net putty and the other builders are down 5% because they were a little shy these have taken a run up so much looks like investors are taking a pause. >> taking a pause. and kellman said people want new houses but it is not helping the stocks today kelly. >> exactly ty, it has been good to see u. thank you everybody, for "power lunch" today time for "closing bell" to kick things off right now. >> thank you kelly welcome, everyone to "closing bell." i'm sara eisen, here with wilfred frost, as always another volatile dwa for stocks as the major averages waver between losses and gains the dow and s&p are heading up in the final hour of trade let's look at what is driving the action nancy pelosi said we are just about there adding she believes both sides want to reach a stimulus deal. jobless numbers, todays

coming in at the lowest levels since march. much more on that economic picture in just a moment. and earnings season continues. coca-cola, at&t, american airlines, southwest all higher after reporting results this morning. 59 minutes to go, dow is up 154. >> up a nice half a percent on the s&p, coming up we will speak with jack lew and what will happen if a stimulus deal isn't reached before election day. kimberly-clark's ceo joins us to speak about misread on the state-of-the-art of the consumer. intel and matel report after the closing bell we will bring you those numbers. mike santoli, dow up 156 points. >> yeah, up half a percent on the s&p. we are wandering back and forth along the samer to tear this week we had selloffs three days this

week coming from almost exactly the level we are at right now. 3460 what it shows you is we have been staying clear this messy zone after we had that 10% pullback climbed out of it. now we are topping around, looks familiar to me as what we had in july we climbed out and then we had to mess around a little bit and pullback i think we are moderating position and sentiment and having a leadership shift as well as some of the value leaders pull up and the momentum leaders pull back. some of the leadership have pulled lower home builders. the itb, that's had a rounded move despite the fact all the housing data is great. ten-year yield is going up that's sometimes sensitive to what mortgage rates are going to do cloud stocks doesn't look serious but these all made highs higher than the early september highs, the s&p

500 didn't now giving back some of that semiconductors up a little bit today. toechb last seven weeks was extended the pure value etf in the s&p 500 all cheap stocks, they have pretty much been up in a subtle way over the course of the period as we have the momentum groups that have pulled back look at a couple of measures of i guess calm or agitation in the market investment grade bond spreads. the blue line, very steady very much saying the credit picture looks pretty good. this is out of b of a. kri endecks volume its, that's where you are going to have the anxiety about the election underpinning right there companies raised so much money and topped up their cash levels so much and have pushed out their maturity so much really

there is not a lot of actual risk of stress coming in that area that remains a decent macro sign even if the market is positioned for jumpiness around or after the election. >> even if equities are still within a recent range i guess the thing that isn't are yields. >> yeah. >> that's playing into things like the banks performing well today. >> without a doubt toward june highs in the ten year testry yield. if you believe it has to be one or one, there might be more room for the banks to work. it is other beaten down value groups that get a lift from the high yield picture the market is positioning for an improvement in the overall economic picture for months out. >> energy -- and health care top performers. key developments in the goldman sachs 1 mdb skamgds including billions of payments to regulators and millions of

dollars in clawbacks for some well-known executives. wilfred? >> goldman will pay an additional $2.6 billion in fines for, the 1 mdb scandal to regulators it follows $1.5 billion to malaysian authorities this requires extra provisions of about $250 million that they have already provided for the rest in their accounts the stock is higher today though not as high as the rest of the banks. the settlement will also see pay given up by past and present executive executives totaling over $100 million. some of these executives are doing so voluntarily there is no suggestion they knew anything about the wrongdoing at the time but the clawbacks are more of a sign of acknowledging they were at the helm when key

thing went wrong beneath them. as for the pat executives, i do not believe gary cohn is included however a source suggests that this line in the goldman sachs statement refers to him the firm is in active discussions with another of these retired senior executives who also received 2011 rewards returning the majority of it as well, unquote. three individuals implemented will forego $76 million. the malaysian division company has had to admit wrongdoing. the stock as i said sara is higher largely because most of this extra fine is probably already provided for financially the extra cost today is minimal an extra $200 million or so of provisions is the vicinity of the extra costs? i fell like this was a really big deal when the headline started breaking years ago now

and wall street has moved past it for a while. >> yeah, move past it, but this is a significant moment where you are seeing -- i think you could look at this and say, look, the criminal activity is just the malaysian entity. serious of course though as it is and wrongdoing is being admitted at the headline for the confirm but given only the three individuals directly charged with criminal activity it is sort of an odd surprise to see the board claw back money from senior executives past and present. you have to balance where the stock is higher the fine is not bigger than worst feared the criminal proceedings aren't wider than first feared yet current and past executives are giving back hundreds of millions of dollars again shows how big a deal this was. but for the stock, up 1.3% it draw as line under things importantly before the election where you have a change of leadership and a new d.o.j., et cetera, you could have seen this

drag on longer and longer. closure now at least which is also what the market is responding to. after the break, jack lew will join us with his updated thoughts another month of course gone by without a stimulus deal. you are watching "closing bell," on cnbc.

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change in plans. at fidelity, a change in plans is always part of the plan.

-- how stimulus negotiation

are going so far can the two sides reach a deal before the election? how important is it for the #

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let'slp bring back in4 for treasury secretary jack lew, mr. secretary i was just asking wblue wavef that if the republa senate is not having that a joe ?%presidency has to deal with, how should they pursue in is bigger betters? $3 trillion, $4çótrillion.

>> i think the question of whether the policy direction will come next year obviously depends on the xdutcome of the and in the congress. it is important that there be a democratic majority in order to deliv9ñ of the kinds of program thatythe country needs. i do think it is also important to listen to what joe biden has said which he that he wants tox work across party lines, with democrats but also republicans, as working together again. you know, it's two week to go. i'mxdnot going to handicap the election, but i think it's important to remember thatñ the drivingçou,ñin the new congress will be the new president if joe biden is elected. and the policy he has proposed are the right policies it would be a strong response to the health crisis%:?q!this terms of health poli+aand in terms of the economice1 response it would be a program to rebuild

america, building our work force and the service air with skills and better pay toq provide tqw home care and child care that's so important and a whole host of things including technology so people wouldn't of interviews or in the middle of class iffer better outcome if the full program can be enacted we will see in two weeks if that comes is this one thing you didn't mention, secretary lew is on the to-do list that joe biden calked a lot about is raising

taxes on corporations or higher earning americans. listen to what paul jones said on "squawk box" how it might influence the market in the longer run. >> i think the narrative what will happen if we have that blue wave will be correct in the sense that next year you are going to get a massive fiscal stimulus you are going to get a big boost to the economy, there is no doubt that main street under this program is going to benefit. and you probably will have higher nominal profits but the other side of that is what also happens to financial assets and i think under a blue wave and the biden tax plan, i think financial access over the long run suffers a great deal >> i would big to differ. >> mr. secretary, is he right?

