>> cash. >> cash. >> first solar first solar. >> fortune brands. >> all right guys. good stuff. >> fortune brands. >> thanks for watching "the exchange" starts right now. >> thank you, scott. welcome to "the exchange," everyone another big down day for stocks as new lockdown measures rim posed in europe and cities like chicago restrict indoor dining the dow is down 1820 points. u.s. covid cases have risen by a daily average of nearly 72,000 and hospitalizations up 5% in 36 states overseas germany imposing a month-long lockdown light that will close bars and restaurants in november along with stadiums and theaters the german dax is down 8% and

you can see a 2% drop today. france is expected to announce similar measures within the next few hours after italy and spain have already imposed new restrictions let's get more on today's big selloff with bob pisani. how are things looking this hour >> well, off of the lows but not much what's happening is professional investors are simply reducing their overall exposure to the stock market right now now, how do you know that? look at what's been going on in terms of the sectors when you have two cyclical groups, technology stocks and industrials, both down 2% to 3% and then you have defensive groups which often move in a different direction, health care and consumer staples, for example, also down, almost the same amount. that's a takedown. that's reducing exposure overall to the market. another tell, oil. watch oil. oil is down 6% it's near the lowest levels since june right now energy stocks, well, the energy complex is itself right near the lowest levels since going back to march objection depthal, a new low for

occidental 592-week low you see apache, marathon, devon, big oil companies down a lot as well another tell, reits, real estate investment companies, if businesses are going better they are doing better and they are not. hitting new lows, equity residential, boston properties that's a new 452-week low there. that's another sign there. is anything working at all today? can anything get helped by this covid? well, the mortgages are still doing well and the housing business is still doing well, folks. there's horton, there's lennar, even masako to the upside. guys, back to have. >> we'll take that one green spot today bob, thank you very much bob pisani. look across the major averages, and you'll see the nasdaq is actually the worst performer today. let's drill down on that big steck no safe haven and stay-at-home winners like zoom are lower. dom chu has more. >> reporter: there's kind of that narrative in place right now, but look at technology, some would argue it is the most important sector to the overall

market looking at the nasdaq composite, it is now down roughly 8% to 9% from the highs that we saw just over the course of the past couple of months as you can see there, if you take a look at some of the breakdown of what we're looking at in hot spots, recent bellwethers, take a look at cloud computing. one etf that tracks it is the ticker clou, the global ex-cloud etf. that particular move that you can see right here that right side is down 8% to 9% from recent highs. within that particular constituency, look at these -- these stocks over the last week that have been the ones kind of leaning to the downside. a cami down 7% and workday down 7% just in the last week and look at what's happening with software overall, some of the big names that we all recognize. this particular etf tracked as well from the highs to lows that we see today, down 8% to 9%. within there, individual members driving a lot of actions these are names we know. we're talking adobe down 8% and

oracle down 7% and microsoft down 5% just in the last week and we'll end it off, guys, with the semiconductors a lot of deal activity there still this etf that tracks the semis, the ticker smh is down again, roughly 8% to 9% from recent highs and within the semiconductor industry look at these particular stocks. these ones here, intel down 16% in one week. applied materials down 7% in one week and nvidia down 5%. three hot spots within technology, kelly, they could be telling us something about the overall health of that nasdaq real we'll see if it continues on that downside trend, guys. back over to you >> and dom, given how concerned people are about coronavirus in the headlines today, it's surprising that the stay-at-home trades aren't doing better. >> the stay-at-home trade, yes the reason we're looking at names like zoom, peloton, vastly, shopify, those cloud computing type names we do know that the valuations a perhaps are stretched. they have had massive runs to the upside so far this career so it may be stands to reason that

if the markets do have a broader pullback the ones that have more valuation concerns could be the ones that take a bigger hit. we'll see if that plays out in the trade later on today guys >> all right dom, thank you very much, sir. dom chu back at headquarters. let's check in on yields which are also moving lower, no vice, but the ten-year sliding well off its recent highs. let's check in with rick santelli who is out in chicago with more on that for us rick >> reporter: you know, kelly, there's many ways to look at this t.yes, we've had four sessions of yields moving lower, today it's kind of a wash. today the treasuries are virtually unchanged and if you look at at intraday of ten that's 74 basis points, a low we haven't seen since the 16th of object, and if youlook at mont to date, we're not so bad off when you compare it to the next chart month to date. this is bund yields. as a matter of fact, you have to zoom backwards to march to see exactly how much pressure there is in bund yields, and the reason i'm framing it that way

