>> maybe i'll paint something, scotty with sherwin williams paint. they're going to report next week that was cheesy, i know. >> that's all right. >> they're going to report next week they're 6% off their recent high at 26 times forward earnings, i like this name >> good stuff. everybody, have a good weekend we're watch stocks down modestly across the board we'll see you next week. "the exchange" is now. >> thank you, scott. hi, everyone on this friday. here's what's ahead. there were lots of claims in last night's debate about the state of the u.s. economy. we'll get a fact check and see who's doing the best and the worst right now. plus, hot demand, hot prices, and hot stock prices for the home builders. why one analyst thinks a scorching hot housing market is sustainable. and intel's big slide. an uber blow in california and how the election could goose the muni market. that's all ahead, but let's start with the state of play this hour. rahel solomon has the latest on these markets for us rahel? >> kelly, tough way to end the week, with stocks hitting their

session lows here in the last hour, as doubts over imminent stimulus resolutions reemerge. we'll get to the screen in a bit. session low was 190. intel is the biggest lager some of the chip stocks are getting caught up in the intel fallout, micron and lam research under pressure today there are a few bright spots in the chip space and finally, regional banks using a bit of steam, but still finishing the week on solid footing. and that's on a month-to-date basis. on track for its biggest gains since 2016 kelly, we will see if these gains, they can hold on to those next week. i'll send it back to you >> it's been such an impressive move in those regional banks, rahel, appreciate it rahel solomon. meantime, with just 11 days left until the election now, those presidential candidates traded blows on jobs, the economy, and more in last night's final

debate let's see if their comments are grounded in reality. steve liesman is here with more on that for us hi, steve. >> kelly, from taxes to tariffs to jobs, the presidential candidates debated issues that ended up having a profound effect on the economy in years to come. let's start right away with the back and forth on the controversial issue of a $15 minimum wage >> what's going to happen, and what's been proven to happen, is when you do that, these small businesses fire many of their employees. >> there is no evidence that when you raise the minimum wage, businesses go out of business. that is simply not true. >> okay, the congressional budget office in 2019 finding boosting the minimum wage to $15 would result in 17 million people getting higher wages and 1.3 million workers becoming jobless. about an equal number would be pulled out of poverty. on the issue of tariffs, president trump said, quote, china is paying, they are paying

billions and billions of dollars. well, most economists agree the burden of tariffs fall primarily on the importers in this case, that's u.s. consumers and companies. but it doesn't pear that former vice president joe biden will be quick to eliminate these tariffs in any event, and on the issue of the trade deficit with china, former vice president joe biden said president trump has caused the deficit with china to go up, not down well, depends on when you look at it, but the trade deficit with china fell by roughly, a very small $2 billion from 2016 to 2019. it did, however, hit an all-time high in 2018 one more point here, the president again repeating that he had the best african-american unemployment rate. while this was true, it needs some context take a look. african-american unemployment falling by 6.2 percentage points under president obama. it dropped a further 2.5 percentage points under president trump before the pandemic so at this point in the administration, it's 4.2 percentage point higher because of the impact of the pandemic. how much president trump was responsible for the decline to a

record low or responsible for the recent surge back into double digits and whether joe biden can do better. kelly, that's among the things voters will decide in 11 days. >> steve, there's something very important you hit on in laying all of this out. to some extent, it's the core of trump supporters that fared least well if you look at what's happened with the farm economy and some of the manufacturing impact from the trade wars, those sectors have not benefited as much as the -- and again, to your point, it's not the president's objective, it was the means. so there's been four years now for some of these supporters to say, i'm not sure this is working for me, whereas if you look at the african-american and hispanic and unemployment rates, we've seen these polls numbers go up now because of what you're describing who knows if it's going to be enough to push him or biden, whomever it pushes over the finish line. but there's a really important shift there that you're

