasdaq outperformer of 1.8% let's get to sue herera now for a cnbc news update. >> good to see you, kelly. hello, everybody here's what's happening at this hour saying new covid clusters need to be attacked, quote, immediately and dramatically, quote, new york governor's is closing schools in several parts of that state, including

sections of brooklyn and queens effective tomorrow just before leaving for miami where he'll participate in an nbc news town hall tonight, joe biden was asked about president trump's sunday car ride outside of the hospital biden says he's reluctant to comment on the president's health or anything he is or is not doing. it looked like business as usual in madrid today, even though that city is now prohibiting non-essential travel as the infection rates rise. spain is the first western european nation with more than 800,000 total cases. and in southwestern japan, take a look at that. it's a shouting contest adjusted for the pandemic competitors wearing face shields were judged on what they shouted and not how loud they shouted it the event which features eating beef barbecue in a pasture was limited to just 100 people, is/6 the usual attendance actually looks kind of therapeutic. maybe it's a stress reducer as well >> looks fun, yeah.

>> love those quirky traditions. >> mm-hmm. >> sue, thank you very much. >> you've got it. >> sue herera. as covid cases climb in europe, paris is getting put on maximum alert on the surge in the city and england is insisting on a three-tiered lockdown plan. nbc's matt bradley is in paris with the latest. matt. >> reporter: kelly, that strict three-tier lockdown program is the one similar here and paris has risen to the top tier. it's a maximum zone. that means that bars are going to be entirely closed as of tomorrow restaurants aren't going to be allowed to sell or allow their customers to consume alcohol after sock p.m. and also as always gyms and other places like that are going to continue to be closed gatherings have been constricted in size, but let's be honest there's been the last couple of weeks we've been here, a lot of violations, even though they are imposing the regulations, there's been a lot of resistance, especially in the southern city of marseille where bars and restaurants are closed

entirely, and i expect if things go the way they have been going the last couple of weeks we'll see a lot of very blatant violations in cafes and bars and restaurants all throughout this city kelly? >> matt, thank you, sir. matt bradley in paris for us to give the european experience on the spread of covid. come up, covid-19 taking center stage in washington for sure what does it do for the possibility of more stimulus and the process and time lyn to get amy coney barrett approved for the supreme court and what about campaign fund-raising? as the election approaches will donors show up at the events knowing that they could get exposed. that's all back on "the exchange" when we return before we talk about tax-smart investing, what's new?

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welcome back to "exchange. the election is now just 28 days away, and the coronavirus is spreading through the white house and capitol hill what does it mean for a host of issues but especially for another round of stimulus relief elon mui joins me now with the latest. >> reporter: nancy pelosi

discussions and mnuchin's conversations about a new stimulus package are really getting into specific numbers and plan to exchange paper ahead of yet another phone call tomorrow so the question is rapidly becoming where does president trump stand on all of this well, apparently today he spoke to lindsey graham. graham, of course, is the republican chairman of the senate judiciary committee, and he tweeted that trump is engaged, ready to get back to work and excited about the potential confirmation of amy coney barrett to the supreme court, and he said that trump is focused ona good deal to help stimulate the economy. so kelly, the white house knows that the supreme court and stimulus are going to be their last chances to score a policy victory ahead of the election. >> and even as that hangs in the balance, the first issue that affected it was the supreme court vacancy and how that would suck all the oxygen out of the room, but we not only face that battle but face it minus a couple of senators or ones that

can handle it remotely what are the rules for how this can proceed? are we expecting it to still move forward in the next couple of weeks >> well, the interesting thing here, kelly, the fight over the supreme court is now also turning into a fight over how to handle the covid-19 outbreak democrats are calling for strict new testing protocols ahead of barrett's confirmation hearings that are supposed to begin next week they want to see members and staff quarantining they want to see members and staff having two negative tests on consecutive days, and they also want to see mandatory testing on every single day of the hearing. kelly, republicans have been adamant that it the timeline for her confirmation is not changing and that all of their members will be healthy enough to attend back over to you >> and we know a couple of the senators who have already tested positive, mike lee, thom tillis. you know, for what piece of this can they participate remotely,

when do they have to attend in person and what are the odds now of swinging this nomination away from being a done deal >> that's why senate majority leader mitch mcdonnel said he wants members back in session on october 19th there is a two-member republican majority on the judiciary committee so they will need all of their members there in order to ensure that her nomination gets out of committee and then can make it to the senate floor. the numbers here can be very thin there's also two additional senators on the judiciary committee who are in quarantine after being exposed to the virus, so they want to make sure that everybody is there, and democrats have been pushing back very hard against the idea of holding virtual hearings for something that's going to be a lifetime appointment, but mcconnell has said the senate has done virtual hearings since the start of this pandemic and part in person and part virtual. they can continue to do it now. >> all right each day between now and then is going to be vital as we await to

