silicon valley bank is one of the best performers in the s&p rates, earnings strong as well there is a bright spot, if you want, for the economy. >> that is a good thing. we will take bright spots wherever we can find them. have a great weekend, kelly. >> you too, tyler. thank so much. thanks, everyone, for tuning in to "power lunch" today "closing bell" starts right now. >> kelly, tyler thank you both very much. "closing bell" starts right now. wilfred frost along the with sara eisen the dow and s&p 500 on track to snap a three week winning streak stimulus negotiations taking on a some better tony today, the treasury secretary saying there are still significant areas to work through and president trump saying he doesn't want to bail out democratic stakes. intel and american express the biggest losers in their index.

and the coronavirus remains too much mine with more than 77,000 new cases in the u.s. on thursday according to nbc news setting a new record for a single day 59 minutes left in the session holding on to green in the s&p 500, sara? most sectors are actually green except for technology and energy right now. coming up on today's show, a tale of two stocks in the food world. we will talk with the ceo of outback steak house's blooming brand, that stock taking a hit ahead of earnings. what his outlook is for the industry later on in the show we will get a read on the beer and hard seltser market when we talk to the chairman of boston beer, which is up sharply right now on strong results meg tirrell has an update for us on the covid-19 vaccine trials mike santoli tracking the market action and we have more on intel's big

plunge weighing on the wow meg tir he will first to you. >> astrazeneca has been given the green light to restart its halted covid-19 vaccine trial. we have not been able the confirm with the company or the fda. however nbc news's erica edwards has been in turch with one of the doctors leading the trial sites here in the united states who says they do not yet have the official greenlight from the fda to to start back up. but it is expected very soon and the hefd operation warp speed told me based on information he received he thinks it would be an imminent did for astrazeneca. he noted the same thing with regard to joinl and said that's up to the fda. astrazeneca is just now cutting a briefing we will look for any news from them on the program

that encaps lies not just the vaccine, but also the therapeutic. we will will be for any updates on the emergency use authorization for the antibody drugs from rejen ran and eli lilly. during the president president trump was asked for company specific names in regards to which companies are ahead in the race for the vaccine given his optimism of when we are going to get it. he mentioned fiz e johnson & johnson, moderna are those the three leading contenders right now what do we expect data the come out? >> the first data we are expecting is potentially from pfizer and its partner they said at the earliest they could have it by the end of october. the would be next week we will have to see if the pace of the trial is going that quickly and if we get those data then moderna has been guiding to november j&j is still on pause as they investigate the unexplained illness in the trial they are a little bit further behind they also started their

trial later. i thought it was interesting that the president mentioned johnson & johnson given that trial is on pause. >> he also didn't mention the approval of remdesivir i thought that might have got a shot out last night but it didn't. >> it is interesting, wilf that was sort of a procedural approval you know, it does have the moniker of being the first official drug approved for covid-19 but at the same time it has already been out there, been on the market and the president has been much more excited about the antibody drugs which he received in addition to remdesivir, of course. >> sure thing. i just wondered he might have said it. let's private back to the markets. mike as always tracking all of the action for us today. different indisese splat direction? >> give or take on either side of the flatlight line, an indecisive week. i think the everyall market endured a pullback and the mega cap growth stocks weathered anticipation about a

near term stimulus deal and stayed out of this zone here under 3,400. we got near it twice this week short-term traders say this is the floor of the september/october chop zone and it is lava and you want to stay away from that so far you did that but i don't think you necessarily saw a lot of urgent big, a broadening out of the market but not esley the emergence of brand-new leadership the yield story this week, an upside in ten year treasury yields this is conforming to a larger reflation trade that's going on. if you see things like the copper and gold ratio, they have already been kind of on the rise also things likes the financials have outperformed. and that has sort of dragged up threesie -- pressry yields to some degree. this is fidelity's look.

here's treasury yields bumping up here. and other higher inflation expectations utilities have done really well. that's sometimes what happens as bands sell off, people buy utilities as a replacement we have had head fakes and false starts notably here in june everything i said right now, we said it in june as well. value rotation, it was a head fake because you had three months of growth come fans after that point now you could think this looks a little bit more like a basing pattern of resurgence. it remains to be seen. and i think you have the ingredients for it cyclical stocks more so than value stocks has been seeing an uptrend. >> i am not sure if it is banks leading the long ends of the

curve or the other way around. but either way i take your point. the bank were performing well this week. regionals have done particularly well, up 7%, 8% so far for the week if you look at the wbw banks insection -- kbw bank index it was well behind where it was in june. >> exactly. >> and not to mention the pullback from march. >> that much deeper a hole that was dug after the june rally and have not caught up yet you couldsy say it is bullish on a mean reversion basis but it shows you it is kind of a show-me move at this point in terms of whether they can build on this week. >> mike, thank you see you in a bit we will focus in on intel. by far the biggest loser in the dow today on the back of earnings a number of analysts slashing price targets. josh lipton has more on the move. >> intel swinging and missing again here it is having its worst day now since july

now trading 30% off its most recent high. intel got hit with a one-two punch. there was the ccg segment, or chips for pcs, revenue agree 1% to $9.8 billion. that was better than expected. but demand is most had he coming from entry-level pcs that aren't as profitable. then there was the dcg segment or chips for servers that was down 7% to $5.9 billion, that missed expect igs as, intel saying a weak economy is impacting sales to customers and companies. the ceo bob swan tried to sound confident on cnbc. >> we believe we are extremely well positioned to take a company who will have its best year in our storied 52-year performance this year, and we are only just getted started as -- getting started as we think about the opportunities set in front of us. >> but investors don't appear

convinced here this earnings report coming as intel is already facing other big challenges, including chip manufacturing issues and increasing competition from rivals like amd. back to you all. >> it has been hammered. down 20% now almost year to date josh thank you. after the break, the debate, the election, and corporate america. we will bring you an inside look at the ways in which ceos are preparing for any and all outcomes on november 3rd you are watching "closing bell" here on cnbc dow is down 62 points. we are got about 52 minutes left of trade before money, people traded goods. tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum.

soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale.

