quarter reported last week. >> all right joey >> gld >> jon najarian, back to you. >> run, r-u-n, sunrun, i bought it during the show, scott. >> markets running today, not in the right direction though right now the dow is down by 817 points "the exchange" will pick up that story. they will do that right now. thank you, scott, and welcome to "the exchange," everybody. that's right we have a big selloff on wall street as investors grapple with rising coronavirus cases around the globe and a stimulus stalemate. the dow is on pace for its worst day in almost two months right another session lows the u.s. reporting a record surge in covid cases with more than 83,000 infections both friday and saturday. cases have grown by 5% or more in the past week in 37 states now. new lockdowns in europe also have markets on edge investors hoping all this might add urgency to the stimulus

talks in washington, this with just eight days until the presidential election. bob pisani is here with the latest market moves. bob? >> and we have a surge in covid cases. no stimulus and the possibility that fourth quarter earnings are in particularly. that's the essence of the sap warning here this morning. let's take a look at sectors, predictably cyclical sectors energy, saw oil down 3% at one point, banks, industrials all weak tech as well more defensive sectors like utilities, for example, and consumer staples down but not as much software has been under pressure all day. you heard about sap essentially cutting its revenue forecast for the full year. they are expecting a fresh wave of lockdowns over in europe to hurt demand for the first half of 2021. is this company specific or not? this is a threat to fourth quarter earnings in general even though parts of it may be company specific you can see software stocks that are down, travel and leer you're, opening stories going

rather poorly. you can see the decline usual reit stocks, real estate v.stocks like sld. energy weak. a non-poor performer any time you see any threat to the reopening story. banks had a great time last week as yields rose it's not the case today. all the big banks are moving to the downside just want to note the fact that we topped out on the s&p 500 the day before earnings season started. that was october 12th, the day before jpmorgan reported 3549 and generally down since then. 3408 we broke through the 50-day moving average just this morning. so bottom line here, folks this is definitely a bad day, but we have been trending lower ever since earnings season started. guys, back to you. >> that's a great point. of course, a big day looms thursday with a bunch of big tech earnings. thank you, sir bob pins on the markets. let's turn to a surge in covid cases to the local high.

local hospital systems are being stressed and forcing new curfew restrictions in other parts of the country. meg tirrell joins us with the latest meg. >> reporter: hey, kelly. we've been hearing that the fall could potentially be very bad but it's jarring to see that real upon us now if you look at the metrix across cases, hospitalizations and deaths in the united states, all now rising with cases hitting a new seven-day average record approaching 70,000 on the seven-day average. this is covid tracking project data,izations also on the rise now, you know, 40,000 plus people hospitalized in the u.s. and deaths after remaining steady for some time now are starting to tick up as well. so hospitalizations and deaths obviously the metrix that are very concerning, and you can see in the united states the number of people hospitalized rising in many states, 16 states seeing a 15% increase in the seven-day average week over week, and it's really across the midwest as

well as in states like texas and new mexico, those areas really being hit hard, and this is concerning, kelly,because they can create more beds but they can't get more doctors and nurses and people with the specialization needed to take care of these patients, and that's when you run into real trouble. "the salt lake tribune" a headline from yesterday capturing a lot of attention saying utah's hospitals are preparing to ration care as a record number of coronavirus patients flood their icus so we're in a very concerning period kelly? >> oh, yeah. even here where we saw the surge early on we're starting to now get back up towards, you know, numbers that are kind of full capacity even in this part of the country, so, meg, the question as well is not just about salt lake city. anywhere where the hospital system might be under stress is that prompting authorities to react with shutdowns, curfews and the like because, you know, again, go back to march. obviously the big concern was not just stopping the spread of

covid for its own sake but making sure that we could flatten the curve. flattent curve it was all about trying to keep people from all winding up in the hospital at once what are you seeing this time around >> the big difference from march to now is that it's a regional response rather than a national one. remember, the white house what is talking about 15 days to slow the spread and then they extended that. that is was entire country really being asked to do something all together and it seems like lessons have been learned really that at that time you were asking people to do something really extreme like that in areas that maybe didn't need it and now we're seeing the areas now being so hard hit saying wait a minute, we've done all this work and now we're getting him. it's like a marathon and they weren't prepared for that having tried to do this back in march so what you are seeing is regionally, you know, some restrictions being put into place. hospitals stopping elective procedures, trying to cut back on some activities in areas, but