describin describing >> kelly, people don't necessarily vote their pocketbooks, as you know in my talks with people on both sides, first of all, some people say, yeah, president trump may be "x," "y," and "z" but they don't necessarily see former vice president biden as any better at those things that's one thing the coal economy is a good example. the coal resurgence never happened that's another issue where you can imagine, is west virginia going to go for biden? i doubt that the farm economy has been badly hit. i doubt that you'll have some of these farm states going for former vice president biden either >> absolutely. certainly more goes into this, but in an election like this, with every vote, the margin will matter, these are factors that will certainly weigh on that steve, thank you very much steve liesman. president trump and steve mnuchin, they were commenting just moments ago on stimulus

we saw it move the markets to session lows we've got more details on it now. let's bring in ylan mui. ylan >> reporter: the politics of another package are looking harder than ever president trump just speaking to reporters at the white house, accusing house speaker nancy pelosi of not wanting to send aid to americans before the election and the treasury secretary, steven mnuchin indicated that the two sides still have a lot of ground to cover >> we've offered compromises the speaker, on a number of issues has still dug in. if she wants to compromise, there will be a deal but we've made lots of progress and lots of areas, but there's still some significant differences that we're working on >> reporter: president trump also reiterated the point that he made last night in the debates, which is that he doesn't want to bail out blue states now, we knew that state and local funding was one of the outstanding issues in this today, we're hearing both sides

say that there is still that deal to be had, if only the other side would just give in. and kelly, i don't think that's going to happen in the next few days back over to you >> yeah, somehow, deals like that never happen. yeah, yeah, if the other side just gives in, we're going to be fine yeah, if only. ylan, thank you very much. ylan mui in washington as i mentioned, stocks did hit session lows as those stimulus hopes are fading somewhat but my next guest says this economic rebound will continue no matter who gets elected michael, i'll start with you this comment of yours is striking you say increasingly, the market seems to be less and less concerned about the outcome of the presidential election. you sure about that? >> no, i'm not sure about anything but i suspect that probably what will happen is there'll be a stimulus deal. whether we have one before or

after the election, there's going to be a stimulus deal. you're starting to see wall street come out and talk about what's going to happen if there's a biden proteesidency versus a trump presidency. i think there's going to be more money pumped into the system i think it's going to be more than $1.5 trillion and so i think you're going to see a tremendous, tremendous amount of money pumped into the economy and i think that's going to be a positive on a net basis for stocks >> yeah, and bryce, i know you also think that as we mentioned, that this economic rebound will continue regardless of who gets elected. is there similar kind of reasoning like michael was just saying >> a little bit. i think that we will not get a stimulus deal before the election, though because politicians, it's just too tempting for them to use it as a bludgeon against each other. but once the elections are over, i think they'll go back to caring about the people that are

losing their jobs and the country as a whole and we'll get a stimulus bill. and we don't need a lot. we need enough to get us over the hump until a vaccine that's widely distributed at which point, the economy are rebound in 2021, probably as strong as it ever has in our history. regardless of who gets elected and so today, you know, investors need to start transitioning their portfolio in anticipation of that now >> i know, also, bryce, that you like the stock market here, you like parts of the corporate bond market, like those that aren't really in the indexes. muni bonds, we'll talk about that later, tips michael, let me ask you where you would have investors positioned we often talk about technology i know you're a fan of the sector, but you also see financials are a place people can stick with, right? >> yeah. i have a slightly different opinion. i don't think we're going to see quite as strong of a rebound as some are thinking. i think we'll have a muted rebound. i still think in the end, regardless of what we want to

think about the cyroronavirus, it's going to be around for a significant period of time not only here, but on a global basis. so for that reason, i think if you're going to be positioned in equities, you want to make sure you have high cash flow or your dividends look really good right now when you consider how low ten-year treasury rates are right now. and i think you still, of course, want to have tech. and i think financials are really, at this point, people are very concerned about net interest margins and i think financials have been really an unloved sector, as i'm sure your viewers know but i think that when you have the kind of dividend rates that they have, as well as the financial balance sheet strength that they currently have, i think there's some opportunities in financials you should not ignore >> bryce, any specifics you'd leave us with? >> i think that that pervasive pessimism explains why four out of five economic data numbers

