tomorrow, beginning with "squawk on the street" in the morning and "squawk box," and we'll have full coverage on cnbc business day and throughout the evening and now you know the news for this monday, october the 5th, 2020 i'm shepard smith at cnbc global headquarters, hope to see you > 5:00 president trump stoking new controversy upon his return to the white house after he leaving walter reed medical center this as joe biden repeats his call for a mask wearing at an nbc town hall last night on wall street, stocks coming off a big monday, but what if stimulus doesn't get done look out, louisiana, alabama, mississippi, florida again, another mass hurricane is brew, threatening areas from new orleans to tampa and big tech under fire on capitol hill as lawmakers

prepare to release a scathing report targeting apple, amazon and others we'll let you know what they are upset about on this thus, octoberthus, october 6. this is "worldwide exchange. good morning, good afternoon or good evening and welcome from whenever in the world you may be watching i'm brian sullivan here is how your money and the global markets are setting up their day. stock futures are not doing a whole lot, dow futures off about 63 points. the major averages all coming off a winning session on monday, the dow surging more than 400 points to cap off its best day since mid july but watch the small cap, once again they outperformed, the russell 2,000 up nearly 3% for

its best day in months, and don't tell anybody, but small caps on straight for a fourth straight positive session, first time that has happened also since mid-july and there is a lot to focus on outside of the president's health you have 17 fed heads speaking this week. jay powell will speak today, and then you have 16 other fed speakers either giving a speech or on some kind of a panel the rest of the week by the way, 10:00 a.m., you get the jolts job opening and labor turnover survey at 10:00 a.m., that measures actual job openings and many myself included meaning that it is more meaningful than the monthly jobs number and more stimulus means more debt, so potentially watch bonds. we're seeing the note in the ten year tick higher in the last couple sessions. we're not high overall, but we're higher at 0.76%.

and let's see what the trade and some of the top stories are overseas karen cho with that. >> and investors on this side watching the u.s. futures, we had the relief rally, and in session today, we were reversing off a two week high, most of the major markets just lacking a fresh pause of catalyst. all eyes are on any agreement with european partners around brexit, that has moved the pound higher, but there is the inverse correlation with the 120k mstoc market and you can see the ftse 100 down 0.60% and giving way to negative territory. the dax off by roughly a quarter or third of a%, similar state for the french stock market and also the italian mid down 0.2% a lot of covid fears don't forget there is talk here

about whether there will be fresh restrictions on scotland for two weeks to stop the spread and also the cases around paris means fresh restrictions there too. so you can see the is he can tors is having an impact across the board. technology and health care have been suffering to an extent and some other areas of the market are slightly more reach stisili. technology at the bottom today want to take you to the big stocks that are moving gucci selling its 6% stakes in puma you ask why now. well, it doesn't tell a positive story about how luxury is traveling at this stage if it is selling that stake and don't forget of course you've been watching this t. this li through the lens of trying to wriggle out of the tiffany deal.

>> all right karen, thank you have a great day now let's get back to d.c. where president trump is making his return to the white house after a three day stay in the hospital the president telling america to not be afraid of the coronavirus and get on with their lives. this as health experts worn the president may not be out of the woods just yet eamon javers is joining us with the latest on the president's health and the upcoming time line [ inaudible >> having a little trouble there with his mic obviously we'll get back to him as soon as we can, talk about the president's health as well as the vice presidential debate that is still on schedule. as soon as we get to that, we'll get back to eamon as well. let's get back toot mck to the and your money even though vom tilatile is risg just a bit, your next guest says

you have to think long term and there will be a time when all of this is behind us. and it is important to plan for that financially what exactly does that mean? let's bring in now theresa jacobson, managing director and financial adviser at ubs private wealth management. good to have you i know it is hard to think about because we're so caught in the moment, but like the other pandemics this century, and this is really the fourth, maybe even the fifth, we're going to get through it, probably in 6 to 12 months how do you plan for your clients to get past this moment and say we've got to look longer term? >> well, the market continues to look longer term and it looks past where the events that we're going through now. there are certainly many catalysts that will give us volatility, but i think that the strength that the economy had before the pandemic will