hear whether any other folks test positive it thanks very much another round of stimulus if it does pass will add to mounting debt levels thecongressional budget office already thinks the federal dev lit will hit a record $3.3 trillion, more than three times the shortfall last year, and that's due to the earlier measures that were already passed, and it could pose a big risk to the economy. joining me now is a chief economics commentator at "the wall street journal" and author of the recent piece "demographics and debt hang long term over u.s. debt growth." looking for good grows these days you have bad news and worse. >> yeah, sorry, if you're bothered by the short-term economic outlook, my bad news is that the long-term outlook is actually worse kelly, we talk about debt in the opening of this segment, but it's almost as much if not more so a demographic story really. demographics to a great extent is destiny when it comes to long-term growth and this has tended to aggravate two serious

problems that the united states has had, one is the fertility rate which has been declining since the last recession will probably drop again. the congressional budget office thinks it will fall to 1.6% year, the lowest, well below the 2.1 number as we think of. that alone will put a serious drag on population kids not born next, won't be part of the labor force 20 years now. what do you do about low infertility, lower immigration we'll have fewer immigrants because of the barriers raised due to the pandemic and the fact that we're having fewer undocumented coming in anyway, so you put those two together, there will be a lot fewer americans 20 to 30 years ago which puts a big burden on the ones remaining to grow the economy and sustain the high levels of debt that we're care keg and are going to carry.

>> you can also increase the fertility rate, but they are trying that in other parts of the world with mixed success i asked the doctor when i was there the other day. i said are you seeing more or less than usual? >> they said when the pandemic first broke out they have seen more than unusual and now they will -- as we await the answer on that tell me what you think of the debt situation which drives the policy near term. are you thinking of something like a tea party movement or is that too premature how do you know? >> the sign you would traditionally look for is an upward movement in interest rates and squeezing out private sector borrowers which means less investment. you don't see that now, and you haven't seen that for a number of years we're running large deficits and interest rates are rock bottom

and the fed says they will keep them there for the next four or five years so crowding out is not a near-term problem, but if eventually we get behind the weak spot and the pandemic is behind us and most economists think that will happen, that's when you do worry about crowding out. no would it tell us if interest rates never got back to where they were. it tells usee that were already low this week. you've heard of a secular stagnation or story glut that's how investment in the world, jot just the xhits, and that i think kelly, is the double dagger aimed at the long-term health of our economy. fewer americans and the americans that we have will be less productive until we can somehow have a burst of innovation and animal spirit that gives a like productivity

boost. >> yeah, and a lot of other births as well to fix the demographic problem. final question, greg you know, it -- we mentioned today the ten-year 0.75%, and that's nearly a two or three-month high is the traditional thinking about this broken or not i mean, wouldn't you say the single biggest question for the economy right now is we try to pass the next covid relief bill and so much more is should we hold back out of some sense that maybe this is too much or do we plow ahead, bet on growth and then hope that the debt and deficit takes care of itself >> i think you plow ahead right now, kelly the bottom line is that the fed but keeping interest rates to zero have said to congress borrow as much as the economy needs right now. you're not going to pay much to borrow that money. money is as close to free as it's ever going to get with interest rates basically at zero right out to five years, and as you said, below 1% over the

ten-year horizon, by the way, the time to basically borrow and simulate the economy is when the federal can't do much when the interest rate is see and money is basically free. this will raise our hopes that some of the scoring you may experience from high unemployment won't happen. the real issue is when we were past this period we have made no progress at all dealing with this serious elderly entitlements here. if anything, they are going to get worse. this administration cut -- cut tax rates with no plan to get -- to pay for them. if we have a biden presidency, he has big plans to, for example, lower the medicare eligibility age and add other spending, and as far as i can tell those are not completely paid for so we have two parties who are dedicated to basically doing more without paying for it, so i think that those tough questions are waiting for us at

some point down the line i don't see anybody right now trying to answer them. >> yeah. no, greg, it's always good to check in with you and kind of bring them more to the forefront. really appreciate it thank you, sir. >> thank you, kelly. >> greg ipp with "the wall street journal." still ahead, the president holding a fund-raising event hours before he announced being positive for covid-19 and gop donors freaking out about their exposure check all that and more out on the cnbc app "the exchange" will be back with more

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joining me is brian schwartz, politics reporter at cnbc.com. what's the plan now in order to get the most bang for their buck >> they say the next moves for the trump campaign are as follows. they will be moving ahead with the virtual events it's kind of what they did at the beginning of the campaign, beginning of the coronavirus in march and now they are going back to virtual, and basically the message to donors is the president one way or the other is going to be fine. you know, move ahead, and we'll continue to give contributions sometimes in figures -- six figures or more, and just really keep attending these virtual events as they happen, but the campaign itself really started to figure this out, as did everyone else in terms of the president's health on friday, and they have been scrambling ever since to put together these virtual events as opposed to in the-person as of a few days ago. >> brian, you know, it's interesting because as you and many others have reported the

donors who were at that bed minister event were furious and just kind of scared about their exposure to covid, but it still seems to me that in person is the most effective way to raise money so my question is whether we would really expect either campaign to shift gears now because there's a lot to be said for, you know, meeting the president or the potential president in person versus doing it on zoom, right? >> yeah. you're 100% right in terms of the effect of it, you know, but in a way you compare what's been going on with the biden campaign since the first coronavirus case in the united states back in march. they have been going full on with virtual fund-raisers for a while. the trump campaign has tried the same thing here or there, but it has not always involved the president. oftentimes those events have been with key supporters and advisers and special guests. they are going to try that again here, but you're right, particularly with republican fund-raisers, the in-person events have been the big draw. there's no doubt about that.

