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 got google, facebook,

twitter, defending how they moderate content on their social media platforms. some senators not buying it at all. we'll bring you the latest details. meantime, kelly. >> tyler, thank you very much. we've got all the big stories covered for you today. bob pisani is watching this big down day for stocks. meg is tracking the latest spikes in covid cases and ylan mui on this tech hearing on capitol hill today let's start with you, ylan >> reporter: well, kelly, there was a lot of political drama during this hearing today but also an important discussion about election security. with all three ceos acknowledging that other countries are trying to interfere in our election, and they're trying to do it on their own platforms. >> we do continue to see interference we recently disclosed actions we took on both russia and actions originating out of iran.

>> we do continue to see coordinated influence operation items. we've been very vigilant we appreciate the cooperation we get from the intelligence agencies and as companies, we are sharing information. >> like jack and sundar, we continue to see attempts by iran and russia to run these information operations >> now, the companies are getting pulled in two different directions on this issue republicans are saying that if the platforms themselves that are doing the interfering by restricting or removing certain types of conservative content. democrats pushing the ceos to do more to combat misinformation on their platforms. guys, this is just an example of how explosive the politics around this issue have gotten. back over to you >> ylan, thank you. let's get more on today's big selloff from bob pisani.

bob, what do we know >> we're just off the lous by just a bit germany closing bars and restaurants. france is talking about a one-month lockdown take a look at the european markets. we closed a little over an hour ago. the word lockdown is not part of the narrative. even if it's just a partial lockdown, what do you want to call it, lockdown light maybe? it's a narrative the market is not used to. you see how it's upset europe. europe has been down for several days in a row, frankly, a lot -- indices down 4%, 5%, 6%. heavy volume tech and industrials, cyclical stocks down notably. even defensive names like health care and consumer staples down almost the same amount that tells you people are just reducing their exposure overall. another tell, energy here. back to the lows we saw in march. by and large for the energy etf,

the xle here you see occidental at new lows holly is at a new low. most are just off the lows they saw in march another tell i use is just watch the reits, the real estate investment trust companies, because when they're weak, the reopening story is going low, we have new lows on a number of them boston property is a new low, sl green and vornado have been down in the last several days anything at all that's working yeah, mortgages are still great. no matter who's in office, the housing story is likely not going to change. there you go, folks. there's your housing stocks as well as masco on the upside. >> with rising covid cases around the world and the election less than one week away, is volatility to stay for the next ten days or so? laura cain and rebecca feltman from riverfront investment groups i forget, i think it was you,

rebecca, who said -- no, maybe it was you, laura -- yeah, rebecca that said we've got the collision of uncertainty and high valuations, right >> absolutely. thank you so much for having me. and i think that that is the biggest issue that we've got going on today appreciate the fact that the lockdown is a scare, but the uncertainty factor when you think about the fact that the polls have tightened, the virus cases are up, and we don't know when we're going to get a stimulus regardless of how we are and certain about all those things, the one thing we can be certain about is the economy has been on a positive trend as well as the q3 earnings, by and large, have been solid. >> do you worry that if covid reasserts itself, as it certainly appears to be doing right now, that some of that economic rebound may get -- some of that air may go out of the balloon, rebecca >> absolutely. we could see a slowing but we don't believe we'll see a stall. that is an important distinction here. >> how about you, laura, what do you see going on

earlier when we've had some selloffs, generally technology has held up. today not so much. maybe because people are looking at washington and seeing a more rigorous regulatoryregime taking hold there. maybe there are other reasons. what are you seeing today and why do you think the market is down as much as it is this week? >> i think what's driving the market is the trio, the rising cases combined with increased restrictions and lockdowns, particularly in europe it's the fact that fiscal stimulus talks have stalled until we get past the election most likely. and we have the election coming in just less than one week so all of this is weighing on the markets. combine that with a few earnings disappointments we got today within the tech segment. that makes for a risk-off day across the board looking forward, we believe these uncertainties will be relatively short-lived we are actually getting more

cyclical in our positioning because regardless of who is going to be in the white house, we do believe that either candidate will focus on getting this economic recovery on track and that getting past the pandemic will be in focus. we also believe we'll have a vaccine widely available by the middle of next year. putting it all together, we are encouraging our clients to take a bit of a longer term view as we get through the choppy period. >> you left off on just the point i was going to make. we have a lot of very sophisticated viewers, moss of whom are long-term investors we love to hear from traders as well laura, if you don't have the portfolio you want already this year, knowing what's happening and what's ahead, shame on you so, the question then becomes, what should i do at the margins of the portfolio i already have to profit into 2021 and protect against a downside risk?