what i would make china do is play by the international rules, not like he has done. he has caused the deficit with china to go up, not down, with china. up not down. >> what i would like to do is a much better health care, much better we'll always protect people with preexisting. so i would like to terminate

obamacare, come up with a brand-new beautiful health care. >> what i am going to do is pass obamacare with a public option to become biden care the public option is an option that says if you in fact do not have the wherewithall -- if you qualify for medicaid and you do not have the wear with all in your state to get medicaid you are automatically enrolled providing competition for companies. >> if he's elected the stock market will crash. the analysts are saying that. >> very quickly. >> the idea that the stock market is booming is his only measure of what is happening where i come from in kron ton and clairemont the people don't live off the stock market. >> some of the highlights between last night's presidential debate between president trump and vice president joe biden. the u.s. executives weighing in on what they consider the biggest policy risks to businesses under a biden or

trump administration tim ryan u.s. chairman and senior partner at pwc. interesting takeaways from your poll looking forward to diving into those. i have one headline question first of all, which is a clear policy differential between the two candidates that's on what the corporate tax rate should be do you think companies would hurt significantly if they faced an increase in the corporate tax rate next year >> wilfred, first of all, thank you for having me. what i find amazing is there is so much uncertainty it is hard the get people to agree on anything but one of the two things that come out of the survey is commonality. the survey we did, there is a clear sense that tax also go up, 76% of executives we surveyed see that income taxes or corporate income taxes will only rise in large part to pay for the debt from stimulus the other common theme is supply

chains are being derisked across the board from covid we are seeing derisking. there are a lot of instances where executives see biden or trump, but the commonality is that taxes will only go up we saw a top risk for executives regardfuls biden or trump. just over 60% saw increasing corporate taxes as a risk if it was a biden administration and just under 40% if it was a trump administration that was the number one risk the sense is they are going up, only one way. >> step away from the survey what is your take, tim, as the head of one of the biggest accounting firms in the u.s. what is your take whether it is sensible to increase the corporate tax rate at this time? compare and contrast the moment we are in for the u.s. economy at the ends of this year and also what the corporate tax rate

is relative to some rival nation and what it might to to businesses whether they are headquartered here or not. >> you raise an important point. each when you look at the tax reform we have had in the past couple of years. the u.s. is in the top overall , we still run the risk of not being kettive. that's why it is a top rick for both administrations from my perspective one of the careful things we have to balance here, we clearly have a need to make hur we pay for the item lus we clearly have a need to make sure we don't leave people behind by the same token we can't use the competitiveness of u.s. businesses because that means jobs in relative competitiveness to other competitors who may not be headquartered here in the united states. >> we know businesses have not been a fan of president trump's trade policy, especially if they have been doing business with china and had to pay for some of the tariffs. where do they stand on trump

versus biden on trade and what their plans would be in a given administration >> what is interesting sara coming out of the survey is when you look at china and trade, it is a top risk regardless of whether you have a trump or biden administration on the margin it is slightly higher under a trump administration it is important to point out when you look at trade wars -- covid really put a spotlight on comply chain risk. one of the things that we have seen is 134r50i chain derisking has moved up to the board room level. that was not evidenced before maybe. under either administration we are expecting a continued derisking of the. chain which should be penalty informing other countries in southeast asia or the united states, mexico and other countries as companies look to diversify risk, which is really the name of the game right now. >> i guess i am trying to figure out what the insight out of that

is, is that that no bhaert who wins we are going to continue to face less globalization than we have had in the last decade or so as companies look inward and go for less trade as tensions with rise with either? >> yes, sara what i would say is companies are still looking global there is amazing markets in china, southeast asia, europe. again, what our survey what we are hearing and showing is u.s. companies will still will be to invest outside the united states to look for opportunities to trade. we are seeing regions such as europe and south america rise higher to the list than china. i see the china relationship being very important it is a major market we do see investment happen willing but on a relative basis we are seeing u.s. companies planning to spread that out more that's a trend that has been on the way for the last couple of years. we expect to it continue the insight that i would say is china is relevant but other territories are picking up in

terms of relevance as well looking at many attractive market not just the china market which in today's day and age, unique risk may not be present in other markets. >> are economists bullish on the economy for the next year or not? >> over all we expect '21 to be a strong earnings season i know that may be a little bit different than what people are hearing. but the reality is what we see is when we look at large organizations they are doing a really good job controlling costs, really good job finding areas for revenue growth, transforming their businesses that we are seeing that in earnings now, there are certain sectors that are challenged. overall we feel relatively good about the economy. the one big exception is small business that is a concern that we all have when we look at the effects on small businesses of particularly the covid environment. that's a really big element. it affects ligameemployment spending, confidence the conversation about coming

back to work and safety matters so much, one of the big topics we are hearing from ceos is on one hand we have had tens of millions of workers working throughout the pandemic in large part safely in manufacturing, utilities, consumer packaged goods where they are at work but we have another segment of population who is not at work. safety is a priority the rise in numbers of covid cases are reel its balance of getting jobs back so small businesses can get going around that's the one segment of the economier with worried about thank you for joining us we have got 40 minutes left to go we are slit at the moment. the dow is a little lower. the s&p is a little higher. another rough day for fastly and barclays is seeing a big jump we will discuss those two stock movers after the break. later we will speak to the ceo of bomg loinbrands which is down sharply today following earnings

"closing bell" coming you back in a couple of minutes

many of us avoided taking good care of ourselves during this pandemic. a member of our family here at cnbc learned that the hard way 37 minutes left to go. here's a check on some market movers right now piper sandler downgrading pass lee to unt weight from neutral saying the customer concentration is an issue and tiktok will become a bigger issue for the company next year. and shake shake gets an outperform rating and a street high of $90 saying its u.s.

footprint could double and notes the addition of drivethroughs, could be a catalyst to increased sales. stock up 3%. barclays closed higher, 7% on the european trades up about 5% on the u.s. adr at the moment two reasons for that company beating. banking performance and lower long loss provisions two themes clearly that applied to u.s. banks this quarter of course as well but i think the interesting thing is if we map here year to date performance alongside the u.s. banks, the kbw banks up decks is how similar the share price performance has been i mean even after toss's 7% jump for barclays still a long way behind where we were in june which was also the last time cyclicals here in the u.s. had a big bans, as we were discussing with mike last block and barclays, kinds of like jp morgan, bank of america, citi

group, while it has an investment bank is more reliant on the yield curve, albeit the uk yield curve and is down 38% year to date just that year to date performance, so similar in terms of the shape of the chart, and some similar factors at play, sara, for barclays as some of its commercial banking peers here in the u.s. >> yeah, the most common thread is zero interest rates are global. >> right. >> and all the major central banks are doing it i guess your point is don't read much into today's outperformance because it has underperformed. >> daily you can, he is also facing an activist investor trying to get them to shut down the investment bank and focus just on uk retail and business banking. the last couple of quarters, 2020 itself has proven that

diversity which typically he was criticized for because of the volatility in investment banking, 2020 proved it is a great offset when core commercial and consumer banking is suffering from the zero interest rates, et cetera. but yes, there is a long way to go got to get through brexit, see the yield curve increase, haven't seen that long end of the curve pick up in the uk like we have started to here in the u.s. very cheap, still. .35 times books. highlights the potential for a big rally across all european banks if we get a turn in the tide on the rates picture. financials overall doing well one of the top three or four sectors in the s&p today it is not just barclays. we are all up right now. coming up on the show, boston beer noting a drop-off in keg sales due to the pandemic. which parts of the business helped pick up the slack we will talk to the company's chairman in a first on cnbc interview state ahead.

that stock up nm 18%. yields dipping a bit today, around.78% off the lows where we were at the pandemic started, .5 we'll be right back.

welcome back time now for our daily coronavirus tracker. the u.s. reporting more than 77,000 cases today, a new record high according to nbc news dr. anthony fauci appearing on msnbc he wouldier today called the current infection rate concerning colorado, indiana, and montana all set individual records for daily cases. this comes as a federal judge ruled that two colorado churches did not have to limit the number of worshippers they allow inside and that those worshippers did not have to wear face you everings deaths have been rising this week this the u.s. as well.