that have been coming out for the past few months have been overestimated. people have this dark cloud over their head and they don't realize that people are figuring it out people are doing better than you'd expect the service number that came out this morning, better than expected it's just going to continue. it's not going to be fantastic, but it will continue to be better than people expect. there's like this dark cloud over everyone's head it's like becoming institutionalized with this covid nah tefatigue. but that's going to dissipate and things will get better than expected they may not be perfect, but far better than people are thinking. >> all right and i know you think that's why investors think they can stick with the stock market in some of those other areas that you mentioned. thank you both today have a great weekend >> thanks. coming up here on "the exchange," we'll talk about one really hot sector of the market. it's the home builders the etf is up more than 73% in just six months. is it too late to get into the sector our next guest says there's one stock that could rally 24% from

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welcome back weekly mortgage relief numbers are out. day continue to get better, but there is more to the story diana olick is here with those details for us diana? >> yeah, kelly, the numbers are improving, but we're definitely not out of the woods yet the number of borrowers in government or private sector covid-related forbearance plans fell slightly down by 11,000 this week compared with last week fannie and freddie loans in forbearance dropped by 14,000 and bank or privately securitized loans fell by 2,000. but those were offset partially by an increase of 5,000 loans in fha and va bailouts. so total, as of october 20th, nearly 3 million borrowers remain in active covid forbearance plans. that's about 5.6% of all active mortgages. and 80% of those still in bailouts have had their terms extended as for the picture for the homeowners, it continues to improve, but that is not the case for renters, as more of them are struggling to pay their rent 10% of renters, in fact,

surveyed by the u.s. census said they had no confidence, zero, that they could pay next month's rent and a new report from the philly fed estimates that 1.34 million renter households will owe a collective $7 billion in rent buy december of this year, which is around $5,400 per household and this, of course, is all a result of pandemic-related job losses, which have hit renters much harder than homeowners, kelly. >> and it's a good reminder that even as we're talking about how strong the housing market is, this segment is much weaker. and what happens in january when the eviction moratorium expires? >> the cdc put that moratorium in place, but updated it just last week saying that landlords could start the eviction process, but not remove the tenants from their home until january. but that means come january if these renters still haven't paid up, they could be kicked out almost immediately and they are the ones who have

really been hit hard by job losses and while homeowners have gotten this bailout with their mortgages, they can tack it on to the end of their mortgage, the payments they've missed, renters get none of that nothing. >> right they would probably need another act of congress to delay from that happening en masse in january. diana, appreciate it dinah olick. let's talking about what's going on in the housing segment. sales of existing homes last month were up 20% annually to their highest level since 2006, the housing bubble if you combine the sales pace with the number of homes on the market at the end of the month, it was less than a three-month supply, the lowest inventory level at least 1982. so what's one way investors can play this trend? check out shares of pultegroup, the stock is down 13% from its record high last week, and one analyst is telling investors, it's time to buy this dip. joining us is mike dahl, an analyst who covers home builders there. mike, it's good to have you. and with pulte in particular, tell me why you think that this

housing demand, just these blockbuster numbers that everybody keeps putting up, why you think that's sustainable >> thanks, kelly, for having me on on pulte, this is down 13% from the recent highs at the end of the day, this is one of the best in class businesses that management teams, they've got a great position on land they have a great position of pushing pace and price with margins and return on equity and they're restarting their buyback program in the fourth quarter, so we think that this pullback is healthy. there were some froth out there alongside, as you've noted, this incredible stretch of growth but now with this pullback, we do see it as an attractive opportunity. >> you know, it wasn't until this year, correct me if i'm wrong, that pulte shares finally took out their housing bubble levels that was before the pandemic, actually they got back to those levels kind of late summer, early fall.