is one would think given the equity moves, globally, domestically, germany shutting down certain industries, we would see a larger effect, but we are not, and i think one of the big reasons we aren't are the following two charts here's an atlanta gdp now starting in may, and you can see how it's risen on the right side let's tighten that up to a september shot, and you can see we're on the highs the tomorrow is our first look at third-quarter gdp and atlanta gdp is a whisker under 37, a new high now i'm not saying there's not a lot of human tragedy in certain parts of the economy like in chicago where shutting down or in germany, but there's other parts of the economy that can do it the heavy lifting and just as a sidebar, when you talk about restaurants and theaters, in illinois there are now lawsuits in my town that are beating the governor's latest edicts and they are saying they can control their environment and they are staying open and a judge hats ruled in their favor kelly, back to you

>> rick, since you're talking about chicago, one follow-up question to that which perhaps the whole market would like to know, do you get the sense that wider, broader lockdowns are coming this time or no >> you know, honestly, and i hate to say this, it i really do, because i think it's all horrible and the hot spots are tough and learning to live with it and trying to get the right therapeutics we're making progress, but in the end with the election less than a week away there's a lot of politics involved in what's going on with respect to how we're potentially dealing with this, and that's why i thought the lawsuit in a town called geneva, illinois was so enlightening yesterday. >> we'll keep an eye on that one. rick, thank you. rick santelli, appreciate it. let's turn to the s&p 500 down 5% just since monday. the index has never been down more than 3% in the last full week before a presidential election that goes all the way back to 1928, so these are unusual

times. now, is it a warning sign or is it a buying opportunity? joining me now is the chief investment strategy at janney montgomery and randall ely is chief investment officer at the edgar lomax company. welcome to you both. first the question to you, mark. is this a warning sign or a buying opportunity >> kell, i think it's the latter rather than the former that, of course, is a buying opportunity. i mean, perhaps not quite to the level that i would necessarily be advocating back the track up. i think we can see lower lows. yesterday's print on the business around 33 is indicative of about a 10% move in the s&p 500 directionally one way or the other, and that would have put probably the s&p 500 on the downside and around the 200-day moving around which is around 3130 as we speak, and that, in fact, is where i would back the truck up, but in the meantime in you look at today's trading action inside the market, what was leading before we just went on air was financials. yes, utilities and reits were

also among leaders but so were trials and materials and small caps are outperforming the s&p 500 index. to me that's not indicative of investors saying that they are fearful of meltdown in global growth rather, it's a turning within the market away from the valuation, high valuation secretariors into those which are still going to benefit from a replacement narrative that i still think sin tact regardless of a near-term concerns around the virus. >> that's a great point, that it's a really weird dynamic in the market today that even as we're pointing to all of these coronavirus headlines value, which is often the reopening trade, is outperforming growth randall, i'll bring you in with the same question. is the this week's selloff a warning sign because it's unusual having it going into an election like this, or is it a buying opportunity >> first, i wouldn't say it's a warning sign i think the warning was when the stocks kept going up, particularly those big-gap

growth stocks especially when you look at the tech stocks, but for a long-term investor it's -- there's always the time, you know, to buy, you know we like for people to keep their eyes on the fact that investments should be made over time, but markets did get overvalued, and i think this one is in a position that -- that anybody who thinks that just because we're having one down day is time to put everything in could have a wake-up call. >> randall, let me ask you when mr. at&t, every time i see you i know we do talk about it, but that's your point. you know, you always stick with the names that you like and you look for opportunities to buy then. >> that's right. >> at&t is on your list. pfizer which is interesting because there's a lot of concern or speculation about what's going on with its vaccine right now and excelon. these are three names that you think investors can buy today? >> i still they can. excelon has had a pretty good move up, almost 15% since was on

