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 stays could slow if stimulus came later than anticipated.

wall street is looking for any clarity on stimulus following president trump's tweets, suspending further negotiations until after the election yesterday but calling for targeted relief since then for airlines, small business and a new round of $1200 checks. eli lily saying it's seeking emergency use authorization for antibody treatment dr. gottlieb says it's a major step forward got a bit of reversal from yesterday. >> quite so. on today's show, restauranteur danny meyer putting out a plea for lawmakers to come up with a stimulus plan. he will discuss what it would mean for the hospitality industry if help doesn't come through soon plus kara swisher on whether any of that will mean real

change steve liesman has the fed update for us, and joining us to break it all down is jeff sherman from double line capital. steve, let's start with you. >> wilf, thanks. fed officials in their meeting from september had begun to have concerns about the possibility additional stimulus would fail in congress. they noted how helpful it had been and were warning throughout the minutes of what would happen if new money was not forthcoming. if future fiscal support was significantly smaller or arrived significantly later than they expected, the pace of the recovery could be slower than anticipated. most fed watchers say that the fed has limited ability to respond to negative effects of the economy from a lack of stimulus the most likely change would be purchasing more long-term bonds and fewer short-term ones. on monetary policy, the minutes showed that policy guidance was,

quote, not an unconditional commitment and the path of rates will depend upon the evolution of the economic outlook the committee was also prepared to adjust policy as appropriate. on the economy overall, participants said economic activity has picked up and sought recovery faster than expected but was well below levels at the beginning of the year before the pandemic and the recovery share as we've seen it was uneven. >> steve liesman, thank you. presidential tweets surrounding stimulus have sent the market on a wild ride over the last 24 hours. ylan mui has where we stand right now. >> after all of that, sarah, in washington we are right back where we started months ago with the white house and republicans pushing targeted relief and democrats demanding a comprehensive deal. >> stimulus negotiations are off. obviously, we're looking at the potential for stand-alone bills. it's about ten things we agree

on if the speaker is willing to look at those things on a piece by piece basis, then we're willing to look at it. >> now the speaker of the house and the treasury secretary did speak over the phone today about the prospect of a stand-alone bill to help the airline industry the house had already brought up that effort, but it was very short lived last week. over in the senate, two gop members and two democrats have introduced legislation that would extend the payroll program in march and i am told that roger wicker is checking with his colleagues to see if there's any way to move that bill forward. guys, members are not even in washington right now they are at home they are campaigning in their districts. there is just not a lot of legislative time left to have something before the election. back to you. >> crazy 24 hours. thank you so much for that let's pivot to mike santoli,

having a closer look at today's market moves. >> 24 hours, i try to characterize it as a little bit of a test, dismissal of the talks was a test to see if this rally was truly about near term immediate stimulus or about the market getting more comfortable on a recovery path for industrials and cyclical stocks. seems like it may be the latter now. this little uptrend is developing in the last several days you can't say we're out of this trading range here by the way, at the peak today, basically the peak yesterday, the peak from three or four days in september who knows, maybe we have to prove that the market can get above there. it's not like we're plowing new ground on the upside it's much more about a little bit of traction in this story that the economy in manufactured stuff and houses and cars and things that are transported seems okay, and that might be enough for the market in a very high liquidity environment

financials had been a feature of this rally as well this is the financial sector against the nasdaq 100 massive down trend, you can see. are we actually finally trying to see some base forming right here this little spurt up in the last few days lot of ground to make up without there being leadership change. 40 percentage points of underperformance year to date. financials versus nasdaq 100 clearly, there could be a title shift or just a bounce in relative performance without there being a change in the overall economic trajectory necessarily. an interesting sub theme that's developing lazzard starting to outperform in the last month. the large, big investment banks like morgan stanley and goldman sachs, positioning for an m & a and restructuring an advisory boom that could be benefit to those smaller advisory investment banks. >> mike, thanks for that banks also report numbers next week for more on what this all means

for bull markets let's bring in jeffrey sherman from double line great to see you as always clear is this the start of a much bigger move higher >> i think so. we've been in this range for a while. when it comes to rate volatility within the ten year and 30-year treasury you saw somewhat of a knee-jerk reaction after the jackson hole symposium where the fed, as expected, announced some form of new type of inflation targeting. so essentially what the fed has signaled to the market is that we are going to try to create a steeper yield curve, keep the front end of the curve depressed, keep it low we're not going to raise interest rates there is that dependence on the economy you were referring to.

daet they would let inflation run a bit hotter over the medium term that they've historically have done so signals they're willing to let 10s, 20s, 30s to drift higher that's what you've seen since the announcement of that there was a dip down yesterday but we seemed to have somewhat resumed that trend here. one thing we really don't like at these levels is the back end of the curve simply because of that inflation targeting and further it's hard to see a lot of protection from the bond market, at least in treasuries, if there is another risk off environment. right now we remain cautious in the back end we like to see how this range goes and see how we can truly break out of it. >> even if we don't get a stimulus, you think the 10, 30-year will be higher in terms of yield next year >> even without a stimulus we are in the world of stimuli

regardless of whether there's a short-term stimulus. we were expected to run north of a trillion dollar deficit. covid has changed the rules with the c.a.r.e.s. act and the like. even without the stimulus, i do think that the path is higher deficits that will be the requirement to do some form of transfer payments from the government to the workers out there unless we get a really strong recovery in the labor market i think that's what some of the risk markets are really sloughing off at this point in time we still have a lot of irreparable damage in the labor market the pandemic unemployment numbers as well as the continuing jobless claims are not overlapping, roughly 25 to 30 million people are still unemployed so we need to see improvement in that part of the market. and the way to improve that, listen to the fed chairman we need some form of fiscal

stimulus the chairman has been saying this three to four months. if you look inside the notes or minutes released today, you see exactly that behavior. forecasts of this resumption are predicated on there being more stimulus from the fiscal authorities. >> is the market getting too optimistic over the fact -- you saw what happened yesterday. the president abruptly tweeted that stimulus talks are off. i know there's been hope afterwards from his tweets of a piecemeal deal if you look at the best-performing stocks it's materials, industrials are doing really well. energy is doing well yields are higher. the message from the markets is the economy is okay, despite 800,000 americans every single week filing for unemployment claims and a very high unemployment rate and losing some steam in the rest of the economy. >> you're correct, sarah, with that also if you look at the data that came down with job openings being lower. i think what it is, there's a bit of rotation here the top five stocks, the tech

sectors, people are looking for value and shopping around and looking at different things and looking at the valuation i heard a famous strategist recently say if you bite top five stocks at these levels and implied valuations, you are super bearish on the economy i think people are trying to dissect the differences in that cross sectional dispersion within the equity market and looking for the next leg of the trade. i do think people are thinking not just short term but saying okay, as i go into 2021, what does the economy look like there are sectors that have been beaten up. you're talking about financials as well. these things are screaming we saw big inventory builds today even with the hurricanes coming maybe downgrade to a tropical storm before it hits land. people are looking for other parts of the market. we don't look for short-term whims day-to-day

obviously the debates are important tonight. will there be more debates there's a lot going on in the election but people are trying to posture for what 2021 looks like we know we'll need to borrow more money to do this. maybe the need to increase asset purchases. i don't think at these levels it really affects the bond market it opens the can for fiscal and the fed can gobble them up. >> perhaps white rally got extended after minutes jeffrey sherman, thank you very much. >> you're welcome. >> appreciate it dow is up -- thank you dow is up 590 points all 30 dow stocks are higher salesforce and boeing leading the charge famed restauranteur danny meyer will talk to us exclusive to talk about stimulus and the situation there in washington. his plea to lawmakers to reconsider a package before the election you're watching "closing bell" here on cnbc ah!