it's really more of a regional focus rather than a national one right now. >> yeah, for now meg, appreciate it meg tirrell with the latest on the covid front for us. investors are keeping a close eye on washington for any sign of move in the stimulus directs and here's what nec director larry kudlow said about that earlier today >> the talks have certainly slowed down, but they are not ending we're close, but there's still important policy issues that separate us. >> ylan mui has more on where we stand. one set of expectations going into the weekend that were pretty muted, but that was before we got the case numbers that we've gotten. what's the latest? >> reporter: well, house speaker nancy pelosi and the treasury secretary are going to be back on the phone again in just about an hour after a four-day hiatus. now, their staffs have been in close contact over the weekend reviewing updated language

around another coronavirus relief deal. her office said they would not talk on the phone again unless there was progress being made so we'll wait and see what the readout of that conversation actually looks like, but in the meantime democrats have been slamming republicans for, as they say, rushing to confirm amy coney barrett to the supreme court rather than working together on another covid relief package, and they have even called on vice president mike pence to stay away from the chamber and not preside over the final vote tonight after several members of his staff tested positive for covid-19. in a left they said president trump, we believe if you and president trump finally began to take this crisis seriously instead of taking actions that could further increase the spread we would all be safer and better off kelly, the senate is expected toed a journal after that vote this evening they won't be back until after the election, so even if there is a deal, there wouldn't be anyone in washington to vote on it back over to you. >> so once again it seems as though, you know, there's no

chance of this happening before the election all the focus i guess becomes on afterwards ylan, what are you hearing in terms of how that calculus might change if this is a drawn-out period before we know for sure the outcome of that election >> yeah. so there are short-term and potentially medium-term implications you know, the next deadline we're looking at is december 11th which is when the government runs out of money beyond that we're looking at the end of the year as another deadline point when folks start to run out of extended unemployment benefits and that's another time when congress could act, but i would also point out that even if we do see a blue wave, it's unlikely that democrats will get 60 votes in the senate to be able to clear any procedural hurdles so there would still have to be some level of negotiation between the two parties to get anything done unless they use some procedural tricks that could be highly controversial. kelly. >> true. all right.

thank you. ylan mui in washington as we watch the dow near session lows now, for weeks the markets have shrugged off the increase in u.s. covid cases but not so much today. dow down 830 points, biggest selloff in two months. here to discuss what's different here is senior commentator mike santoli. mike, what accounts for the change in tone >> first of all, the velocity of the increase in cases as well as hospitalizations and also the global nature of it. this idea that essentially fourth-quarter gdp growth in the u.s., already considered to be, you know, very much a slowdown from the pace of recovery in the third quarter might be in jen dishes and i also think it caught investors a little bit wrong-footed because for weeks what's been going on right now is people assuming there was going to be fiscal stimulus sooner or later and even without that the pace of economic data beating forecasts was looking pretty good, and bond yields were surging, a steeper yield curve can. all the things that make you think that a cyclical acceleration was under way or

about to start i think it was getting priced into the market so that's why i think it was a little jarring to see not just the case load but also, you know, that sap warning which removes the software sector as a candidate to kind of rescue the rest of the market so you had a little bit of the -- of the reopening type trades that were unwound a little bit today as well as not having as much help from tech. it reminds me a little bit of what happened in early june. big surge in treasury yields and stocks outvalued and a lot of enthusiasm about reopening and got ahead of the sunset covid surge and that was not exactly the waterloo for the markets a 7% pullback and then we resumed with the nasdaq rally after that. >> and to me it would seem like kind of what points us in one direction or another in terms of magnitude is going to be in there are more widespread shutdowns. >> yeah. >> even on a regional basis, so, mike, it's interesting i was writing about this this morning. one of the traders who i really