with you about a month ago, maybe a month and a half, but the fact of life is these are long-term, you know, good investments. the to the extent today does provide a buying opportunity though, i think it is with the value stocks i heard you say earlier that the value stocks are outperforming the best today, and i'm glad they finally have, but i think that this is only the beginning. >> mark, that's a subject of hot debate where are you on whether this is going to be a value kind of rotation ultimately led recovery here or not or are we just making too much of a one-day phenomenon >> i don't think we are yet, kelly. i mean, i know we've seen this movie before and we're thinking that now is the time for value to finally serve the leadership which has obviously led for more than had a decade, but i think we're likely at the precipice of that, and the reason is we've never seen such unprecedented

intervention on the part of monetary and fiscal positions, and i believe ultimately they will in fact be successful not only inflating economic activity you heard rick talk about the fact that third-quarter gdp is printing at a 37% annualized pace won't be sustained at that level, but nonetheless the inertia is in place coupled with the likely stimulus both here and around the world that's going to benefit those cyclical sectors on a global basis so we are leaning into the cyclical trades by way of materials, industrials and emerging market averages. >> wow thank you both specific recommendations and specific thoughts. quick last word >> i just wanted to join mark on that the fact of life is the pandemic has given us a very different world but things will return to normal down the road >> well, succinct and reassuring, we hope. we hope it's sooner than later at this point. already feels like forever

randall eli and mark lachiny, thanks for your thoughts on the market today. as we mentioned germany and france are preparing new lockdowns as covid cases continue to rise there german chancellor angela merkel announcing a few minutes ago that her country will go into a partial lockdown starting monday bars and restaurants will be closed stores will remain open but at severely reduced capacity. schools and day cares did reopen but gyms, movie theaters, massage parlors all will close the chancellor warning in many areas tracking and tracing the requires is no longer possible due to capacity limits, and one of the big worries is whether we're just a few weeks behind that scenario here in the u.s. let's get the very latest from our meg tirrell. meg? >> reporter: hi, kelly, well the numbers here in the u.s. are headed in the wrong direction in terms of the new daily case numbers. we're at that record, more than 71,000 new cases being reported each day on the seven-day average. hospitalizations are rising across the country more than 44,000 americans hospitalized with covid-19 deaths have started to increase a little bit as well, though

it's not as high as the peaks that we saw a few months ago and the very high peak that we saw back in april. now the seven-day average in new daily recorded deaths at 810 in the u.s. this as we're seeing cases spiking across several countries. in europe, check out france there, the blue line, the orange line the uk, spain, italy, germany as you just mentioned, all rights, and the death tolls in those countries hitting numbers that we haven't seen in months scott gotlieb this morning, a cnbc contributor, joined "squawk box" to talk about the european trend and where the u.s. is in comparison here's what he said. >> we're about, you know, maybe three weeks behind europe, maybe a month at the most, so we're on a trajectory to -- to look a lot like europe as we enter the month of november, so i think things are going to get worse. the reason it doesn't feel that way right now is because for the most part it's a little bad everywhere in the united states. it's not really, really bad anywhere with the exception maybe of wisconsin, the dakotas,

utah what we have is very diffuse spread we're sort of at the beginning of this steep part of that epidemic curve right now >> reporter: kelly, gotlieb warned that we could see 100,000 new daily cases recorded this week if all states report their cases on the same day. just a staggering number back over to you >> it is staggering. and meg, on one of the interesting things has been to watch all of these countries have had slightly different approaches and slightly different outcomes, but en masse it seems like this virus is treating everybody the same with the exception perhaps of asia. i mean, if you can contrast what germany has been doing which is previously lauded but doesn't seem to be all that much more effective with how asia had managed to keep its case count from going through these similar spikes >> yeah. i mean, a lot of people point to the fact that asian countries dealt on a much more up close and personal basis with previous coronavirus outbreaks like sars