more than 1,100 new deaths were reported today, the most in more than a month the number still less than half of the daily death toll in the u.s. during april's peak. time now for a cnbc news update with sue herera. >> hello, everybody. here's what is happening at this hour as the u.s. daily covid case count approaches the summer's highs hospitalizations are also now increasing the woechlt says they are up in 38 states over the past week with some facilities in the west and midwest already sitting capacity just minutes ago new york state reported hospitalizations are now above 1,000, the highest level since june the paper notes, the surge is more widespread than what we saw in the spring and summer, making it harder to shift medical staff and supplies to specific hot spots. the treasury department is sanctioning a russian government research institution accusing it of using a malware weapon tiled try on the against critical

infrastructure targets in the middle eastern countries now allied with the united states. the malware is designed to infect industrial safety systems and factories which could cause injuries or even deaths. prosecutors in california say they are going to again seek the death penalty for scott peterson even as a judge looks at throwing out his underlying for murting his pregnant wife and unborn son nearly 19 years ago that's the news, you are upto date shares of booming dropping in today's session after reporting quarterly results. up next, the company's ceo tells us how he is keeping restaurant doors open during the pandemic and the challenges that remain "closing bell" back after this [squeaky shopping cart]

[sniffing] 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.

if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert.

fast-food restaurants are seeing a sales boost from consumers getting cabin fever at home kate rogerss that story for us. >> that's right. a new survey of mcdonald's fran

chazzees says these franchisees are feeling positive at the recent same store sales boost that the company reported and as you said cabin feef is really a part of that trend the six month outlook from franchiseess -- relationships with the corporation were rated at an average of 1.89678 that's the third best response in the also five years. franchisees say there is pent up demand the closure of mom and pop is driving more traffic to mcdonald's and they are also anticipating more customers flocking to drivethrough as the weather begins to shift. the country kin's vice president of marketing said consumers are now treating themselves to beverages that can't be replicated at home >> kate rogers thank you. meanwhile, shares of

brooming brands lower despite beating on revenue estimates the parent company of outback steak steak house and bone fish grill did not provide guidance for the rest of the year due to the pandemic and the uncertainty out there. the company's ceo joins us on the phone, david denno, thank you for joining us. >> thank you >> the loss was better than expected so were some of the sales figures. was it the lack of guidance and the lack of certainty that you see going forward that's spooking wall street >> i think we continue to see revenues grow in our restaurants week to week to week in the u.s. i think people are overall concerned about the restaurant marketplace. but i can tell you that our company has seen revenue gains on a sequential basis each week. we continue to plan on seeing that the balance of the year >> how much of your restaurants total right now are indoor

dining versus outdoor or takeout or delivery? >> right now, about 61% of our dining is -- 61% of our sales is dining and 39% is carryout and delivery i don't have off the top of my head what is outdoor one of the things about our footprint is we are mainly a southern u.s. company. so we can still offer outdoor dining pretty much year round. 61% indoor dining and 39% delivery and carry out i can't speak for our rivals we will have to see. but for us, i think with the footprint that we have for dine in and outdoor dining, and also we have a really great delivery and carryout business that has held up well during the pandemic i think you will see customers taking advantage of that channel

as well. >> what do you see in the come months you mentioned you are able to stay outdoors longer what kinds of sales -- i mean today, david, we got a record number of covid cases here in the u.s. how does that impact your outlook? >> so far, we haven't seen an impact two our sales with the increase in covid sales. now, we of course offer in-restaurant dining with all the safety and security our customers and employees can enjoy. our goal is to continue to offer great service, build our indoor dining and also take advantage of the really strong off premises business in delivering carryout in case customers want to have our great food in their homes. >> david, in terms of the food price inflation we saw earlier in the year, have you seen any of that abate? what kind of pressure has it put on your margins and your bottom line >> we have had a very good food cost experience this year.

we are up about 1 to 1.5% in food costs next year we believe we are going to be below our historic normals of about 2.5%. we think our food inflation will be less than that. and we had a very good food cost expense this quarter one of our best ever things have gone very well for us from the supply chain standpoint also, all the products have been available and we have been able to serve everything we need to given you are talking about delivery and takeout and that's what is working and you increased the percentage of the business there, have you made any pivots in strategy about the way you are thinking about remodelling and opening new stores next yooek in favor of expanding that delivery and takeout business >> a couple things first of all, we make sure all of our restaurants have enough of a bumpout, in other words, a carry out and delivery area in our restaurants so our dining customers are not disturbed we make sure we have a big enough place for people who handle delivery and carry out to make that happen. secondly we are looking at a

virtual brand, tender shack which serves chicken tenders and fries out of the restaurant and delivers through door dash those are two strategic shifts we are making to make sure we meet the needs of the customers. >> david denno, thank you for joining us with the update. >> thank you very much >> of blooming brands. the stock is down more than 7% today offer earnings. a news alert on astrazeneca. meg tirrell with more. >> the fda has now given the green light for astrazeneca to resume it is covid-19 vaccine trials here in the united states we have been hearing hints of this for the last week now it is official the company saying the fda reviewed all safety data from trials global reand deemed it was safe to resume the trill the company includes results from the late stage trials are expected later this year depending on the rate of infection in the areas where the

trials are being conducted this was likely to happen based on sources who also told the journal that the fda didn't find that the vaccine was responsible for the two neurological cases though the journal reported it couldn't rule out a link either. the company not giving any information further than just saying the fda reviewed the safety data and concluded it was safe to resume the trial guys, we have been hearing that in j&j's trial, which is also on pause, is likely to be resumed soon as well we don't have confirmation of that one yet. >> we can ask scott gottlieb about that come up later in the show meg thank you. up next, shares of intel and american express under pressure following quarterly results. what you need to know about those stocks and much more when we take you inside the "market zone." that's next. ♪ you can go your own way

♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call, click, or visit your local xfinity store today.

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

15 minutes to going in the trading day. we are now in the "closing bell" "market zone," commercial free coverage of all the action going into the zone. mike santoli joins us as always to break down the crucial moments of the trading day today we have got jim la cam of from morgan stanley. s&p 500 and nasdaq have turned higher today, the dow is still in the red all three averages on track to finish the week lower, though. if you look where the strength is, mike, communication services is your best performing group even though information technology is getting hurt energy is under pressure as well but everybody else is up what is the story today? is it still the back and forth over stimulus? >> i think we have wrung a lot

of that out. seems like we had multiple days where we were shaken out if we thought we were likely to get near term stimulus or if the market thought you needed it immediately. trading based on those things or the lack of headlines this week probably would have disabused you on that. probably trading to.other stuff. a lot of the big tech stocks pulled back. apple, tesla, adobe are down 3 to 5%. the overall indexes are marginally red for the week. there has been some rotation the market managed to stay supported. i don't think it is just stimulus, but that's out there on the horizon it is a question whether this is a formula that can work in terms of immediate further upside. i think we are this the process of the last two weeks of trying to cool off expectations of a big fourth quarter rally i think it is embedded in a lot of investors minds not that it is implausible but i