come on! let's hide in the attic. no. in the basement. why can't we just get in the running car? are you crazy? let's hide behind the chainsaws. smart. yeah. ok. if you're in a horror movie, you make poor decisions. it's what you do. this was a good idea. shhhh. i'm being quiet. you're breathing on me! if you want to save fifteen percent

or more on car insurance, you switch to geico. it's what you do. let's go to the cemetery!

welcome back stocks are surging in this final hour of trade. the dow up 591 points. all 30 dow stocks higher, gain of 2.1%, five-week high for the dow. some conflicting news out of washington, leaving stimulus talks still at a standstill for the moment this, as tens of thousands of businesses and restaurants face permanent closures due to the pandemic next guest making a plea on behalf of the hospitality industry, urging lawmakers to restart negotiations join i joining us now for an exclusive interview, restauranteur and ceo danny meyer. >> good to see you, sarah. >> what was your reaction when president trump tweeted he wanted to call off negotiations until after the election >> it was a blow for many if not all of those in the restaurant

community. the stimulus package, which puts a lot ofmoney in the economy and takes care of extended unemployment insurance for laborers is crucial. for the restaurant industry, this has been a rescue package we cannot reemploy people if we go out of business and i think that the country needs to understand that this is an industry with 670,000 members. we are too broad to fail we're not like the auto industry or airline industry where you can get your arms around a handful of carriers. we are part of the psychological and emotional fabric of communities and restaurants have been heroic in trying to hang on here is the big deal the big deal is that when you get a tweet like we got yesterday, and everybody had been pinning their hopes on the fact that the house passed this hero's bill. it seemed to have strong support in the senate. and then all of a sudden the rug

gets pulled out from an entire industry and 23 million people who work in that industry across the country, people can't plan everybody is looking at cold weather coming and a lot of the things that have worked through the summer and fall, also known as outdoor dining, are going to go away it's going to be brutal to not know how to plan. >> so, a few developments since that tweet the president has suggested that he would be open to limited piecemeal parts of stimulus to pass one of them he mentioned was an extension of ppp for small businesses is that enough, danny, or do we need to see something more comprehensive? >> i don't think it is enough, sarah. what was so hopeful about the way the heroes act was written was this it's what we should have done in the first place as a country if someone had told our industry, look, guys, back in march, you cannot open until we

get this coronavirus under control. but when we do reopen and tell you it's safe to reopen, you will have lost an entire half year, or now an entire year of profitability, but you'll still be exactly where you were on your balance sheet that's what the heroes act did, or would have done, or would do. and unlike the ppp, which is a loan, which unfortunately became an unforgivable loan, because we had to use it and hire people before a point when we were allowed to open anyway, this heroes act would have put us in a position where we would have said, you know what? we did our part as an industry across this country to keep people safe. and now that it's safe to come back, our balance sheets can actually put us back in business and get back into the business of hiring people look, we're still 2.3 million restaurant employees down across the country. they can't be hired back unless restaurants can reopen.

>> danny, as you said, your industry is very broad hasn't yet received sector specific targeted help like it looks like the airlines may receive again. do you think that explains why you haven't got that sector-specific support? does it make it fair that you haven't received that support? >> it's really not about what's fair, but it's explainable again, if you have an industry like the auto industry, you know how many auto companies there are. you know exactly what cities and states those manufacturers are in they have a voice in congress. let's face it. they have a voice in the white house. you have small, independent restaurants all over the country in every community, of every city, of every state, and they don't have the same kind of voice collectively to get legislators to listen. i do think that the secretary of the treasury understands this. and i really have good faith that he is working as hard as he

can, but somehow the rug seems to have been pull ed out from under him as well in these talks. >> what's it like to operate a restaurant right now, danny? in new york, you can do indoors now with 30% capacity. outdoors has been huge, but as you said, the weather is getting colder can you break even with those types of capacity constraints? >> depends on what you're talking about. capacity in new york right now is 25% indoors can you not make money but you need -- we're trying to be the change we want to see. if you want people to come back to live in new york and go to work, to their offices in new york, i think it's really important to have the kind of life and vievitality that indoor dining and outdoor dining

create grammercy tavern, our full-service restaurants to be open even at 25% we want to be part of the spark that brings this back. and we believe if we do this safely that the governor and the mayor will soon enough permit us to open at 50% at 50%, we start to be able to be profitable, especially if your table turn times are much curtailed. the guests have been absolutely amazing in understanding that. >> looking a long way ahead to more optimistic times, would you like to see outdoor dining like we've seen in recent months be something a little more permanent here in new york >> absolutely. we all look for silver linings in everything that's been going on with all the pain that so many people have withstood the great silver lining for our industry would be that when we get back to the point when people can go to restaurants and go to bars, and there's outdoor dining, cities are going to feel

better communities are going to feel better that will be additional icing on the cake of an industry whose margins are too thin if you add that outdoor dining, we could be in for a healthier time eventually than we've been in for a long time. >> what happens if you have to shut down again? already parts of brooklyn and queens where the mayor has been discussing it. he's in the fight with a governor again if we see a bigger second wave, what happens >> we'll all cry i don't know any other way to put it we have been able to hire a number of people over the last three weeks of being able to serve indoors, and it will be a crushing blow if we have to give people a second pink slip after we welcome them back. >> danny, thanks so much for joining us great to see you. >> you, too, wilfred thanks. let's get to meg tirrell on coronavirus news in washington what can you tell us >> hello, wilf

dr. sean conley, the president's doctor, putting out a note just now saying of note the president's labs from monday showed he had sars cov-2 antibodies he also received regeneron's antibody drug friday given the volume of antibodies delivered in our therapy and the timing of these tests, it's likely that that test he's referring to is detecting the regeneron antibodies it's a puzzling situation, this memo coming out from the president's doctor about the president having antibodies when the president was given antibodies on friday it would follow that you would find them then in his tests. so, you know, if this were given as an example that the president is mounting his own immune response, both scientists who know antibodies and the company saying this is likely the drug they're seeing. >> meg, the test on that, as to whether he was creating his own

antibodies would be, what, waiting longer or identifying a different type of antibody >> well, it actually would be difficult to know if it was his own antibodies or regeneron's antibodies the company also saying that but typically the early eiest antibodies detected are known as igm antibodies and these are igg antibodies that typically show up later so scientists saying it's unlikely that these are the president's own igg antibodies but the regenron antibodies. >> meg, thank you. we've got 35 minutes left of the session. we're up 2.1%, 590 points on the dow basically at session highs still ahead, much more plus recode's kara swisher weighs in on the big tech report bonds moving higher today,