and mers, and that really is part of the reason countries like south korea and china have been credited with sort of knowing what to do and how to react and to react quickly you hear a lot in european countries as well as here in the u.s. about panch democratic fatigue. i imagine people are feeling it all around the world i'm personally feeling it. we've been doing this for a long time but public health experts are talking about that as we're kind of slipping, you know we're not doing everything that we should be doing to protect ourselves. >> yeah. no, but, again, it -- does -- a lot of it comes down to wearing masks and social distancing and maybe contract trace but we all wish that we had the success that some parts of asia were having and not going down this road meg, thanks for now. meg tirrell with the latest on the covid front for us. tonight at 7:00 p.m. eastern dr. fauci, dr. anthony fauci will join shepard smith to discuss the dire warnings you've been hearing like you've been hearing from scott gotlieb about

the covid surge that could can be coming across the country, what the next few months need to look like and what needs to be done yet again to flattent curve. still ahead here, big tech sunday fire in washington today. the ceos of facebook, google and twitter all testifying in front of congress over the fate of a key liability shield and sparks have been flying we've got the latest here's a look at many so of the notable movers to the downside today. by the way, twitter, facebook and alphabet all down themselves more than 5% we're back in a couple ♪ ♪ ♪ ♪ find a stock basedtech. on your interests ♪ or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

welcome back, as the selloff intensifies the dow is down nearly 100 points and let's get a check on the sectors all 11 lower but it's strange to see financials as we were discussing one of the outperformers today, down 2.4% the biggest laggards are actually technology, down 3.8% communication services has a lot of those names, too, down at the bottom and energy, of course, down 3%, it's opinion a really difficult trade for that sector lately all of of this is happening as the bigot eck ceos are back on capitol hill to testify about their much criticized content moderation policies. they got to play a lot of defense today and the stocks are reacting poorly down 4%. julia boorstin has more on the hearing. julia? >> reporter: well, kelly, today's hearing was meant to be about section 230. that's the law that protects tech platforms from liability for the content that they host on their platform, but with less than a week to go before the

election, a good amount of questioning has been about how these tech giants are handling the election senator ted cruz had a particularly heated exchange with ceo jack dorsey alleging bias in what content twitter flags. >> you don't believe twitter has any ability to influence elections? >> no. we are one part of a spectrum of communication channels that people have. >> so you're testifying to this committee right now that twitter when it silences people, when it censors people, when it blocks political speech that that has no impact on elections >> people have choice of other communication channels >> mark zuckerberg was also pressed about facebook's efforts to protect the platform from the kind of manipulation that happened around the last presidential election. >> you can't stop countries like russia from trying to interfere in an election only the u.s. government can

really push back with the appropriate leverage to do that, but we have built up systems to make sure that we can identify much faster when they are attempting to do that. >> reporter: zuckerberg and dorsey both saying they support transparency around the decisions that their companies are making around content, but they also said they need the protections of section 230 both tone able free speech on their platforms and also to give them ability to moderate that speech. kelly? >> all right julia, thank you very much our julia boorstin as the hearing continues twitter, facebook and alphabet are all down more than 5% today. twitter dropped lower after that fiery exchange between senator cruz and jack doris to joining me now is the editor-in-chief at "the verge" and cnbc contributor good to have you do you think it's a coincidence with the way the shares are trading with the ceos on capitol hill >> i don't think it's a coincidence. all of these companies are under

a lot of scrutiny and additional scrutiny from congress today certainly i think -- you can see where it's going something is going to happen with 230 in the next administration there is bipartisan consensus that the tech companies need to be regulated in some way democrats want them to moderate more republicans them to moderate less i can't tell you how that's going to go, but what i do know is today's hearing is pretty embarrassingly bad you just start from almost all of the senators mispronouncing sund sundar pichar's name and they have made their moderation policiesseem thoughtful and significant and above the fray when we know that's not the case and we've seen from a number of republican senators, most notably ted cruz, a desire to play for sound bites instead of the very difficult nuance and very difficult policy of how we

want massive social platforms to actually regulate speech, so i just think today's hearing won't have the impact that it sounds like it should, but the impact of something happening to 230 is very real. >> i mean, it seems to me the more that i look into it that it's going to protect the way the law currently treats these companies and the way these companies currently function if you go back to the executive order in late may that the president signed that signaleded that there was going to be retribution for more or less moderating political speech, you look into the details of it, and it basically, you know, the justice department and different agencies are kind of codifying the way the law treats these companies and the shares for all three are up significantly since then so there's no sign that investors think there's real trouble coming and that's why i'm surprised to seat shares down more than 5% today and i don't know if it's related to this hearing i don't know if anything is going to change in a meaningful way other than to make shower that social media as we mow it