don't want to see it before it happens. >> what about the stimulus, before the election or just the hope that it will come in the next few months, is that enough? >> the stimulus is going to have to happen. because if we don't make a decision on what's going to happen with forbearances with evictio evictions, with foreclosures there is going to be real pain in the marketplace that could show up in some of these commercial mortgage backed securities it could show up in commercial real estate itself it could show up with the banks. there could be some very serious pain if at some point we decide that we don't have a solution for these issues that are really out there, you just don't hear about them that much the mark has been rallying on hopes of a stimulus selling off. when you get that disappointment it is the old lucy and charlie brown and the football being pulled away all the time but if you look at the volatility index it has been cooling back off that does tell me that traders are not answering any major sell

off either because of a stimulus disappointment or because of a possible hung jury on the election, which in my view is one of the real risks of the market and could create as much as a 10% selloff if we don't know who won it and we get another bush/gore type outcome where we are just waiting. >> jim, you mentioned the possibility of trups bankruptcies if we don't get stimulus do you think the banks rallied too hard on rates ticking up a bit and if there isn't a stimulus, they will suffer >> it is amazing the banking sector as you know i haven't been crazy about this sector because i haven't seen them moving yet we are starting to see them move and they broke out at the same time as the ten year yield broke out to 80 basis points to your question are they getting ahead of themselves, well, if we don't get a stimulus

deal and we don't decide what we are going to do with these things then yes there will be pain back in that market and in particular in those names. the other thing i thought was interesting too is there some bifurcati bifurcations you are not seeing breakouts on the major money center banks what you are really seeing is the small cap financials there you can be a little more selective, there you can say how much exposure does this particular bank have and you can take making some ideas about who is good and who is not good if we don't get a deal it is a mixed bag. i am not crazy about the sector yet but i think it has gotten more interesting. >> shares of intel down 10% today despite a revenue bead, bank of america lowering the price target to $45. it was at $60. currently at $48 the firm citing second half weakness, production days and increased competition as the reasons.

bob swan on "squawk on the street" earlier today. >> we made the decision to exit some businesses that weren't as strategically important. touring that time frame we added $20 billion to the top line of the company and essentially doubled the company's earnings that being said, we think the future is even brighter. we believe we are extremely well positioned to take a company who will have its best year in our storied 52-year performance this year, and we're only just getting started as we think about the opportunities set in front of us. >> mike, two bad quarters with big share price declines in a row. where is the valuation of this name now >> valuation is low. it is cheap, under ten times earnings we don't know what is going to happen to the year ahead earnings forecasts it has been inexpensive relative to the market and the semi sector for some time i think the two quarters chased away a lot of folks who thought it represented relative value. there is a sense that intel

missed a huge kind of phase of the secular shift in terms of chip design, architecture and manufacturing. all of tooes those thing i think are kinds in the mix, also an investor base that's not real to sort of wait for a reorientation or restructuring story in the tech area, semis in particular all of those things could spell out opportunity. if you are longer term, high margins to work with here. they have the wherewithall financially to do whatever they need or want to do 14 to $15 billion of cap exevery year usually, fur looking for an opportunity you want the see people capitulate and throw in the towel on a story like intel is that down almost 20% year to date intel and american express the reason the to you is down today. shares of emexdown after reports this morning >> american express reporting a 40% slump in profits from a year

ago. that was driven by less consumer spending on travel and entertainment during the pandemic and more investing by am next things like marketing. i spoke to jeff campbell who highlighted payments volumes outside the u.s. outside of travel anden entertainment that nont and e category was up. online retail was also strong. to get back to prepandemic earnings, he said travel needs to come back >> what do you do with the stock? ity too lever anned to travel right now. >> i think it is tied to the business cycle if you look at american express versus some of the other major credit card companies, whether it is visa or mastercard and you look at the components of their spending on business versus what the consumer does, you are going to see that american express is

very much more tied to the business cycle so if you want to play american express, you are going to play it on an economic recovery theme versus these other names now, if you think we are going to drag on for a while and that this v-shaped recovery is no longer a capitol v, maybe it is a small v, then you might have to wait a long time it goes to what kind of investor you are. are you kind of the investor who wants the momentum or something that's going to move right away? you are probably better off looking at names that are going to be tied to a longer economic recovery if you do think the economic still is coming back and the business cycle is coming back stronger, then, look, the economy is doing better than people think it is i get this question all the time, why are stocks running so far ahead of the economy one of the answers besides ultralow interest rates is that if you look at the purchasing

managers' indices, the you look at capital expenditure plans, you look at planned hiring the business environment is starting to adjust to covid and business is doing a lot better than people think it is so the bottom line is what kind of investor you are with that particular stock and how you want to time that. but i do think the business cycle is doing better than people think and i think you can play these names in the business cycle a little more so than people are thinking at the moment. >> the energy sector a significant underperformer in the market today a big gainer yeth yesterday. oil giants down more than 1% after president trump and jp joe biden sparred over the future of the oil industry during the presidential debate last night. >> will you pull back the -- >> yes, during the transsnigs that's a big statement. >> it is a big statement. >> why would you do that. >> because the oil industry

pollutes significantly. >> i see that's a big statement. >> if you let me finish the statement. because it has to be replaced by renewable energy, over time. over time. and i would stop giving to the oil industry i would stop giving them federal subsidies. >> conversely, solar power stocks like sun power and first solar are popping today, up 2.6% mike, the moods we are seeing in the commodity and the sector are small today relative to other macro factors driving the sector but energy had a pop earlier in the week and is still higher week to date. >> right it got a little bit of a lift along with the rest of value when you had the yields going up, other commodities going up you get these glimmers of signs that maybe demand might perk up a little bit down the road i think the debate -- the thrust of the comments by biden last night were pretty much what people have understood for a while, including the big oil companies, who are very actively trying to diversify away from

petroleum. i don't think the longer term view that has been weighing on the energy sector is necessarily changed all that much. although lack of subsidies and desubsidizing oil producers in favor of other energy producers could have an impact you wonder if we are just getting ahead of the whole trade. >> the energy thing, it feels very political, jim. if you look at -- trump's presidency was supposed to be so good for the energy companies. he talked so much about the energy independence. it has been terrible its price of oil, investors don't want to have anything to do with the energy kpps and fracking companies can you make a thesis on who wins the presidentially for energy stocks. >> i think the outlook for energy is good no matter who

wins the president the reason i say that. is -- down 66%ier over year. canada, 44% superficially it's down supply has started to fix the problem. what hasn't picked it, we don't have as much demand yet because the economy hasn't reopened as much as the cycle would need why do i think that energy goes higher no matter who wins? if biden wins and they are shutting down this and that and they are preventing subsidies here and there what that's going to mean ultimately is lower supply but we just simply don't have the infrastructure yet to replace it with everything so there is going to be a big need for oil and gas if there is more regulation asks more red tape that gets added onto the industry, then prices go higher. now that does mean some smaller players will get wiped out and the big conglomerates will do very very well, i think ultimately oil prices go higher no matter who wins in terms of how you play that,

