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 up 200 points

targeted aid maybe, perhaps as much as $25 million for airlines we have details on that. later, a democratic-led house panel calling for a crackdown and breakup of the country's biggest tech companies. the chair of the anti-trust subcommittee will join us later this hour as "power lunch" starts right now >> tyler, thanks welcome to "power lunch. i'm kelly evans. we're digging through the fed minutes just released. in the meantime, take a look at what's leading the rally it's consumer and consumer discretionaries. the house panel is going after big tech it's a mixed bag but apple and amazon both up more than 2%. with markets rocketing back after the late day drop we saw yesterday, stimulus back on the table. bob pisani has more on what we're seeing here. >> in fact, we're at the highs

for the day. we're on light volume again. the volume tends to be lighter on up days than down days recently that's a sign the pain trade is to the downside. sectors tends to be the cyclical names here banks, industrials, materials doing well techs also doing well. the defensive names like consumer staples you can see utilities are all lagging. the overall trend this month and the last week or so, slight outperformance by cyclicals. we are hitting industrials with new highs. some nice moves. deer at a my high, u.p.s., eaton at a new high, cummins at a new high there's hope around rotations going into the cyclical center travel and leisure stock stronger they can't figure out if there's going to be stimulus or not. right now they're on the hoping side there's the travel and leisure all to the upside. as for the idea we'll get the cyclical rotation, it hasn't happened in any appreciable way. even today, the russell 2000

small caps doing about as well as the big cap s&p 500 value has been doing about as well as growth for this week not a lot of outperformance just yet in some cyclical/value areas. what traders are talking about, three things whether there's a stimulus or not, can it work, and are there two different types before the election and afterwards, and finally, is that contested election, is it now lower chances of a contested election? that's one of the factors helping markets. back to you. >> bob, thank you very much. let's get to the fed minutes rick santelli at the cme for us. rick >> you know, there isn't a lot of super excitement with regard to these particular minutes because they continue to dwell on the notion of trying to apply some of the new policies referring to some of the changes in the inflation and how they deal with inflation in the future to let it as i remember versus have a knee-jerk reaction, anything over 2% also, talk about how to deal with bond buying in the future

and all this couched in the notion that we're going through a pandemic and the economy is a bit wounded. so, all these issues cropping up but the market doesn't see anything to really sink its teeth into as evidenced by, look at intraday of two year. we're at 15. we haven't moved much. if you go down to tens, hovering just around 77, 78 basis points. even though that's the high end of a recent range, it really isn't moving or being propelled now. 30-year bonds, the only instrument you can say moved up a basis point from 157 to 158. dollar index, not a lot of movement there but at this point in time, i think what many really want to pay closest attention to regarding the fed is how it continues to underscore that fiscal stimulus. needs to be more aggressive even though much of the data at this point doesn't really look like it's flashing yellow, but as kashg kashgari said on cnbc recently, it's what we're not seeing that seems to be making some fed

officials nervous. back to you. >> i'll pick it up there, rick we'll talk more as steve liesman digests the fed minutes. he'll be with us in a minute to give us some of the more color in detail. meantime, let's bring in seth carpenter, chief economist with ubs and burns mckinney, portfolio manager with allianz global investors burns, let me start with you and ask you where you think the economy is right now and whether it is still growing, number one, or whether it is starting to slow >> i'd probably be in the latter camp we start off with basically we had a bottom that looked very much like a "v" but we made it halfway up the top and it started to taper off a bit if you look at the number of jobs lost, we made up about half of those jobs. and a lot of the real-time indicators are starting to slow. you can't be deceived by very large growth rates off of what is a deflated base, but,

nonetheless, things are starting to slow. it seems you have around the world and certainly in the u.s., openings and closings have been sporadic those are really a codifiction of human behavior. there seems to be places in structural damage like some service sectors as well as small businesses that aren't captured by the stock market's sharp rebound. >> that i think that is a really important point, seth carpenter, that small businesses are -- you can look at the dow and look at nasdaq and see an awful lot of profs in large companies in technology, even in big retail like target and walmart. burndz makes the case that the economic recovery looks more to him like a square root sign than anything else. where are you on that? >> no, i'm very sympathetic to that the stock market is not the economy and all signs are pointing to slower growth from here forward as we look at friday's job report, that number was a disappointment and it was the