continues to be social media as we know it >> i think the big question about social media as we know it is whether it's a good thing for social media to exist as we know it simply to operate a platform on a scale of facebook or youtube requires those companies to employ armies of moderators looking at horrible content all day that everyone agrees should come down. that work gives those people ptsd so just the base cost of having facebook, youtube, twitter in the world, means that people have to look at horrible contempt, take it down and suffer the emotional consequences of it we should really ask ourselves how much of that work do we want people to do do we want these platforms to be so big that it's an inevitable result of their size, and then we should ask ourselves how much speech regulation do we want the government to make how much do you want the government of the united states to walk over the first amendment and tell facebook how to moderate that's a real thorny issue

i think the reason that we see congress focus on 230 so much because there's no first amendment issue with changing 230 an-of-and liability for defamation on a platform there's a massive issue in telling them how to actually moderate so they use 230 as a way to get around the core first amendment problems that they have in telling jack dorsey actually what to do. >> no, again, i reiterate, i think it's unlikely that they will even go that route. there's nervousness in the shares tonight and appreciate your reaction to what we've heard so far. >> thank you. big tech, one of the worst parts of the markets today, earnings movers from big names like ge and bock we'll break them all down. only ge is managing in the green and as the market selloff intensifies, is this time to pick up stocks that had about overstretched. we'll take a look at value when we're back in a couple

you. welcome back some say ups as a safe haven play these days benefitting from either a recovering economy or surge in e-commerce shipments if people continue to shelter at home shares are down 7% despite earnings that beat on the top and bottom lines frank hollande has more on the numbers for us frank? >> reporter: shares down 7% on pace for their worst day since march, and that's despite beats on the top and bottom line, as

you said eps more than 38 -- 38 cents above estimates action the company handles a surge in less profitable residential delivery. during the call ceo carol tomei explained how the company has been limiting volume since july to protect margins that fell slightly overall >> if we took all the volume that was available to us, we would end up with a customer experience that wouldn't be good for us or our customers, and we would end up with what we call chaos, and as prices tighten, there is a shift in certain customers who are more price sensitive than others. we're okay with that if we're losing non-nutrative sales. >> guidance from ups and q4 the company forecasted high single digit growth for volume and same growth for revenue and international growth in the high teens and another quarter of

margin pressure. again, despite shares -- shares falling despite beats but still up more than 65 over the last six months kelly, back over to you. >> frank, does the company have any plans to invest to expand and to grow right now given this massive surge that we've seen from e-commerce spend? >> right you know, we heard that from other companies but-ups in fact actually expects to lower its cap "x" spending from about 5.6 billion this year to 4 billion next yore. ceo carol tomei really wants to sweat the assets that they have and get the most out of the capacity that they have right now. that's an extension of her better but not bigger philosophy. >> sweat the assets. accepted them to the gym and give them a workout. frank holland, thanks very much. meanwhile, shares of boeing are on pace for their worst week since april after the company reported a necessary loss of

nearly half a billion in q3. shares are down 3% right now commercial air, was hardest hit in terms of units with sales falling 56% in the quarter boeing also announcing a new round of job cuts that will take place by the end of next year. still, ceo dave calhoun told cnbc he remains hopeful for the future. >> our production rates will hit with the same production rates we described previously, hit the low next year. liquidity is the way for the travel industry and for boeing and we need to keep our eyes on the focus of staying conservative with the balance sheet and make sure we have enough so when the turn happens we're red for it and we can respond in what i think will ultimately be a robust recovery. >> calhoun also said they are very close to restoring the 737 max to service now, speaking of the balance sheet, they repeated negative free cash below of 5 billion this quarter, actually better