>> yeah. i think that's right if you look at where independent analysts like moody's have come out, where more than a dozen nobel laureates have come out they look at the combination of the stimulus needed to get the economy moving, the investments to get the future economy into a place where we can continue to grow in a sustained way will lead to more growth and more employment, which means a stronger economy, which means that ultimately financial assets do better in a strong economy. i think if you look at the tax plan, you have to remember that there is a lot of things in our tax code that were broken before the tax cut. and they were broken even more after the tax cut. you look at the corporate tax rate i think we have discussed this before when i was secretary, we were negotiating between going to 28 and 25% the tax rate was set at 21%. it was a win fall. it is not going to be crushing to corporate america if we end up with the tax rate at 28%. substantially below the 35% that

we all thought was too high. if you look at the problems we have in this country, i give credit to have been biden for saying after we deal with the emergency, we have to start paying for the investments we make it was a mistake to do the tax cut on the credit card he said he is going to pay for it by pulling back on some tax cuts that went to increase inequality, and he's going the pay for the investments we need to build a better economy for the future you know, there is too much capital gain in this country that goes untaxed by going generation to generation never being taxed. >> you are talking about raising taxes for spending, which actually brings me to my question, mr. secretary. neither candidate seems to be worried about the rising debt, $3.1 trillion deficit. we are at record amounts, and we are talking about adding trills of dollars more in stimulus. i get these are unprecedented emergency times, but at what

point does that get dealt with and is there any conversation around the democrats, specifically around biden and you, his adviser, about what's what that's going to do for future generations and future growth >> i give the vice president a lot of credit. a lot of times when many have stopped saying we have to pay for what we do for saying we can keep spendi ining on future directions we have to talk about the path of the deficit at some point you have to stop adding to it this current generation has added up spending and via tax cuts in a monumental way they did it long before the crisis i think during the crisis is the wrong time to start to think about deficit reduction. we did it in 2010 and 2011

if you do it too fast you extend the amount of pain in the economy. until we can get to an economy that's including more people in the growth we have it is going to be premature. the kinds of things that joe biden is talking about investing in lay the foundation for having the conversation about what to do about the long term problem but the time for that is not now. >> mr. secretary, do you expect if you were to win and should vice president biden be tougher on china than you and president obama were >> look, i think there's a view that's shared broadly that we have to be tough in terms of how we deal with china i would differ with your asse assessment of how our administration dealt with it but that's not the point the point is that today joe biden is actually very tough on

china. that doesn't mean he is going to be a bully and be insulting mg i think the way the trump administration has handled foreign policy has taken issues where we were write and made it wrong. joe biden will push the issues we need to make america stronger and that includes china relations. every issue between the u.s. and china should not be a head to head bilateral five. we should have asia and europe allies working with us china will have see it needs to be part of the broader community. we are not weaker by having allies with us >> still ahead, we will speak with national economic council's chief commonist joe lavornia as we hit the break here's a check on bonds yields moving significantly

higher ten year up to .84 continuing gains through the session.

welcome back dow up 160 headquartersing into the final hour of trade. americans are waiting on the time line for a coronavirus vaccine a key of advisers are meeting today to discuss the candidates and the roll out. >> reporter: they are not talking about any specific vaccine candidates themselves today but laying the foundation for what this roll ow and the potential approval process could actually look like they are discussing big questions like if a vaccine does get emergency use authorization, do they need to keep running the trial, keep the people this the placebo group and in the vaccine group to generate long term information? they are also talking about tracking safety once they are cleared into the market. they have existing systems but

they are talking about sending daily text messages to track any potential issues and they are also discussing how to track getting a second shot a lot of the candidates require a second shot just a few weeks after the first shot they are discussing giving those recipients a card so they get the correct second shot to match the one they got the first time. they are talking about people mistrusting the government system and the fact that it is being politicized. the numbers are out in the latest poll. just 40% of surveys americans said they would be willing to get a covid-19 vaccine if and when it becomes available. all of these things being discussed today. >> just 40% willing to become a vaccinee in due course

thank you. time for a cnbc news update with sue herera. >> hello, everybody. here's what is happening at this hour ohio's governor mike dewine is telling residents they need to help keep hospitals from being overwhelmed as that state reports more than 2,400 new covid cases since yesterday. it is a single day record. nine of the ten days with the most new cases will be this month. just before boarding his flight to nashville for tonight's debate joe biden told reporters that he hopes president trump will, quote, play by the rules, end quote republicans complained those rules, including the muting of microphones are stacked against the president. president trump indeed has just arrived in nashville nbc news reports he will bring up hunter binden and china throughout the debate. during before the flight the president tested negative for

covid. you are up to date sara, i'll send it back to you. >> sue, thank you. 787,000 americans filed unemployment benefits last week. that's the lowest level since the pandemic began back in march. and california released its backlog numbers which led to a downward revision in claims from a few weeks ago. joining us now is joe lavorgna he pace attention to jobless claims even though i accused you of not going so a few weeks ago. knew you were, sara. and i knew you were following very closely as well. >> so, you are following closely, and there was some real signs of improvement in today's data but i would still say it is the highest ever when you look back historically, higher than even the height of the financial crisis in terms of how many americans every week are filing for jobless benefits how does that fit with your view of the v-shaped recovery