fourth month in a row of slower and slower and slower job creation i think an unappreciated pothole on the jobs report was the big contraction in government employment in particular, state and local government of educational workers fell something like 280,000 in the month of september. it's that kind of pressure on state and local budgets which will lead to cutbacks in spending and that helps make this recovery slow down further and further and just take forever to get back to pre-covid levels. >> will you stay with us for a minute as we transfer over to steve liesman, who will give us some of the color and detail from the report he has had a few minutes to digest. hi, steve. >> yeah, tyler, had a chance to read a couple sections of the minutes. thought i would give you these headlines. the fed saying economic activity has picked up, but concern it was still well below the levels of the beginning of the year they are committed to use their

full range of tools. they agree on outcome based forward guidance for rates and noted the dissenters, two dissenters, wanted to retain greater flexibility. they said policy guidance, quote, was not an unconditional commitment and that the path of rates will depend upon the evidence luolute economic outcome they are prepared to adjust policy as appropriate. they found activity in the economy overall recovering faster than expected they said three-fourths of the decline in activity looked a bit recovered when they met back in september. they felt, however, additional fiscal relief would help sustain the recovery including household spending they noted outlays for services were slow to recover and the recovery overall was viewed as uneven they pointed to the gains that had been made in the labor market, but saying the labor market itself was a long way from full recovery. >> did i hear you say their

estimate was that three-quarters of the lost output in the economy has been gained back >> yes, about three-fourths of economic activity had been recovered. >> but that leaves us below where we were last year at this time on a year over year basis what is the idea -- go ahead jump in. >> that's a really important point. you have the issue of the level and the flow you have massive increases in jobs that we have never seen 4 million, 2 million, 1 million, all of that still leaves us from a labor perspective, still 10 million below. you're still in, even after the massive and the faster than expected recovery, you're still in a pretty deep recession >> yeah. that's an interesting -- that's what i was driving at there. where are we really. certainly we've come back. we have to be graftful for that. steve, why don't you stick around and take part in this

conversation as we continue with burns mckinney and seth carpenter. is there anything that steve said that strays from what you expected >> there aren't a lot of surprises in this. you have to consider, these are minutes from several weeks ago at a time in which the fed felt we were on the cusp of getting a little more done with respect to fiscal stimulus. one of the key phrases that steve read when he noted that they're leaving room to adjust policy accordingly the way i read that, i think, you know, the fed was kind of put into a bind. jay powell just yesterday said we need to make a handoff to more fiscal stimulus the very same day you have the president tweeting out that, you know, we're done with that until after the election and so when we think about adjusting accordingly, that could leave the door open for, perhaps, a round of open-ended qe, which certainly that may be in fact what the market's reacting to today. the market may see a greater

likelihood it would probably be good for cyclical fall stocks some could benefit like financials, industrials as well as materials a lot of what we're seeing today in the market so far. >> seth, i think yesterday mr. powell all but pleaded for fiscal help there. i don't know seems to me that we are sort of in a world of unlimited qe but let me ask you about this, which i think i heard steve say and steve can nod or shake his head it sounds like those minutes said their guidance is not a promise and so where we talked a few weeks ago about how interest rates were likely to be at or near the zero boundary for the next 2 1/2, 3 years, that could change. >> i agree i do want to echo the point on fiscal and theminutes themselves many of the participants were expecting substantial more fiscal policy. that's clearly falling apart now. and so much like what byrnes

said, our forecast has said for months now that there would be an additional open-ended purchase program by the fed, they would shift further up the curve because they're running out of cools and that's precisely why powell wanted more fiscal stimulus. i think the option they want to keep is what happens if there's much more fiscal stimulus than they anticipated we know now it's going in the opposite direction or what happens if for some other reason the economy starts to accelerate they want to be able to adjust when the economy gets to full employment, when inflation starts to overshoot. i think the other part that's really important that's going to prove to be more important than the fed realizes, their forecast for inflation coming up to the 2% at the end of 2023 is on the optimistic side. they said they wanted an overshoot of 2%. and i think it's going to be hard-pressed if we take the last expansion to get an overshoot even in the next three years that's the other direction where