so your price target is just -- a couple bucks above where we were, just a few weeks ago, really so i'm curious a little bit about what was happening yesterday. the company reported a fourth quarter delivery number that was a little bit shy of analyst expectations and it took the whole sector down pretty sizably. what does that tell you? >> and coming into this earnings season, you've had extremely evaluated expectations and a little wiggle on the ten-year hire, and that's made investors a little on edge the company rightly tried to temper some of the more extreme enthusiasm that's out there, certainly still speaking to very strong demand trends and margin trends, but recognizing and trying to communicate that there are supply constraints from a production standpoint. and that's kind of what's limiting some of these numbers in the near-term, so, you know, a combination of high

expectations, a little bit more tempered than people hoped for, you get this pullback. again, that's where we think you could step in. >> mike, how long in general do you think this building boom is going to last? >> that's a great question i think the fundamentals are really in place assuming the economic picture continues to improve. there's certainly some hope that we kind of hockey stick up out of this recovery in terms of housing leading the way. but from our standpoint, there were a lot of constraints pre-covid around land, around labor, really limiting the growth in any given year those haven't disappeared post-covid in anything, things like permitting have become more difficult. so we subscribe to the idea that we're going to be in more of a stronger for longer, where we may not see this hockey stick-shaped recovery and growth, but we could return back to the kind of high single digit to double digit level of growth for an extended period of time

which we view as fairly healthy. >> oh, sure, that would be much healthier, certainly, than anything like what we saw back in '05/'06 very different this time around, but still encouraging that maybe it can last for quite some time. mike, thanks for joining me. appreciate it. >> thanks. >> mike dahl is with rbc capital markets. again, he has a $53 price target on pulte coming up, it's a blow to uber and lyft in california as a judge rules against them on how to classify drivers. will they get bailed out at the polls in less than two weeks we'll ask. and bank of america out with stocks they say could see a year-end rebound after tax-related selling. we've got those names, coming up at calvert, we know responsible investing is hard.

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welcome back to the skpa the exchange a little off the session lows. and the s&p has just turned back positive the nasdaq is down by nine in terms of the sectors, communication services and materials are your leadership today. energy and technology, those are lagging behind and here are some of the movers, we're watching boston beer soaring despite a revenue miss earnings and guidance did come in above estimates and you guessed it, strong seltzer growth, and strong seltzer growth one of the tailwinds shares are up 14.5%. shake shack is moving higher on an initiation to outperform at

oppenheimer. they're saying it could grow to three times its recent size. and finally, take a look at snap this stock continuing its monster rally following earnings earlier this year. it's now up 53% in just the past week >> here's what's happening at this hour. we begin with the leaders of israel and sudan on speakerphone in the oval office a bit earlier today. president trump announcing a deal to move towards normalization of relations between the two countries. sudan is the third arab state in a u.s.-brokered deal with israel and trump says there are more to come as europe faces a new wave of coronavirus cases and deaths, denmark's prime minister announced today she will make face masks mandatory in all indoor public areas. she will ban the sale of alcohol after 10:00 p.m. and lower the amount of public gatherings.

handwritten speaking notes from adolf hitler are on the auction block, despite concerns that the auction could encourage anti-semitism or the items end up in the hands of neo-nazis the collection includes notes scrawled with recognizable phrases including, quote, "the jewish problem," and "work sacrifice," along with initialled pots from hitler's personal tea service you are up to date, kel. that's the news update at this hour i'll send it back to you >> that seems like a really bad idea >> yeah. >> sue,thank you very much we appreciate it, sue herrera. let's talk about bank of america seeing a key tax deadline at the end of this month for institutional investors, that could present an opportunity to buy some of this year's worst-performing stocks. now, among them, are energy company phillips 66. its stock is down 55% so far this year, ouch! the year high was just around 120 per share. we're down about 60% from that level. also, las vegas sands.

the stock got a boost from its latest earnings report, but still down 27% for the year. the year high was $74. we're off about 32% from that price. and rounding out the list is ge. the stock trading around $7 right now. it's down 30% this year. its high was 13 bucks. we're down 42% from that level for more on bank of america's call and the rationale behind it, you can head over to cnbc.com/pro ahead, intel's chip wreck, good news from amex, the barbie boost and people flocking to new york city. all that and more is ahead on 'rba ia fi."ion of "rapid re wee ckn couple ♪ ♪ ♪

