>> first solar, scott. bhout it monday. staying with it. >> all right a big day for that stock, up almost 11% steve weis. >> domino's reports tomorrow morning. with football coming back, i think it will be a good quarter. stock has been moving nicely recently. >> good stuff. thanks, everybody. good to see you. thanks for watching. "the exchange" starts right now. ♪ >> thank you, scott. hi, everybody. i'm kelly evans, and we have a lot to get to this hour. stocks look skinny, markets rallying as the president is targeting smaller targeted stimulus bills do investors believe this is real progress and eli lilly jumping as it applies for emergency use authorization and we'll spoke to the ceo about its progress and making covid less deadly and implications for the economy and now that the big antitrust report is out from congress and we'll take a look at what that means for the markets ahead.

dom chu with more on the 100-point market gain. >> we've erases every single bit of loss that we had in yesterday's big selloff due to the non-negotiation of a stimulus package, but that skinny bundle, like you said of possible covid relief, has led to a 443-point gain in the dow up 1.5%. similar percentage gain for the s&p 500 holding right around the 3400 mark and the nasdaq composite leading the way higher, up over 1.5% many of those technology and communication services names remain in focus for the technology trade and the nasdaq. if you take a look at many so of the themes developing right now, one of them that has been getting a little bit more attention among traders as of late is the transportation-related stocks. they are continuing to move higher, trying to get to that semblance of a new 52-week high and record high. watch united parcel service. i'll put a star right there because that stock made a record high in trading, up 40% year to date and union pacific, the second biggest stock market

cap-wise in the transportation indention, up 13% and that transport trade of 5% year to date, and you heard it over the last hour. disney, dow component, also moving to the highs of the session, up 1.2%, $123 per share. that move higher coincides with activist investor and hedge fund investor dan loeb pushing disney suggesting that they suspend their dividend payments and save that cash to invest in streaming prors and content for disney plus that move is helping to push those shares higher. kelly, remember, disney shares were about $153 at their record high so a 20% drop from the records. we'll see if we can get back to that level over the course of the next year. back over to you. >> yeah. it's not often you see a big investor pushing for a dividend halt we'll definitely follow that one, dom thanks very much let's get to the latest on covid relief now the president shutting down talks for a comprehensive relief package yesterday, now calling on congress to pass targeted aid specifically on three big

issues ylan newi has the latest. >> reporter: the president announced he still wants to give $25 billion in aid to the airline industry, tap $135 billion for small businesses through the ppp, and send another round of $1,200 stimulus checks to all americans. now, these were all elements of the deal that the white house and democrats have been negotiating right up until yesterday, and this morning house speaker nancy pelosi called the president's behavior erratic. she said that it's hard to see any clear sane path in anything that he's doing and that perhaps he saw the political downsides of walking away from these negotiations now, pelosi and the treasury secretary did speak over the phone this morning about aid to the airlines, but a stand-alone bill on airline industry aid has already lived and died on the floor of the house last week as for direct checks pelosi told reporters that all the president wants is a check with his name on it.

he doesn't want to crush the virus. so, kelly, pelosi has resisted calls from republicans and from within her own caucus for piece meal legislation it doesn't look like she's changing her mind now. back over to you >> ylan, i have a question on this when pelosi made that concession and said she would consider airline relief by itself, that seemed like a huge breakthrough. i didn't even understand in terms of the politics of it with why she would offer that up. why didn't that bill go anywhere mean, wouldn't that be the very measure that should kind of -- isn't that exactly what the president is calling for now >> yeah. that was a huge surprise, kelly, and it certainly moved the airline stocks what ended up happening is that that bill was brought up at the last minute at the end of a house session with very little notice after lawmakers had sort of already done their business for the day. it was brought up under a special order called unanimous concept, and it was quickly blocked by republicans republicans say that if this