i think they might make an adjustment. >> we're going to wrap it up there. but i do want to give steve the last word. steve? >> two very quick points the minutes say a number of participants judge the absence of further fiscal support would exacerbate economic hardships in minority and lower economic communities. the other thing is quickly echo what seth said a lot of my reporting suggests that the absence of fiscal support could mean the fed makes a pretty major shift in the bonds that it purchases. that ultimately what it does is it takes the billions that it's spending on the short end of the curve and flips those to the long end of the curve and starts to at some point, perhaps, in response to the absence of fiscal stimulus, would end up buying more long-end bonds. >> steve liesman, thanks very much thank you as well. coming up, stocks are moving higher on hopes that some sort of stimulus deal will get done

a top strategist says, don't hold your breath he'll explain why it may be january before we see a deal plus, a house investigation says the tech giants are wielding too much power and more regulations are coming a top analyst says one of these stocks is safe from a tech crackdown. more "power lunch" after this. ♪ ♪ ♪ ♪ "hmm's and ahh's" heard in-call. ♪ "hmin some ways, things in other ways, well...

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as washington tons play politics with economic relief during a pandemic, cnbc states of play survey shows vast majority of voters in key states agrees more stimulus from washington is needed kayla has the numbers for us. >> in ending talks for a comprehensive stimulus yesterday, the president said the economy is recovering well and the stock market is at record highs as evidence that a stimulus is not needed, but that's not how the majority of swing state voters feel. according to our latest installment of the cnbc change research two-thirds believe more financial relief is necessary from washington. that includes 67% of independents, 28% of likely republican voters. the airline industry is in particularly dire straits with the number of people who feel safe to fly just hovering around 30%. serious covid concerns are spiking again among this group

but at no point during the pandemic has that number risen above 40%, a clear indication for this industry, consumer behavior is still far from normal as airlines seek another bailout to make payroll or otherwise move forward with tens of thousands of layoffs. as for the current state of the economy, 57% say it is not good compared to 43% who sayist excellent or good. those are better numbers than prior surveys but the views of president trump's ability to improve on the economy is actually deteriorating while president trump enjoyed a slight advantage for the majority of this year, on the economy, as we've seen in just recent weeks, the scales are starting to tip in the other direction, slightly favoring former vice president joe biden on the economy, tyler. >> thanks very much. kelly? >> while president trump is now calling for targeted aid specifically for airlines and for direct checks to consumers, our next guest is skeptical that any stand-alone deals will get

done before the election brian gardner's chief washington policy strategist at stiffel we heard similar skepticism last hour why are the markets rallying if everybody in the know is saying, don't bet on this happening? >> that's a great question possibly some of the news that's been coming out on the last couple of days with therapeutics and the progress of vaccines, headlines related to progress with covid, i think, maybe some investors are relying more on those headlines than the washington headlines i do think it's a mistake for anybody to be buying into the market based on this sense of optimism that had existed on stimulus i think it's a misplaced optimism >> let's talk for a second about what you mentioned and the idea there's treatments in the pipeline, the ones the president received, the one approved by

eli lilly today for emergency use and so forth that, in a way, makes stimulus talks less urgent, although the needs for some of these industries, like kayla was just outlining, are still very great. i wonder if we could get in a situation where the urgency is gone but the need is great as ever >> it's interesting we're using the word stimulus because i think it's a misplaced word. it's not a stimulus. it's a bridge. it's a filler for people who have lost jobs through no fault of their own, through no fault of their employers this is not a market economic event. it's a natural disaster of sorts. and that's where government is supposed to come in and be the shock absorber this is not stimulus to get the economy going again because it suffered some kind of economic shock. yes, longer term the news is goods and down the road economic activity should recover normally but in the meantime, people do