than wall street expectations, but you can see the stock is still down more than 3%. ge, one of the few big movers to the upside today its third quarter, a pleasant surprise for investors the company delivered an unexpected profit and handley beat expectations. ge shares run 2% right now, in fact the best performer in the s&p today. another bright spot in their report, cash flow. ge predicts it will be free cash flow positive if not late this career then in 202 is. ceo larry cullp explained on "squawk on the street" this morning. >> we think next year will be a positive free cash flow year for us, positive here in the third quarter. we think we have 3.5 billion of free cash in the full quarter but on a full-year basis we're likely to be negative it next year we think that turns positive in no small part because of what's happening in renewables and power. >> as culp works on the turnaround, shares of ge are up about 40% from the lost point of the year, up 8.5% today.

let's get to sue herera now for our cnbc news update. >> hello, kelly. hello, everybody here's what's happening at this hour property damage occurring in brooklyn last night after hundreds of protesters descended on borough to protest walter wallace being shot and killed by police in west philadelphia on monday pennsylvania's governor responded to wallace's death today saying, quote, we must address the systemic problems that cause tragedies against people of color, end quote. a member of the white house coronavirus task force says the country is at a critical point in its pandemic response admiral brett giroir acknowledges new case and deaths are rising and americans can avoid the need for new health restrictions >> we still can control this by the types of smart policies, wearing a mask, those indoor spaces, avoiding crowd and being very careful around the holidays and having more testing, but if we don't do those things, it may force local officials or

government officials in th states to have more dhra copian measures. >> reporter: and newly released satellite images show construction is under way at iran's nuclear facility. we'll keep an eye on those stories and much kelly, you're up to date >> thanks very much, sue herera. european markets are sinking today as covid-19 cases rise in germany and france with germany imposing a month-long lockdown light. we've got all the details. and the fed has been telling the coming for month that more fiscal stimulus is needed. but no dice. anything in the fed's arsenal that could make up for the lack of stimulus? we'll take a look at that. oil down more than 5% to sit back at a three-week low much more come up here on "the exchange." - i sent your new prescription to the pharmacy.

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welcome back markets are selling off again today. dow is down nearly 800 points on rising covid cases here in the u.s. and expected new lockdown measures abroad. in fact, the dow is now down for its fourth session in a row, and that's the longest losing streak it's seen since february bob pisani has a check on the day's big movers for us. bob? >> reporter: kell, a little mini rally here, not much, but we're 15 points off the lows of about

20 minutes ago still pretty rough day, and i'll tell you the key here is there's a general takedown of the market professional investors just lowering their overall exposure. how dupe that? just look at the sectors here. on a day like today, reopening story is not going well. travel and leisure stocks would be down, okay, more than normal but they are all down 3%, 4% looks like the usual name, marriott, live nation, the airlines, you know those are down, but at the same time look at the work-from-home stocks, the ones that benefited from the lockdown before guess what slack, zoom, video, amazon they are all down the same amount as everybody else that's a takedown of the market. that's reducing exposure in general. i don't care what's going on, what exposure you've got i want a little less exposure to the overall market frank was talking begun ups. here's the problem great numbers, but the lack of guidance is a big problem for the market and not just ups, many companies, ge, began dynamics, mastercard, boeing, they were all not saying anything so the a lifts are really having a hard time.

we saw this this in the second and third quarter. it will be a problem in the fourth quarter as well the s&p 500, we topped out october 12th, the day before earnings started, and, guys, it's been basically downhill since then 7% below that it's like the market sniffed out some of these problems with the fourth quarter and the earnings in trying to figure out the future around the whole covid issue. guys, back to you. >> yeah. it's a weird one today, bob. thank you. we appreciate it bob pins, and it started in europe where markets were sinking as further lockdown measures are expected to be announced as cases surged there. you can see the german dax down 4% today and down more than 8% this past week seema mody has the latest for us seema? >> we're just getting additional details on chancellor merkel's lockdown everyone inures starting november 2nd, bars and restaurant will close and hotels will only be open for essential workers as the numbers in intensive care units she says have doubled over the past ten