>> you are exactly right in this case, sara, since the economy was, as you know forced to close it wasn't an economic imbalance. it wasn't about the fed overtightening or inflation pressure picking up. the economy was forced to close. now we are seeing it is natural recuperative policies as long with administration policy and the c.a.r.e.s. act which was nanoand bipartisan bridged the gap from the closing to the reopening. whatyou mentioned we are seein the claims falling so far. thein thing claims numbers which we spoke about last week are falling more quickly they have been falling over a million. they were over 1.1 million over the last month that tells us the labor movement is gaining steam, gaining traction we are not where we want to be there is still a lot of pain out there for people but we are making improvement quicker than thought. the trend is very important. i think that's the key thing we are on the road to improvement and betterment much faster than almost everybody

thought just a few months ago. >> but it also reflects that a lot of people are becoming unemployed for a longer amount of time. the shift to the pandemic unemployment assistance emergency compensation that out, that rose by half a million people it is above 3 million as their benefits expired on the regular program. what does that tell but the long lasting effects? >> you are absolutely right about that some people who have left continuing claims have now gone onto the federal program if we look over the last three weeks when the initial unemployment insurance expired what we have seen about a 2 million drop in the continue claims data adjust forth the federal program that you cite. in other words, even though some people haven't found work and are going -- still collecting unemployment insurance and it is being captured someplace else the numbers are still showing nearly a 2 million decline over

the past three weeks that's important you are correct, there are some jobs unfortunately not coming back however, as i highlighted before if we look at the census bureau's new business application data that was up at a record amount in the third quarter. almost 1.6 million applications for new wysss. the good news is many people who lost employment will be starting in new roles, new jobs, new firms, new industries. i would argue there is still good news coming forward despite of course the pain that's still there. obviously we want to do more to get people back to work, no question. >> is a stimulus needed? and how much >> the stimulus is certainly needed the president talked about helping the airlines we want to give money for schools, for personal protective equipment. the ppp, the payroll protection plan, wilfred, was extraordinarily successful it saved upwards of 50 million jobs there is certainly thing we both agree on on both sides and certainly extra support

would help it would even further galvanize what i would argue is a very strong v-shaped recovery we are in a self feeding self correcting recovery. if we don't get stimulus that view doesn't change. however if we can help people -- there is a lot that both parties agree on could help people further along in dealing with this issue then let's do it it looks like we are making progress on that from what i see on the various headlines the economy not going to falter, but let's do what we need to do to get heme the help they need. >> i am not sure that's what most economists would say, joe, that it doesn't matter if we get stimulus or not to see continued growth i mean there are some that are predicting negative growth in the fourth quarter with the uncertainty out there over whether a stimulus passes. >> i don't understand why those people are so pessimistic. i think part of it is the fact they missed the recovery to begin with they never had the unemployment rate falling as quickly as it

is never had gdp up like it has what we have seen the consumer spending through the nurk was excellent. the september numbers are fantastic. recently small business optimism data showed basically a two-year high in hiring intentions. they are telling you they are going to hire people this quarter which offsets some of the concern that some people can't fine employment. that's really good the other thing, sara, people are missing what should be a very large inventory rebuilding cycle. to me a negative sized number doesn't make any sense whatsoever i want tell what you the number is going to be but i wouldn't be surprised if it is very, very small. to me there is too much pessimism out there and it is part of my role to explain to people the data looks good, very good. >> i think it is the consumer spending part, which is a mystery. we have seen a spend down in high savings rate, the question

is how long does that last because incomes have started to cool off because the extra benefits and all that stimulus has worn out. >> let me say this if you look at the wage numbers we are running at about a 5% year over year rate. and i would argue the continuing claims numbers from the business act and what small businesses are saying says to us we are going to get very good job growth over the next months. that's going to create income. at the same time we are going to draw sawn the savings rate that's a sign of health. it is also why people are buying homes in record amounts, buying auto mobiles in record amounts they don't buy those items if they are not confident in their job and income prospects i think what you are getting at is yes there was a huge fiscal assistance program that went into effect. it got us over the bridge, and now we are de -- congress and

the administration were both very good on passing the c.a.r.e.s. act. >> they are also not spending on flights or restaurants but i get your point thank you for coming on. we are out of time with the white house economic perspective on the latest data. the fbi issuing a warn being russia and iran interference in the u.s. election. how this could potentially impact the energy market when "closing bell" comes right back. is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance.

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fbi warning of u.s. election interference by iran and russia. national intelligence director accusing both countries of obtaining american registration information while specifically calling out iran for spending spoofed emails designed to intimidate voters. for more on what all this could mean for geopolitics and the energy market let's bring in the global head of commodity strategy at rbc capital markets. whenever we want to understand what's going on in the middle east we talk to you. on iran specifically -- fishes of all, what do you think they are after? and how does the u.s. election and u.s. policy toward iran influence the energy market, this maximum pressure campaign from the trump administration has really cut down iranian crude exports. >> i mean president trump

basically believe has the iranians are trying to make him look badding into into the election other than saying it is a discredit to the american democracy. and it is similar to the russia effort i think they are seeing if trump is reelected we are going to see more maximum pressure upping the pressure on the iranian regime and the question is does that bring them back to the table with jobe as a president it could potentially bring about a billion extra barrels of iranian crude back into the market per year i think it matters to the iranians in terms of the barrels getting back in the market i don't think this story today would derail the biden -- but it is something to watch. >> has oil become important in a way in the past couple of years it hasn't been second part to that question,

why has copper been so consistently strong in a way that oil has not >> i think copper has been strong because of the idea of the rebound of the chinese economy. i think china has provided support for all provides that is the engine of oil demand growth right now but there is so much concern about covid-19 case load, so much concern about fertility of demand this is where the oil market is still on a knife edge right now. that's why i think the iran story is really interesting, because could the market essentially absorb an additional million barrels of rappian exports at a time when libyan export is thriving the dollar is important but the biggest story for the market this year has been the covid-19 demand hit. >> and really quickly, do you have an outlook for gold. >> gold we see potentially $1,800 we are looking at what is the

risk environment coming out of the election i think the biggest issue on gold from the election is what if we don't have a clear result after november 3rd what if we have a prolonged period of uncertainty as to the election outcome >> that's bullish for gold >> again, uncertainty, potentially. again, i think we have to really watch how does this play out. >> thanks so much. great to see y, ouas always. coming up, fresh comments were the ceo of coca-cola about their path to recovery the "market zone" is next. has you swamped. (♪ ) you need to hire i need indeed indeed you do. the moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. claim your seventy-five-dollar credit when you post your first job at indeed.com/promo