when trump supporters are able to see and speak with the president in person, that has been key for the trump campaign's fund-raising. >> yeah. >> so you have to wonder if this is just a short-term plan or hoping that the president can get back on his feet or, you know, they really are looking for the next few weeks remember, only 28 days to go time is not really on their side here, and the biden campaign the last month or two has done a much better job fund-raising compared to the trump camp. >> real quickly, brian, where are we, exactly what i was going to ask you, where are we on the fund-raising one side versus the other? how big is the gap, and that's going to matter, i would imagine, potentially quite a lot down the line. >> yeah. biden and the democrat national committee came in to september with more cash on hand than trump and the republican national committee, just the bottom line. it was about $100 million more on hand from biden compared to trump, and that's the key me

traffic. i mean, you can say -- look at how much each team raised but amount of resources at least going into september, that's the data that we have that's the most up to date was advantage joe biden. >> all right brian, thank you, sir. appreciate it very, very much. brian schwartz from cnbc.com read more of his piece online and cnbc will be showing joe biden's town hall hosted by lester holt at 8:00 p.m. tonight. don't miss it. still ahead, the house antitrust panel is ending its year-long regulation into big tech and the regulation that could be ahead and why one company's lawyers is calling the government's efforts a non-starter. that's next. this is decision tech.

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welcome back to "the exchange." the house anti-trust subcommittee is wrapping up its investigation into amazon, apple, facebook and google their report is said to include a broad set of legislate of recommendations. as a new piece in the wall street journal examines air force base -- facebook's

distrust saying it would be a complete nonstarter. with more, joining me is neli patel. with everything going on over the past couple of days, we're awaiting more word from washington today if they're looking at legislative remedies here, this is the biggie, right >> it's the big one. the chairman of the anti-trust subcommittee has reminded me several times that the congress does not have the power to break up tech companies, they have the power to change the law, introduce regulation and refer agencies to be broken up he's said to the ceos of the companies, some of you need to be broken up, all of you need to be regulated whether or not that legislation will come through what is a very paralyzed washington, d.c. right now in the mid of the election season with the president and

the white house sidelined by covid i do not know. but i do know the investigation has been going on for over a years and the sentiment that the laws need to be changed is very high i would expect this report to be scathing, we're expecting more revelations about the platform in the report itself and then the work to actually change the law begin in earnest and continue on to whoever the next president is >> right so this will take some tilme tell me about this next appearance the one over the summer because it was done over the summer didn't have as much import it somehow didn't feel like the big event that we saw with the bank ceos after the wall street collapse and that sort of thing. this will be, i presume, still also a remote event. but what is the purpose of this hearing and does it build on what we've already heard from these ceos

>> yeah. really there's two tracks for the big technical companies to answer for what the anti-trust committee has been focused on and is often distracted by but what they've been folkcused on is digital mr pla -- marketplaces, whether it's goods and services, apps or services, it's something they've been focused on and i think what the report will be narrowly focused on next to that, which no one can ignore, is the power that the big social media platforms have around speech and expression and whether or not their protection under 230 to moderate is too strong that is an ongoing debate. it all feels connected, it all feels like big tech platform power, but they are different issues, even though they tend to get muddled. this next one will be focused on

that i imagine it will be extremely a chaotic to both protect the election and not interfere in it is very, very high >> if you're an investor in one of these corporations, what kind of legislative changes are we talking about? you know, i suppose the question is how much should investors being afraid of this or just accept it as par for the course? >> you know that statement from facebook in "the wall street journal" piece that governor breakup would be a nonstarter is very telling that's how powerful facebook thinks it is, that they can just tell the government not do it. the government has broken up other huge companies, it broke up the railroads, it broke up at&t, it can certainly break tlibreak break three apps from one company. if you're an investors, how value is locked up in these

monopolies how much investment are we not seeing, how much freeing up of more value are we not saying representative jay paul noted at a hearing that mondopolization s leading to wage stagnation one, we're all tied up in the same companies, that they're driving the indexes, that's the k-shaped recovery. but the second part of it is how much are we not seeing from other companies not wanting to cannibalize itself and that's a big deal and we have to check that in. >> i always really love your perspective. now i feel like i can follow it a little bit more amid everything me.or nilay patel, thank you back in two minutes.

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