continue to reinsert itself and we look for continued market strength and equity gains in 2021 they are near term events, they will pass, but the strength of the american economy will continue to insert itself. >> when you dig in and reading a lot of history, and you read about the roaring '20s, 1920s of course, and you hthink about th war, it was probably more a reaction to getting out of their 1918, 1919 pandemic which was 25 times worse than covid is in terms of the numbers and you do wonder, will that create kind of a new roaring '20s here, a theme we've been exploring more, that there will be this boom in consumer spending that may bring the economy back, all these lost jobs, hopefully, and the markets with it, do what do you think?

>> well, there will certainly be parts of the market that recover faster than others we do think that there are certain areas of the market where the market is beginning to rotate that will benefit for instance, the basic materials and the industrial area we think will do well corporations responded very quickly to the pandemic in reducing their activity. and what we think now is that they reduced their supply far more than demand was reduced so we think that supply will be built up and the consumer pent up demand because of the pandemic will start to come through the economy. so we're looking for equity gains going forward with a broadened out market that will be benefitted by a lot of different areas in the market. >> and what groups of the market do you think provide the most

opportunity going forward, theresa? >> well, again, basic materials and industrials we think will do well, consumer discretionary will certainly do well we still like technology because technology will continue to give us growth, but it may not give us the outsized growth that it has the past years so it is important to diversify the portfolio and look for other areas of the market and not be overweighted too much in one area >> all right theresa, appreciate you coming on the program here. a long term optimistic thinking and we do appreciate it. have a wonderful day i believe that we have eamon javers -- i don't know if it was microphone wasn't working, but you've been working 24/7, so i saw you on ship last night, i thought maybe your voice just gave out >> no, something in the technology gave out, but we

think that we have it up and running now. look, what we saw yesterday was the president walking out of walter reed on his own power, which is an encouraging signs. but doctors will monitor him about a week the president looks strong, he wanted to project this image of strength and he did sort of a reality tv style unveiling at walter reed and then after the short flight over to the white house, arriving at the white house, walking up the stairs to the balcony and then posing for pictures at the top of the balcony for all to see the president very much wanting americans to know that he is still standing after this tough bout with coronavirus where we saw his oxygen levels drop twice over the weekend doctors say from here on out, they will take care of him with the white house medical unit they have state-of-the-art medical care at the white house and they say that that is enough to monitor him and give him the

additional care he needs they say he needs another dose of remdesivir later on today and then they will take him off of that. he is on a whole host of other medicines as well. so all of that being done by the white house medical unit meanwhile we saw joe biden last night on a town hall with lester holt, a real contrast in styles here we saw as president trump arrived at the white house, one of the first things he did when he got to the top of that balcony, he took off his mask and he stood there mask les masn front of the whole country biden talking about the value of wearing masks and edge if a sizing the point of that here's what he said. >> i view wearing this maskif a sizing the point of that here's what he said. >> i view wearing this mask not so much protecting me, buta patriotic responsibility tough guys saying i'm not afraid be of a traafraid for your wifer son, your daughter, your

co-worker. that is who you are protecting and it should be viewed as a patriotic duty >> so contrasting messaging from both sides we'll see what happens in terms of the president's schedule today. we're not expecting to see him at any point today, but that could change of course >> all right any of this heighten the expectations for the vice presidential debate? >> yeah, look, i mean the frailty of the president, the age of joe biden, he is 77, both the of those really make this wrd shal vice presidential debate wednesday more high stakes we saw the vice president leave for utah yesterday, both candidates will be on the stage, it won't be a remote situation, but they are negotiating about how to put up some plastic barriers between the candidates and the moderator here to keep everybody especially safe. >> all right