respect, i was writing about the link between the markets and covid. listen this, selloff today isn't about covid. people see the mortality rate is much lower he said it's about the election and about the fact that after the last debate trump looks like he might in a tighter race with biden and maybe we're not going to note outcome for weeks of what happens i think there's six big states, including pennsylvania and michigan, that they don't start counting the ballots until election night, until the polls are closed. >> right. >> so if this is a tight race, mike, and markets are worried about that to use the word uncertainty, is it possible that that's a factor here today >> it's certainly possible it's a factor because i think we've gone -- the pendulum has swung a couple of different times on this, and so in september we front-loaded a tremendous amount of anxiety about there wasn't going to be a resolution, might be too close to call and unresolved for a long time and after the first debate and after the president got his diagnosis of covid it seemed like it widened out and people went all the way to the otherside and not only decided that a blue wave was more likely but that it

was going to be bullish and basically any election outcome was market friendly. >> right. >> in the last week or two we've come off of that bottom line, we've had enough time to rethink this four different ways and second guess our assumptions four different times and if you have an event coming in a week and you think you're 65% chance you're right and 35% chance you're wrong in a week it still reason not to take on a tremendous amount of a risk ahead of time. what we've done is unwind october's real and not even back to where we were three weeks ago in the s&p 500 this isn't necessarily some kind of game-changing selloff what it is is a little bit of a reset of attitudes as we get to the run-up of the election and in the end, kelly, it could be exactly what everyone said it was going to be in the sum ir. september and october are jumpy before an election and then it doesn't change the prospects of what comes after. >> yeah, but it feels different when you're living through it. >> it does. >> i hope it's just that and not a more severe covid-related

outcome. mike, as always, really appreciate it. mike santoli. for more on selloff and how investors should be protecting themselves i'm joined by the managing director and private wealth adviser for ubs and jason prayedy is president and ceo of thornberg investment management. good to have you both here jason, mike mentioned something in passing that's super important, and we'll get more to it later on. listen this, disappointment that sap just told us about in europe warning about covid's impact on its business is taking down the whole software sector. it's an important part of the market, so, you know, to what extent does that knock out one of the kind of legs of support of the stool here? >> i think that's hugely important, and if i'm pointing to one reason for the market disappointing challenge today, it's really including some of technology and perhaps including intel last week but some of the energy sector into a cyclical sector categorized as a cyclical sector fur think about that, that sort

of switch, that's going to be really challenging at times when you kind of get a risk-off move and certainly the lack of leadership in technology is relevant as we think about, you know, how are we going to position things? >> right there's intel down again today 15%. a different part of the sector obviously angela, but big tech earnings, apple and amazon and the rest of them are a huge part of this support, and i should mention it's not as if tech is underperforming today. i mean, it's still holding up relatively well. i think zoom is the best performer in the s&p, the industrials, the financials which are weak and that's more of the kind of, you know, pause the reopening trade. what would your advice be to investors? >> well, i think it's interesting. we're having this trifecta of coronavirus infections, the lack of fiscal stimulus and then elections, and one thing we're not really talking about, despite sap today, earnings has actually been pretty decent.

q2 was good and q3, i mean, 90% of the companies that have already posted their earnings and it's about 30% have done so already have more than beat their expectations, and beating expectations at a lead in 14.5% is pretty significant compared to the usual 3% to 5% so i think that's not something we're really seeing in the markets today. for us and how we work with our clients, short-term volatility is an opportunity. short-term volatility, a day like today, we can do tax loss selling, do some giving the of assets that are more depreciated, and when markets spike up again, we did do more phil throbbic giving so for us we hook at the intermediate and long term and are less impacted which what's happening here. >> as you said, telling chibs to

strategic. what would you do with the parts of the market that started perking up hately. >> i don't think it's off the table. there's a balance you need to strike in your portfolio, not all up, not all the other and all of our biggest problems actually is investors and we talk to clients and their biggest issue is asset allocation and what you're also seeing is fixed income markets trading along with the cyclical sectors in search of a balanced portfolio. pay attention to the balance of what's being called growth in value but again it's really the more -- is more obvious from a sector perspective here. >> a little bit of everything maybe to get through uncertain times. we'll leave it there jason brady and angela, good to speak with you both with the market down 843 points begin, sitting right near

session lows coming cup, a whole lot more on the selloff. we'll be speaking with former economic director larry lindsey about what a big selloff to mean for the election next week among many, many topics and a look at the construction etf, the itb, i should say, on pace for its third down day in four and its first negative month since march. the new move coming since disappointing housing newspaper. all the details coming up next "the exchange" is back in a minute this is the new iphone 12 pro with 5g! and it's on at&t, the fastest nationwide 5g network.