need a buffer, some kind of floor underneath them. that's what this is. it's not stimulus as we normally think of it. it's to get people through the next couple of months. yes, the therapeutics are better yes, a vaccine is on the way but it's not here yet and it's not going to be here for several more months. so how do you buffer that? how do you put a floor in and aid people to get through that time that's the role of government. that's what should be happenin right now. >> agreed. that's why the term relief is more apt than the term stimulus here let's talk through the politics of this which is how it advances or doesn't stephanie miller last hour was making the point that after the president's tweet yesterday that he had told them to stop talks on aid, people like lindsey graham saw their seats move into tossup territory vulnerable republicans are pushing for, hey, we do need to

get something done here. does that -- is it too late, though the timeline, the senate's not even back for a couple of weeks, it would suggest it's already done there's just no time to get it done before the election >> i'm very skeptical there's time to get it done before the election going back a couple weeks ago, in late august, early september, when we first got the headlines of a possible airline furlough, i thought that would be a catalyst to get the two sides closer together because they were very far apart. when that didn't result in a deal, is tig naturaled to me that the prospect for getting a deal before the election were quite remote we've been on a little roller coaster since then some days of optimism, some days of pessimism all in all, it seemed like the two sides weren't close together there are certainly, to your point be, there are certainly some republicans up in this cycle who need a relief package, who need a big bill.

frankly, they would take a smaller bill as well the flip side is, there are senate republicans who are up in 2022 they are looking at their election they are looking at their primaries. if they vote for another big government spending package, and the white house and republican voters suddenly find fiscal conservativism all over again, they are going to feel the brunt, the reaction from republican voters. so, republicans aren't of one mind republicans up right now, they want it. republicans who are not up in this cycle, they're not as enthusiastic for it because they're looking at their political prospects down the road >> that's a great point. brian, thank you as always brian gardner of stifell joining us to talk about the fate of that, we'll call it covid relief bill. will the airlines get bailed out? that hanging in the balance. what about the stocks of those companies? there you see them higher today

on the suggestion from the white house that maybe the president would go along with a $25 billion or thereabouts relief package for them these are the questions investors are asking and we have details on that. chair of the house anti-trust subcommittee says it's time to break up big tech or at least their staff report says that. the representative will be here to make the case more "power lunch" right after this

it's been a turbulent 24 hours as airline stocks fell and rebounded when stimulus hopes reemerged. let's bring in phil lebeau thousands of jobs hinging on these negotiations. >> yeah. at least 33,000, tyler if they can get a stimulus package going through congress and get approval on it, the airlines stand to benefit because $25 billion would be set aside in payroll support and they would be back on the payrolls through at least march. airline stocks are rallying today. there was optimism after the president sent out the tweet saying, look, put aside your differences, give me $25 billion strictly for the airlines. as we've seen throughout the day today, that has not progressed

between the republican and democrats on capitol hill. in terms of the furloughs, i get a lot of questions from people saying, well, exactly how many people have been furloughed? remember, they started last thursday most of these have gone through. there may be some people who are furloughed because of the schedules, et cetera, did not officially come off the payroll yet but not many of them american, united, alaska, those are the big hits there more than 33,000 is how many people will be furloughed. there's the possibility as you take a look at southwest airlines you may see more furloughs in the future. gary kelly was on our air yesterday saying, he doesn't have furloughs, doesn't plan on starting them right now but said the staff needs to cut by 10%. the union for flight attendants at southwest said, we're not taking a 10% pay cut take a look at jetblue, up more than 6% on the double upgrade. there is some movement with

airline stocks it will be interesting to see if we see any movement on capitol hill with regard to the airlines over the next couple of days. >> absolutely, phil. thank you very much. phil lebeau. to seema mody for trading nation. >> airlines taking a u-turn on both revived stimulus hopes for how to trade stocks, let's bring in the trading nation team steve, i'll start with you after months saying to avoid to invest in airlines, you're starting to get cautiously optimistic tell me why. is it on the prospect of a stimulus bill? >> that's part of it the president's clearly in negotiating mode here. both in terms of the threat of walking away and pushing out for targeted measures. i'm surprised but encouraged that the democrats are willing to play ball i think the bigger story is the closer and closer we get to the end of the year and towards a vaccine. not just a vaccine also the development of treatments i think the closer and closer we get to some return to normalcy

and so that's really our bet here in a bigger and bigger way. you look at the president, for example, he would not have done as well six months ago with his covid diagnosis as he did this weekend. you didn't have regeneron's neutralizing antibodies. you didn't have gilead's remdesivir, you didn't have dexmathasone. >> matt, you're watching the arca airline index, tell us why the $66 level is so critical here >> that level is key resistance. longer term, airlines have not been the most profitable in the world but intermediate to short-term basis, if it can break 66 it will take it above its 200-day moving average and give it a higher high.