0.77 or so earlier on the ten-year, 9% we'll be right back. ♪ ♪ ♪ ♪ "hmm's and ahh's" heard in-call. ♪

"hmm's and ahh's" heard in-call. 20 associate cart pusher.urly the different positions i've had taught me how to be there for others. ♪ i started out as a cashier. i mean, the sky's the limit with walmart. it's all up to you. ♪ ♪

just 31 minutes after the session. session highs up 2%, the russell

2000, best performing index today up 2.3%. let's check in on some individual stock stories double shot of bear news, gugenheim naming molson coors its best idea. seltzer product also add 3 to 4% to upline growth, adding it's its top pick, seeing 30% in the upside both stocks higher today update to the story we brought you last week. justin bieber in a collaboration with crocs, adding that the collection will drop next tuesday, sarah. >> this is no joke you thought -- you always make fun of me for highlighting these things the stock went up when he first tease this had on october 1st. a number of analysts have been writing about this, susquehanna

and piper sandler say it would equate to $33 million, 3% of revenue and 8 to ten cent earnings lift. i'm not going to say it's going to be a limited edition. just to give you an idea, and the fact that it drives moment toum crocs, which has done great with this collaboration. bieber has a million followers. >> the cake looked there as good as well. i don't make fun of you on this at all i thought the pitch was fun last week rightly point out, it makes a difference to the stock prices. >> serious business. whether he release thes a gibits pack as well could be huge sue herera has our cnbc news update. >> that will be tough to go but here we go. in louisville, kentucky,

police have released details of their investigation into the shooting death of breonna taylor, body cam videos, interview transcripts and crime scene reports. mayor fisher urging all to be sensitive when sharing the images and information he describes as, close, traumatic and painful, end quote in new york city, union leaders rallies to press that state to press laws for covid safety standards and set fines for businesses who do not meet them the star of christy's 20th century auction is millions of years old. meet stan. he is a rare and very well preserved skeleton of a t-rex dinosaur he sold for just under $32 million, a record-setting price that nearly quadrupled the estimate the buyer has not been named, but i would think would be discovered at some point because it's going to be hard to keep stan under wraps.

>> unless they give it to a museum or something. >> well, it might be a museum or if it's a private collector, people are saying maybe they should donate it to a museum so that all of the public could view it and also they could do research on it there's stan named after the archaeologist who found him. there you go. >> ahh there you go cool 32 million. sue, thanks. >> you got it. still ahead, we told you moments ago about the beer companies on the move. ahead, the ceo of beverage giant suntory, jim beam, maker's mark and many other whiskey brands and what he's seeing in terms of global demand, whether the drink at home trend is dominating the fa kt that it's limited, eating out and eating at bars we'll be right back. before we talk about tax-smart investing, what's new?

-audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.

taking california for a ride. companies like uber, lyft, doordash. breaking state employment laws for years. now these multi-billion-dollar companies wrote deceptive prop 22 to buy themselves a new law. to deny drivers the rights they deserve. no sick leave. no workers' comp. no unemployment benefits. vote no on the deceptive uber, lyft, doordash prop 22. one ride california doesn't want to take. we're up 2% on the dow s&p up 1.8%. it's been a turbulent 28 hours as stimulus hopes faded and then

returned we'll speak to former spirit airline airlines ceo ben baldanza and what will happen if more funding doesn't come through first up is this exquisite bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

today house speaker pelosi asked secretary treasury mnuchin to approve a bill of $25 billion in aid to the airlines democrats tried to advance that last week. bill balancedanza, former ceo of spirit airlines. thank you for joining us if they don't get further stimulus, how much trouble are the airlines in? >> the trouble they're going to be in is more for the employees. this bill is all about employment from the last c.a.r.e.s. act, employees have been mostly paid for through the last c.a.r.e.s. act. the airlines don't need as many

employees as they have right now. the only thing they can do if a new package is not passed is to let people go. now, some of that will be voluntary, because the airlines have been soliciting this from employee employees, but some will be involuntary, because they simply don't need all the people they have right now on the other hand, once demand starts to recover and the economy starts to recover, we're going to want these people trained, current in their roles and such that's the reason that i think the stimulus does make sense airlines have such a multiplier effect on so many other businesses. >> do you think it's fair that the airlines will get or might get a special line treatment of stimulus when other sectors won't get that >> well, it's a large number of employees in one big bill. so, that's one reason politically it may pass. i think, again, the reason it should pass, though, is because each airline job supports lots

of other jobs that support the industry lots of other businesses are happening when planes are flying i realize so many businesses are in trouble and the covid environment has hurt so many businesses that it's hard to say do you pick and choose one industry or another, but the airline industry is almost like a utility in that the economy is not going to recover if airlines don't start flying again so, in a way, an investment in the airlines and an airline people is like an investment in the economic recovery. >> i guess the question, ben, is for how long are they going to need to be on support? and will we have to keep passing relief packages with very little clarity on when demand is going to come back, when we're going to get a vaccine, when people are going to feel safe flying again. >> sarah, that's a terrific question there's a couple of factors in that one is, when do people start traveling again? that's absolutely right. it's also how much cash are airlines burning every day if airlines can get their cash burn down to minimum or zero, then with the liquidity they have and have generated through the private sector and through

the government loans that we're offered in c.a.r.e.s. act one, then they can last quite a long while. the issue is, can they get enough cost out of their system? that's why letting employees go is what they have to do. if they're not burning a lost cash, they can last a long time f they're burning cash because they're playing for employees that aren't as productive because they aren't able to fly as many flights then they'll burn through that more quickly demand will come back when people feel confident flying again. i'm not sure that's going to take a vaccine, although a vaccine would certainly be nice. airports are experimenting now with testing half the industry now are blocking seats to make people feel more safe on board. the air flow at airplanes is really good to keep people safe. so statistically, you can be very safe on an airplane ultimately, customers have to feel comfortable that they can be there

then there has to be a reason for them to go some place. when they get there, they have to have something to do, right either be on vacation or go to business and if that's not there, there's no reason to fly. >> ben, if they do get further stimulus help from the government, what restrictions should be placed on things like buybacks, bonuses for executives and how long in terms of another couple of years, ten years >> well, the original c.a.r.e.s. act had those kind of restrictions in it they were somewhat inclusive in terms of no share buy back, not doing things to help shareholders until you pay the taxpayers back, and all of that was seen as very reasonable and credible by the industry i would think any new loans would have those same kind of terms. it's not obvious to me what new additional terms they might want to impose. i don't know that those would be necessary, but certainly the terms from c.a.r.e.s. one should apply. >> ben balancedanza, great to have you on here.