it does depend on who wins i think that's going to be the interesting thing. i think this race is a lot tighter than most people think as well. i think this could go either way. ultimately, end of the day, i think a year from now, oil prices are higher, energy stocks are higher, two months from now, i really don't know it is not going off the charts yet, i will tell you this? we will talk more about it at the top of the hour. less than two minutes to go in the trading day. what are you seeing in the internals. >> more ups than downs all day look at volume split on the new york stock exchange. $2 million advancing, $1.3 billion on the downside. on a week to date basis, cycles, transports outperforming semmize. rotation there the cyclical index holding up near 30 earlier. but the dollar is too dull and flat all day, it is giving way at 27 now. >> 20 seconds left in the

session. and we are split kinds of still in terms of the best performers of the day we have got the dow down .2% and the s&p 500 up about a third of 1% at the bell, a lint of a decline for the dow. a little bit of gains for the s&p 500. the nasdaq up about a third of 1% energy the worst performing sector, communication services, the best energy up for the week overall. that is a wrap for the week. it was a down one for most stocks except for small caps welcome back, everyone, to "closing bell. i'm sara eisen with wilfred frost, and mike santoli. look at thousand the market finished up on a friday. the dow down 27 points the two big losers were both tied to earnings, intel and american express weighing on the dow. that's why it underperformed the s&p closed up a third of 1%. we were up, down, and up again on the day finished actually near the highs of the session communication services the best performer. the nasdaq closed up about.4%.

it lost though more than 1% on the week technology took a step back and. soft big winners like mike mentioned like apple down on the week the russell 2000 shined. the only one of the big four that was higher on the week. coming up, we will talk with the chairman about the agreeing competition in the hard seltser space fuelling their results. plus, astrazeneca could be resuming its vaccine tests soon. mike santoli is still with us. dana peterson joins the conversation first, mike, to you on how we closed out the week. a down week for the first time in a number of weeks for stocks. but ended at least on a positive note for the bulls. >> yeah. and down just modestly if you look at the s&p 500. mostly spent the week treading water but keeping the market's

nose above water meaning the s&p 500 stayed above the levels where you would have to start to rethink the idea that that rally off of the september lows was maybe in danger of being undone it is still very tentative it is all contingent on how it goes from here but i do think the fact that the market managed to absorb some pullbacks in the bellwether growth stocks. the treasury yields held their lift through friday. no give back on that area. in general it was a more cyclical, inclusive tone for the market aural net positives even if we haven't finished this period of pulling back and reordering people's positions and sentiment ahead of the election. >> dana, we have been talking about the potential boost that a stimulus bill would give to the market how important sit to the economy? >> i think an additional stimulus will be would be very positive, specific if it targets consumers who lost income because of job losses. the only caveat i would say is when we look at how people spent their stimulus checks before,

many people saved or they paid down debt. about a third of that was spend on consumer goods. so we do think that with the next round that you may still have that savings and also debt payment. but it will certainly help those people who need the money in order to buy durable goods as well as non-durable necessity goods. >> jim, how have you been interpreting the economic data so far we know we are about to get a huge number on third quarter gdp, up 30% or so. people are still trying to figure out what happens then, if we don't get the stimulus before the election what would you say the data is showing us >> the election is pretty close. i don't think we necessarily need to have a deal before the election but i think we need to think we are going to get a deal. that's what the market has been doing, behaving as if we are going to get a deal. look, the market hasn't done anything wrong

as michael pointed out we are still above the 15 day moving average on all three afternoons. the breadth has been pretty good we have seen some rotation that's all pretty good for the market i do think if we get a deal we will rally on it but that may be the whole buy the rumor sell the fact type of thing because the economy the your question is improving it is getting better i pointed out the pmi numbers are better, cap explans are better and hiring plans are better but they are not great so can we sustain 25, 26 times earnings once we get a stimulus deal and we no longer have some event to look forward to also, are we going to get a correction again if we have a hung jury on the election? so i think the stimulus deal doesn't have to happen before the election i would like it to happen before the election, but even if it doesn't, if we still think we are going to get a deal the market should be fine. if we get a deal and the market raems i think short-term traders and those that are more tactical

might use that rally as sort of a buy the rumor sell the fact each and take a little money off the table because then then we are going to have to face still further economic reality and then whether or not we need a third stimulus bill. >> michael what has been happening to gold. stubborn around the 1900 level >> hasn't been doing a lot the dollar weakened up again but the preference in in terms of commodity throws has been into the dollar hasn't registered much of a signal. some might think it is a little bit conspeck use especially given that bitcoin is flashing as gold sits there there is no real indication as

gold would have been telling us at one time another. >> in the s&p 500 groups like energy were higher, financials, utilities, some of the most unloved seconders. >> yeah. >> and i think communication services, thanks to some strength in media names. what is that about >> it isdefinitely buy the laggards and things that are heavy in the value and cyclical indexes have done better it is consistent with what you saw with treasury yields going occupy interestingly, those were not groups that were heavy in terms of earnings reports except for the sort of you know internet media type names that did get a ben it from if snap's numbers and brought communication services up. in fact, thing have traded not all that gray even off of pretty good earnings results, which tells me markets is looking into next year. third quarter was considered in the bag and it is all about how reliable are the forecasts for 2021 earnings. >> a survey from the conference board highlighting a stark difference between the way

corporate america and average americans view the economic picture. ceo confidence is surging to a high and consumer confidence has been slow to recover dana interesting, the consumer is the bit that stands out for you as one of the negatives because consumer spending -- september consumer spending in particular was very strong. >> when we look at that september consumer survey measure it popped up after two months of decline. and certainly when you look at it compared to where we were precrisis, yeah it's still pretty low nonetheless, we do see upsides in the housing markets, certainly as people purchase homes they are more likely to buy a car and furniture and all the accoutrements that go into a home i think consumers are still going to be concerned about uncertainty around jobs and if there isn't a stimulus to bolster. our view is that consumers will

continue to spend even in the pace in the fourth quarter is less exciting as it was in the third quarter. >> dana how are you measuring that ceo confidence? why are ceos fooling so confident? >> when you look at the report, the ceos were asked how do you feel now compared the six months ago? they said, well, muchmer you know, the economic environment in the third quarter was significantly improved over where we were during the worst of the pandemic. the ceos are saying they are looking to engage in cap exgoing foofrd and so that's great news. i mean there was a little bit of caution in terms of hire asking wages. nonetheless we did see that huge pop of ceo confidence. >> mike, pivoting to what the bond market is telling us about confidence in the economy, is it bullish that we have seen the long end of the curve rise is that suggesting we think gdp is going to be strong next year?