in the momentum-based market, that will give it upside momentum look for that level on the xal the two i like would be jetblue, which was just upgraded today, and united airlines. they look the best on the charts to me. >> that's a fun chart. for more trading nation, follow us on twitter @tradingnation. check out stocks at the highs of their session after minutes from the federal reserve saying the economy has picked up dow up with a 2% gain. housing democrats release a scathing report on big tech, calling them monopoly, saying they may need to be broken up. representative buck told us that's not a nonstarter. >> it's to make sure they have the resources and the tools. >> after the break, we'll speak to one of the main authors of

the report and head of house judiciary anti-trust subcommittee, david cicilline joins us after this. the latest from tradingnation.cnbc.com. >> overbought and oversold indicators are generally used differently depending on whether the stock is range bound or trending look to buy a range-bound market when an oscillator, such as the rsi, falls into oversold territory and then moves back above it look to sell a range-bound market when the oscillator rises into overbought territory and hwen drops below it. scab is the better place for traders.

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welcome back i'm sue herera in wisconsin, health officials have opened a 530-bed field hospital near milwaukee as the ongoing surge threatens to overwhelm facilities covid-19 hospitalizations are at record levels and only 16% of hospital beds statewide are not in use. new cases also soaring in france where nearly 19,000

confirmed since yesterday. that's a new record for the pandemic hospitalizations also surge to a three-month high. the pandemic may push up to 150 million people into extreme poverty, defined as living on less than $1.90 per day. the world bank says most of the new extreme poor will be in middle income countries like india, nigeria, and indonesia. here at home, the justice department has asked the supreme court to review the case of the boston marathon bomber whose death sentence was thrown out over concerns with the jury selection process. you are up to date that's the news update, kel. i'll send it back to you. >> sue, thank you very much. let's get a check on these markets, which are pretty much at session highs the dow up about 550 points. that's a 2% gain the s&p up 60 points, 1.8% gain. the nasdaq up 209 today. even the russell up by about the same amount. we're up about 400 some points before the fed minutes

the last 100 or so you can chalk up to fed describing the economy as better than expected. let's go to dom chu at the commodities. >> right now u.s. benchmark wti prices, $40 almost on the nose and $42 for world benchmark crude futures. its uncertainty over the fate of financial relief from the government, it's spurring that drop in prices along with energy department data that shows a larger than expected build in oil stockpiles investors are keeping an eye on hurricane delta right now in the gulf of mexico >> thank you very much. the house judiciary antibiot anti-trust subcommittee releasing a report particularly targeting facebook, amazon, alphabet, accuse some of

bullying competitors the report also offering a strict recommendation, including potentially breaking up the businesses if needed, tougher m&a approval, preventing platforms from preferencing their own users. here to discuss further the anti-trust subcommittee's report is its chairman, congressman david cicilline. welcome. this report is quite massive i mean, it is 450 pages. there it is. it is a big thing. if you like footnotes, you're going to love this because there are about 2,500 of this em i found that one quote in here really leaped out at me. i just watched a documentary last evening called "the social dilemma. i'm sure you're aware of it. it's a frightening piece of work on netflix in your report, is this quote, these firms have too much power, our economy and democracy are at

stake. explain to me why democracy is at stake as a result of these companies' power >> well, as you know, we've had an historic battle in this country between monopolies and democracy, concentrated economic power in the hands of a few corporations is inconsistent with democracy that's why we have competition policy that promotes good competition, that doesn't permit monopolies because we recognize the dangers they pose because often with that economic power becomes political power. but we did a top to bottom analysis of the state of competition, the digital economy. we studied it for 15 minutes we found significant concentration in this sector of our economy prone to monday ollieization, behavior that is anti-competitive that favors their own products and services, bullies competitors, disregards the privacy of consumers, reduces innovation we make some really important findings with respect to the