days so that's contributing to the declines led by europe and now by germany down 8% on the week. back to levels not seen since may, but still 40% off the march lows, and it does come ahead of the european central bank policy meeting tomorrow where president lagarde is expected to hold off any change in interest rate, but to suggest more easing in deeks amid lockdown fears so one encouraging data point is in asia where most countries like china have controlled their covid case count and it does provide optimistic commentary from industrial ceos, general electric with larry culp saying demand is back to near normal in china and caterpillar, a disappointing report but it's worth noting that stocks in asia overnight did close mostly higher kelly. >> that's a great point. seema mody all that said the nasdaq is dropping today more than 3%. it's lag the dow and having its

worst day since early september. let bring in mike santoli for more on this selloff mike, it doesn't quite add up. it doesn't have that, you know, that coronavirus feel that we saw, you know, dominate trading for much of the spring but maybe like bob said this is just a sell everything kind of moment. >> well, sell everything or at least also there's always kinds of reasons not to perhaps step in and be a hero and buy aggressively either. whether that's because of the election coming up in a few days or because it seems as we if we might be on the front edge of another little phase of covid surges by the way, i also think that the earnings season was sort of book ended by netflix saying, hey, things are good, but look towards the first half of next year we're going to have some tough comparisons so your stay-at-home beneficiaries are now in the window of saying we really had it good for a few months and at the same time the market is being forced to push out its estimate of exactly when we get that snap back in some of the most affected sectors. that's the most simplistic ways

of thinking about it and that explains why nasdaq is down, not helping to support the market. microsoft's downward revision of earnings guide as, revenue guidance adds to these fears about i.t.:spending on the business side. at the same time mastercard's miss payments was by far one of the most consensus favored growth sectors out there, and you have to rethink that as well. all of it together, kelly, we're really kind of carving out some -- a path back towards the low end of this range that we've been in the lows of september, a few percent below here >> do you make anything, mike, of the fact that financial are quote, unquote, one of the best performers today >> i think they had to be coming into today so that's one of the reasons that i don't think there's a fresh round of fear about that i will say the treasury yields, yes, they are backing off of the recent highs that we had coming into this week but it's by far -- i mean, it's far from a buying panic in treasuries so you're not really seeing the urgent demand for havens

that could change but now with the ten-year treasury yield holding above .75%, it could be worse for financials, put it that way. >> very true could be a lot worse mike, thank you very, very much. mike santoli. come up, the fed has been calling for more fiscal still list which depends on either the commerce on the treasury what about the fed's own tool kit? is it empty? we'll look at all of that next. and travelers managing a gain of just about 1%. upng iba ia s ckn cole ness it's a thirteen-hour flight, that's not a weekend trip. fifteen 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.

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content from some of our foreign adversaries, including the leader of iran >> somebody denies the holocaust happens is not misinformation. >> it's -- it's misleading information, but we don't have a policy against that type of misleading had information. >> millions of people died, and that's not a violation >> prmp also tweeted during the hearing. he appeared to be watching it and called big tech worse than the fake news, and he said that section 230 should be repealed meanwhile, democrats slammed the companies for not being aggressive enough in policing their own platforms, and he sought assurances that they would seek to root out disinformation ahead of the election >> the issue is not that the companies before us today are taking too many posts down the issue is that they are leaving too many dangerous posts up in fact, it amplifies harmful

content so that it spread like wildfire and torches our democracy. >> now the companies did commit to removing any content that i incites violence after the record. >> ylan mui, thank you. the fed is warning that the u.s. needs more stimulus and that's before cities like chicago started tightening restrictions steve liesman has been following that story and has the details now. steve? >> kelly, you know there's a reason fed chair jay powell has used every chance he got to urge for more fiscal stimulus because in part the fed's option to provide more aid to the economy are limited. it's limited what they can do by law, what it can't do and what they think would be effective. here's a partial checklist of

what it can. quantitative easing, reallocating funds from the cares act, negative rates, they don't think that will be effective. the fed's balance sheet ramped up in the spring by $3 trillion coming from purchase of treasuries and moves a question program would be designed to drive yields down further. the fed could also alter the composition of its balance sheet to drive down longer term yields and sell short-term securities and buy long-term paper, but at 76 basis points on the ten-year and the housing market already booming it's a little unclear how much economic lift the fed would get out of more qe there remains lending power in fed programs but this hasn't gotten to the economy yet. ppp loans, congress would have to reallocate that federal loan support, 259 billion could be reallocated by the treasury or changing the fed