>> that's the main flrcinferenc. at least stronger than we thought a couple of months ago i think curb steepening is what you would want to see. it is one of those boxes that gets checked off when you ask if the market positioning for growth the ten year yield was higher than this four and a half months ago. it remains to be seen if this is a durable move, if it is marry manifestation of rotational action or the mark looking ahead and saying however we slice the policy situation, it needs toward more fiscal spending a greater fiscal push. and you also have a lot of treasury supply coming out, issuance in the next several months all of that stuff coming together i think you would have to on face value say yes it is an upbeat macro signal and credit markets have been very, very firm along with it. that's all good. i don't know if you have to say that all of a sudden it has been

decided and we are going up and away from here in terms of the economy. >> jim, what are you saying to your clients about that, how high treasury yields can go from here and how to position for that, if so >> it is really an interesting dynamic. as michael said, the market is either telling you -- the treasury market is either telling you we are going to get a big stimulus package or we have economic recovery or both or you can add in that we are just issuing too much debt but, look, investors -- a lot of senior investors have already been hampered here we call it financial -- when the federal reserve board puts interest rates around the 0 round and senior can't get any interest on corporate bonds or cd if they were to pick up, we would have to rethink about the way we invest for one thing. in other words this lower for longer dialogue that's been going on for a long long time if

rates keep going up we might have to rethink that everybody on wreath has thought that maybe they are wrong usually when everybody thinks the same thing they are wrong about interest rates so if rates were to go up, then well you are going the rethink how we invest, how is that going to look? i think you are going to say industrials, cyclicals, things that are moving right now that are confirming that move i think you stay on top of those and i think you are going to have to eventually start looking at the energy names. the charts aren't showing that up yet finally on the fiscal side you can look at floating rate vehicles which might benefit if we see a sustained upturn in interest rates i don't think we are i think rates will be relatively contained. again, the markets are going to tell us which way they are going. if so, we might have to rethink the way we have been vesting for the last several years which has been correct me if i'm wrongcally low, almost personal tently low interest rates. >> jim and dana, thank you for

joining us >> thank you up next on "closing bell," we will talk about a glass half full shares of boston beer surging 18% today on the back of their earnings we will speak wi t cpa's aianbout which beverages are seeing the best sales during the pandemic we are back in 90 seconds. you may not expect the unexpected, but you can certainly take it all. the lexus es. wow, this rain is bananas. now available with awd. lease the 2021 es 250 awd for $359 a month for 36 months. experience amazing. at your lexus dealer. it's a thirteen-hour flight, tfifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight.

thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪ before money, people tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale. we are getting more breaking news on vaccine trial resumption this one is on j&j meg tirrell with the details.

>> the news is coming fast this friday afternoon now yoij is saying it has been given the green light by regulators to start resuming its covid-19 vaccine trial remember, that one had just been paused very recently as they investigated an unexplained illness in the trial now, j&j sake saying that an independent monitoring board overseeing the study recommended resuming the trial recruitment following consultation with the fda. those preparations to resume the trial are now under way. and they also had discussions with regulators around the world the resume that clinical trial program as well. they note that no clear cause of this medical event in the trial has been identified. they say there are many possible factors that could have caused it but based on the information they gathered, they found no evidence that the vaccine candidate caused the event no information on what the event was. the "washington post" reported

earlier this afternoon they were investigating the case of a man in the trial who suffered a stroke and that the independent committee concluded it wasn't related to the vaccine the "washington post" citing two people familiar with the trial at j&j this following the news we got just hours ago that astrazeneca is restarting its vaccine trials with this, all phase three trials for covid-19 vaccines are go again. >> we don't know whether the man who suffered the stroke was actually taking the vaccine or a placebo, do you? >> we have to the been given that information but you have to assume that the data safety monitoring board would have been able to figure out very quickly if he had been given the placebo. just like what happened in brazil, it came out that that person was on placebo and we

moved on from that one might assume that but we haven't heard that. >> j&j moving up after-hours, up 1.2% thank you meg. to mike santoli how consumers have been viewing economic news. >> we keep reaching for indicators of the condition of the economy, how much stimulus it might need. this is the tone of reporting on economic trends. basically, what the news is saying about the economy you see it is definitely moving in the right direction this is up through early this week but clearly well below the levels before the crisis s? a very, very high level in terms of the general reporting on the state of the economy early this year this looks like a lot of thapgs we track, well up off the lows, improving but a long way to go before it gets back to precrisis. now look at this basket of investments not just stocks but different assets that reopening

trades, how they have been doing versus this lockdown portfolio and what you see is this is actually also a kind of on the upswing to some degree, but not necessarily really telling you that the economy is kind of wide open and back to its old state again, guy. >> mike, thank. after the break, shares of boston beer closing higher nearly 19% on the back of earning. we will ask the company's chairman what consume remembers buying during the pandemic and whether he is concerned about growing competition in the hard stelter space. the ocstk has been on a tear, up 180% over one year re-entering data that employees could enter themselves?

that's why i get up in the morning! i have a secret method for remembering all my hr passwords. my boss doesn't remember approving my time off. let's just... find that email. the old way of doing business slows everyone down. with paycom, employees enter and manage their own hr data in one easy-to-use software. visit paycom.com for a free demo.

shares of boston beer finishing the day sharply higher on the back of q 3 earnings. the company saw profits spike due to its spiked seltser brand truly. joining us now the jim koch, boston beer founder and chairman thank you for joining us. >> it is a pleasure to be here on a friday afternoon. >> exactly we might well be enjoying some of your products in couple of

hour's time. >> you can start now i hate to drink alone. >> i wish i could. i think i would lose my job. i will have a swig of my matter. >> we will see go ahead and ask your question and then i will tell you my secret let's talk about unbelievable growth in the hard seltser market you and -- truly and white claw are some of the biggest movers there. everyone is bringing one out has that seen your market share slide even though the numbers for truly continue to grow >> no, actually it is the opposite truly is the only one of the leading seltsers that actually gained share this year partly i think because of a successful innovation. we launched the first hard seltser lemon aide which has a lot of flavor. i kind of amped up the tlafr game

so we have actually been growing share even as dozens of competitors have been piling in. >> i guess the flip side of course is beer, which sam adams brand year on year declined. is that the start of a decade of declines for beer coming in the future or do you think it is going to plateau and turn up at some point soon >> i think it will turn around but for sam adams and dog fish head and angry orchard, our hard cider, they have a big part of their volume in bars and restaurants, and in draft. and both of those segments have been devastated. my best guess is that draft beer consumption is down over 50% it is coming back, but very slowly so when a big part of your follow drops by 50% it is hard to make it up. sam adams is actually growing outside of the bar and restaurant channel, but it's not

enough to make up for all those lost people who aren't going into bars and getting delicious cold sam adams draft about this time on friday >> i actually had a question on the hard seltser competition what was your reaction, jim, to coca-cola getting into the alcohol business in the u.s. with topo chico hard seltser and part partnering with your competitor, coors, to do it? >> you know, it is a free competitive market for us, there is dozens of people coming in there's bud light hard seltser, bud light platinum there will be a michelob ultra a coarse hard seltser, a carina hard seltser they have jumped in. those are some of the biggest brands in year yet we continue the grow our focus is just on making the best tasting hard seltsers and

innovating we are looking forward next year to our next innovation which is truly iced tea hard seltser that is going to bring, you know, the flavor and the richness and the crispness of a great glass of iced tea to the hard seltser category, where you can get a full 5% alcohol, with like one gram of sugar and only 100 calories so our belief is that if we keep making really delicious, refreshing beverages under the truly hard seltser name we will get drinkers so that that's worked. >> to your point you think beer can rebound when we are out of covid particular chi dropped sales in bars, what pouring of the growth that the hard seltser market has seen has been because of trinking at home trends this year only? i mean it does come across --