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welcome back markets are selling off as the u.s. set a grim new high for daily covid cases. also in the past hour, we've learned from local reports that german chancellor angela merkel is planning a lockdown light to tackle the covid pandemic. uk regions such as nottingham are looking to move to the highest covid tier alert, this after italy imposed fresh lockdown measures over the weekend, and there's concern about similar moves here the dow is down 883 points, a session low. down 3.1%. the nasdaq outperforming today, down 2.4%. we'll keep a close eye on it throughout hour. meantime, the race for a covid vaccine does continue. astrazeneca is the only contender in the green, up 1.2%

on reports that its vaccine does trigger a similar immune response in older and younger adults boyo entech is down and pfizer down two the two partner companies could be a bad sign for their vaccine candidate and vaccines at large. joining me now is dr. vincent chen with bernstein. tell us what your concerns are about the pfizer and bioentech vaccines >> thanks for having me. pfizer spoke repeatedly having of data in october and we've yet to see data and there's a concern whether this could be a concern relative to investor expectations and pfizer's previous commentry the concern is if the vaccine is highly effective, then you're likely to have data readout early. if there's lots of infections in placebo groups and nobody gets infected in the vaccine group you can look at the data and

declare early on if the efficacy is more middling or not efficacious, you need to let the trial run longer and if we are indeed seeing a delay in the pfizer trial this could suggest that the vaccine's efficacy is lower than what we thought and the odds of success may be lower as well to dimensionalize the numbers going into the trial, many experts would have estimated maybe three-quarters of success and potentially 80% efficacy we would estimate that we're look at 60% to 70% efficacy and 67% odds of success. there could be other explanations possible that the interim analysis has not occurred and possible that pfizer indeed has the data but is simply waiting to disclose it, but if it does turn out the really readout hasn't panned out as well as we hope this would bode poorly not just for pfizer's program but cast a bit of a pal over the

vaccine. >> the silence is deafening. let mow ask you before we move on is it possible they are delaying the news after the election to avoid getting further caught up in the politics of it? >> i think that's relatively unlikely certainly been a topic of debate, something that's gone back and forth on o.certainly some pressure but pfizer has been out there talking to folks somewhat more on the cautious side to try to persuade them and pfizer actually has stated that while they would not seek emergency use authorization until -- until after the election, they have suggested that as the data becomes available they would read out the data early and reiterated at least as a week or two ago potential for an october readout. >> so that's fascinating what you're saying is basically the silence is deafening at this point in raising some concern so that perhaps explains the way stocks are trading until we get more clarity meantime, what about the other leading candidates, astrazeneca in particular? it's interesting you're saying because pfizer was the leading

candidate that the prospects who help the whole group rise or fall, but is it possible there could be another front-runner here >> certainly could however, i would say that if pfizer is indeed struggling which is a little bit conjecture, it would read negatively on the other. when you get the vaccine you made a decent level of antibodies but nobody has determined that-and-bodies translate into protection from covid-19 and if the vaccines don't have as much efficacy as hoped. >> dr. chen, let me just ask you one more question on this important point, as, you know, we watch markets concerned about these developments china does have a vaccine from sinovay and brazil is asking

whether they should allow their population to act as quote unquote guinea pigs or not china does have a vaccine and how did they come up with it and does it suggest they have a different type of approach or do we not have enough information what would you say >> it is a different approach, but i would say the vaccines -- sort of the chinese and the russian vaccines, those are vaccines approved on much, much less data than what the fda require. i don't think we -- i think the -- the data we have right now for a number of the front-runners or more globally is actually exceeds the breadth of data we have for some of those approved vaccines. we don't yet have data that those vaccines are indeed protective, but only data they produce antibodies and some sort of response but the bar for vaccine here would be much higher >> fascinating vincent chen, appreciate your time today we'll be checking back in soon.