what should i do what should i make sure i've got? >> sure. i would be adding to areas where you can get exposure to a cyclical recovery. some of our preferred sectors within the u.s. include consumer discretionary, industrials and financials all of those sectors give you that cyclical exposure you could also look at areas like u.s. midcaps, which have lagged in the recovery again, have that exposure to afternoan economic recovery in the u.s you can look at certain pockets of international stock that could benefit as this economic recovery gets under way. keep in mind that the rebound we've seen in stocks so far has been pretty narrow mostly in the tech segment, focus on some of those digital names, some of those stay-at home plays we think the next leg will be driven by the laggered >> i'm going to ask about the same actionable oriented question to you. if i have the portfolio i

want -- and i repeat, shame on you if you don't by now, what should i be looking maybe to add for profit and maybe to add or subtract for protection? >> well, great question. i agree with much of what laura said what we would also encourage is diversification, you know, appropriate to your risk tolerance and having a risk plan in place following your process, don't worry so much about the headlines but what you can accommodate from a risk standpoint having a process in place whereby you are willing to admit you're wrong and take money off the table and reposition we're repositioned into growth we're leaning into tech, health care, discretionary and infrastructure with industrials. >> i'm so tired of admitting i'm wrong, rebecca darn it. appreciate your help today

k kelly? >> a big reason stocks are falling is the spike in the coronavirus. the average is 71,000 per day. huge numbers in wisconsin. we'll get a live report from the ground coming up and illinois, where chicago is putting restrictions back on bars and restaurants let's go to meg terrell for more on what we're seeing in the u.s. and globally >> these numbers, of course, of new daily cases are record numbers for what we've seen in this country scott gottlieb this morning warning we could see 100,000 new daily cases as soon as this week take a look at what we are seeing across the country, according to the covid exit strategy this is a project essentially looking at a lot of different metrics from case numbers to test positivity rates. they're finding uncontrolled spread across all of those states there in red. 35 states at least seeing that metric in terms of case numbers going up and not having enough testing. so, their positivity rates getting very high. now, gottlieb was saying, we're

about three to four weeks behind europe, potentially. check out what cases are doing there. france really spiking. you're seeing similar trends in the uk, spain, italy, germany, the netherlands, all heading upwards. we are seeing new restrictions being put in place germany closing bars and restaurants, other businesses in what they are calling, as bob mentioned earlier, lockdown light because it's not as stringent as it was the previous time france already has much of its population under curfew but is considering stricter measures we should hear about potentially later today. now, this as we're getting news on therapeutics and vaccines eli lilly saying it struck a deal with the u.s. government to supply 300,000 vials of its antibody drug for $350 million if it gets emergency use authorization from the fda, they say under the agreement patientses will have no out-of-pocket cost for the medicine wherever you get it administered, they might charge

you for it so it might necessarily be free. that's only if the fda gives the green light. >> guys? >> meg, we've talked a lot about what's going on in europe today, but what about here in the u.s.? chicago is obviously being highlighted because of its size but there's a number of other places where it would seem to be the most likely candidates are those with very, very tight hospital capacity right now, right? >> yeah. you are hearing in some of those places that they are doing things like restricting elective procedures, for example, trying to free up room in their hospitals. one thing that's so concerning, we talked last hour about pandemic fatigue among ourselves, but health care workers are exhausted. there just aren't enough of them once we get to the numbers where beds are getting filled up the issue is there aren't enough doctors and nurses to take care of everybody naets why you hear warnings about rationing care, which is a nightmare scenario and nobody

thought we'd ever get here in this country. >> yeah. maybe i should look into a home birth after all, meg, what do you think? >> maybe >> meg, i appreciate it. meg tirrell with the latest. on the news, dr. anthony fauci at 7:00 p.m. on cnbc a chance to ask him all of our latest questions. coming up, we'll have more on the big selloff on wall street a lot of red there there are the 30 dow industrials. only one of them, only one green stock. that is travelers. not too many people traveling but they're not in that business, of course. boeing, one of the laggards after announcing more travel cuts to combat the traveling slump, that stock down 9% in the last week. virus spears seeping into the travel space airlines, cruises, hotels getting slammed. isuiow lchafr un" te th qck break

welcome back to "power lunch. the dow is down 800 some points, nearly 900 boeing a big drag on that index after its report phil lebeau with the latest. >> let's take a look at shares of boeing. down 9% this week. under pressure today after the

company reported a loss of $1.90 a share. this is a company that burned through $5 billion in cash in the third quarter. is not expected to be cash flow positive until 2022. it also announced it will be cutting more jobs over the next 12 to 15 months. by the end of 2021, it will be cutting an additional 11,000 jobs that's in addition to the 19,000 it's eliminating this year add it all up and the workforce will be down about 18% since the beginning of 2020. this morning on "squawk on the street" we talked with ceo dave calhoun and we asked him, is this the last of the major job cuts >> i'm very close to being right about that i will never just draw a floor on the other hand, you know, we've got to make the adjustments that we've got to make our production rates will hit their low, the same production rates we've described previously, will hit the low mid-point next year. >> what about the 737 max?