eamon javers, good to see you. thank you very much. and we're not done as well, when we come back, new headaches in the congressional crackdown of big technology. plus much more on the president's health as he returns to the white house we'll break down the policy i c implications and later, it is all about generation z and we'll tell you how to invest in and around the next generation of consumers

good morning there aar are developments aroud the antitrust around big technology >> and partisan panel led by democrats charged with investigating competition in the tech sector will reportedly look to block companies like apple and amazon from both owning marketplaces and selling their own products on them according to reports, this legislation could be part of the most sweeping tech crackdown in years. and comes after a year long investigation. though the report is still in draft form, the new restrictions could impact apple's ability to sell its app on its own app store. amazon would also be barred potentially from selling its own products on its site

and alphabet would not be able to own both the world's biggest search engine, google, and youtube. however cnbc reporting the congressional report widely expected to be released this week has now been delayed after a whistleblower flagged new information regarding facebook's 2012 acquisition of instagram and claims over stifling competition. this is really heating up and that would be a massive shakeup if something like that came to pass >> maybe it will take politics off the headlines for a while because those names, i've heard of them and i'm told that they have bright futures. all right, here is a followup for you. we are getting new reports that the attorney general in charge of a separate multistate probe against google has been accused by some of his aides of crimes including abuse of office and bribery.

what is the story here and how might it change the situation for any lawsuits >> it is a wild story. texas attorney general ken paxton is saying these allegations of criminal activity are fauflse and that they come from rogue employees t paxton says that he will not step down from leading the investigation which has been looking into potential anti-competitive behavior from google regarding its android operating system always a bit of drama there. >> unbelievable story there as well a lot going on.rtha coombs, we'n a few minutes. and still ahead, the pandemic continues to rip into hollywood. and so nos sinking and it is al because of apple

. today's big number, 90%. that is how much of the u.s. population that lives within 10 miles of a walmart location. on monday, the retail fwooi stru anstck a deem with drone operators to test how the technology could be used for on demand deliveries. struck a deeme operators to test how the technology could be used for on demand deliveries.

welcome back

let's get a check on some of the stocks that you need to watch today including audio speakers potentially going silent in the apple store. we'll get to that, but first up, alteryx, it announced a new ceo and raised its sales guidance for the third quarter. and on the flip side, investors in iovance will take the same kind of a hit? this is a biotech and it says it likely won't an apply for an application for a cancer therapy it is developing until next year, those shares are down 20 administe20%. and spartan energy corporation and the ticker is spaq, they plan to combine with fisker to potentially take that company public and apple is silencing the music in its stores, at least music

played by in competiteconomy so is the company stopped selling sonos and bo ismen mebose inclue noise canceling headphones, a dire director to the beats brand. now their page consists entirely of its own apple devices let's get a check now on some of the other top headlines including a new round of the battle over a vaccine. and yet another big storm swirling in the gulf of mexico phillip mena, they can't get a break this year. >> yeah, it has been really rough for them we'll get to that in a moment. good morning, everybody. the white house is scrapping new fda guidelines on bring i potential vaccines to market which would have almost assuredly meant no vaccine before the presidential election

on november 3. the fda planned to require vaccine manufacturers to follow patients through their trials for at least two months to rule out any safety issues. and a major hurricane is barreling toward the gulf of mexico this morning. and it is expected to hit the gulf coast later this week between louisiana and florida. hurricane delta is the 25th named atlantic storm this year. and roger goodell is threatening teams with stiffer penalties for violating coronavirus protocols. among the new protocols, large gatherings outside team facilities will be banned. the league also will inch ple mgt a video monitoring system to check if the teams are complying. the commissioner warned that the teams could be forced to forfeit games if breaking the rules. so the nfl is really trying to get ahead of this so things don't go out of control. >> and they have done a good job

so far, but outside of coronavirus, houston texan, 0-4, phillip, your team firing their head coach they don't have an excuse. >> yeah, it is a brand new day though in houston, i must say. >> love the optimism one out, one in, we'll start it up again phillip, thank you very much best to even in the gulf of mexico 2020, folks. when we come back, it is back to washington where president trump is trying to fire up his base, stoking some new controversy along the way with his return to the white house. and stocks booming to begin the week, bullpen what if congress can't get a new round of stimulus passed? will your stock sink that and more after this ♪ you can go your own way