bill had been brought up under regular order and gotten a full vote on the house floor there would be a chance for it to succeed, but at the end of the day, republicans are calling that out as just political maneuvering. >> all right so we'll see maybe this time around if it's regular order, if it does move forward or if there's a whole lot more to this as there usually proves to be. ylan, thank you. the latesttic tok out of washington and stocks are soaring even on news of the smaller possibility of stimulus deals. the nasdaq turning positive for the week and month now though we're early in is this rally all about covid relief joining me is jamie cox, managing partner at harrison group and brian weinstein with morgan stanley investment management good to have you guys here jamie, i'll start with you listen, art cashp has been pointing out it's not just covid relief market seems encouraged by the president's treatment and the rest of the population and we'll speak with the leader of eli

lilly coming up, their own treatment moving forward how much depends on these relief packages moving forward at this point? >> i think we've been missing the forest through the disease the entire time talking about stimulus and all that kind of stuff. probably won't come to fruition. what matters the most is how we're able t when you see monoclonal antibodies work with the president and it's really incredible what we've done over the past couple of months just to get the therapies that's a bridge to the vaccine and that's the really important part. i think markets are focusing on that i don't know a lot about all the dynamics of this type of thing, but i do know when there's a panic in the market investors should be really wary about selling and using it as an opportunity to buy and yesterday is a perfect example that investors should be buying these pappics as opposed to sell them, an as long as we continue to see the rates of infection not turn into higher mortality rates, i think you're going to see that continue >> jamie, let me ask you then

how you should invest because there are people who have this kind of binary trade where they say, okay, if relief moves forward i start putting on the infrastructure trades and the macro rebound trades and so much more and if not i stick with big tech the scenario that we're talking about is one of a less lethal coronavirus and one that perhaps doesn't require or have the economic harm that it did the previous go-round, so how does that leave you investing >> well, i think a lot -- there's a lot of different things can you do. i mean, utilities have been completely disregarded over the past couple of months, and they are doing great now, so people that want to be a little bit more conservative can use those, but people need to recognize what's actually happening during this pandemic. we're actually setting up for one of the most important innovation waves in health care history. you know, the amount of r & d spending happening in health care is going to translate into enormous things in the future, whether it's cures for cancer, whether it's devices that will be introduced to help people,

you know, take charge of their own health and safety. we are -- we are seeing some of the things now that people can invest in like dexcom and thermo fisher, an you've seen all these developments in gene and cell therapies that people need to be paying attention to, and forgo about all the noise of elections and all this kind of stuff. >> yeah. >> because that's where the money is going to be made in the future >> this is fascinating all right. let me just pause for a second and michael let's get a news alert out of the bond market had a ten-year note going up for auction. yields have been creeping higher rick santelli, how did it go >> reporter: you know what, on a grade for demand straight up 1:00 by investors i gave this auction a b minus, definitely above average. the yield at the auction pont 7.65 and yields have climbed a bit after results are out which may be a bit counterintuitive since the reception was good but it does make sense that the selling is coordinated with, of course, some of the headlines

regarding stimulus or a skinny package. everything was above average, bid to cover, dealers taking 22.9%, but only slightly above average. priced exactly what was trading in the issued market and tomorrow in the form of 23 billion, the last of 110 billion in supplies, and i guess the best comment to make here is that it is a bit surprising to see such demand, but i think really it comes on a day where we'll get the minutes for the last fed meeting, and i think that is applicable here. many investors think that this is the top of a range and that the fed isn't going to let interest rates get too out of hand, meaning go too much higher it will be fascinating to see if the minutes talk about any of these issues regarding how much more nudging that they would do. kelly, back to you. >> that's a great point as we start to think about that one-year target gun. rick, thanks very much brian weinstein, let me turn back to you and ask you where you think the yields are headed, given that jamie and i were just