not as a big drinker myself as more of an at home drink as opposed to something you are going to order in a bar. >> well, it is both, but i think the strength in truly has been in outdoor occasions which maybe have been hit a little less. primarily what we are seeing is truly hard seltser is giving consumers something they haven't had before crisp, refreshing, only 100 calories, 5% alcohol it doesn't fill you up and we have more than doubled our sales this year. and we are looking forward to similar growth next year and you know, our experience -- i started making sam adams in my kitchen 36 years ago what i learned was that if you make something really good that people don't have -- sam adams was really the pioneering craft beer in the united states. it was something new that people

had never had, rich, flavorful beer it created its own market actually what i am ink doctoring now is our sam adams innovation for next year, which is a sam adams non-alcoholic ipa. it follows the same pattern. we have all had non- choic beers and they were pretty much undrinkable if you like beer this sam adams non-alcoholic ipa is the first non-alcoholic beer that tastes like a full strength rich flavorful beer. you don't give up anything when you take the alcohol out of it so for me, it's -- i actually had one on our earnings call yesterday. it was a wonderful experience to be drinking a beer while you are talking to 35 stock analysts >> you might need alcohol for that one, jim. i mean that's sort of just what i was going the ask you which is

what is the margaret for non-alcoholic beer beyond, you know, pregnant women, executive doing conference calls and live tv interviews? how big is that market what's the trend. >> i am disappoint jim i thought it was an alcoholic one. but sorry, important question. >> if you tasted it you would not be disappointed. you would be excited to your question, sara, the market is actually pretty small. but we are used to that. the market for craft beer was somewhere between invisible and microscopic when i started but it became a big thing. and our belief and our pattern is make something really delicious, really good that will shock people at how good it is and sam adams non-alcoholic ipa is just that kind of ground breaking product our experience is, you give people something they have never had before, it's really hard to judgment the size of the market. i mean, how big did steve jobs

think the iphone market was going to be? not that big but it created its own demand because it was such a wonderful product. this is similarly a wonderful product that, you know, you can have for breakfast instead of like orange juice and oatmeal. this has a lot of those orange fruit flavors, and it's also whole grain, and it is less than 100 call reese and it is prett filling. there may be, you know, new segments that we haven't thought of. >> beer for freak fast that will be a first, of course. no one has ever tried that before so far. jim, thanks for joining us, you have made us all very thirsty with 32 minutes left of the show i am going to be counting down every minute. >> cheers. >> huge share price performance today and of course year to date for sam adams. up next, both johnson & johnson and astrazeneca getting

the go ahead the restart covid-19 vaccine trials. we will hear from the commissioner, scott gottlieb we're excited to do business with you

but before we sign i gotta ask... sure, anything. we searched you online and maybe you can explain this? i can't believe that garbage is still coming in. that is so false! frustrated with your online search results? call reputation defender today to join tens of thousands who've improved their online reputation. get your free reputation report card at reputationdefender.com or call 1-877-866-8555.

breaking news out of washington on big tech ylan moi has the stories. >> the chairman of the senate judiciary committee lindsey graham is telling reporterset getting close to a voluntary agreement with the ceos of twitter and facebook to testify before his committee after the election just yesterday his committee had

voted to authorize s&ps to compel them to appear to discuss the -- to discuss the restrictions that the platforms have placed around the new york post story involving hunter biden. now it seems those subpoenas may not even be necessary if they voluntarily agree to testify i will point out this is what happened in the senate commerce committee, which also voted to issue subpoenas for zuckerberg and boresy and chai. they all agreed to testify they will be happening next week in a virtual setting of we will see if they testify before the judiciary committee as well, guys. johnson & johnson saying this hour it does plan to restart its covid-19 vaccine trial. this comes as the fda sells astrazeneca it is restart its

vaccine trial as well after looking into two cases joining us, scott gottlieb dr. scott leeb, always good to see you. >> thank you >> as someone who led this institution, walk us through the process for figuring out whether for instance with astrazeneca these nearo logical side effects were caused as a result of the vaccine and to give that greenlight, what it takes to get that. >> it is going to be hard to determine for person is wloos there is a causal link between what is reported to be two neurological side effects or the vaccine itself it is presumed they were in patients who received the vaccine. otherwise the monitoring board and the regulators probably wouldn't have recommended a pause in the trial the things you look at is the proximity of the side effect to the site of the vaccine. was there anything symptomatic

of the condition and the condition happened to occur in the context of the clinical trial after the patient was vaccinated you look at the proximity of the side effect in particular relative to when the patient was vaccinated that's the first thing they are going the look at. the other thing is the plauzability of the side effect of the vaccine relative to the vaccine. we know in this case, adeno virus causes myelitis. that's something you are going to look at you are going the look at patients who kr covid experience the same side effects. the protein being used in the vaccine is a coronavirus related protein called the spike protein. can the spike protein be a common link, can it cause the side effect this the vaccine if it does more than likely you will see people get the same side effect who get the virus

itself you don't usually see transmyelitis as a result of covid. that's a sign that this vaccine isn't causing the side effect. but it is going to be hard for the agency to say it is absolutely not related they can probably proceed with a reasonable degree of confidence that it is probably not related but they are going to start looking harder for these kinds of side effects to make sure nothing else emerges >> that means all four leading contenders are back on tre with their clinical trials. pfizer, johnson & johnson, moderna, and now astrazeneca what does this do for the time line >> i think it is good news astrazeneca was pretty far ahead with their clinical development program. they had a trial that was fully enroiled rolled in the uk. a 10,000 trial a. 30,000 trial was being conducted in the u.s they are behind now. i think the moderna and the

pfizer vaccine are probably ahead because now they are fully enrolled and many of those patients received their second dose but astrazeneca is going to be an early contender to getting a vaccine on the market. getting them back on track is important to them. johnson & johnson is not far behind but they started their development program later and their trial and a 60,000 patient trial. it is going to be longer for them to enroll that trial. it is a single dose. so once their trial is fully enrolled they can start looking for events in their trial. doctor, we saw cases spiking in the u.s. yesterday in particular are we a month or so behind europe and by that i mean are we going to have lockdowns similar to when we are seeing in europe? >> i don't know that we will have the lockdowns here in the u.s. i don't know you have the support for the shutdowns similar the what we had in the spring i think you will see targeted

mitigation when the virus becomesdom nantz in cities curfews or venues closed like bars we are going to see some big numbers being put up in terms of daily infections, deaths are going to start to rise hospitalizations are rising. i expect a big number to be put up today in terms of the number of infections we are going to put up today given the fact that some states didn't report for 48 hours i think a you will see a big number today. >> on the other hand, we are starting to get studies doctor, that the mortality rate in this country is down substantially from where we were yes we have better treatment options and better procedures in place. across race you are seeing better mortality rates even among the elderly and the high risk do you think it could be any indication that this virus is