>> thank you very much. >> racing ahead for stimulus. >> thank you and hope to see you in airports soon. >> yeah. i don't know about that. kayla tausche has breaking news in washington. >> president trump's isolation is no longer just limited to the white house residence. he has made his way to the oval office where the white house press office tells the pool that he has been briefed on the state of stimulus talks and also on the p impending hurricane, hurricane delta. now, the tell for president trump's potential movement was the presence of a marine standing guard outside the west wing portico the presence of that marine normally signals that the president of the united states is inside the west wing. that's what led many reporters to begin asking press officers about the president's whereabouts, especially after earlier today, senior administration officials said while there had been preparations made for the president to go down to the oval, ultimately he did not go

many aides have been trying to convince the president not to leave the residence. of course, there have been many fears about the spreading of the virus within the west wing a memo went out last night saying masks are required in the west wing but only encouraged everywhere else. for employees showing up at the complex, testing will be random. sarah and wilf >> kayla tausche, thank you for the update activist investor calls for a major change at disney those stories and more when we go inside the market zone. dow is up 552 points we have a strong rally on our hands. we'll be right back. by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation.

find your degree at snhu.edu.

but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today.

just 11 minutes left in the trading day. here to break down crucial moments of the trading day, mike santoli and josh brown is with us as well good afternoon to you, josh. markets are up nicely higher, 2% on the dow mike, is this stimulus hopes or is it poll leads and hopes of a more clear election result or eli littly data? >> i could trace the story lines along any of those, wilf yesterday's drop was a bit of a shakeout of people who thought it was all about immediate near-term comprehensive stimulus about to happen. clearly, that seems not to be the case the market is levitating back up here to the top end of the rainl range. i would look back to prior times to late august, all the things we care about more clear or less

clear then yes, maybe the markets have a slightly smaller chance of hung up on the electric i don't think it's that fruitful to tease it out. the market is positioning for an economy within the next few months to be firming up and the psycycliical stocks are doing w >> josh, your beloved freeport up, one of the best performers in the s&p, which jives with what mike was saying about cyclical stocks right now. copper is higher what's driving it? >> can we talk about transports up 3% on the day >> intra-day record. >> monster day yeah dude, u.p.s., fedex. look at these stocks of course, the xli looks like it's ready to break out. we've been faked out before. even when these stocks have come

in, they don't come in enough where it's a huge buying opportunity. they really have been relentless you get a breakout on the xli. you couple that with the fact that big bio techs are moving again. ieb. some of the names like alexion and consider the fact that everything is working today. take a look at the rsp, equal weighted s&p 500 it's tracking the s&p itself everything in that index is working. all 100 stocks in the s&p were green today and only five names were red in the ndx. this is broad buying, broad strength across the board. it's both value stocks and growth stocks. we're not even playing that game today. we're buying both of them. the lesson here, sarah, is if you got despondent yesterday at 2:30 because of a tweet and you use that as a reason to make

drastic changes to your portfolio, what do you do today? like do you put on a red clown nose and buy back everything that you sold? you've got to get out of that game because it doesn't work no one is good at it days like today just humiliate you. even if no one can see what you did, you know what you did. >> but the buying today, josh, is on a tweet as well, or at least some people are pinning it to that. >> right so let's split the difference. don't trade on any tweets. >> it's not clear to me, sarah, today is on a tweet. who knows? there's all this range of possibilities of some kind of deal getting done. maybe the president was implicitly rio opening i don't think there's any substantive reporting that there's a process under way right now that the s&p 500 is up 2% because they're front loading expectations of something like that what i do think is the market really front loaded a lot of tension about a lot of different issues over the course of

september and it's releasing a little bit of that tension as it perceives a little more clarity along the electrical front, economic front, even if we're not necessarily getting an immediate fiscal push, it seems like one is out there somewhere on the horizon. >> so don't trade the tweets i think you'll both agree. speaking of tension, big tech titans are under fire, increasing fire from washington over increasing concerns deirdre bosa with the details. >> went from scrappy underdog startups to monopolies the recommended structural separations take aim at the company companies for being both controllers and competitors in related businesses so think apple and the app store, amazon and private label, google search and advertising. the key question going forward, of course, is where do we go from here? yes, partisan cracks could delay its passing. the report lays the groundwork

for expected action from the doj, s.e.c. and attorneys general. those we are waiting on. back to you guys. >> deirdre bosa, thank you can analysts continue to write off these tloo threats, increasing calls for breakups and structural changes to these companies? >> it's such a great question because up until now, we really have there have been periodic scares. facebook last summer comes to mind, where either the europeans or the u.s., there was chirping about all of a sudden there's going to be some serious muscle behind some of the complaints that you hear come iing out of congress, but nothing ever seems to happen. so i own a bunch of these stocks i think everyone in america owns them at this point they're so big and highly represented in every fund. if, in fact, this really gets serious and it's brought to the floor and it looks like it's

going to be bipartisan, maybe you'll see some of these stocks shed some multiple, but they've been able to pay fines and make changes and bluster their way through this stuff i don't see any indication that they won't be able to continue to do so going forward so if i were to want to sell out of one of these stocks, it probably wouldn't be because somebody is going to bring an issue like this to the house floor. it just doesn't scare me. >> netflix getting a new street high and an activist investor taking aim at a dividend julia boorstin has those stories for us. >> gaining about 2% sending disney ceo a letter say urging he redirect to streaming content and put more blockbusters on disney plus rather than wait for theatrical releases. it comes after the company announced in may it would pause the payout to preserve $1.6

billion in cash. separately netflix shares soaring over 5% today after pivotal raises price target to a street high of $650, saying covid accelerated streaming trends and netflix is likely to remain dominant. back over to you. >> thank you so much for that. it's rare you get an activist that says don't return cash to shareholders. >> completely flipping the script in a way. usually activists playbook was pay more cash out to investors because somehow there's an efficient balance sheet or track value. it's fascinating that the idea of suspending a dividend indefinitely, $3 billion in cash a year for disney, funneling that into new content for the streams platform where there's not necessarily an immediate, tangible financial payback that you can necessarily ma measure because you're just trying to get and maintain subs. i don't know if the investors overall would be in love with

that strategy. >> now but what's interesting is that the stock moved up on the news, up 2%. >> it was like half a percent from when the news hit i would say. >> yeah. but it's a positive reaction and i was just going to say, josh, a company that just announced it's laying off 20 28,000 workers maybe wall street is warming to the idea, or not what do you think? >> i would say that if it weren't for the auspiciously timed launch of disney plus last fall this would be a $50 or $60 stock. it is literally the only thing that's helped this company's share price be held up to where it is. it's all the momentum and it's the only thingworthy talking about. what else is there live sports, theme parks there's no movie theaters. they literally have nothing. thankfully, they got this thing done in time that's number one. number two, i totally agree with dan loeb nobody is giving disney credit