discussing, you know, if the coronavirus is more manageable this time around, if we get kind of stimulus breakthroughs or not, where do you kind of see us headed from here >> yeah. it's funny, we agree with a lot of that. you'll get more stimulus and the word is supply we're getting treasury supply, a ton of it as rick went through $10 billion a day in corporate supply which is an unbelievable rate, and the fed is taking it on a lot of the balance sheets we can see ten-year notes go higher, but the truth is we think it's a buying opportunity. the fed is taking out supply there's a huge demand for yield, and there's lots of ways you can get yield in fixed income. you don't have to buy treasuries rates will move up a bit and have been in the 20 basis point range since april and they can move up a bit. we wouldn't be scared of that. >> quick final question, brian, because we hear a lot of different commentators saying they are making investments predicated on rates moving higher from here you're saying this is a eyeing opportunity and you see rates moving lower basically, is that

right? >> well, i think there's a chance in the short term that they do move higher but the question is how much higher? if there's 76 basis points and they go to one basis point higher and we've seen estimates of 125, think of all the different places that that will cause buying opportunity, right, away from duration, and if you're afraid of it you can buy high yields, things with much higher yields than treasuries. i'm not saying rates have to go screaming lower, but if they stay in this range or move higher we continue to see inflows in fixed income, people buying things with more yield than treasury and we expect this to continue. >> yeah. all right. thank you guys, both brian weinstein and jamie cox on the bond market, the stock market and covid and a whole lot more. may be more market optimism about the stimulus but economists say there could still be long-term damage in the economy if the bills don't go through. fed chair jerome powell warning with little or no more stimulus he says, quote, over time home

insol advancies and business bankruptcies would continue. the failure to inject more aid is, quote, letting the forest fire rage, let it burn it will burn itself out and all the animals are dead kashkari said there's enormous consequences if we let things go a look at the fallout with paul mccauley and our even cnbc economics reporter steve liesman. great to see you both. paul, i wanted to get you to weigh in on all the major developments this week, especially the president now proposing these tactical stimulus bills which would seem to make a lot of sense, but it's unclear to me whether they are going to move forward, so where does that leave us, do you think? >> i think the big event of this week was actually chair powell he was most forceful as he's ever been that the response to the covid crisis and the nurturing of the expansion has

to be all of government approach so he literally was pounding the table that we need to have fiscal expansion and was begging in some respects for congress to do it, so i think he was really laying out the foundation of what needs to happen and what the president's doing is a great deal of noise. i have to admit that i can't reverse engineer his tactics right now. >> steve, you know, it was interesting to hear what jamie cox just said about the treatments for covid, the prospects that, you know, the disease is becoming more manageable maybe and how he says he doesn't think this market rally is so much about stimulus and investors need to worry about the election but that the science is going to help us with the pandemic here, and if so, is that partly why congress is thrashing aron here trying to figure out, you know, where tore send relief? >> i'm going to first join paul

and not try and reverse engineer the politicians because i think -- it's way above my pay grade, kelly, as you might imagine. i just can't do that there is no economist, no forecaster, no investor who i've talked to who wouldn't say that the public health response, advantages evenly, the different antibiotics or medicines that they have ahead of time, i couldn't think of the word, the regeneron product, that that would trump any aid that's out there. the trouble is, kelly, an issue of timing. right now if they passed a bill now, it would probably not get into the economy for several weeks. i happen to think the market has looked through the latest political gaming and said, you know what, either way after the election there's going to be a stimulus, and if it's the democrats it could be closer to the bill that pelosi wanted.