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

welcome back let's catch you up on a couple of stories that should be on your radar today it is time for rapid fire. here with me are jon fortt, deirdre bosa and michael santoli. and next up, it's the biggest drag on markets today. shares of intel plummeting after reporting disappointing third quarter results. especially weakness in its data center business. and confirmation we won't see its next-generation chips until 2022 at the earliest shares are down 20% on the day

john, you spoke with ceo bob juan earlier he shed any light on the situation? >> it's not as bad as it sounds, but really, it's that businesses enterprise, that business and government, that was weak. what was really strong is the cloud business, but, you know, the margins wi, the profits are notedno ed a good on the cloud side. the pc business, still as strong, but people are buying those bargain pcs, more for education than the road warriors it's that margin issue, that profit issue that really has investors disappointed >> but what do you make of -- what's his -- you know what i'm talking about, the analyst note today that says, john, this is bad news stacy rascon of bernstein. i think he's the number one chip analyst on the street, we've talked to him a bunch, but this is not a guy who sounded reassured by all of that >> yeah, analysts get some right, some wrong. i think the big overall picture

and question is, can intel pivot from this story that they used to have where we are this manufacturing juggernaut that never gets that wrong to all of a sudden, they're talking about outsourcing 7 nanometer and making that call in 2021 if they outsource it, can they maintain margins enough? can they maintain market share enough and churn out chips and remake their story that's still possible and the demand overall is there. we'll see how it emerges in the enterprise after the pandemic. >> and mike, maybe we can kind of take a step back and again look at the performance of intel relative to nvidia, relative to amd. and i understand that the latter stocks are trading at eye-watering multiples but when you can put up eye-watering growth, intel is in danger of being a value trap >> well, it has proven that in the last couple of years, anyway the relative performance of intel versus the rest of the semis has never been worse went back 30 years and showed that it is cheap, and right now the market doesn't necessarily love

cheapness. not just in semi-conductors, but anywhere but, you know, it's not exactly as if this is a broken business, even if intel and johnson is kind of sidelined for this particular products. so i think that's going to be biggest question i saw a fund manager make a comment that intel guessed right repeatedly for 40 years and kind of guessed wrong on this one kind of tortuarchitecture issued that's the question of what do you pay right now for them to get that sorted out and ride the industry trends again? >> it's well said and one of the more fascinating once to look at these competing businesses and see that these are short-term moves or really big shifts in what's happening out there speaking of big shifts, let's talk about california an appeals court ruling that uber and lyft and this comes less than two weeks before voters in the state are asked whether or not to

exempt ride-sharing companies. uber and lyft have 30 days to comply while the appeals process wraps up uber was up 7% earlier this week, i think pending on what looks like a favorable outcome from the ballot box here they're not selling off today. how much are they expecting voters to bail them out here >> well, part of that pop earlier this week was also on the chinese ride-sharing company's valuation. but, yes, some of these regulatory issues, they're starting at least to reach the finish line, to start to get cleared up i don't know how encouraging that is, but we had the california ag on "squawk alley" this morning he brought up a really good point. prop 22, that's what we're all looking for, in two weeks, that ballot initiative that uber, lyft, and a few other gig companies have spent so much on. it's the most expensive ballot initiative in california they're trying to convince

drivers and voters to keep the current status as drivers as independent contractors. the ag brought up a good point, what if they had spent all of that money on their drivers? if that does not go in their favor, and that is still far from certain what the youm will be they may wish that they'd spent that adjusting their business model. we don't know what they're going to do if they have to reclassify their drivers, but we do know that that would cast the companies a lot of money and upend their entire business models >> i heard that interview. it was a good one. and you know, carl asking, what happens if this doubles ride sharing costs in california, for instance john, the ag also suggested if that drivers want to stay on as independent contractors, they would have some choice in doing so do we know what the odds are or what the polls are saying about the likelihood of this passing for them right now >> last i saw, prop 22 looks likely to pass and that would be good for the gi economy companies in a way, this whole court thing, it doesn't matter it comes down to what the voters