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11 left in the trading day we are now in the "closing bell" "market zone," commercial free coverage of all the action going into the day's close mike santoli is here to break down the crucial moments of the day's trading day. between gains and losses today dow is near session high on track at the moment for weekly loss. mike we discuss all the time what is priced in as the likelihood of stimulus or not. is it fair to say that the yields, the bond markets are reacting to hopes for stimulus today more than perhaps equities are? >> i don't know about the yields reacting to imminent stimulus from this particular round of talks this week's deadlines, whatever we are discussing at the moment but i think the general thrust of the notion of that at some point sooner or later there should be some fiscal help yeah i think yields probably do reflect some of. that i think there is also a general repositioning going on

across the market in that direction. could it all be one big head fake or one rotational move by big investors anticipating something that doesn't come? i guess it could but right now the message in the markets is that the economy is on a recovery path that would be accelerated or enhanced if we did get a additional fiscal push. >> what stands out stephanie is the leaders in today's rally, energy and financials the two hardest hit sectors of the year. the two so-called value sectors. is that a stimulus thing >> i think it is a couple of things i think it is a stimulus thing and i also think it is better economic data. i think the ten year bond yield is telling us we are not just taking progress of stimulus. it is a matter of when we get it, not if it sounds like we are making good progress there. it is also the better economic data as well therefore the bond market -- when the yield curve steepens and yields go up obviously financials benefit and overall cyclicals in general

also do well i thought what was very interesting today -- i know wilf you were asking about copper before i actually was intrigued by free or the mcma ran's quarter report this morning they not only beat and not only raised but free cash flow generation was huge. higher copper prices are important. it is an indication of global growth of china, also of europe the u.s. all of these kind of snowball together and they are all correlated together. cyclicals are winning for now, for today anyway, and we will see if it has legs. >> i wanted to hit the staples as well. coca-cola reported results today. shares are higher after the company beat the street's estimates on both profits and revenues posted organize sales decline of 6% but that was definitely an improvement over the 26% drop coke reported last q i spoke with their ceo james

quincy early yesterday here's what he had to say about the path to recovery and the fact they did not provide guidance. >> it is too hard to read the next quarters. we are focus on maining flexibility being agile and fast so if it is worse than expected we can adapt, if it is better than expected we can invest. with you we are going to do it all under the idea we are going to emerge stronger which means continue to come back and invest behind our brands and get back to growth in 2021. >> quincy projecting some optimism there about the future. the problem for coke, though, is that half of their business is the away from home channel, what is called restaurants, bars, movie theaters, stadiums, hotels, the businesses that have been hurt by this pandemic it is why they are still feeling the pain and why he says they can't issue an outlook with cases rising in europe with lock downs returning around bar asks restaurants and cases rising in

the u.s. stats certainly an improvement, and he talked about all the things they can control, like costs which they have been doing and share at home. do you buy the stock it has upheld relatively well and underperformed rivals like pepsi. >> i own it. the stock is down 8% on the year pepsi is up 2% it has a great yield and a great balance sheet. they are doing what they can do. what is in their control i thought gross margins were impressive they beat by 40 basis points on operating mother-in-laws huge operating margins to your point they are doing a great job cutting costs and keeping costs low. i thought in the quarter they made progress in unit case volumes price mix on a sequential basis everything is heading in the right direction. i am a buyer i like the story long term. >> mike, what's the valuation on coke if yields keep rising is this

going to feel pressured. >> the valuation is 28 times let's say forward earnings those earnings are probably on the depressed side hopefully if the economy gets liberated thanks to medical science next year, which we all hope it does it is going to be in the category of stocks benefitting from the year over year dynamic as opposed to the front loaded demand this year. i don't think it is essentially acute lee sensitive to bond yields at this level there is a scarcity of yields at that level that are reliable they would have to go up a good deal more to .85% to start to pinch. >> it is being a so-called vaccine stock arc recovery play. gap shares jumping after the executive's outlined a major shift in strategy at the investor day the stock is up 14%. it is traditionally seen as a mall staple. gap says it aims to have 80% of

its revenue coming from online and off mall locations by 2023 the company is planning to close 30% of its gap and banana republic stores by that time mike, this is clearly a stock that investors want to believe in right now and they want to buy it gap has been announcing store closures for years. >> yeah. >> usually they don't get much credit for it. their stock has gone down on it. it has been a tremendous comeback they have got a new ceo, sonja svengal. who has been telling investors all the right things and kanye west's line is coming out through them next year >> what happened to gap as well as thing like bed, bath, and beyond, as well as l brands is companies had no choice but to be radical about reconsidering what their store basis is going to be and reoriented businesses

toward on line, pick up in store or whatever. that's what the street wants from a gap 2018, 2019 earned 2, $2.50 a share. if that's in the sights down the road that it can earn something like that it is relatively cheap and there is a valuation on way. then the value offate athleta comes in they have the ability to keep alive while shrinking the store base up 14% today. intel set to report earnings after the close. josh lipton has the key metrics to focus on. >> q 3, eps of 1.11 on revenue of $18.25 million. that's what the street is forecasting. stock enjoying a bounce here up about 10% in the past month but still down about 20% from its most recent high cowan's matt ramsey says he is

going to watch q 4 growth margin guidance street looking for 58.1% there he says they will will tell what mother-in-laws reason their ten nanometer chips will look like which they are shipping in volume back to you. >> compared to last quarter? >> rough quarter last time got punished intel's stock is at a relative low to the semiconductor index it hasn't seen in 25 or 30 years. essentially, it is an all-time low in performance versus the group it used to be the bellwether for much more going on at intel, manufacturing issues, whether it is going to outsource, much more than what this quarter tells us in terms of results. >> does it look appealing at these levels of u.n. underperformance or do you worry about production delays including? >> absolutely.

they just give amd a three-year advantage. amd is already at 7 nanometer and intel can't even get their ten nanometer out the door they are at a disadvantage they are going to lose significant market share i want to hear about this demand sale that will help on the free cash and the margin side. there are many moving parts on this company it is cheap but i think it is cheap for a reason. >> two minutes after the session what is standing out to you. >> look at the volume split right now. it has been positive all day right now on the new york stock exchange it is almost 4 to 1 positive advancing to declining volume the average stock has been outperforming the s&p 500 on the equal weighted basis on a week to date, not just today. but if you just look at those two week to date indexes the orange line is the equal weight s&p 500. a lot of the mega caps giving

ground and some of the average stocks performing a little bit better volatility index propped up in the high 20s probably here a couple of weeks. there is a debate whether it falls off a shelf once we get past the election and have the result still plateauing between 25 and 30. >> as we head into the close, mike, we are off the session highs but still in rally mode for the major averages there is the dow it is up 155 points. it got as high as 200. we were also lower on the day, as you can see, a few times. what led the move higher stimulus dominated the conversation again locks like the white house and the democrats are making progress house speaker nancy pelosi saying we are just about there on making a deal and that helped boost the mood treasury yields are higher as well if you look at what's working inside the markets it is the value overgrowth trade energy the best performing sector it is up 4%. really a strong showing right now. financials, health care, utilities, communication services, also leading the