>> thank you >> dr. vincent chen, a biotech analyst from bernstein let's get a quick check on the markets. down more than 900 points, just below that level right now a 3.2% drop for the dow. biggest drop we've seen in about two months time. now the s&p and the nasdaq are relatively better performing but still the s&p down 22 points it's down to 3372 and the nasdaq down 2.5%. let run through the picture here all 11 sectors r lower in the market, energy, industrials, financials and tech are the biggest laggards the worst performers in the s&p are all three cruise lines and retailer hasbro this morning who did report better than expected earnings but sales for its tv and film division fell short you can see why with nobody going to the events quite so much is. all 30 dow members are also lower today. amex, salesforce and honeywell and royal caribbean, a 12% drop in some of the cruise line stocks today amex and salesforce down 5% and marriott is one of the worst

nasdaq performers. workday hit hard after the sap miss zoom video the best performer, up nearly 1% a classic stay at home trade. meantime, shares of sap are plummeting after the software company slashed revenue guidance on covid-19 concerns this the has the entire software market and because of that the entire stock market concerned. sap shares are now sinking almost 24% josh lipton has more for us. josh >> reporter: so, kelly, sap reported and investors as you noted ran for cover. the german software-maker announcing q3 results, and the stock tanked so what happened here? i caught up with jmp patrick wall ravens. he said the sap assumed the pandemic would ease and big companies would feel more confident and start spending and investing again and instead new lockdowns in europe in response to covid-19 infections creating more uncertainty for these companies. that means these corporate customers are tightening their budgets and delaying

investments. bottom line, sap cutting its outlook on earnings and revenue for the year what's the read through for other software names we know some cloud software players are benefiting as more people want to work from home and want to do so securely investors have piled into names like zoom and docusign and others will, too, in the quarters ahead when the pandemic subsides and companies regain their foot that will give a bigger boost to salesforce, service now and even, yes, sap investors not thinking about that right now sap on track here for its worst day ever kelly, back to you >> all right josh, thank you very much. josh lipton with the late for us. let's turn to sue herrera for a cnbc news update. >> hello, everybody. here's what's happening at this hour nassa's airborne sophia has discovered water on the sunlit side of the move it has previously been detected

the on the side in permanent shadow nasa doesn't know if the water is accessible to humans but if it is it to eventually help humans establish a long-term presence on the moon. germany's angela merkel is reportedly planning what's being called a lockdown light to fight an increase in covid cases it would close bars and restaurants but keep most schools and stores open with restrictions minnesota's republican candidate for the senate has been rushed into emergency surgery for a severe internal hernia jason lewis went to an e.r. this morning for abdominal pain the former conservative talk radio host is the underdog in his race against the incumbent democrat tina smith. and actress felicity huffman has completed all of the elements of her college admissions sentence, including two weeks of jail time, 240 hours of community service and supervised release you are up to date, kell back to you. >> all right sue, thank you very much, sue

herera >> up next with markets selling of course, the dow down about 900 points at this hour, we'll get a check on the biggest laggard in the markets from travel to home surprisely. the home builders are weak to the gaming stocks and whether there's more pain ahead for these sectors as covid cases rise stay with us stay with us dow is exchange." thing we could both agree on was getting geico to help with our renters insurance. yeah, switching and saving was really easy! drink it all up. good! could have used a little salt. visit geico.com and see how easy saving on renters insurance can be. this was the theater i came to quite often.