decide here. and i see where ag becerra was coming from with the amount of money spent, but that little amount of money, and it's in the millions, so it looks big, but it's nothing compared to the costs that these company would have to take on if they're forced to classify these drivers as employees it's just no context it sinks their entire business model. they can afford to pay for that ballot initiative. they cannot afford that business model change >> one more comment on this, john, but if uber and lyft are exempted from this law, which was basically meant to target them, then doesn't it seem unfair that everybody else who isn't as deep pocketed or as well known or doesn't have the brand name, they still have to comply doesn't the fact that voters are saying, well, we don't want this outcome suggest that maybe they don't want the outcome of the whole approach of the law? >> well, not really, kelly, because uber and lyft and those gig economy companies, they're about the only once left targeted by these things if you look at the list of all of the different job categories that were already exempt, really the law was targeting these

specific kinds of companies. i think that really what this comes down to is, there are certain worker protections and safety nets that need to be brought in there, just for the sake of hard-working people who are looking to make a living i don't know if classification as employees really addresses that issue >> right, no, it's a huge one, absolutely there are lots of other proposals out there as well. but that's a good point, that the exemptions were already soaring. so anyway, shares of uber and lyft are marginally higher today and we'll see what happens in 11 days' time shares of mattel are much higher after a big earnings beat and a strong holiday shopping outlook. they're getting a big boost from barbie sales they were up 29% in the third quarter. the biggest jump since 2003. mattel says parents are using these toys to keep kids occupied while stuck at home and dach.a. davidson is bullish. the firm just upgraded mattel. the shares are up nearly 12% today. but is this just a one-time

thing. yeah, i understand everyone is stuck at home and playing with barbies this year, but is that a reason to permanently rerate the stock higher >> i don't think about permanent rerating, but this does round trip the stock back to where it was right before this crash. it doesn't really bring in many years of this kind of revenue. and i do think there's some confidence, especially in some of the analyst commentary that at least going through the holiday season, this momentum should carry on. inventories are lean and you now have families in this mode where it seems very obvious that $20 or $30 or $40 for a barbie set is a small price to pay to keep the kids occupied, especially when you're probably newly focused on how much screen time they're getting. maybe there's a little bit of a rejuvenation of this style of play the other thing i would mention, games, they called out pictionary and uno, because if you went to a store and tried to find games and puzzles, they were sold out for months >> those are two of my favorites

from growing up. >> kelly, i brought a guest on i have intergenerational proof right here that barbie may be able to stand the test of time canadian thanksgiving, i know a lot of people don't know what that is, it comes before american thanksgiving and it already happened, my niece gave this to my 2-year-old daughter it may be a hand me down, it's not elton john barbie, which i know hit the shelves this week, but the point is that it was passed down. and she's playing with this now. she may demand more barbie things in the future and i know you've got boys my son, too, when he was a little bit younger, he loved the barbie cars. for some reason, mattel is able to make these toys that withstand generations and the test of time and you know, i'm seeing it myself >> i love it >> kelly, two years from now, the yard sales are going to be amazing! that's all i have to say about that >> yeah! i'm going to wait until then my anti-barbie is showing pip never was into it growing up but mattel's ceo will join "mad

money's" jim cramer tonight at 6:00 p.m. eastern time we very much look forward to hearing him make this case about why this trend will last and shares of american express are falling. weak credit card usage to blame, but while overall spending declined, the company did say that consumer retail spending improved in the quarter because of strong online transactions growth let's welcome in kate rooney you talked to the ceo this morning. is this an encouraging se ininir the economy? >> it's interesting. the amex quarter was a travel story. everything outside of travel and entertainment was actually pretty good. jeff gamble mentioned it was flat it was really up about 1%, helped by things like retail and ecommerce. he did say, though, consumer travel needs to bounce back before amex can get back to those pre-pandemic levels. and then he mentioned business travel, which was by far the