market three sectors are lower right now, real estate, technology, and consumer staples overall best performer in the dow is chevron. jp morgan is also doing very well so is goldman sachs, after announcing that settlement over 1 db salesphores and home depot are the losers in the dow. there it is. gain of 150 in the dow half a% gain in the s&p 500. we are heading into a friday and we are lower on the week for the s&p by a little less than 1% wilfred. >> welcome to "closing bell," i'm wilfred frost along with sara eisen sara just saying it was an outperformance of value. s&p up .4% -- similar gain for the dow, which is up 154 points during the session high, it was up 200 the nasdaq .2%

energy and banks both declared winners, real estate the worst performing sector today. coming up, the ceo of consumer giant kimberly-clark will discuss earnings and how the pandemic is impacting that company's bottom line. plus we are just moments away from earnings from intel and matel. two very different companies we will bring you those numbers. steph lee link is with us. and steve -- joins us as well. mike santoli i will start with you. quite a clear rotation today, and some of those big outperformers of late, the tech names not gaining and energy banks doing very well indeed. >> it was one of those days. the bond move was getting everybody's attention. the yields going up. one of the underpinnings of the long term performance of the long term cap stocks is negative

yield. so that has been depleted a little bit the bull case for those particular stocks. so there is definitely a rotation underway. the s&p 500 overall made a new low intraday for the week then bowned off it. spending time in this area that a lot of folks view as make or break of whether we stay in the upper range that we have been in september and october. not to make too much drama out of it but there is at least some every day people perceive a two sided risk based on the stimulus headlines even though people are kind of tired of it and recognize it is not the be all and end all for the market >> the dow only gained 150 points after nancy pelosi says we are just about there. does that tell that you the stimulus is already priced in? or the market is skeptical of the on again off again, we are almost there, we are not going to make a deal, we have a 48-hour deadline kind of discussion >> i think we are allist exhausted from it, aren't we

it is really very draining just every single day i think some of it is priced in, for sure we have been tack being this for a while. we have been talking about when it's going to come it is about timing it is not if it is going to come the size is about what we were expecting. so here's the thing. if you get the stimulus you still have good economic data right now. that economic data only gets better the housing numbers today were crazy good 20% year over year the best in 14 years chd leading indicators up, better than expected even initial claims, unemployment is still very high. this is why we are getting the stimulus but even initial claims came in better than expected i think people are saying the date is already getting better if you have more stimulus on top of that it is going to continue to get better. that helps profits and that helps stock. so you can make a positive case to own stocks here we have got to get through earnings there is a lot of noise during earnings then i think we move higher. >> on the topic of earnings it

looks like another bad quarter for intel moving 9% in after-hours trading. we will go through the numbers in just a moment but the stock is down 9% in after-hours trading. if we didn't get a stimulus before the election would the market pull back what do you think is priced into the market at the moment >> i think what is priced in is a carrot and stick going on between secretary mnuchin and speaker pelosi i think they each need to keep talking to keep the bases in play, to keep the movement going. there is a third leg to the school there is no inclination that senator mcconnell is going to agree to all of this where steph lee said it could be a sell the news type of scenario, i kind of agree with it i think right now everybody is playing the part they need to play but i don't know that we get anything real until after the election and i think the margaret might be disappointed

by in a when it gets to realize it. >> what are you seeing in terms of volatility around the election any know you like to track that what does it tell you about where the market is on the results, and the prospect of getting a contested election, something we have talked about in the past? >> sure, well, vix is still relatively high. now, remember, vix is the market's best estimate of 30-day volatility so spot vix is pricing in earnings season, the election season and a little bit beyond i have been watching it all year to see what it was predictsing about a month ago we flipped from predicting the highest volatility to october vix before the election to november vix meaning after the election the highest peak is still in november what is interesting is december vix is pricing in pretty much the same if not higher volatility than we are seeing now. i do suspect that's part of fears about capital -- we might get talks about capital gains

tax increasing after the election if we do get the blue wave i think that's what the market is hedging there. >> intel down 9% the numbers, josh lipton. >> eps 1.11. and revenue of 18.33, chips for pc, $9.8 billion the chips for servers that the street concentrates on, $5.9 billion. weaker than expected 6.2. for q 4 they are looking for 1.10 or 1.07 for revenue that is in line with $17.4 billion. >> back to you don't miss tomorrow the ceo bob swan at 11:00 a.m. eastern time on "squawk on the street." why such a big decline >> data they are has beenologue for a long time and that number is disappointing for this quarter.

we will see in terms of guide. but that's a disappointment. pcs we knew they were going to be strong. third quarter notebook orders were up expo nebttially. the stomodemand is not sustainable. if not as good pcs and data c -- dcs weakening that's not a good sign. >> what are you matching, mark the share price is much lower, 9%, on top of already underperforming this year. >> september 23rd, the stock closed under $49 we are kind of giving back this bounce off that selloff from the prior quarter. probably just have to cuts some to see if that's for sure. as steph said the value is very

real as far as guidance, they seem to have a handling on what happens in the near term but the stock has been value capped for a while so i understand why it is not reassuring the street on the reflex move. >> have you been advised by stocks reaction to earning season when stocks have done reasonably particularly the bank stocks that traded lower? >> unfortunately, not. banks, first of all, they are an idiosyncratic group. unless they are telling you something specific about their customers trading results tend to get washed under the rug. i know this having been a trader at a publicly traded firm. they ten to overlook trading results. now what we are seeing into the tech earnings at least the early few is there was such euphoria priced in. what i have seen in various tech stocks, intel was one of them, an upside skew where people were

paying higher volatility for the calls than they were the puts. that tells you there is a bibt of euphoria. and if the numbers don't come out great this is a down move. we saw it in netflix, tesla, and now i guess we are seeing it in intel. >> it is hard to predict some of the stocks are getting rewarded coke earlier tesla closed up but only 3/4 of a percent. snap had a huge run after its gains. are there any themes, anything you can discern about who gets rewarded for better numbers, and how much, and what that says about the overall market >> first, i think the fact that we can name most of the big upside gainers tells you something, that most of it has been leaning toward a sell the news when it comes to snap, we have just finally convincing this street that they had a very big

sale against very strong tail winds and they were managing to capture thing. and right now we are in a market where social media is going to get capitalized at a very high rate if you think they have big revenue growth i don't think there are those things, people expected third quarter forecasts to be sale and it was a low bar and we weren't going to pay up for it reiterating what steve said about tesla, the stock closed where it traded at 2:00 on monday afternoon. >> when you see moves like that and you also see the energy and the banks moves, do you think this is the moment to meani meaningfully shift into some of the value cyclical performers? >> some of them had a really nice recovery, wilfred especially off the march lows. just about everything has. but energy and financials and materials have done quite well off the lows

they continue to do well, again it is really tied to the economy and the global economy i think the reason why you are seeing some of the stocks react poorly is because the expectations were so high. even for intel people thut they were going to crush it because of pcs and they didn't, they just came in line the industries that have the lowest expectations if they are going to meet or beat, these stocks are going to go higher, i believe. i think the risk reward on cyclicals given where we are in the cycle is very exciting i still have not given up on the secular growth technology companies, too. >> we are getting in breaking news on gilead its remdesivir treatment for covid-19 and the fda meg tirrell has the details. >> the fda has fully approved gilead's remdesivir for use in the united states. before it just had an emergency use authorization. so this is really full official approval of this drug.