if president trump wins, it would be 1 trillion or 2 drill crop either way, a stimulus is come i think the market in the background of the trade, yes, vaccines and other pailtives and -- and medicines that are out there. in the foreground of the trade i would suggest, kelly, is the idea that stimulus is coming either way. >> i would agree with that, and as you just said it kind of could depend on the election outcome as to what form it takes. paul, is there a dollar figure when it comes to the economy if we're less than a trillion or over 2 drill crop, does that make a huge difference in terms of the long-term outcome >> i don't think the dollar figure is really the right way to look at it. i mean, there will be a dollar figure but i think echoing what steve was saying is we're going to see a very large package that is suited to the needs, and i think that will be particularly the case when mr. biden is in

the oval office is that it will not be driven by a number but driven by the need, and i think that chairman powell articulated the need which will be long lasting for many segments. i think big is the right answer, and that's going to happen, and i think that that's what the market is anticipating now, and we have a great deal of political noise, but we're going to go big, really big. >> paul, i was -- >> steve -- go ahead, steve, yeah >> just very quickly the problem with addressing the needs is you -- you stumble into that blue state and red state problem. when you look at where the money is needed most, it happens to be right now in the blue states that have had two things that are important. the first one is that they have experienced the most covid in

their states the second one is they happen to be the largest states in taking most actions to shut things down all of that suggests that there should be more aid going to those states, and that's the thing we're hung up in as long as we're starting to figure out which states, blue states or red states get the covid relief money compared to, for example, we don't stop and figure out which states get the hurricane relief money, but all of a sudden we're into this red state and blue state thing, you're going to keep stumping over that political divide >> and, st finally, where do you think, you know, thionomy . >> it depends on timing very quickly. if we can get this stimulus done americans do have savings ton t hands though >> paul, a final word?

i'm actually optimistic. we need a not low of a lot of people behind because there's been a lot of truck turm change a been celebrated and overall i'm raising my optimistic that we'll have an enduring expansion a year out. >> you're so right about the divide, professional class versus everybody else. paul mcculley, steve liesman, really great stuff thanks for your time today. >> thanks, kelly. still coming up here on "the exchange," eli lilly is moving higher as it applies for emergency use authorization for its covid-19 treatment we'll speak with the ceo about whether treatments liketheirs can help make the pandemic more lengthy. and congress concludes four big tech giants have monopoly powers and now it's time for changes. now the real work begins,

writing the bills. a look at what's actually likely to make it in. if the the exchange" is back in a couple (music)

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s. democrats on the house antitrust subcommittee have released their findings after a 16-month investigation of competition in digital markets

it's a nearly 450-page report, and it says that google overwhelmingly dominates the search market, that apple has monopoly power over iphone app distribution, that facebook's monopoly power is firmly entrenched and that amazon has monopoly power over third-party sellers. here to break down these findings and some of the report's recommendations is the founder of big technology and a cnbc contributor and the author of "always day one, how the tech titans plan to stay on top forever. alex, given your book you think this will be basically manageable for them, is that right? >> oh, yes, more than manageable i mean, if you look at the findings coming out of congress, not a single republican signed on to the democrats' report so what you're looking at is if you're going to have any real change happen you need the democrats to sweep the white house and the senate and the house in november and only then can we actually think about some real change coming out of this the row r.i don't think the republicans are going to follow this recommendation -- these

recommendations if it goes the other way, so you need basically an electoral tidal wave in order for us to see real change coming from these recommendations >> all right so just as a thought experiment, let's say it is a blue wave. democrats have the white house they have the senate and they have congress, what do they do >> i mean, the first thing they need to do is think about fixing the country. we have so many other priorities that are going to come before big tech regulation and if joe biden becomes the president and comes in and starts picking apart the tech giants versus putting the economy together or bringing people back together and getting our health care system back together, he's going to be looked at by a lot of people that say what are you doing, joe should they down the line end up writing the bills, i think you might actually see them start pushing the tech giants to have to go to the courts versus arbitration with some of the suppliers, people like publishers and vendors on amazon as opposed to dealing with them in arbitration which is a sticking point with the republicans, and i think the