for 1.5% dividend yield. if people want dividend stocks that's not the reason they're buying disney. etfs may have to sell it if they drastically reduce and do away with the dividend for the full year i know they canceled it the first half of the year it's $3 billion. think about what they could do with $3 billion to increase the multiple that investors pay for disney stock when it becomes more apparent that this is really going to be a recurring revenue model business they pay six, seven, eight times sales for recurring business elsewhere. the best thing i read on this was not dan loeb's letter but no mercy, no malice anyone who is an investor in disney should read that, he lays out the case how they could get into a multiple. >> what are the internals telling you? >> very strong 80 to 85%, new york stock exchange most of the day

pretty much around there right now. that's a stark reversal of yesterday. take a look within the energy sector, one of the strongest sub groups is renewable energy that's been on fire the past, say, several weeks especially on a year-to-day basis compared to oil services maybe that's an election based trade. it's in the biden basket we'll see what that's really about. volatility index has eased back a little bit over the course of the day. still 28, though still kind of high for the fact that the market is close to the record but not spry willing given the events ahead sarah? >> as we go into the close we're looking at a 2% move up, making it the best day for that average since july, 2 1/2 months we haven't seen a move like this all 30 dow stocks and the dow higher at the moment as far as the s&p 500, raising higher as well second positive day in the last three. keep in mind, the s&p is 5 to 6%

higher for the year. 1.8% all sectors in the green very broad materials, consumer discretionary and industrials are the best performers. all up more than 2%. communication services the worst performers everybody is up, including small caps again, 2%, and nasdaq 2%. >> certainly was welcome to "the closing bell." i'm wilfred frost with mike santo santo santolli we closed up 530 points higher 1.47% for the s&p 500, 1.9% for the nasdaq comfortably higher industrials led the charge we did get a little bit of a softening in both gold and oil prices today the dollar ended up flat, again up to 0.78 on the ten-year

coming up, we'll speak with the ceo of suntory holdings, maker of jim beam. josh brown from wealth management is with us, joining us now, from avianz global investors. clearly a strong rally here. is the market saying individual small line item bits stimulus for things like just the airlines is enough >> i don't know that that's what this rally is about, potential for an airline backstop or anything else on this ala carte menu of potential moves. the market has found enough reason based on seeming improvement, enough of the economy right now without necessarily a new fiscal infusion that we can buy the cyclical stocks, ride this out of growth a little bit, into the

rest of the market bond yields going up, held their gains in the last couple of days it tells the story of a bull market acting like a bull market even if it's also on low volume, even if it's held by a lot of short squeezes in the course of today and even if the s&p is still bumping up against the top end of this range that's been in place for five weeks all of that stuff thrown in the mix right now as opposed to it being a specific and trigger reaction to this idea that maybe we're going to get an airline backstop. >> but we know, mona, this has been a market that created stimulus we saw that firsthand yesterday. i wonder if it's processing the idea it's going to come, whether it's piecemeal, whether both biden and trump have promised stimulus after the election. maybe the market is factoring that in. there was also the added fed factor today we got minutes from the last fed meeting, which is already old news, but there was a discussion about discussing the qe program

potentially next meeting does that signal they may be willing to go bigger on their own stimulus >> yeah. i think for today's move we got a triple whammy, the piecemeal stimulus back on the table, eli lily came out and talked about emergency use authorization for their antibody drug. and then i think we saw the poll results, the betting odds for the election come through. we're getting a more clear indication that the biden campaign has actually become a front-runner clearly and, of course, the democratic congress is also front running as well. this democratic sweep notion, perhaps there won't be as much election uncertainty as markets once priced in to your point on the fed, jerome powell made it pretty clear that he thinks we need fiscal stimulus, and he thinks we need to do it soon. we can't go too big on fiscal stimulus i think the markets are starting

to think whether it becomes before elections or after elections, we probably will, at some point, face a sizeable package. that could be combined with ongoing for sure perhaps even as you alluded to more qe purchases, more clarity around asset purchases as well we don't think the fed is taking its foot off the brakes here at this point in this economic recovery it's too soon. so we may have a nice combination of the fed going forward. >> josh brown with yields rising, do you get interested in the banks? >> well, yields have threatened this level several times and they always fade so until -- look, you look at the technicals on things like the ten-year treasury yield or even the tens and twos, the spread when you look at these things, you have to take it with a grain of salt. for whatever reason there does seem to be resistance in the 70-ish, 75-ish basis range for

the ten-year unless you're going to get curves steepening from here or get this move up to 1% yields, unless that really materializes, i don't think the bank fundamental story really changes all that much. so, no, it's not tantalizing. >> i was trying to throw you a bone, josh, on freeport, it had a strong day up 7.4% i know you like this stock. >> i'm a loser i don't own it. >> oh, you don't >> i pointed out the breakout but i never bought it. i am too busy buying starbucks. >> you didn't follow your own advice >> no. >> that was my question, if materials, energy or commodity, where do you want to be if you're positioning for more stimulus and better economic growth, what sector, what names stand out? >> i'm not positioning for that.

i honestly don't think i have an edge on what gdp growth will be next year. i would never tote the portfolio as though i do biggest asset allocators attempting to answer for clients is not a sector question it's a question of bonds may not serve the same role that they have historically, given the starting yields. it's one of the best relationships in finance in terms of its reliability, starting yield on a portfolio of treasury bonds versus what you can expect on average annual returns. if you build a bond portfolio right now, at best, you're looking at something like under 1% if we factor in inflation, you might even lose money. and then stocks are historically high valuations because of how big tech is in the indices what do you do international stock has been our answer what's my tilt that's what we're looking at

we want to own blue chips that areselling at historically low multiples. we accept the fact it's because they don't have sexy technology companies in the sizes we do that's changing, and those markets, i think, are a better option than sitting in cash earning zero or throwing every dollar at one of the most s&p 500s in history. that's our answer to that question. >> what do you think of international equities >> absolutely. our theme over the next probably six to 12-month period is a broadening of participation. globally it's been a u.s. driven market the u.s. has been a flight to safety over the next 12-month period. we think in terms of sectors, smart to have and start to layer in some cyclical exposure especially when you get those opportunities and certainly from a global perspective, start to

think about international exposure as well if you're looking for value cyclicals internationally, europe has several options at perhaps even better valuations than what we're seeing in the u.s. if you're looking for secular growth, parts of asia, china, north asia all pretty tech heavy as well. see if you can get some of that growth internationally as well certainly the thing we are actively thinking about as we get through the next few weeks and going ahead. >> mike, what did you make -- we'll talk in a few minutes with kara swisher about the threats posed to some of these big tech stocks from the new anti-housing committee. they rallied along with the market but did not leave it. >> they did not leave. just along for the ride. they still remain farther from their highs back in late august than the overall market is so, there has been a little bit of a moderation of their excessive kind of outperformance and leadership profile and that