we all know it as remdesivir, but it does have a trade name. it is particularly interesting that the fda has given this full approval now just last week we saw from the world health organization a trial that really called into question the benefit of remdesivir when given to hospitalized covid-19 patients so that kicked off something of a debate in the medical community. clearly, the fda weighing in here saying that the data it saw to support a emergency use authorization and other data generated is strong enough to support full approval this drug. now you are seeing gilead's stock up there more than 4% on this news. guys >> what, meg, does that distinction actually mean? does it enable gilead to boost production does it enable more patients to be able to get remdesivir in their treatment? >> what it essentially means is that the availability of this drug on the mark is not just subject to being in the emergency we are in right now. it is an approval of the drug, it is now out there and clear.

essentially after some doubt was thrown into the picture about this drug from that world health organization study, it is a vote of confidence from the fda that this is a drug that is worth having on the market and available to treat covid-19. that's probably why you are seeing the stock move on this. you know, gilead -- a lot of people come into question about gilead's growth prospects. many pointed out that remdesivir is considered to be a important part of its growth prospects full approval plays into that for the company. >> remind everyone, this is one of the drugs that the president was given, though not the one that was given the most credit for his recovery >> that's right. so the president was given regeneron's experimental antibody treatment first then he was also given remdesivir and dexamethasone the president himself credits the antibody treatment most with his recovery many expect because it was given

early it was helpful for him but he's just one patient. so we don't know. >> feels like when i talk to medical professionals, meg b remdesivir they say definitely helpful, not necessarily a sort of game changer. it can be used in combination with thears in a and treatments for covid-19 used with steroids and used with the antibody treatments as the president received even though the stock is getting a nice pop, this is a stock that's trading at multi-year lows what has been the problem with gilead why not more enthusiasm around remdesivir like we have seen in some of the other treatment and vaccine stocks. >> the problem for gilead is really separate from remdesivir. it is really that the company has a couple major franchises, hiv and help sites c drugs and it is not clear where major growth for the company is going to come from remdesivir is seen as a

potentially important krifr there. but there is equivocal data on the world health organization study that cast doubt on it. and the nis trials support its use. now, it is only so far being used in hospitalized patients. and the thesis about the drug, based on the way it works is it would be more helpful earlier in the course of the disease. gilead is working on ways to do that, including developing an inhalible version of the drug so they couldate administer it earlier and outside of the hospital but we will have to see how that goes >> now it's just through an iv; is that right? >> that's right. it's an infusion that you get in the the hospital. >> meg tirrell, thank you very much also news on matel earnings are out the stock is soaring let's get to eric chemi with the results. >> the stock is up big time. it was up double digits when the earnings came out.

earnings per share 95 ajusted to street estimates, 35 cents on average. the highest analysis was 50 cents. a big beat on the revenue side, 10% better than the average system, $1.63 billion in the quarter versus a $1.46 billion estimate guidance will come on the call the company is seeing low invenn stories and growth in dolls, games, building sets you name it. a big beat this quarter for matel. sara, back to you. >> you need to buy a lot of toys if you are stuck at home with your kids i guess is the takeaway, eric, which you would know about as well as i would. >> you got it. >> stephanie, thank you, stephanie link, steve, appreciate it. up next, much more on intel's earnings report as the stock takes a dive here in after-hours trade. plus an exclusive interview you won't want to miss with the ceo of kimberly-clark. that stock fell hard after earnings this morning.

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shares of intel falling sharply on the back of q 3 earnings, revenues beat expect igss, eps was in line with estimates. joining us stacey ragson >> the numbers were in line. people were expecting a material beat on both of those, i think, given the strength of pcs.

an in-linish kinds of quarter isn't good enough under the best of circumstances the circumstances are not the best here either you start digging there is almost no good news. server asps have collapsed, two others collapsed this is like the beginning of the bear thesis writ large embedded in the numbers here overlaid with kinds of an overall you know sort of in line in line which is not enough given where expectations were. >> why is this happening stacey when some of its more immediate competitors like amd are doing so well right now. >> they are probably not existing in a market amd reports next week. we will see how they are doing already, even before this, amd was calling forgrowth in the second half and intel was calling for declines

you also have uncertain about the process technology, i don't know how that is influencing customer decisions and road maps right now but it can't be a good thing. that was their moat for many many years that is now gone it doesn't seem to be able to stop any of the other issues that they are facing right now >> two consecutive disappointing quarters. >> yeah. >> what are you listening for on the call >> say that again. >> what are you listening out for on the call? >> you want to dig into the quarter and find out what is going on with gross margins and server asps, server pricings those are both important critical issues impacting the near term. we also want to hear any updates on the process technology. i am not expecting any i didn't see anything in the release on that we will see if they have anything to say. right now i don't think they have a plan. and i think the current trajectory of the business is heading in the wrong direction

doesn't look good. >> thank you for joining us. >> after the break, the appetite for risk keanlires wnmi sto bakdo the surprising chart with how comfortable investors are at the moment with risky bets as a remind you can always watch or listen to us live on the go on the cnbc app. stay restless with the icon that does the same, the rx crafted by lexus. lease the 2020 rx350 for $409 a month for 36 months.