programs, and there's other promise as well with unspent cares money. the main street lending facility, it was supposed to lend hundreds of billions to mudd sized businesses, but it's only loaned about 3 billion changing the rules to make that money more attractive for businesses to borrow that's up businesses to borrow, yet the fed needs to sign off. powell and the fed have been warning for risks of a resurgence of the virus. a risk the market is listening now. >> they could make tweaks so people are more inclined to adopt it why keep pointing the finger at congress when they could do more on their own - >> they can't. >> -- in order to actually increase takeup of that facility >> you know, kelly, i just checked on that earlier today. the fed cannot do that on its own. it's up to the treasury and the federal reserve. and it's actually more on the treasury because it's the treasury whose money -- or the money allocated by congress that

would be lost if the restrictions or the covenants in the loans were loosened up i think the word on the street is that the fed would like to do more, and it's the treasury secretary, steve mnuchin, who's. urged some banks to not loan money. he specifically pointed out how hank paulson had not lost money from the original t.a.r.p. act when he was aiming for the same idea, not to lose money in the lending that's being done. >> that's a tough standard in a pandemic steve, thank you very much appreciate it. steve liesman with the latest on what the fed can still do. still ahead, we'll have a lot more in the selloff with the dow having the worst date since june 11th. the etf is down about 2%, falling 14% so far this year the question is, is this a long-term buying opportunity

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fears. the dow is down more than 800 points down 3%. we're seeing 3% declines pretty much across the board. could the selloff be an opportunity to buy names that got very stretched my next guest says, yes, if you're very patient. let's welcome in michael farr. welcome. what do you mean by patient? >> thank you, kelly. it's great to be with you, by the way. well, i mean be patient and apply your discipline. this is an emotional time. markets feel emotional we're emotional about the election we're worried about the coronavirus. as you look at the indexes today, the dow, s&p and nasdaq, are all down about the same equally, about 3%. which means money is coming out pretty equally across the board. if i go back to september 2nd when the market was pretty much at a high, we're down over 8% right now. so, if you're going to buy pullbacks, if you're going to be

disciplined, if you can be a bit patient and say, i'm going to look for solid balance sheets, i'm going to look for earnings growth, i'm going to look for returns on equities, identify those companies. when they hit your triggers, i think there's an opportunity to add to things that, perhaps, had gotten away from you i think there's also an opportunity in a disciplined way to add to some other names that haven't bounced back yet >> give us, michael, the names, if you could, before we have to go >> so a number number of the tech stocks have gotten away and they are coming back pretty strongly that may continue. things -- things like valmont, for instance, which is a smaller but infrastructure company that's going to benefit from infrastructure spending if we have another stimulus bill it certainly looks like if we have a blue wave in this election, we'll get more stimulus than, perhaps, has been discussed so far that should be good for markets. and that should mean the path of

least resistance for stocks coming into a new administration will likely be higher. >> well, we'll leave it there. we appreciate it, giving some specificity -- >> thanks, kelly. >> -- and also encourage thement at a time like this. michael farr. that does it for "the exchange." we'll keep an eye on the selloff and have a lot more coming up on "power lunch." tyr thenftlemais aer this quick break sofi made it so easy to pay off my student loan debt. they were able to give me a personal loan so i could pay off all of my credit cards. i got my mortgage through sofi and the whole process was so easy. choosing sofi was literally one of the best decisions i could have ever made because it gave me peace of mind. some things are good to know.

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good afternoon we have a major market selloff on wall street along with kelly evans, i'm tyler mathisen and this is "power lunch." stocks are sinking as virus cases rise in the united states. you can see an 800-point decline for the dow. virus cases from overseas, france, germany, getting set for more lockdown measures deaths have risen 40% in the last week in europe. with the election six day as way here, the dow is on track for the worst week since march it has shed nearly 1700 points there's the cliff coming down after tech stocks were tanking today as their ceos testify virtually in front of the senate you've