weakest. but it's funny, i thought of amex as a business travel company. it only makes up 6% of the revenue or was before the pandemic he also said that could take years to recover they're not expecting business travel to really get to where it was before the pandemic. >> jon fortt, what would you add to all of that >> i would say we need to get airport barbie and give her a black card >> tekelly, i -- >> go ahead. >> kate said that maybe she thought this was maybe a business travel card but to me, amex is still my mom and dad's credit card. you go to their website, and i did this morning, and they're still pushing the travel and dining perks i mean, come on. you have to do what jpmorgan did with the sapphire card and target a millennial audience that is looking for credit cards, perhaps for the first time, offer things like streaming perks or discounts or iphone 12s and i really just don't see a lot of that coming from amex

it needs to update for a modern world for a millennial user. and perhaps not a card at all. just use it on your phone. >> rooney, last word >> it's interesting they mentioned that fee and that they haven't seen a ton of customer attrition, so people are still willing to pay that $550 in some cases to keep the card and they have done some shifting of rewards and they say that people are spending rewards in other areas, like amazon and using it through paypal instead of their travel, but they did say there's so much pent-up demand for people to get out after the pandemic, so that's what they're sort of betting on long-term. i agree though, deirdre, they should switch to a little bit more of the gig economy rewards versus travel. >> share tea's down 3.5% today, still down 18% on the year kate rooney, thank you very much for bringing that to us. and so much for that urban flight argument. this blows my mind the new data shows that more people actually moved into the new york city metro area than out during the height of the pandemic this comes from orbital insight.

they used cell phone data to track migration in the 30 largest u.s. metro areas the top five cities for relocation between march and september, meaning people were moving to them, tampa, florida i know some people myself. phoenix, arizona new york city. miami, and orlando mike, what gives >> i can explain this in a few ways one of which is that it was seeming to capture metro areas for new york, that is a vast area and not just the city, necessarily. i do wonder if that's just capturing -- i mean, people did move out of new york city, a lot of them to buy houses in the immediate suburbs. they might not be considered to be folk s who have left the area and the other thing is it counts things like college students returning home or family members returning home because it was tracking cell phone data it's not talking about apartment leases and mortgages, so i wonder if this is exactly what we're measuring here, but i'm happy to see any signs that escape from new york is not running in terms of the sequel

just yet i'm not leaving just yet >> jon fortt, what would you say? >> unless you're retiring to boca, there's only so far you can go i mean, you can go from the city to the suburbs, maybe if you can afford it, get yourself a lake house. if you move any farther than that, you're a doomsday prepper and i think people are realizing we're not quite at that level yet. >> people on twitter, please pile on to him jon fortt, deirdre bosa, and michael santoli, thank you for this edition of rapid fire still ahead, the abbreviated edition of big 10 football kicks off tomorrow and ilwhe it will boost school revenues, not everyone thinks it's the right they think. the exchange will be right back. this is decision tech. find a stock based on your interests or what's trending. get real-time insights

in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

welcome back, the big 10 college football conference is finally returning this weekend it starts tonight. now it's coming at a time of rising covid cases and rising controversy. eric chemi has more for us

eric >> that's right, big 10 football is back. starting tonight is illinois and wisconsin face off with six more games tomorrow to many observers, this timing is less than ideal, as coronavirus cases are seeing an uptick, especially in the region where these schools play the conference has schools from key election swing states, including ohio, michigan, and pennsylvania the super short season will feature fewer games and because they're starting late, there's basically no chance of making up any games that get canceled because of covid massive stadiums that can hold 100,000 fans, they'll sit empty. and at that time, the pandemic seemed to be murunder control. the other major conferences decided they would play anyway pressure and legal threats from