♪ go your own way

your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today. stocks surging on monday to begin the week, but will election fears and concerns about a new round of stimulus put a sto a stop to any renewed rally. and president trump returns to the white house and presenting what could be a new election in a re-election bid. and make or break for small businesses, your morning rbi with a bleak outlook for many of the job creators in washington, if more aid is not done and done

soon this is "worldwide exchange" right here on cnbc a little led zeppelin to get you going, tuesday, worst day of the week, so we had to fire up a little zeppelin. why not. welcome back i'm brian sullivan the song is probably better than me here is how the global markets are setting up their day futures are down a bit, but nasdaq futures are actually down on a nominal basis more than the dow futures. that doesn't happen a whole lot. when it does, technology stocks have in ordnot had a good day so watch the nasdaq. futures there down more than the dow. so something to watch. a lot to focus on besides the

future and even the president's health, you got 17 federal reserve speakers this week, how is that even possible? jay powell will speak today and then 16 other speakers the rest of the week. by the way, at 10:00 a.m., the jolts survey, job opening labor turnover, it members job openings that may be more meaningful than the monthly jobs number as well and with all the recent news, you had regeneron soaring and the idb, biotech etf, up more than 3% yesterday. so one to watch as well. and also watch oil trying to claw its way back it close around 40 bucks yesterday. of course oil sliding on lockdown fears globally, now bouncing back yesterday as well. oil up about 1% today. now to president trump who is back at the white house this morning after spending three days in the hospital

he is returning to work while still technically being infected with covid-19. it is important to note that he is not out of the woods yet and is indeed still receiving medical treatment and the experimental drug remdesivir and i meamon javers is joining w how do these latest developments factor into the 2020 race. >> it is fascinate, never seen anything like this, a president hospitalized so close to an election on an issue so many ams we saw the images of the president dramatic and striking, the president posing for pictures on the balcony, hoping to send the message that he is strong and back. his doctors though say that he is not entirely out of theed would s woods yet. and we put a poll in the field friday night right after the president was admitted to walter reed to try to get at some of the questions around all of

this, we're asking likely a voter this is batts in battlegrs and take a look at the headline number, which in terms of the favor availability over albiden 50%, trump 45% that is just after the president was hospitalized so a five point lead for biden there. interestingly, biden has a 10% lead nationally in our poll. but in those battleground states, it is much narrower obviously. in terms of serious concerns, you can seeing those jump higher over the past month or so, 72% of the vote nerts battrs in batd state said they had serious concerns about covid and whether or not the candidates are taking appropriate personal precautions, 75% say biden, 39% say trump. so a massive lead there on who is taking the more appropriate

personal precautions on covid. and then if you look at the former vice president's unfavor ability rating, negative but less negative than he was before you see the spike up since the early september time period. so joe biden much better off than he was since the summer, had been negative 12 and now negative 1 so seeing a similar move on president trump's part, his unfavorables declining as well. but overall, joe biden seems to have a lead in this race in these battleground states right now. we'll see what happens >> you got to help me out because i saw that chart earlier. let's put that back up so let me be clear so joe biden, the chart goes up, but he's still unfavorable overall. it says negative one so basically that means that he is almost neutral in his

favorability, is that how we're supposed to read it? like i kind of don't like brian but not as much as i didn't like him before >> that's right. i don't like him less than i did not like him before. yeah a couple negatives to follow >> i got i don't like not like him -- >> bottom line, biden is leading the race in these battleground states by 5% that is much smaller than that national lead that he is really pulling ahead since the summer in the national league, the battleground states though are the ones to watch, they are the ones where the electoral college votes are hanging in the balance and that is why we're polling likely voters there because that will make the difference on election night >> michigan, wisconsin, pennsylvania, it is the counties not everybody the states i remember where there was about