marketplace. and we offer a set of solutions. a menu of options for congress to consider to bring competition back into the digital marketplace. >> you are working on legislation yourself right now and i want to get sort of company by company into what you found as you did this. but let me ask another sort of 50,000 foot question do you think that the people of the united states, broadly, favor the idea of coming in and regulating or rewriting anti-trust laws or, as the case may be, bringing cases by the ftc or the justice department as may be the case. do you think the people are broadly behind this when i think a lot of them view these platforms as, in some cases, really convenient, really helpful. in the case of google search, essentially free, and a part of their life that they really enjoy and they might say, just don't mess with it. >> yeah, first of all, it's important to recognize, these services are not free.

people pay for them with the most valuable commodity they have their data, their personal data, which is like gold they pay for them with their time, with their attention, their eyeballs so, anti-trust laws apply to whether services are free or not. i push back. these are not free people pay with them with very valuable commodities i think we've seen examples of data breaches. we've seen dissemination of patently false information that undermined our election in 2016. so, i think people are beginning to understand that there are dangers out there because of this market power and this concentration. and they expect congress to do its job of making certain our anti-trust laws are modernized and updated. these statutes were written in response to the oil and railroad monopolie monopolies it's time to update our anti-trust statistutes so the nt

amazon, google can be created and compete successfully when you think about the decline in innovation as a result of the market dominance of these large firms and the difficulty in capital formation because people don't want to invest in a company that one of these four platforms is going to gobble up in the early stages. there are real impacts on the economy, on workers, on consumers of this kind of market concentration. that's why we have pro competition policy, anti-trust policy we have to make sure it's working right. >> i happen to agree with you that these platforms are not free because in effect they are selling me. >> correct >> and my eyeballs. >> and you're not getting any of the money back. >> i'm not getting any of the money back my sense is an awful lot of people do not see them as being charged for whatever google is doing or whatever facebook is doing. they view it as an accommodation or a free resource i was going to ask you, we don't have enough time to go through each company and pinpoint what you think their violations or what the staff report says their

violations may have been but what kind -- since i don't have time for that i'll ask you a different question, which is, what legislative steps need to happen here? >> well, the first thing i think we need to do is restore competition in the digital marketplace. that can be done with a variety of different ideas one is structural separation so that people can either run the marketplace or sell goods and services but not both so you don't have the inherent -- >> structural separation means breaking them up >> breaking up lines of businesses >> right >> data portability and int interoperability so people can move between one platform to another. making sure our anti-trust statutes are updated and modernized making sure we reverse some court decisions, which have unnecessarily narrowed anti-trust enforcement out of whole cloth they've made it difficult to force competition and bring actions to challenge matters under

anti-trust law correcting some court decisions that have made it more difficult. making sure we devote resources to this work so our anti-trust agencies have the resources. these are complicated cases to bring. they need resources to do it and they need to be staffed and led by people who are sufficiently creative and enthusiasm about this work that they'll actually be, you know, leading robust anti-trust enforcement. there are a number of recommendations. we'll begin the work in a bipartisan way to develop legislation to respond to the absence of real competition in the digital marketplace, which is better for the companies, better for consumers, better for innovators the reason we protect and promote competition in this country. >> thank you for being with us today. >> my pleasure thanks for having me >> kelly >> coming up, what could regulation mean for the big tech stocks in a top analyst will weigh in on that we watched 2.5% gain this is with market at session highs after fed released minutes

last hour, saying the economy was recovering faster than expected watching 541-point gain in the dow.