players schools, fans, even president trump helped push the big 10 to reverse course, deciding at the last minute to play football after all. kelly, back to you >> their timing doesn't seem that great, to compare with something like the s.e.c but i'm also curious, how do local officials feel about them kicking off now? >> you know, it's good -- good thing you mentioned that, because actually almost all of the mayors, 12 of the mayors of the cities where these colleges are located, they wrote an open letter to the conference and said, hey, you've got to consider us, too you need to know how this spreads among the community and the football games they caused increased activity and gatherings and alcohol consumption. you've got to be careful how these games will impact the spread of covid among fans and students and everybody who live in these towns they are very concerned. they don't want fanless games to still turn into a problem, because they know that people are still hanging out together >> even in the nfl, there's

still this back and forth between local officials and teams over -- i think it's the saints who are now saying they've gotten permission to have 3,000 people in the stadium, but they're pushing for more, right? >> yeah, if you look at these pro teams, they're trying to make as much money as possible, so the more fans they can have, the more money they can try to make a pro team, look, they're a business there's only one reason for them to exist it's to make money a college or university, they have many, many factors to consider like all the students that don't play football they're technically nonprofits they're supposed to be the service educations, these educational organizations. they're in a much more difficult situation to figure out, what is the purpose? yeah, we want to play football is this really just about money? right now, that's what it seems like >> yeah. and maybe just that feeling like it's normal, even if not but as you said, the timing is still unfortunate for them eric, appreciate it. thank you. eric chemi coming up, there's just ten

days until the presidential election and while investors have been taking their best guests about the victor, one sector of the bond market may benefit regardless of who wins we have that next. you can always watch or listen to us live 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.

welcome back just 11 days stand between now and the elections. my next guest says whether president donald trump or democratic nominee joe biden wins, the muni market will benefit. khat krin stienstra joins us katherine, first of all, there's a lot of headlines about the dire situation a lot of state and local governments are in how is that impacting the muni market today >> thank you for having me certainly there's -- we're waiting for the stimulus to come out here to potentially help the state and local economies, waiting for this next round and of course we see that speaker

pelosi and secretary mnuchin are getting closer, however, there are still differences that remain, one is the aid to the state and local economies, which will help. looks less likely before the election perhaps after there could be a lame duck session but we view most likely in the first quarter once a new congress is in place eel see a new stimulus package for municipalities >> for municipal bounds, it sounds like that relief round is really, really important it's been in the democratic bill for a while, not so much on the republican side. what makes you confident that either way that relief will be included >> well, you know, we feel that certainly under a democratic administration there's going to be a larger federal spending plan and a federal fiscal stimulus plan for state and got,

state and local governments that will improve, of course, the muni credit fundamentals, which would be certainly helpful this would minimize layoff, if you recall -- furloughs at a time when demands are the greatest under a republican administration, certainly less aid, if any, would result ultimately, though, in states having to balance their budgets, which we know they have to do but austerity measures will take place where they will cut spending and increase taxes. that will be necessary >> if higher taxes are coming, you can see why people would be attracted to muni bonds. transports or even some airports you recommend. why? >> surprisingly, airports there

has been more bipartisan support. democratic and republican proposals have included additional aid in addition from the 10 billion they received from the c.a.r.e.s. act. polls is another area where we've seen a pick up in driving, in this working from home, less mass transit it's also an area where we would expect additional aid to help support that sector as well. and so certainly seeing positive development in those sectors >> yeah. so again, i think your bottom line, which might be surprising it a lot of people is despite all the budget headlines we're seeing, you think the sector should hold up relatively well, especially in those areas. you are a little bearish on charter schools, senior living communities. anything else? >> i guess the high yield sector is one area we're concerned about, given where we are in the

cycle. certainly charter schools and also senior living sector has been hit particularly hard in this covid environment, you know, the rate of incoming components are just slower and obviously just fwn the nature of the age of the people that are guiding these, it's more of an area that we want to be concerned with >> for sure. catherine, thanks so much for all of your recommendations. catherine stienstra of columbia threadneedle coming up, we check in with alan rosen to up date us on where his ppe went i'll join tyler mathisen after this quick break i have an idea for a trade.

oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪

and welcome, everybody, to power lunch. along with kelly evans, i'