probably makes sense just because tactically they got so extremely stretched but also because there's little noise around it. as josh said, maybe it does restrain the valuations over the longer term, if you think this is going to be a constant threat that shadows this group for a while and partly because the bull case on these companies are so dominant and their continued dominance is inevitable because their markets are so entrenched and broad they can move into if that's your premise on the bull sigh, that's also the premise of why people say they need to be broken up i wouldn't say it's an emergency of any sort. kind of the slow moderation of valuations would make sense. >> mona, can we draw from what you said -- >> i'm okay with breaking them up, by the way. >> yeah. >> like if you tell me that facebook will be forced to dwest instagram and whatsapp and those are two stand alone stock, i'll buy both of them

if google has to sell off wemo and wemo is going to go public, i'll buy both stocks forget about amazon. aws as a stand-alone in the market right now it will do a snowflake. i'm not even sympathetic to the argument that a breakup would be negative like bring it. >> mona, i was going to ask very quickly whether you -- what you said earlier was implying that any election-related market weakness was, nvthsin fact, a b opportunity. >> yeah. tactically speaking this is the time period where you'll get -- that six-week period leading up to election day is more volatile we tend to see better performance if there is a democratic victory we'll see if those trends play out this year. we're starting to price that earlier if we, in fact, are

getting more clear cut election result one way or another. if we don't get an election result on november 3rd, that uncertainty period may last a little longer, that week or two after as we're counting the votes, et cetera that period of performance may be delayed certainly over the next few week, we think tactical opportunities to kind of start broadening your portfolios a little bit we still like the core secular theme bus need to be complimented with the cyclicals that will probably have a good run for some time. >> thank you for joining us. >> thank you. scses code's kara swisher diuswhether there will be a crackdown on big tech companies.

head of the subcommittee weighing in on cnbc earlier. listen. >> i think people are beginning to understand that there are dangers out there because of this market power and concentration and they expect congress to do its job of making certain our anti-trust laws are modernized and updated. >> for more, let's bring in kara

swisher. so much to dissect here. i can't figure out now which party is friendlier or least friendly to big tech based on who wins the election and if we do see a blue sweep, is that more threatening for these big tech companies >> absolutely. i think the democrats, if you could look through this report, are very clear they're going to take anti-trust action at the same time republicans do have issues, but different issues than the democrats had, as you can see by this report. although, there was a lot of agreement here there was some differences of how you should deal with them. i think republicans felt like breaking the companies up were, i think they call it, the nuclear option senator buck said that same time, pretty aggressively, i think pretty aggressively the democrats in this report, it's 500 pages of saying tech is too powerful and needs to have guardrails and not just guardrails they need to be broken up. so, i think if there is a blue

sweep, there will be trouble for the tech companies in this regard although, as your previous guest said, i don't think that's a bad thing. it would be great to have lots of new companies and stocks to buy and more competition. >> which companies are first in line >> i think google. it's already in court. and it's been a decade of deciding whether they're too big in the search. i think they are amazon, the marketplace versus selling, and i am not so sure about apple. i think there are regulatory ways that can be solved. you have to think of this as not just let's break them up or not break them up. we have to do two things one, ensure competition and the growth of small and innovative

companies and two not to have power concentrated in certain arenas in hands of a few players. so, the question is, what's the best thing i think each of these companies has -- there's a different answer for problems at each of these companies. >> kara, we've all been discussing a lot of these points for a long time. was the report itself more or less damning >> yes. >> than you expected it to be? was it a game changer? >> no. i think it was a signal. cicilline has been doing a great job and he has steeped himself in the information here and let it go where it should go no i think this has been the slow walk to something we already knew already, which was that these companies dominate areas in ways that are either -- if not a monopoly, there's duopolies. so that's a problem, that they're not scrappy anymore.

i think we know what happened to them so -- >> a lot of the report reminds me of what europe has been digging up on these companies for years now, and then aggressive laying out these reports for years. they've amounted to fines and change in business is that because it's in europe they don't have the teeth to force any sort of separation, or i guess i'm wondering, is the worst that can happen here -- >> yes, these are u.s. companies. >> -- potentially some rule changes? >> no. no first of all, we need to start funding our agencies that are supposed to monitor these things, whether it's the justice department or specifically the ftc. think about an agency that's been -- sort of thrust into a job that is well beyond its capabilities not because they're not competent but because they're woefully underfunded who is minding the store most of these companies have no

rules governing them for hr rules that everybody else has to follow essentially the question is, what are the rules of the road with these companies going forward? there haven't been any there's lots of different avenues whether it's section 230 reform, anti-trust action, whether it's fines, regulations, you know, or just widespread derision facebook finally moved qanon off its platform. >> yes. >> hopefully probably not there's lots of tools here that's the thing there are a ton of tools here. overall the direction it's moving in is significant regulation for tech going forward. and in one case i think it's highly necessary and the other we have to think about innovation that's what we have to think about, promoting innovation. that's the best solution here. >> wanted to follow up on the qanon move from facebook two quickies on that one, why did it take so long

this is not necessarily a new fen om nophen omonon. do you have to get to that point to get kicked off facebook >> you know what this has been the story of facebook since its founding. believe me, we've been talking about the toxic waste rolling over that platform for years talk about years and years and years, and they're only just getting to it. whether it was alex jones and his vile -- what he put out or anybody else, the hate speech or any of the white supremacist groups this is just the same thing. i'm glad they're doing something about it took them too long, as usual and it's probably too late for the election and the impact that it has but there will be another group

that they didn't monitor the story of facebook, 100 years hence, will be the story of social network gone wild and not constrained by lawmakers in any way whatsoever and so that's really, i think, going to be when we're long gone, that's going to be the story of what happened here. >> kara swisher, thank you for joining us appreciate your comment. >> thank you still ahead, we will ask the ceo of suntory holdings about the trend of home drinking if restaurants are forced to be-to-shut down again. you can always wch oatr listen to us live on the go on the cnbc app. achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well...

i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement. but before we sign i gotta ask... sure, anything. we searched you online and maybe you can explain this? i can't believe that garbage is still coming in. that is so false! frustrated with your online search results? call reputation defender today to join tens of thousands who've improved their online reputation. get your free reputation report card at reputationdefender.com or call 1-877-866-8555.