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welcome back let's get over to mike who is looking at some investmentor sentiment and indicators mike. >> to start with, goldman sachs is a comprehensive attempt to calculate what investor risk attempts are based on bonds, foreign exchange, equities right here is where it last traded, the risk appetite indicate oork. it is only higher in the last couple of years at the very beginning of this year there are a couple of periods, though, like 2017, 2013 where it did hover at higher levels what was happen willing is this the perception that the economy cleared its way past some huge challenges nominal growth was increasing and credit rallies with stocks it can get higher but it makes the case for when there was a huge wall of worry out there this was the biggs aversion to risk we have seen in many years.

look at this poll. you have bulls which is in the orange here nosing above bears for the first time this the longest stretch ever where you had bears basically exceeding bulls. it has been 30-something weeks basically back to february what does that mean? it doesn't mean everyone is too bullish. i just means this crowd, which has been reluctant to embrace the rally and really stubborn in the negative view has just come up towards something like neutral. i wouldn't say it gives you a directal indicator but it makes it harder to say that everyone is outright fighting this rally at least in the last couple of weeks anyway. >> mike, how rare is it that we have such a long run of bulls being below bears yet record highs in the stock market? >> that would be pretty much unprecedented because the previous was 1990. this goes back to 1987 we were not at all-time highs

during that phase although we got there shortly thereafter i think that's the mismatch right now. this survey is not the most skichlkt it skews toward an older retail audience that has had their nest egg challenged a few times. it is a rare show of caution out there in the face of strong markets. >> it doesn't capture the robinhood crowd. >> not in the least. >> see you in just a few. still ahead, shares of consumer products giant kimberly-clark finishing lower today after posting softer results certainly on the bottom line we will lk wtaith the ceo about his outlook going forward and whether he expects customers to start stocking up again on essentials as we head into the colder months. we'll be right back. at fidelity, you get personalized wealth planning

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when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. shares of consumer giant kimberly-clark finishing the day lower by nearly 7% after reporting mixed q 3 earnings this morning missing on earnings, beating on revenue. raised its full year outlook despite finishing lower for the day, the stock rallied almost 23% from the march lows. joining us, michael hsu, the ceo and chairman. >> thanks for having me on. >> the market reaction today, was this a case of just elevated k3789ations given your sales increase around the pandemic

or does it speak to some slowing of growth? >> well, i think we feel good about our performance. generally, sara, we feel good that we have healthy brands around the world our consumer business delivered strong performance on the quarter. we were improving our market positions around the world and investing to ensure that we can have long term healthy brand growth for instance, i will tell you our consumer business in north america was up about 8% in the quarter. and in developing markets our consumer business was up over 7% we feel good about the underlying components of our brand. you know, certainly we had some challenges in our professional business which is dependent about what's going none the overall business environment particularly in the u.s. >> when does that come back? do you have any projection >> well, i do think a lot of it has to do with the covid

environment. so i think when you are asking that sara, you are asking me what do you think is going to happen to covid? i am not the exert on that but we are following all the published forecasts very closely and we are actually managing our operations to keep our employees safe and so on a location by location business around the world -- basis around the world so what i will tell is you given what we are seeing and reading, we do expect at least the first half of next year to continue to be a qucovid-like environment where more will be working from home and business is softer. overall, a bit of an increase in consumption on the consumer side and obviously a decline on our professional side. our washroom business for the quarter was down 35% although our team is doing better than that i think our overall business performance for the year is down 15%. >> let's talk about what consume

remembers doing at home. clearly, all those segments went up for you, tissues especially very strong. how much of it is the stock up around the pandemic mentality? does that growth continue to slow as we hopefully get past this pandemic and get to a vaccine? >> yes, sara, i think we are largely a -- effect and really into what i might call term consumption or regular consumption. what i mean is i do think we saw a spike in the first quarter and into the second quarter about consumers wanting to have more in their pantry. i don't know if you have more in your pantry but most people i talked to are keeping a higher inventory level at home. that said, i think we are seeing some reversion of that overall the math of it is with people working from home more, it increases occasions for certainly bath tissue usage and towel usage at home, and we are

seeing commensurate growth rate. year to date bath tissue categories are up over 20% for manufacturers like us while we can produce enough to go around and serve everybody we can't produce it in a short time period because of youth myself liesation. it is like the proverbial bank run -- it is tougher to support a bank run but we can make it with plenty of capacity for the long term. >> mike, once we get through the worst of covid, do you see it more plateauing for those sorts of products? i saw one headline writing up your numbers that you face the toilet paper and bleach unwind it is not that bad, is it? >> i don't know that i see an unwind yet i mean, especially, there is a one time stock up effect that i don't think will continue to repeat itself. but for as long as we are in the work from home situation wilfred

i think we will see elevated levels consumption at home and there will commons rattly, if all the population goes back to work you would see a commensurate decrease at some point. but i think that that probably is somewhere, as we were just talking about, depending on what your belief is on the covid environment, but i think we are well into next year there. >> you were just talking about toilet paper stock ups and capacity it really felt for a moment there like we were going to run out of toilet paper. is that a risk, if we have a second wave? if we have to do second lockdowns and people start to stock up again on toilet paper what is it about toilet paper also >> no, sara. there -- i think there is very, very little risk that we and other manufacturers will run oust supply. there is capacity to meet consumer needs certainly in the u.s. and in markets around the world. i think where the pressure came in is you know when you have a 30% bump like we saw in q 1 that

happened in a matter of four weeks. it is very tough to get assets to kind of -- you know, to respond to that acceleration in that short of a period of time overall, you know, we feel very good we have upped and increased our capacity and you know, by getting more efficient in the products we are make theoretically, we are producing a lot more product this year than we historically have. >> diapers question about huggie's do you anticipate we are going to see a pandemic baby boom, and with that, increased demand? >> sara. i hope your little ones are doing well i think there is mixed thoughts on that. one is, you know, the last birth rate data that we saw -- it is dated. it is at least six months to a-year-old but it would say that births are down about 1%, which is an improvement over the prior couple of years in the u.s. of down about 2%. then you know you probably read the same articles that i might

see, hey, there is going to be a baby boom because with people at home, you know, that tends the drive booms. and other side, given economic pressure, there could be a decline. i think both things could happen you know, certainly, we are working with the data that we have available and really, our focus and our strategy is we believe there is growth in both developed markets and developing emerging markets. for developed markets we believe we can premiumize the category by creating better value-added products for our consumers that are worth paying more for. as you are well aware, we feel like there is huge opportunity for us to continue to grow by building out developing markets. that's why we made the acquisition of -- in indonesia because it is exciting growth

moment for news we are certainly going through a lot of diapers here at home thanks for unlightening us and giving us an market update didn't say whose diapers. >> not a brand endorse men there from sara. >> just a diaper endorsement. coming peay speak with the ceo of adaptive biotech, working with am skren jen to microsoft to lab corp. gilead, the stock higher after the fda approved remdesivir as a 'lbeigs eaentmt. wel rht back. turn on my tv and boom,