major thing that needs to happen, up way or the other, is that the regulators get more funding so they are actually able to do their jobs. >> yeah. that's something that the congressman or republican congre congressmen were calling for, more funding for the regulators, but he would be on the other side of forcing that through the courts, things that could open them up to class action so it illustrates this divide you were talking about. let's look at it the other way let's say that the president is re-elected what happens then to big tech, do you think >> i mean, i think it's more of the same, not too much regulation, but the cool thing about this report you is see both democrats and republicans saying that there's a need to fund the regulators. if but think about it in the big picture. the ftc and doj antitrust division get about $500 million a year in tettal facebook alone makes that in three day disease of operating facebook has something like $17 billion in revenue last quarter so how can you have a fair fight

with regulators going after big tech with that sort of money, it's just not going to happen, and i think, you know, i spent a good chunk of september speaking to people working inside these agencies, and it's not anywhere close to being fair. they are good-hearted, care about what they are doing, have two hands behind their back trying to come up against the tech giants. there will be a lot more funding to the ftc and doj give them $1 billion a year and we'll see what happens. >> interesting, and maybe they will, you know, and in that case maybe investors will start to price it in, but as you rightly pointed out for now it doesn't seem like they are so concerned about this alex, thanks so much for your time today thanks for joining mean. >> thanks for having me. stick around for "power lunch. david cicilliny, chair of the house subcommittee will join us to discuss the report and their plans and recommendations come out of it look forward to speaking with him. don't miss it. coming up, the president pushing for smaller stimulus bills adding more uncertainty to

what's been a roller coaster ride for investors lately. do any of the proposals stand a chance with the democrats, and speaking of stimulus, the airlines get all the attention, but what about the rest of the travel industry? without a bill, they are also facing massive layoffs we've got the numbers and the stocks to watch. stay with us

welcome back to "the exchange." stocks are rallying on the hope of targeted relief from

washington today the dow is up 50 points shy of the session high the 1.5% gain and pretty consistent, s&p at 1.2% and nasdaq up 1.7% in the dow it's intel, boeing and united health, your leaders. remember, boeing coming off of a 7% decline yesterday after a couple of setbacks, adding back 2.5% today in terms of the sector, all 11 of them are in the green today and you've got consumer discretionary, materials and technology leading the way so a mixed bag. we should note industrials up about 1.6% so there's kind of a cyclical bent to this even with tech doing well today. now all of these moves are coming after the president showed support for several smaller and more targeted stimulus measures, including aid for airlines and direct payments to americans house speaker pelosi saying today that had the president made a terrible mistake in ending covid-19 aid talks. so what happens now? joining me are stephanie miller, managing director at fiscal markets and tony fratto, the

founding partner at smaller strategies and a cnbc contributor. yesterday, it looked like the prospect of any bill this year was totally off the table. what do you think now? >> yeah, i mean, he's clearly doing some walking back of the hard no, and that's not surprising because of the minutes and hours after his 2:48 p.m. tweet saying the deal was dead it, you started to see some at-risk republicans and other republicans either explicitly coming forward or you had this morning the cook political report which does all of the -- some of the best ratings, they moved the south carolina lindsey graham seat to a pure tossup and that was a pretty safe republican seat not long ago so i just think that congressional republicans are probably pushing for south korea but us a set it up, you know, i'm still skeptical that democrats are going to be willing to play ball i think they have a lot to win by not

>> interesting so tony the way stephanie is describing it, there's a lot riding on republicans' election efforts to get a bill passed, and so -- tell me what you think that the democrats are up to here is it basically, you know, hey, it's our way or the highway? >> well, look, i -- i was one -- last time i was one of the holdouts saying, you know, i think that they can, you know, get something done that was larger and -- and, you know, i guess i should never overestimate congress', you know, incapacity to do the right thing. they really do need to do this for the economy. they probably need to do it politically also, but the timing is real -- is really tough here, and, you know, the things that we've learned since last week are, you know, the debacle of the -- of the presidential debate and the president getting has really put republicans in a