stocks surging into the close. mike santoli, a look at financial help with consumers now that stimulus talks are up in the air. >> it certainly is, sarah. tenuous. first let's look at how households have been on all kinds of income support programs it's gone from the long-term average, shot up toward 35% at

the very peak of the shutdown back a few months ago. as of august, the latest reading we have is down under 25%, but very elevated in terms of how much personal disposable income. this would imply if they start to continue to go away, unemployment checks, things like that, you'll have a big gap in the household budget look at this chart, which suggests that there has been, in aggregate a cushion built up excess savings piece kind of the precovid run rate of personal savings you see it shot up $1200 checks going to people who didn't necessarily need or spend it higher income households not going on vacation and preserved their spending power this isn't to minimize how many consumers are strapped right now and how many are really left in the lurch but in terms of how the market thinks about these things in the aggregate, you can

still run this off for a while without it necessarily getting to a critical point. maybe that's why there's patience being displayed by the markets in terms of when we get a further round of fiscal stimulus and how much will be needed at that time, guys. >> yeah. to me it says that the stimulus that they injected the first time was so strong. >> yes. >> and so powerful and made such a big impact on people's finances, on their incomes, on their savings that the fiscal cliff everyone was worried about just didn't come as sharply because they still built up that reserve. >> yes. >> it does not suggest it won't come, though. >> absolutely. and the estimates are that it could be this month or next month in terms of when you really start to have a short fall there again, the clock is ticking. it's not as if we could be complacent about it. it does help explain why you've had this lag effect of all that stimulus it's still working through. >> mike, thanks so much. still to come on closing bell, shark tank investor and fubu ceodaymond john discusses

how stimulus could hit small businesses and what needs to be done costco, up 15.5% on sales. we'll be back in a couple of minutes. ♪ ♪

♪ ♪ "hmm's and ahh's" heard in-call. ♪ "hmm's and ahh's" heard in-call. when disaster strikes to one, we all get together and support each other. that's the nature of humanity. ♪ it has encouraged other people to take the time for each other. ♪ ♪

welcome pack president trump calling on lawmakers to reach a stimulus deal that's targeted, scrapping

his other tweet calling for no negotiations the additional aid may provide big relief to black-owned businesses which declined by an estimated 41% from february to april, compared to a 32% decline for latin-x businesses and 17% decline -- this is in terms of total number of businesses let's bring indaymond john along with brian lamb. the two have partnered for the first black entrepreneurs day set to kick off october 24th very good afternoon to you both. thank you so much for joining us daymonday i'll start with you. this event, is it there to inspire black entrepreneurs or help them get action toes capital? >> to inspire them i called in -- i had this idea and i called up my rolodex of great corporate partners as well

as shaquille o'neal, ll cool j, gabrielle union. what people are going to see are a person like bob johnson who created b.e.t., who inspired ll to become a superstar, ll who inspired me and me, helping other people invest like on "shark tank. we're also giving away $175,000 in grants. seven grants to businesses who are pitching in. they have to go to black entrepreneurs day.com. and they have to fill out their application from the 6th to the 12th we'll give that to people right there. we don't take any of your company like i would on "shark tank" and you get people like brian lamb who is watching uh-uh pitch your company and are highlighted and everybody else around the world to say if they can do it, i can do it. >> $175,000 is hugely significant but not significant compared to what the government may or may not pass in terms of

stimulus how important is it that you see some kind of stimulus and is line item sector specific stimulus enough? >> we are in the virus right now. we are in desperate need, small businesses and everyday people looking for a paycheck right now. they need to get politics out of the way. let's go back to all of that crap a year, two years, three years from now, they need the money right now. 34% of black businesses have closed they will never open again because they did not have access to capital and they did not get access to the first stimulus they need it right now. >> talk more about that. so you want to see the ppp extended, something that president trump talked about he was open on doing on his own, daymond. how could they rewrite the rules to get to those black-owned businesses and businesses that struggled the worst? >> even if you fund a lot of

black businesses it will not take a substantial amount, according to some of the bigger businesses that exist. they got looked over, whether it be black farmers or businesses, and maybe they got looked over because they did not meet the criteria of amount of employees. maybe they did not have relationships with the banks that they should have. so, i do think that you should put minority and black businesses, lgbtq and veteran businesses ahead of the curve, because the big boys and girls know how to get the funds. they know how to get the money it's the small, everyday american on main street. i hope that they work it out i don't want to get into the politics side of it. america needs the money now and that is what we have depended and paid our tax for every quarter and every year. >> brian, you've been recently named as global head of diversity and inclusion at jp morgan chase congratulations on that. tell us what chase is doing in particular with this event. >> well, i tell you, first of

all, we're excited to join daymond and his leadership to pull us together, icons, business leaders who believe immensely in the importance of creating entrepreneurs not just for today and for these challenging times but for generations to come. that's really the vision centered around this, and the special day we have coming up in a few weeks. importantly for jp morgan chase, a couple of items that are worthwhile mentioning, we didn't just start believing and realizing the importance and responsibility we have a couple of things you're doing. you think about chase for business and advancing black pathways, a center of excellence that is really focused on driving the black community within swrchlt p morgan chase in the community has created advancing black entrepreneurs. that's about creating programs, resources, advice in curriculum and cowerses that will help black entrepreneurs make sound decisions, positioning them to

have more alcohol's to capital laying next to that are things that they've done with jp morgan chase where we started out in detroit and have move d to multiple cities across the country to provide real access to capital that's necessary for businesses to grow and thrive. >> brian, as you take on this new role internally at jp morgan chase, as head of diversity, what do you think of the percentage of head count at the company that comes from minority backgrounds? have you set yourself a target as you take up the new role? where would you like it to be in five years, let's say? >> i tell you, we look at representation as our company as imperative our ceo and chairman jamie dimon has led us for years to think about representing the communities we serve we're focused on it. strategically in the future we'll continue to challenge ourselves. we can always do more for black entrepreneurs and underserved communities. we can always do more to create

more representation within our own company and the businesses that we work with. you'll see and hear more about that commitment in a very meaningful way that i think is consistent for the standard that jp morgan chase would have. >> related date wra point, daymond that i saw, 3.2 million businesses have started so far this year, which is way higher than the rate we were at last year the entrepreneurial drive of america is very much alive and well is that something that you're seeing what sort of challenges and opportunities are you seeing from new business owners >> people realize working with somebody else's dream doesn't necessarily work for them. they're seeing independent contractors. and the fact that, listen, in '08, what came out of '08? uber, approximateinterest, square, things of that nature. people have extra time on their hands, they tap into their resources or say i'm never going

to get fire by anybody else again. so, of course, people are being inspired that's exactly why we're doing something like this. i want to bring in one last point about chase. they wanted their name on the marquis. they worked with me for five years and have only doubled down on their initiatives after the civil unrest, but they started already down this path the last five years being a good corporate citizen, whether you are chase for business saying i want my name on this marquis or you're fedex saying if you don't take this name off the football team i won't support you. being good people, good corporate citizens to help where you see injustices or people not getting their fair share. >> more than just happy talk it's solutions, something we've been trying to focus on here at cnbc thank you for sharing it with us daymond john, brian lamb. >> thank you. >> thank you. here comes the boom. a new supersonic test jet being

unveiled today come i coming up, we'll discuss if airlines will actually buy these an ad ch wk tlk plesmisu aeaouoo for air travel