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time forea cnbc news update with sue herera. hi, sue. >> hello again, wilf hello everybody. in recent days russian hackers have broken into state and local computer networks potentially giving them access to u.s. voting infrastructure according to reports in the "new york times. the paper says intelligence sources think russia could try to help president trump by creating confusion around

election results, especially if it turns out to be a close race. former new jersey governor chris christie in a video appearance during ohio's daily covid briefing said he was lucky to survive his recent bout with the disease and people should take the threat very seriously sno don't let your guard down. it's not worth it. i went through it. i made a huge mistake by taking that mask off. and it is something that i hope no other americans have to go through. >> because it wore difficult to keep santa claus and the thousands of children who come to see him each year safe amid the pandemic st. nick will not be appearing at macy's flagship new york store this year he will, however, still be seen at the ends of this year's scaled back tv version of macy's thanksgiving parade. you guys are up to day sara i will accepted it back to you. >> sue, thank you. up next, the fight against covid-19 a key panel meeting today to

discuss coronavirus vaccines ask. there is a lot at stake as companies are wrapping up their stage three trials we will discuss it with the ceo of adaptive biotoke a company working on an antibody treatment among other factors of the covid-19 vaccine intel shares plummeting after hours after its earning report

biotech company gilead just announcing the fda has approved remdesivir as a coronavirus treatment this comes after the fda granted emergency use authorization of the drug back in may another company working on a covid-19 treatment is adaptive biotechnologies. it is hunting for the company calls the michael jordan of antibodies joining us now is adaptive biotechnologies ceo chad robbins. chad, there is a lot of hope for the antibody treatments. how is the one you are working on different than regeneron and lily's which are already in line for emergency use authorization from the fda >> yeah, sara thanks for having me on the show with regeneron and eliologicaly they had to optimize for speed and they were up and running with their antibody and moved quickly into human trials. what we did was on the myselfed to find the best set of antibodies what we were able to do is look

at hundreds of patients and literally screen hundreds of thousands of antibodies looking for the michael jordan of antibodies the key here is to be able to deliver a very potent antibody as a very small dose this is coming along quite well. >> what stage are you at when might you get that emergency use authorization or more >> well, the sciencest at adaptive biotechnologies have been working night and day since the pandemic hit in march. we are at the point right now where we finally characterized a set of antibodies that we believe are extremely potent the next step is to work with our partner to manufacture and commercialize these antibody and get into human trial i will acknowledge, we won't be first, obviously, but we do believe that this second wave of antibody therapeutics might have the potency at a lower dose that could provide a broader efficacy to the patient population. >> how do you see that being

used it sounds like this is going to be a 2021 story for you. sit preventively is it in mild cases? or severe cases, as it is being used right now >> i think it potential across the patient care continuum, professional lackically to provide temporary immunity the front line workers and also in the very severe hospitalized cases. i think there is really an opportunity for a broad spectrum of use cases for the antibody erpt thattics. >> you are also working on various tests, particularly one focused on tc response, what's the latest there >> we are working with our partner, microsoft, taking a step back and putting this into context, whereas most biotech companies are looking at a single disease or a couple diseases at a time what we are doing is looking at the underlying genetics of the adaptive immune system and turning that into data it is being used for diagnostics

and for therapeutic purposes across a broad spectrum of diseases coronavirus, the immune system sees it just like it would any other disease. we turned with microsoft to map the t cell response to that disease. t cells are capable of seeing what is inside of cells. whans the virus guest knost of cells it starts mass producing these cells. and only the t cells can see what is inside these tells and adaptive and microsoft technology made a code that see what is is inside of these cells. now we are able to use the technology to create a set of tools for vaccine developers to better understand how their vaccines are working whether they are going to provide durability, whether their patient needs an additional vaccine boost and we are working with the fda to provide the

first t cell test in emergency use authorization for the virus. >> thins. >> thank you for having me on. up next, brace years we are talking the treat trade, a markible beauty -- taking hold during the pandemic. we will brush you up on it after break. instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

time now for the moment of truth. some stocks giving people reason to smile up 25% in the u.s. and 34% internationally. align saying -- and it translates to other stocks as well upgrading dentsply --

and p & g which makes crest said their oral segment grew double-digits. and the electric toothbrushes grew more than 25% there is something going on here, whether it is the zoom effect, people wanting to feel and look good or maybe they are just not going to the dentist and having to take care of their teeth on their own it is causing quite a boost for an unlikely segment of the market >> maybe all of it there has to be reallocation of the household budget, not spending as much on cloethes, no as concerned how you look from the mouth down i don't know if you have been to a dent tills since things have reopened, but they seem pretty busy it is not that big of a change

in terms of the overall procedure. i think invisa line may be getting more business. >> the trend is real, but that zoom calls are what inspire people to want to fix teeth as opposed to seeing people in person in the office surprising but the most of tooth might be the best play on words we have ever had did you come up with that? >> it was a team of producers going back and forth all day because there were just too many puns and phrases >> i love it the moment of tooth. there we go. align technologies up. >> it is a moment. >> it is indeed. up next, a look aatll of today's action and key things to

watch in a key trade

a quick check on some big movers we start with earnings

in the meantime mattel shares jumping. growing 10% in q three and shares of gilead moving high after remdesivir was approved for treatment of covid it was not formally approved until this afternoon and is up in after market trade. >> the yield move was significant. >> it has been the story we are making a fair bit about it it does have momentum. but at .91% in early june. the question hovering over the markets, will it be the way the june experience went, a lot of

enthusiasm for cyclical stocks, the idea the market will reopen quickly. everyone thought that would be the style shift and then we had reversion back to slower growth, secular stocks i just want to raise the possibility that these moves don't always end up being perfectly predictive of how things play out. >> i want to mention mattel. you mentioned dolls. it is barbie it has been 62 years the brand grew over the quarter. tomorrow we will not just get earnings movers. we will get pmi. manufacturing is always a good tell on future performance on the economy. there is a question mark on whether the momentum in q 3 is

slowing down >> supposed to be a good number, 53, 54, showing expansion and has been strong in the market in terms of cars. besides barbie, games and puzzles, you couldn't find them in stores because everyone was stuck at home. >> it's not just ipad. >> we will have more coming up next on "fast money. >> i'm melissa lee and this is "fast money. tim seymour, guy adami, karen finerman, and joe terranova we are looking for gilead to pop on fda approval of remdesivir. and later, mall madness in shares of gas. what the retailer said about the future that sent it flying off