tough place. looking forward right now, do you think that this president is going to be able to pull off a victory four weeks from now? that's looking less likely so, you know, if you're republicans and you want to give this gift of economic stimulus at this point to what is, you know, very possibly a biden administration then i think there is a need airlines there's a need. could they do piecemeal, possibly i agree with stephanie but i don't see the political will in this moment for the two sides to get together. >> stephanie, you think this is off the table before the election >> yeah, i mean, we've been talking about before and after the election for months and now the election is a few more weeks away the nat is not even in session until october 19th that was a change since we were all on the programs due to three senators announcing they have coronavirus, but there's only about a week or two that both chambers are actually here to do

something. it could be quickly after the election, but we could be in the throes of a contested election at that point and the idea that both sides would easily get together that's why i remain skeptical. probably the first quarter of next year is the safest one. >> tony, if that's the case -- >> i can imagine something getting done shortly after the election but not the big deal, because i do think republicans at that point might be in a position to do something they just will not want to, you know, do it before the election right now. >> i just wonder how much, you know, we've been bid up on this idea that this is coming i don't know tony, it's -- it's a head-scratcher one day it looks like this is going to happen somehow, some way. the next day you think maybe not, and in the meantime, like, we've talked about earlier you hope that the treatments on covid can at least progress, and that's affecting the politics of all of this, right as vulnerable as people feel is how much they are pushing for

more support but even on the second round of stimulus checks, i mean, that's a huge issue. a lot of people are really, really, really keen on that. i mean, do you think we're likely -- the president makes it sound like they could be going out imminently, but you, tony -- >> no, they can't. not with that timing i think you're right, kelly. that timing is part of the problem. if this was -- you know, six weeks ago they could have gotten to a deal and those checks absolutely would have gotten into households in time, unemployment insurance could have been handled in time. would you have been able to see the early stages of a handoff from the economic boost from cares one to the economic boost of a cares two even if they passed something miraculously, you know, this week or even next week, it's not going to get into the economy. now, you may still have good feelings about it and goodwill that some kind of deal got done. remember, these are political actors to whose benefit is it that it

happens now, and i think republicans have made the determination that it's not in their political interest in this moment to do that. the economic cost of this, by the way, is significant. i think there's no question -- about that delaying this right now is going to have damage in the rest of the fall and into the winter >> it goes back to what stephanie said about, you know, the tight races, lindsey graham's seat and so much more have to leave it there, guys but as always, thank you so much stephanie miller and tony fratto on the prospects of more covid relief let's get to sue herera for euronews updates. moments ago derek chauvin the former police officer facing charges in the death of george floyd was released from custody after posting a $1 million bond. two british men are due to appear in a virginia federal court later today, accused of helping the islamic state torture and murder captives in syria, including four americans.

the men known as the beatles due to their british accents were extradited from the uk after the justice department agreed not to seek the death penalty for them. forecasters expect hurricane delta to arrive somewhere along the louisiana coast friday after crossing mexico's yucatan peninsula today with winds estimated at 110 miles per hour. the. and at least 3 up covid-19 cases are being reported at a prison in oshkosh, wisconsin another prison in that state recently reported 437 cases. you are up to date, kelly. i'll send it back to you >> all right sue, thank you very much sue herera coming up, eli lilly moving higher after seeking its emergency authorization for its covid-19 antibody treatment. the shares are up 2.5% today, and we're going to speak to the ceo of this treatment, the potential timeline and what production could look like david ricks will join aerusft this break

welcome back eli lilly today filing for fda emergency use authorization of its covid-19 antibody drug shares are almost 2% higher on

that news. meg tirrell is here with the details. meg? >> reporter: hey, kelly. well, this is the first in a class of antibody drugs designed specifically to treat covid-19 to be filed for fda clearance. we just saw the first data on this single antibody a few weeks ago, and now eli lilly says it has filed for this emergency use authorization in high-risk patients recently diagnosed with covid-19 the company also reporting data today on a combination of two antibodies now, that's a similar approach to what we've seen when regeneron and what we though was used for president trump people saying those data looking very promising joining us now to discuss this more is eli lilly, ceo david ricks. dave, thanks for being with us you know, tell us about your decision to file for emergency use authorization here on data in in single anti-body that you called proof of concept. this is very early so please explain how you made that decision. >> it's a paying day for all our