time now for cnbc update

with sue herera. hello again, sue. >> hello, sarah. will hello, everybody. tommy evers has called in the national guard about an announcement of whether a police officer will face charges of a black teenager in february city hall has been closed ahead of possible protests kentucky state police have joined an officer-involved shooting the officer responded to a disturbance call and encountered a man with a gun who refused to disarm himself and instead approached the deputy. governor new some has signed an executive order calling for the conservation of 30% of state lands and waters by 2030, to reduce greenhouse gas emissions. you are up-to-date that's the news update, guys sarah, back to you. >> all right sue, thanks. up next, cashing in on

drinking at home ceo of spirits giant suntory holdings joins us with how they've been impact bid stay-at home-orders and how they're bracing. 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 we can work better do better this is going to work. remember, we talk aid couple of weeks ago about the

possibility of punishments from the occ and the fed in light of making an incorrect payment on behalf of a client a month or so ago. and those have now come through. the occ finding citigroup $400 million. the fed not issuing a financial fine, but a consent order is put in place on the company which means within 120 days they have to conduct a gap analysis of their risk management framework and internal control systems of the within 45 days by the end of the calendar quarter after that until it's lifted, they have to continue to review those risk management issues. the important thing on this, consent order versus consent orders we learned about in recent years with the big banks like wells fargo, it doesn't restrict their ability it will be something that is quite a heavy burden and a cost even though they've already committed a lot of capital

already to meet these rierms going forward. we got a statement from the bank as well saying, quote, we are disappointed we've fallen short of our regulators' expectations and we are fully committed to addressing the issues in the consent order. further down they say our clients and customers are depending on us to support them through the cries. we have the resources we need to do so and the consent order also not impact our ability to serve them in any way. slightly different from those punishments we learned as of late $4 million fine. and specific and expensive consent order. no formal cap to their ability to do business as normal. >> two very quickies for me. one is, does this have to do with revlon, that deal >> exactly. >> number two, does this have anything to do with -- that was the trigger. does this have anything to do with mike horvath exiting? >> that payment to revlon was

the trigger. clear clearly, that alone probably is not enough this was suggesting it was enough to get it over the line for a full review of risk management and it was not good enough in the eyes of the occ and the fed. in terms of the timing of mike horvath's departure, they've reported a number of times that it does seem that was a factor, at least in the timing of the ha handover being groomd to take over as well the pandemic, having an impact on the timing, if you're going to regear that out of a pandemic, might as well hand over the reins when you see the scale of a $400 million fine, can you understand that. >> citigroup down, what, 1.5% after hours? meantime, demand for alcohol is booming amid the coronavirus pandemic as consumers drink more at home, that growth may not be enough to offset the losses florida bars

and restaurants. global food and beverage company suntory holdings, third largest whiskey maker and well-known brands like jim beam, maker's mark, many others. revenue is down 10% from a year ago. joining us now is suntory ceo takeshi ninami good morning in tokyo. good to see you. >> good to see you, sarah. >> we're recovering and the lockdowns are mostly over around the world. but still it's far from normal. >> that's right. as you said, we expect that 2% drop but mostly we are recovering from the expected drop and as a matter of fact, in the past three, four months, our expectation was a 20% drop but

we've been compensating because of the active home consumption plus premium spirits are involved in the off-premise activity we've been doing pretty well and more than expected. >> how do you think about -- >> go ahead. >> no, go ahead. no, no, no, please, finish your thought. >> yeah. the concern is definitely from this fall to winter, we need a stimulus package from the government to support restaurants and bars and individuals as well, to keep this momentum. >> are you talking about the u.s. government in particular, the japanese government or all governments need to go in here on another round of stimulus >> all over the world. and europe is very serious now,

even now because of the lockdowns of many countries in europe. >> take, you bought, of course, various american whiskey brands. do they do as well in asia as your japanese whiskey brands have done so well in america what do you think is the difference between the two not just in terms of the products, but the corporate culture as you try to integrate the two together >> first of all, american whiskey is doing well in japan, not in china premium brands are well sold in north america, but not in japan. japan is more or less under deflation huge difference between the two companies is japan quantity, u.s. premium here is the difference of

consumer behavior. >> how have you had to reprioritize the business? i know you've been working a lot on sustainability, for instance. given potential hiccups you have with china, the supply chain at the early onset of this crisis and everything else that's goned everything else that has gone on and been disrupted how have you changed your strategy, if at all? >> we haven't changed our strategy plus we are working on nonalcohol because of the strong consciousness to health. so less alcohol content. >> what about sustainability what sort of goals are you announcing and what are you hearing from investors is it as much a priority as prepandemic?

>> we are focused on water conservations, plastics issue and cot emissions. in particular we will achieve net zero emissions by 2050 by using new technology and partnerships across the industrywide partnerships. plus -- >> my thought -- >> plus water conservation by forestation. we have increased to generate natural water, twice as much as we used. that goal was achieved in japan. we are now proceeding to make that happen in north america, europe and asia. in addition to that, our concern

is plastics. we invented a new technology with a venture company in the united states to recycle all wasted plastics to be plastic materials. so theoretically we can recycle all plastics as a resource to make bottles so that is a commitment, too >> well, we appreciate checking in on all things, sustainability and demand didn't have a chance to ask about the sherry, i'm sure that's still in high demand. >> yes >> best whiskey in the world, going for hundreds and hundreds of dollars >> i haven't heard that one.

>> google it if you can get it. it's impossible to get peonp next, the return of sursic jets. unveiling its first test plane we will discuss it when we return before we talk about tax-smart investing, what's new?

-audrey's expecting... -twins! ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan. can go your own way ♪ it's time you make the rules. so join the two million people

who've switched to xfinity mobile. you can choose from the latest phones or bring your own devic, and choose the amount of data that's right for you to save even more. and you'll get 5g at no extra cost all on the most reliable network. so choose a data option that's right for you. get 5g included. and save up to $400/yr on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile.

up next, a ruretn of supersonic jets. the future of supersonic travel, next constructing funds that don't simply follow an index. but explore new terrain. helping you fill portfolio gaps. connect to client goals. and strengthen confidence in you. flexshares. powered by over a century of investment expertise. before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully.

you might call it a supersonic rally on wall street today. and now the details of a new supersonic jet >> this is the book supersonic xb-1 test ship it will start doing test flights next year. it will hold between 65 and 88 passengers i know what you are saying nobody is flowing internationally. who will want to fly from new york to london in three hours. we talked to the ceo and he said the demanding will be there. they already have 30 free orders we will see what happens after they start manufacturing it. 2026 is the target date. >> to ask who wants to do that i do for sure. the only thing i was going to say, based on that rendering, it

looks exactly like concord >> they say the advance technologies, it will be quieter, smoother and more efficient for the airlines which should mean lower costs so theoretically it will cost less for you to go from new york to europe like that we are out of time >> good evening. tonight, is disney's dividend in danger an activist investor takes aim plus, we are tracking treatment. jumps of eli lilly shares jump what we are told about a timeline later, hot profits and col