a 6% to 8% lead back in 2016 as well, well, and we know how that turned out and and i man jeamon javers, wet like you >> and i don't not like appreciate being on. >> thank you, i think. and so we should be paying attention to the tax policies and the trillions of dollars tied to the plans. and trump campaigning on his tax cuts following his tax law and biden says that he would raise taxes sharply on corporations and upper income individuals as well as reduce deductions for those families for more on these competing plans, we're joined by kelly campbell, campbell wealth management, a strategy firm, a tax management firm. kelly, here is the reality there are not many really rich families in america, and i mean

upper income over $400,000, just 2% to 3% of the population so very little sympathy for this group, i guess it. but when you go through the biden plan, whether it is taxing all of your payroll income above $400,000, reducing almost all your itemized deductions above $400,000, bringing back something called the peace limitation, i mean you could see a family making $1 million a year getting another $80,000ed to $100,000 a year in taxes, correct? >> absolutely. and thanks for having me on. but the big question that people will have, what will it do to my pocketbook, what will it did to my wallet from the stand poents of how much allegem i actually g to pay and that is the unknown. if you really think about what was going on with trump,is whole deal was let's lower taxes, lower regulation well, it worked and it seemed to get the economy going, seemed to

get the markets going. covid has thrown a wrench in which. the biden plan is unknown. but you're right, there are so many things that could increase tax rates. it won't affect a huge amount of people, but it will affect the people that could count from a did dough nati donation standpoint and vote standpoint >> and kelly, you're out of the d.c. area, right i went to virginia tech so i have a ton of friends in the d.c. area. and let's say you are a family, you are 50 years old, the wife is an attorney, husband is an accountant, you're making $500,000, feeling pretty good about yourself this tax plan, it won't ruin, but let's say it cost you another $2,000 to $3,000 a month, which by the way is a likely number if everything that biden wants to get done, then what are you thinking? well, i got to cut back on charitable, maybe i should move,

i should done siuld down size g there will be knock-on effects these are a lot of different increases that he is proposing >> even the 401(k), the whole point about investing in the 401(k), trying to level liz retirement investing you will never levelize that, but they are saying if we give a tax credit, everybody gets the same credit. i think that it will have the inverse reactions that someone that is ultra wealthy will say i'm not going to do the 401(k) anymore, i'll do the roth. now, interestingly enough, the short term is that that person will pay more taxes, the long term is that the government will get less tax revenues because a roth won't be taxable later. now, that could help though because they will get more tax up front i'm not sure that is the best plan >> but let's be clear, i mean i

think that you are advising your clients to move a little bit to a roth from a 401(k) if you believe biden will win, and polls say that he probably will, you want to shift some of your 401(k) to a roth correct? >> yeah, so think about just if you can pay a lower tax rate now, because tax rates are lower this year, again, even if trump stays in and tax rates are supposed to go up 25, more than likely if trump stays in, he will change that and keep it going. but at the end of the day, if biden gets in, you got a very limited window to get this tax holiday. and the easiest way is the rox conversion there are two ways to look at the roth how much will it cost but then what is the ultimate benefit i think that people -- they are looking at the cost, but not the benefit. the benefit could be huge if tax rates go up considerably and i

think people aren't thinking about that >> yeah, well said kelly campbell, we have to leave you, but i want to get you back on soon because there is so much to unpack including whether or not this proposed increase on payroll taxes over 400 will even pass judicial muster because payroll is supposed to be for your own retirement we'll see. kelly campbell, a pleasure, thank you very much. coming up here on "worldwide exchange," we still have 20 minutes to go, folks what teens want. the latest findings for the huge annual piper sandler survey about how the ongoing outbreak may impact the next generation of spending and the brands that generation sachlt z loves. first, alphabet is rebranding google's products activities apps the competitor to microsoft office which includes things like g-mail and google meet will now be known as google work

space. warner brothers is shuffling its film lineup as the movie industry continues to face headwinds. batman has been postponed to 2022 and southwest airline ceo calling on union workers to agree to pay cuts in a bid to avoid furloughs and layoffs. with anning that the company would reverse potential pay cuts if fell aidderal aid comes thro.