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welcome back it's a big down day on wall street, and we continue to slide to session lows with each passing half hour. the dow is down 950 points right now, and we have full team coverage of the selloff. seema mode is back at headquarters looking at the impact on travel stocks. diana olick is looking at how this morning's housing data is hurting the home builders, one of the strongest parts of the market contessa brewer watching the gaming stocks and phil lebeau tracking a the airlines for us seema, let's start with you. >> five days until the cdc no sale order is set to expire and covid cases are on the rise in the u.s., and these lockdown measures are being reintroduced in europe where there are currently active sailings so the protocols from testing it all

crew and passengers will become even more critical, and there are concerns about the ability of these ships to remain at sea. that's why you're seeing the cruise stocks trade lower by 12%, the three biggest laggards on the s&p 500 at this hour. europe, other metrics like hotel occupancy show that the region is already in a post-summer decline but new lockdowns have pushed levels down a bit further over the past few weeks, meaning travelers are rethinking those vacation plans as cases continue to rise whereas in the u.s. occupancy has averaged at around 50% in recent weeks. hotel operators set to report earnings in the next couple of weeks but you're seeing shares of marriott, hill op and hyatt trade lower by 6%, kelly back to you. >> seema since you're here i want to the ask you about what's been happening overseas as well. germany's daxx was down almost 4% today twice as bad as the declines we saw in the uk and elsewhere, and, yes, we just got some reports from the local news there that they might be doing

lockdown light so perhaps that explains why, but is it because of what's come from italy and the other markets because that certainly sent us lower into their market close today. >> yeah. i think in mid-sum they are was a widespread view amongst european economists that they were able to control the covid case count, but second wave that we're seeing emerge in certain countries like spain, germany and italy, that has brought for the these new concerns about whether these nations do have it in control and how long it will take to get it under control and that's why you're seeing more of the european economists bring down their projections for growth and questions turning to the ecb as well as to what level of central bank policy will be used here as well, but that's what you're starting to see, this level of recognition across these european markets and why they are trading lower >> yeah. germany is the juggernaut, down 5% in a week now seema, thank you very much seema mody let's turn to the home builders because this is a been the

bright spot in the market but the exhb is down after the housing data, again, one of the sectors helping to power the recovery diana olick is here with the numbers for us diana? >> reporter: yeah, kelly, the stocks of the big builders are falling along with the broader markets despite upbeat news for the sector itb is down over 4% as well breaking out a new names like d.r. horton hand luxury builder toll brothers all lower despite an upgrade this morning from raymond james. analysts said their confidence is growing in the continuing strength and sustainability amid the pandemic recovery. others that have been on a tear year to date like lennar and taylor morrison taking a hit today. all the builder stocks are up pretty redramatically year to date thanks to the unexpected demand from the new stay-at-home and work from anywhere culture of the pandemic. we did get the september read on new home sales this morning and it was slightly lower than expect pedestrian but still up quite significantly from a year

ago. one plus for the sector today, bond yields falling which correspond with mortgage rates, but rates have been low for so long it may not be enough to build builders back into the green today. kell >> diana, you answered my questions before i could even ask them i was going to say could lower rates take the sting out here of what looks like a pause after a strong run is anyone saying it could be more than that because i do remember that polty number, down 5% when we had the strong existing home sales report is the there something more than just kind of a pause going on here >> reporter: well, you have to remember that is some seasonality even though there's no seasonality this year because of covid this is a seasonal slower time for the home builders. we do see incredibly strong demand the question is supply the demand we saw in the numbers were all on the higher end of the mark, not at the entry level, below the $300,000 mark

and that's because builders aren't able to build those homes because of higher costs for land, labor, rising material costs, so there are these he had winds to the home builder that could cause sales to pull back a little but it's not on the demand side. it's really on the supply side. >> right which itself would be a great sign, but we have so much else to worry about diana, thank you we appreciate it diana olick on the housing market. casinos round pressure, no surprise, because they are facing the threat of another shutdown perhaps contessa brewer is here with some of the big names falling 7% conit's ago? >> just a punch to the gut and a wild ride for gas know and gaming stocks getting slammed on the covid fears. you're right to point out the rising infection rates raise the risk of closing back down or a player simply refusing to go to the casino to gamble if coronavirus worries their top of mind but for companies betting on sports gambling the threat of disrupting pro sports again would certainly mean a hit to their bottom lines as well leading the pack lower, you've got caesar's down 7.33, is wynn