scientist and collaborators who have been working on this program for seven months and here we are filing with the regulatory authority i think the question is, well, why not? the first reason is, of course, the background of the crisis that we're in, and -- and the data we've generated which is, first, and importantly, that all doses of the monoclonal therapy appears safe we're confident in the safety of this approach, and that across all doses we studied we saw a significant reduction of viral load in the disease. the first study you spoke about, we didn't hit for the middle does, and when you look at other parameters, like symptoms reduction, high doses, all perform well and one of the key -- we really started making this medicine back in the summertime as risk and we could apply a million doses by the end

of the year and do a lot of good and that's why we're submitting today and we're studying the combination which has strong promises as well for the future. >> well, i know that you don't usually discuss price before something is actually on the market, but can you give us any accepts of what the price tag for this will look like, both to patients out of pocket but also the actual, you know, wholesale price tag that you'll put on the drug. >> right, it's an important question and one we're thinking about still so i don't have a definitive answer today, but i can share a few of the principles that we thought about. the first and most important is in -- and it relates to why we submit it for the emergency use authorization. it's important to make access available to everyone equally an best way to do that is from an emergency use operation right now and the second you need to

make that it's available to everybody when they need it. we'll see what's available at low or sevene coasts but the second principle we've arrived on is to make sure that whatever price we put it out there it creates value in the health care system and does so remember quickly theiat of a shared principle we see this as a global pandemic and need a global strategy and we've decided to go with a tiered pricing structure developed countries will pay the same amount, least developed countries will pay less. we want to work with some partners to do that, so those principles we're laying out there and then working on the

exact details as we speak with this news today. >> david, it's kelly here. if i may, can we -- can you kind of explain for everybody, especially after we've seen the president's treatment from regeneron. now we have your treatment moving through the pipeline as well where do we stand in terms of these treatments reducing the lethality and the severity of covid? where is the science and how comfortable do you feel that these treatments can be used are we talking about treatments for those who are really sick to prevent them from getting sicker and is that's younger but has a mile case. it's a very important question there's a difference in risk between people mild or moderate, very similar to how the president was treated. to knock down that viral load

and really give people a chance to overcome the virus with their own immune response, and our -- our drug, both mono and combination therapy does that successfully and we know that because it reduces the viral load early in the disease and reduces symptoms that patients experience, but to your point most importantly keeps people out of hospital, and i think our studies are the first ones to demonstrate that reduction in e.r. visit and hospitalization we didn't have any deaths on placebo or active. that was also an outcome that we were looking at. presumably if we study this over more people we would see that and we would hope that the -- it reduces by 80% to 80%, depending on the recommend men that you're on we saw that in high-risk patients we defined over 65 and a body mass index over 35. that's a definition of obesity

in the u.s if you had one or both of those -- of those conditions, you were deemed at high risk, and your rate of hospitalization jumped dramatically on the placebo arm but was significantly reduced using the medication we're suggesting the fda we think that's the appropriate setting for the monoclonal antibodies while we have the supply >> all right dave ricks, we appreciate you being here with us today. >> thanks a lot. >> thanks to david and thanks to you as well, meg such a big day for them. again, at a time when we're getting more hopeful about treatments for covid going to take a quick break. up next we have, let's say, the airlines climbing on the possibility of a stand-alone stimulus bill for their industry, but what about the other travel-based companies that are on brink? we'll take a look at their prospects for change