mutating to a less lethal strain is there any evidence of that? >> i think it is unlikely, there is different strains circulating but no suggestion that any of the strains are either less lethal or less easily spread it's unlikely that that's the case what you are seeing is improvements in clinical care. you are seeing trs learn how to treat these patients more much effectively. there has been therapeutic innovation the use of steroids, remdesivir is an active drug providing probably a treatment effect and probably helping some patients there have been a lot of therapeutic innovations. we are not intube ating patients as much, we are high traiting aggressively so people are not suffering from recently failure as much as they were i think we cut the inhospital death rate in half some of the studies coming out recently show improvements that

are better than that but the challenge going into winter is yes mortal is down but we are going to be infecting so many people that the death statistics are going to be staggering i think we are going to see daily debts well above 1,000 and we pit retest some of the totals we saw in the sing when we were reporting 2,000 deaths a day related to the virus because of the sheer number of people we are likely to infect heading into the winter. >> doctor gottlieb, going to your prior answer about not having the proper political will in the u.s. to have lockdowns. who is right is the uk overreacting or is the u.s. unreacting should we get the scenario you were just outlining? >> in europe, countries are resisting, quote, unquote, lockdowns. they are not imposing broad citywide is your fews.

france issued a curfew, which is a back doorway to close down bars i think there will be targeted mitttation to create statewide effects. i don't think we are going to see broad stay at home orders. i think we are going to tolerate more infection and the health care system is going to have to bear the brunt of the burden because i don't believe you have the popular will for stay-at-home orders or popular mitigation ultimately we are governed by the people i think the population has the will the reimpose the lockdowns we saw in the spring we have to reduce spread in the congregate settings. if everyone would wear mask it could cut down the spread. if you are asymptomatic or presymptomatic if you have a mask on you are less likely to spread the infection that's the primary to wear a

mask if you hair a high quality mask, you protect yourself as well there is a second reason to wear a mask, you protect yourself from getting infected. >> dr. gottlieb, thank you for joining us. thanks. still to come, app'sle newest iphone is officially in stores, but the di boo date looks different this time around

my name is henry. working within amazon transportation services, i really saw the challenge of climate change. we want to be sustainable, but when you have a truck covering over 300 miles, or you have flights going hundreds of miles, it's a bit more challenging. we are letting the data guide us to the best solution. it's inspiring to try to solve a problem that no one else has solved. that's super exciting.

♪ ♪ heart monitors that let your doctor watch over you, just like you watch over your best friend. another life-changing technology from abbott, so you don't wait for life. you live it.

we are back. time for a cnbc news update with sue herera. >> hello, everybody. here's what is happening at this hour pennsylvania's supreme court ruled unanimously that mail-in ballots cannot be rejected if the signature does not match what's on file that is a defeat for republicans challenging the state's procedures pennsylvan pennsylvania's democratic a.g. says voter identities are identified when the initial ballot application is made. >> primary ratings for last night's debate indicate more than 55 million people watched on tv. that number will increase as more data comes in but it is tracking to be below the 73 million who watched the first debate. a federal judge is rejecting the justice department's request to ban down loads of the wechat

app. the ruling is being appealed. >> a texas sheriff's deputy is honored for saving the life of a 20-day-old boy lost month. as he encouraged the baby the beet, doddson administered the him lick maneuver and after a long minute, the baby did begin to breathe you are up to date up next, apple's iphone 12 hitting shelves today but the rovis ndicade this year's launch day look different. we will complain when "closing bell" comes right back ♪

introducing the all-new 2021 gla suv. starting at just $36,230. it's the biggest thing that ever happened to small. lease the gla 250 suv for just $399 a month at your local mercedes-benz dealer.

two of apple's latest iphone 12 models going on sale today. debut day looking a little bit different due to the coronavirus. in china, lines at brick and mortar apple stores were smaller than usual customers had to present a code on a health app to enter they purchased largely on line they set up small kiosks where people could pick up their divided rather than crowding into regular stores. up next on the show, monster jam roaring into at&t stadium

for its first in-person event with fans since the start of the pandemic we are going to discuss the o tre of live events with the ceofhe company behind the sport right after the break. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

live entertainment is slowly but surely making a return motorsports entertainment, monster jam will rev back on the track in arlington, texas. even with social distancing in place, the event could see 17,000 fans in attendance on saturday and sunday. let's bring in kenneth good luck to you the news today is that we are looking at record number of covid cases. how do you plan to pull this off? >> we have been working on this for seven months since this was shut down. they have social distancing in the stadium. they have had football games there. at&t stadium have their act

together people will be sitting in pods, so you come with your family, two people, six people, whatever it is and you are socially distanced from everybody else there. there will be face protection worn with our personnel there, about 100 people in total to make this happen we have been there since monday. we do testing twice a week and everybody wears face protection and keeps socially distanced so we had a little practice with this earlier this year with our super cross event. we were the first sports league to complete our season that was with no spectators, but it involved about 1,000 people in salt lake city at the stadium. so we have some familiarity. we also have the wnba right in this building where i am now did their entire season here, so we

learned a lot from them. they did a great job with the bubble and how they handled this so with monster jam coming out and then the first week of november, we have our first tour of disney on ice coming out coincidencely in dallas as well at the american airlines center. what is the percentage attendance going to be relative to what it would be full capacity at normal times how hard or easy does that make it to make a profit on the bottom line for you? >> attendance will be about 25% of what it normally is so we will be getting about 18,000 people. we have had events where we have played over 55,000, 60,000 people at at&t stadium it is more difficult, but we wanted to come back. the fans wanted us to. we have been doing research

every month since may to gauge the public demand for what it is what our fans wanted us to do to make them feel safe and comfortable and secure enough to go and bring their families to this event that trend -- we wanted to do it every month to see if there were shifts in the trend. it has been growing. once school started we saw there was a great demand, that parents want to bring their families this is probably going to be the first experience they have had -- outdoor experience with their family since covid started. i think it will be something they remember for a lifetime >> kenneth, we hope it goes well thanks for joining us. >> thanks very much. investors gearing up for a very busy earning seasons. we will get you set for what to expect

we will get you set for what to expect ♪ ♪ ♪ ♪ ♪ the lack of control whenover my business kai, made me a little intense. but now quickbooks helps me get paid,

manage cash flow, and run payroll. and now i'm back on top... with koala kai. save over 30 hours a month with intuit quickbooks.

massive week for earnings. tuesday jam-packed with numbers from 3m, microsoft, lily

as we look, after the week we just had, which was a down week for stocks, the first one lower for nascar -- nasdaq. s&p rose >> i would say next week's numbers will be a test of this theme. see if it tests out the conviction that things are getting better if you go back three months, last week in july when you had names reporting, there was doubt about how profitable they would be in this covid shutdown environment, and they blew it all away they rallied hard after snap's

numbers because i think the bar is high. >> i can't wait for tech i love those closing bell tech reporting. thursday in particular so many coming >> my 2-year-old son would probably like that monster jam segment the best that will be hard to top >> sam adams says crack a beer on the show. we are out of time "fast money" starts now. >> the lineup tonight with me is tim seymour, guy adami, karen finerman and bonawyn eison >> do these names deserve a second look? names straight ahead and in the after hours session an