down 6 and draftkings down 7, on pace for its worst month ever. penn national gaming down 5% there may be some profit-taking here, too. after all, let's take a look at some of these charts year to date draftkings up year to date 278% and the enthusiasm is just driving this pure play sports gambling stock and that enthusiasm has driven penn shares to meterioric growth with barstool sports up 134 points year to date more than 300% in the last six months alone and then you've got caesar's, just refusing to be left out it's closing its deal with el dorado this summer it announced a partnership with espn, and it's making a bid for william hill, up 193% in the last six months, negative though still year to date by the way, kelly, elections matter, too. there are initiatives on the ballot in multiple states over

liberalizing gaming regulations, and this is one of the things these gaming companies are real counting on. >> that's a great point. contessa, in some ways i actually think sports, maybe pro sports in particular, could be the tell for the whole market because when the nba shut down on march 11th, the day after was one of the worst days we saw this spring because everybody realize federal there's no nba season, everything is off the table, you know. if the nfl -- i'm not talking about rescudling games if the nfl can keep going, if big ten can keep going, i mean, obviously important for these companies, but i think that's frankly the place to watch for whether we're all going back to shutdown land again. >> and especially whether there's just so much pent-up demand for any kind of entertainment, one of the things that the regional casinos have benefiteded from is they haven't had to compete with live sports. you can't go out and watch friday night football at your kid's high school because it's not happening but you can go to the casino and gamble even if occupancy rates are much lower than what they are and it varies

from district to district but you're right to point it out if you've got games being cancelled, it's an indication it's just not going the way we want >> yeah. friday night slots has a little different ring to it than friday night lights contessa, thank you. appreciate it. contessa brewer for us on the casinos. last but not least let's take a look at the airlines down as much as 6% last week the tsa screened over a million passengers on a single day for the first time since march. phil lebeau is here with more on traveler prospects if covid continues to spread like this and the prospect of more aid, too. >> well, there could be more aid that they might seek down the road, not in the foreseeable future and by that i mean by the end of the year. they all have enough liquidity for the time being, but when you take a look at the airline stocks and you said they were down anywhere between 6% and 2%. do not misconstrue them selling off with the fact that you see passenger levels starting to tick a little bit higher you mentioned that the tsa

screened more than a million passengers in a day for the first time last week it was a week ago yesterday. well, yesterday, it dropped back below 1 million. it was down about 61% yesterday compared to where it was a year ago, so it's bouncing around somewhere between down 60 and down 70%, depending on the day one stock to keep an eye on, jetblue. why are we showing you jetblue this is the last of the major airlines, the six major airlines, that will be reporting its third-quarter results. those are come out tomorrow morning, and tomorrow afternoon on "the closing bell" you do not want to miss next conclusive we'll be talking with robin hays, the ceo of jetblue and talk about where the company is not only for the third quarter but real they question i get from a lot of people which is are we going to see passenger levels continue to grow going into the holiday season, especially if there is an increase in the number of covid-19 cases around the country? a lot of people are looking at that and saying, you know. what i think they plateau if

those cases continue to rise >> yeah. phil it's interesting because we saw that big study just the other day that said there hasn't really been a lot of documented spread of covid on an airplane which is shocking, but, again -- >> i don't think it's shock, kelly. i don't think that's shocking. i think when you look at the steps that have been put in place on all aircraft around the world from face masks to spraying the airplanes to the documentation that they have shown that wiping these planes down, it does kill the virus, the amount of spread on a plane, your chances of catching have been reduced dramatically, and i know there are people watching this who are saying you're nuts. i've never getting on a plane. you can't change those minds all the airlines and aircraft-makers can do is say here's the science >> and, again, to show us maybe a path forward even as this is spreading if you do the right mitigation phil, thank you, sir, as always.

>> phil relow on the airlines for us tough session. markets are selling off eight days to the economy. former economic council adviser larry lindsy is here to discuss. we'll be back in two stay with us vesting is hard. 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.

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w. bush. you've got an op-ed in "the journal" today and i appreciate you joining me as the nexus between the election and the economy there's no one better to talk to right now. how are today's developments, do you think, going to pan out in next week's outcome? how significant are they >> well, first of all, i think the economy is doing very well i agree completely with diana olick about housing. any problem we have is on the supply side, not on the demand side in fact, that's generally true about the whole economy. if stays were open, we would be having a -- we'd be in new territory. we'd be at record high in terms of gdp and, you know, blue states have twice the insured unemployment rates as rhett states and that's an indication that there's a supply restriction here in terms of reopening and a shortage of labor and so i'm not worried about the demand side of the economy.