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welcome back let's take a check on some of the hotel stocks, down 17% or more so far this year. without stimulus there's more pain to come seema mode spoke with booking investor a while ago. >> reporter: since march and april 1.5 million have been restored however, if the stimulus bill is not passed oxford economics indicates over 1 million travel jobs will be lost by december. it's why travel executives including ben fogle are urging lawmakers to get a bill passed. >> this is a horrible thing if we don't get a stimulus package across it's so important for the industry please, the president, secretary mnuchin, madam speaker pelosi

and minority leader schumer, please, please, get together and come up with a package that will help bring back this great industry >> fogel says the other issue is access to vaccine. kelly, with a growing number of americans saying they won't take it, that certainly raises questions as to whether travel, the industry, will see a strong rebound once a vaccine is made widely available to americans. >> yep and shares up a little bit today. again, it's a long way to climb. a passionate appeal from glenn fogle as well. seema, thank you very much seema mody. still ahead, take a look at this mystery chart up 58% from the march lows according to one analyst, there could be major risks ahead for the stock. we'll reveal it next wild thing♪ ♪ ♪ you make my heart sing ♪ ♪ wild thing i... think i... you know what i think? i think you owe us $48.50...

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welcome back we're at basically session highs for the market the dow up more than 500 points. the previous session high had been around 470. as we enter the afternoon session, we continue to climb, up 510 with the major averages rallying the s&p up 1.7%. the nasdaq up just about that much as well some bright spots for this market have been housing, autos

and manufacturing. in fact, take a look at some auto stocks in particular here we have names like autozone, losing some steam last month but still up 68% from its lower. o'reilly auto parts up 78% advance auto parts is the standout, soaring 120% from its lows earlier this year my next guest is warning there are some headwinds looming joining me is liz suzuki it's great to have you this was a surprise to me. we've all been talking about this huge demand for auto parts and why do you think it may start to slow a little >> the auto matters restale industry is interesting because it gets overlooked compared to the other retail industry and it's overlooked compared to autos. it does have attractive long-term fundamentals we think still hold up over the long term

thinking about the profitability, which is higher than that of the average retailer in terms of operating margins. and relative to the rest of autos as well. and the consistent long-term growth in the industry now, that consistency has been kind of rocked by covid-19 when we look at what has happened so far this year, as soon as the virus hit, lockdowns came -- became the big trend that was a big issue for driving activity no one was on the road no one was going to their workplaces so miles driven came down significantly and so did auto parts sales. we got into mid-april when stimulus hit and all of a sudden we had this massive inflection point higher from sales being down double digits to being up double digits. that strength has actually persisted throughout the spring and summer we think as stimulus fades and as we get past that strength and the pent-up demand in auto parts starts to taper out a bit, we

think that diy auto industry in particular is likely to see a correction more towards the normal growth rate of that sector, which is more low to -- low single digits. >> liz, i only have time for one more because we have the fed minutes looming here tell me about the stocks are we going to see them consolidate? i know amazon is a big threat here potentially in the long run. who would you bet on >> yeah, we think the relative beneficiaries in this market are the large, well capitalized retailers, and particularly those that are more exposed to the pro side of the market, which has been underperforming relative to diy. while auto zone is really the power house in diy, advanced is the strongest in pro it has 60% of its sales that go to professional repair shops o'reilly is about 45%. and autozone that's only 20% we see recovery happening in the pro side of the market while diy is fading. and also all of the large auto

parts retailers are very well positioned to take market share in this environment. they all have stronger new channel offerings than any of the mom and pops, which are half of the auto parts retailers in the u.s. they can offer that online service, which the others cannot. >> fascinating diy gives way to dafm. thank you very much. we appreciate it today talking through some of the risks to the auto stocks that does it from "the exchange." ll join tyler mathisen on power lunch after this quick brea ting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for each and then, you're still responsible for 20 percent of

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good afternoon and welcome to "power lunch." stocks are at session high as we await minutes from the latest federal reserve meeting with chair jerome powell made the case for more stimulus we will bring those minutes to you in a moment. it will be a very good overview of where the fed sees the economy right now. and the home for more relief from washington, helping to fuel today's big rally, as you see the nasdaq