welcome back piper sandler releasing its 40th semiannual taking stock with teens survey speaking with nearly 10,000 generation ze erers, honing into the brands, the trends, the company most near and dear to their young hearts but with hybrid schooling and social distancing, teen self reported spending is hitting an all-time survey low, $2150, down 9% from this time last year. and joining us now is author of the report, erin murphy. we have to stop meeting like

this, we've been doing this all year and we talked all about the millennials for years. but they are has beens, right? it is about the generation zers now. what are the new trends that you have seen from gen z that may differ from those who are 8 and 10 years older than they are >> great to be back on your show this was a fascinating survey from our perspective because as you mentioned, we did the survey while in the midst of a global pandemic 76% of these again oagain zers were going to school remotely. and you saw a contraction in food spend, not surprising a contraction in spend in going out, but an expansion of spend

in video games and you saw also room accesso accessories and home furnishings. so there is a pivot in how they are spending their dollars despite them being at an all-time survey low. in terms of brand, clearly we've continued to see a rising interest in athletic and comfort. nike hit an almost all time high in our survey as you think about the athletic lifestyle i would say this is one of the single callouts in the survey. and amazon, 54% of teens shop on amazon >> and by the way, i have a survey of one, i have a 16-year-old, so i sort of get my daily survey and my daughter, she knows i work for cnbc, but she couldn't tell you what channel number that is if i said turn the channel on, she'd be like what, what do you mean the channel because for her, it was all about online she will watch online, she will watch using apple tv and they

watch a lot of netflix and they watch a lot of youtube i have to imagine that is good for net flik aflix and google a. >> yeah, netflix, 34% of teens say that is their top platform, 32% say youtube. so pretty neck and neck. but you bring up a good point. social media usage was at 12 hours. so these teens say on average per week, so i'm not sure if your daughter is in this comphot but they say they spend 12 hours on social media. and tiktok is now the number two social platform behind snapchat. it unseated instagram for the first time so instagram used to be the number two favorite. so that is really shaping how brands are marketing to this generation and what brands are actually starting to really rise. >> and in the makeup world, it is you will about ulta >> it is they were the number one beauty

retailer and there is a lot of concern on the overall spending levels, clearly spending was up for teens and in particular to makeup but we believe that when the teen does go back to stores, 89% of them say that they still prefer to shop in-store to make ju makeup and ulta was number one it stepped up relative to a sphorap. >> and for fast food, they want chick-fil-a. that is a private company. but they are number one on your list as well and chipotle continues to gain >> yeah, our restaurant analyst says that it was number three preferred and you continue to see chipotle rise in the survey. so that has been a clear winner as well. dunkin also came into the top

five as well >> watching new girl on netflix, dipping some nuggets in polynesian sauce, scrolling through tiktok while shopping amazon i guess that is what it is all about. thanks, have a great day on deck, the critical moment for america's small businesses it is your morning rbi, and it takes a more serious tone today. we'll get followup from mark zandi of how much a new round of stimulus may be needed in some ways, things are kind of the same. in other ways, well... any questions? the good news is... we've learned, we can do this. turns out when we're hitting our goals, nobody cares if we're wearing pants. we just need the right tools. so our team, stays a team. so no matter what comes next