>> so larry, one interesting point about this is that, you know, even if that's the case, even if there's a lot of pent-up demand that's ready to go, now we have covid spreading again, and i can tell you anecdotally there are people thinking, you know what, maybe -- i've heard people all weekend saying this might be the last weekend that i'm out, the last weekend i go to restaurants you know, the weather is turning but there's also a sense that it's not going to be safe anymore, so, you know, what happens if we get this effect where just as we're kind of getting this economic recovery the, you know, we're going back to kind of shut down light, even if it's by choice. how much of a drag this could potentially be a big drag, right? >> it could be our view, we've had a long-term view on this, and that doesn't change maybe because i'm an old guy and stubborn most pandemics end with an

attenuation of the virus the death rate and the admission to the icu rate continue to drop so the virus is having less an effect both because the virus is mutating and because we're taking better care of the people who do get it, and i think that trend is going to continue i am not a believer in a magic wand, and oh, by the way, what we're seeing now in europe which went through an extreme lockdown to me is proof that, is no, lockdowns are not the answer period, so i think we have to rely on common sense, social distancing whenever i'm indoors with a lot of strange people i wear a mask

and i also think treatments are better and that's a good thing and that's how it's going to go away. >> so let me ask you, as we've all been debating today the factors in the selloff, you know, covid cases being one of them but also people are saying one reason could be that the election outcome looks pretty tight now and maybe it's because of, you know, a little bit of ae after the last debate but you've been laser focused on this question of how this all might play out if it's very, very close on election night. what do you think the odds are that we might not know for several days or weeks' time and what would that mean for the market >> well, i think the odds are good and right now i think they're rising for just the reasons that you mentioned we are following all the data very closely, including the abev votes that are coming in and we modeled and successfully last time and our clients made money on it so we're trying the same

thing this time. right now i would say that the needle has to move about 1.5 points in trump's direction for him to win that's do abable and between recent trends we've seen in abev and the debate performance and the stuff that's unknown about the polling, you know, let's say it's doable. i think there's probably a 50 or 60% chance that we will not know the winner on election night >> a 60% chance. what does that mean for investors then we just have to wait and see >> i think we're going to have one heck of a mess we've already got a number of groups on the left in particular that have already organized

protests ready to go, they have play books out there on it so i think we're going to see not only a battle in the courts but maybe a battle in the streets. and let's face it. for the whole world it's not a good idea to have a lot of uncertainty about who the president of the united states is going to be >> the uncertainty we talked so much about but this would be uncertainty in a very big way. larry, thank you on the market, economy and election today up next, the markets down more than 900 points at this hour we're going to take a closer look at today's selloff. we're also going to look at the entertainment names in particular getting hit top the faang stocks are lower, including alphabet and facebook we're back in a couple this is decision tech. find a stock based on your interests

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shares of entertainment company are getting slapped today.

cinemark down. julia boorstin has more. >> companies reliant on large groups are people are seeing their stocks plummet today cinemark down almost 9% today. other theater chains moving lower, amc down about 8.5%, imaimax down 2.5%. sea world down, six flags and cedar fair down and disney is down nearly 4% comcast which owns parks, that

stock also down about 3% we're also seeing the concert business facing challenges with shares of concert giant live nation down nearly 6%. kelly? >> a rough session as they worry about what's coming. julia boorstin stick around for "power lunch. we're going to keep monitoring the selloff with the dow down by 900 points 900 points i'llith joi achievable steps along the way... ...so we can spend a bit now,ne knowing we're prepared for the future. this week break. we renovated the guest room, so you can live with us. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested,

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good afternoon, everyone we start with today's big selloff on wall street there you see it, down 817 points, not far off the session lows when the dow was down almost 900 points as the coronavirus cases hit a record level in the united states and europe meanwhile, stimulus, fiscal stimulus, remains at a standstill in d.c. with eight days now until the leelection we'll have mor