♪ ♪ ♪ ♪ "hmm's and ahh's" heard in-call. ♪ the house anti-trust report also targeting apple for its anti-competitive behavior along with most of the big tech players. in the case of apple it says its pricing and fee sfrur on the app store creates a monopoly joining me to explain apple's

durability is media tech analyst laura martin great to have you here today so, you think that apple can basically roll with behavior is coming or you think there's not much coming? >> so i think legislators are late amazon are apple are $2 trillion of market cap, so the fact they're big is no surprise they should have gotten to this ten years ago. this is too little, too late secondly, they made a blunder tactically because these companies are natural competitors. they've been entering each other's businesses now what the government has done is align them with a common enemy of the government, against the government that moons all of their free cash flow over the next 12 to 24 months, a lot of it will be designed to higher lobbyists, to hire the best litigators in america to fight these and all four will be on the same side against government because they basically put these companies together ultimately, the power of apple and these others comes from billions of consumers that use these platforms every day.

and they're geniuses at the helm no matter what the government does, in my point of view, if it can do anything, is they will figure out a way around it, work arounds because their power comes from their consumer adoption. >> interesting also we've spoken with -- to me it would seem like the app store is one of their biggest achilles heels. even if that regard, it seems like they wouldn't want to spen it out let me ask you a tough question. if you were the regulators, what could you do if you wanted to -- if you thought apple had a monopoly and you wanted to undermine it, what would you do? >> i think one of the things they could do is they could tell apple that either it can own its app store for third-parties or have its own apps so it it would have to get rid of its own apps. i don't know about you, but i never use the predownloaded maps i always use google or waze. >> i hate them >> so, go ahead, throw out the

apple -- its own apps, it will still have 2 million apps on its platform and still take 30%. the cable industry used to take 50% and no government agency came in and said 50% is too much so, telling amazon by contract what it's worth to be on their platform, i don' platform, i don't think that's a job for regulators. >> i don't even use the apple mail anymore i use outlook. it's interesting the way these ecosystems, if it's important enough to you, you can use something else for everybody else i know there's a lot of reliance on their technology. laura, we'll leave it there, but we'll check back in with you soon laura martin of needham on apple's risk or lack thereof from the big tech report you were just talking about. tyler? >> one handsome background there, wasn't it, kelly? my word. >> very good. >> right really good. right on the a-plus level, right there. four weeks to go until the election, folks.

three guests say buy, buy before the election stay with us

welcome back we're 26 days away from the 2020 presidential election. with all the volatility in markets lately, what's safe to buy ahead of that big day? george frankel is down at the new york stock exchange. good to see you. queue things up for us where can investors place their bets >> so, kelly, the first time in a long while, we've seen the rotation from growth into the cyclicals into those value names. lasts longer than a few hours, few days and with that theme in mind, i go to the cyclical play. this is one that there's been some m & a in the space currently. there's been whiffs of more m & a. this one is priced below on a valuation the rest of the group. it's probably cut in half the

rest of the group is trading at. i would say easily a double here, if it works. everything is always if, if and when then if you slip out of that and go into the esg space, we've seen the transfer from plastics to paper this is the trade wrk. we've seen price increases recentl recently. >> go ahead. >> i was going to say here they won't even let us use plastic bags in three years. virgin galactic, why >> this is truly where the puck is going we've seen elon musk with

spacex, blue origins with amazon this is where the world is going towards, kelly we have a space force now in the usa, right so think about the government contracts where you used to think boeing by the way, boeing is the small investor in virgin galactic. think about how big this sector is going to be and for now virgin galactic is the only pure play in the space. every etf has to own this. there will be more as we move forward. the sell side community just starting to get on board of this one. this has a lot of room to grow and move higher. >> all right. >> they'll have a couple of test flights very soon coming up. keep an eye on that one. those three are all is it stocks i own kirnlt, personally. >> you make a strong case. steve, thank you very much, sir. love the patriotic mask.

steve grasso at the nyse. >> putting his money where his mask is, right all right. we are continuing to watch this rally. the dow is up 550 points, right around the highs of the day, within a few points of it. it is the tech components helping to lead the dow higher we'll have more on the marts ghafr iske

selloff yesterday. bounce back today. roughly where the s&p 500 and the nasdaq composite are nasdaq up around 214 points or 1.9% kelly? >> maybe it can't be a stimulus package afterall there's a lot of excitement about these covid treatments tyler, thank you very much thanks, everyone, for watching power lunch. "closing bell" starts now. >> thank you, kelly. welco welcome, everyone, to closing bell stocks are surging as we head into the final hour of trade jam packed day of business news. 2% for the dow looking at the best levels in at least a month for stocks let's look at what's driving the action reserve releasing its minutes from its september meeting the economy was doing better than it expected but that the stay