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while we like to have fun with the rafrn dndom stat, but y we'll get more serious because this is a critical time. back in april, main street

america put out a survey of small businesses and in it they found that about 25% of all family owned shops could go out of business without a rapid recovery or monetary help. look at the survey from april, 26% had a month or two to survive, 34% responding said that they probably had three to five months, about 17% said more than five months congress did step up back then and provide stimulus with other forgivable loans, either eitht a but now it is october and that means that it is crunch time again and as congress and the white house talk, doors close every day. yelp says that over 100,000 small businesses have already closed, many likely forever. now, many of you think of cnbc as the stock market channel. and we are but remember what our name stands for, consume he were news and business channel that is what cnbc actually means. and we mean to stay focused on

small business at least on this show. random, but important. because these aren't nameless corporations with ceos flying around on g-5s these are your friend, your neighbor, your family members. let's bring in mark zandi with moody's analytics. we always talk about small business as the job creator. but they are really not. new business is the job creator and by default new business tends to be small. you start small, you grow, you hire people. the numbers right now around small business are very, very dire >> yeah, they are. as you point out, many are failing and particularly in the industries that have been directly impacted by the pandemic and business information are nation remains very depressed. so yeah, i think that you are characterizing the state of affairs among small businesses accurately it is a very difficult time.

and a reason to be not only nervous about the strength of the current economic recovery, but about the recovery -- how long it will take to get back to full strength. it will take quite some time because many of these businesses aren't going to make it to the other side >> they are not going to make it because these aren't giantn debs and let's be honest, the government decided winners and losers particularly in states like pennsylvania, new jersey, new york, they said walmart and target, you can stay open and everybody else has to shut down. not really sure why, but that is in the rearview mirror let's say you are 57 years old, you own a hallmark store, it is the way you have put your kids through college. now you are shut down. what do you do, what can the government do, if anything, by the way, either state or federally to try to make sure the families do not lose these businesses >> the most obvious thing is to

continue to provide support. you he thinksed t he thinks ymentioned the ppp, ad that was good. i think it expired in july and that was very helpful. so that was a partial bridge to the other side of the pandemic but the bridge isn't complete, the businesses are still disr t disrupt disrupted. and if the virus intensifies here, we may see some backtracking on how these businesses have reopened so they will need more support and that goes to the stimulus package that congress and the administration are frying to come to terms on and if they don't, then that money won't get out there and we will see many more of these businesses fail. so the recovery will take longer to get back to full employment >> and of course even knows that second wave is likely, it is

outcomes that we care about, and hospital stations has gone down even as cases have risen and we just showed the unemployment rate, and it is a weird thing, is it not, because you have to say you are looking for work sort of a nuance to the language and unfortunately, what it seems like and i've heard steve liesman talk about it, a lot of people are simply now giving un. >> yeah, and that is great point. the unemployment rate as of september is 7.9%, which just by itself is obviously very high. here is a factoid for you. highest the unemployment rate gets on average in post world war ii recessions is somewhere between 7% and 7.5%. so we're still above that. but we have millions of people, 5, 6, 7 million people who stepped out of the workforce and not looking for work and if you don't look for work, you are not counted as

unemployed and many of those people are probably dealing with the virus, they may be sick, their parents, their children, because of schools staying online, we've seen a lot of female participation decline as they stay at home to take care of those kids so yeah, there is a lot more stress in the labor market than is represented just by the unemployment rate. >> mark, a real pleasure to get you on and talk about the small businesses, they are struggling so much. it is an important topic these are our friends and neighbors. thank you very much. by the way, we'll leave you with a little good news watch shares of bio in-tech in germany, germany's regulatory board has accelerated a process to get their vaccine candidate through end of market faster than some expected that news just crossing. a little bit of good news perhaps to end the show. see you torr, quk x"moow"sawbo

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good morning president trump returning to the white house there walter reed, his message to american, don't be of a phrase afraid of covid. and no deal yet on stimulus, but speaker pelosi and secretary mnuchin are set to talk again today. and studios are delaying more blockbuster movie releases as theaters are closing their doors. is this the end of the big budget tent pole until the pandemic is over it is tuesday, october 6 and "squawk box" begins right now.