as we've reported and others have reported, it is close to being ungrounded by the faa. look for that to happen likely within the next month to six weeks. they have 450 planes built but not yet delivered. half of them are expected to be delivered next year and the other half in 2022 as you take a look at the airline stocks, they're all under pressure today this is at the heart of the problems for boeing. the fact that the global airline industry as covid cases surge, tyler, you see the airlines once again under pressure as people say, okay, how much further will these guys have to go before they finally see this thing bottom out in terms of demand? >> two questions first, will it be two years soon that the 737 max will have been grounded it's almost two years, right >> march 13th, march 13th of 2019 is when -- is when the airplane was grounded. so, it will be two years next march. >> when you look at the 30,000

cumulative jobs lost at boeing into 2021, bring us up to date where the airlines stand with their job cuts and furloughs because they did not get the bailout they sought and they kept saying they were going to lay people off october 1st. >> of the cuts announced starting on october 1st, you're looking at more than 32,000. probably around -- somewhere around 34,000, 35,000. it's possible that as arldz look at what's going on with demand and that it remains weak, we could see more cuts added onto that as of right now -- again, that's at the heart of the c.a.r.e.s. act and whether or not congress is going to give them money to keep jobs in place it's about 32,000 to 35,000 jobs. >> these are real people with real families. we think of them as we talk the news here today. kelly? phil, thanks. >> always. ty, thank you. as covid continues to crush demand for travel, it's not just the airlines getting hit

see see seema mody is here. >> they are parsing through the new lockdowns in germany chancellor merkel calling on citizens to cancel nonessential travel and hotels will be open for essential workers and nontourism reasons you look at marriott, hilton and hyatt, they are trading down about 3% the hotel occupancy rate drops in europe as covid cases surge now in the low 30s in the u.s., 50% thursday, results from royal caribbean where investors will be keen to hear from the ceo and bookings for cruises out of florida and december next year, the cruise lines are down today and lower by 10% for the week. kelly and tyler? >> as the outlook for them darkens, you have to wonder if more aid is going to be on the way. >> right seven months of no sailing, that cdc no sail order set to expire

this saturday. they're supposed to get that green light from health officials. but they're still taking a cautious approach because it takes a lot of time to bring back all their crew from overseas back to the u.s so, they're still aiming for a december 1t start date in the meantime, certainly looking for ways to raise more capital. they've been very successful in doing so royal caribbean recently raising money in the debt and equity market. >> seema, thank you very much. >> good point. still ahead, check out one market bright spot general electric having its best day in a month after reporting better than expected earnings amid the pandemic. plus, tech ceos warn about the dangers of potentially removing section 230 that protects the social media platforms. we'll bring you the latest comments right after this. to se? at morgan stanley, a global collective of thought leaders offers investors a broader view. ♪ we see companies protecting the bottom line

by putting people first. we see a bright future, still hungry for the ingenuity of those ready for the next challenge. today, we are translating decades of experience into strategies for the road ahead. we are morgan stanley. 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. as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products.

but no matter how things change, one thing never will... you can rely on the people and the network of at&t... to help keep your business connected.

not today. facebook, twitter and google are all down 5% as the ceos spoke to congress today, defending their platforms and their business models for more let's bring in tony

rahm, a tech reporter at "the washington post. would you tie these declines to what we saw today? twitter did sell off after that exchange with senator cruz. >> it might have something to do with that. to be honest, this hearing was such a political and partisan affair, i don't think most investors or folks on capitol hill or those elsewhere for that matter think any exchanges lead to immediate regulation or immediate threats for these companies. so, the reason we had this gathering today, obviously, was to look at federal laws that spare tech companies from being held liable for the decisions they make on the content to allow or to take down. there are some lawmakers who would like to see those laws amended. frankly, what we got today was a fight between democrats and republicans between allegations of conservative bias, which plenty of experts say isn't real it's unclear if you can tie that to the numbers we're seeing today. it's certainly the case that the events that unfolded on capitol hill may not translate to any immediate action >> not least because the justice

department itself and this administration, you know, some of the measures it's recommending don't look like they would fundamentally change the way the 230 works in practice right now so, you can't get rid of it without destroying a business model of companies like yelp you probably keep it somewhat as is, let the companies moderate how they want to moderate, and if users don't like it, then say, that's how this -- you know, the vote will be conferred on their business models i guess my question is, because they have so much power right now, because they are so large, you know, twitter isn't all of the social media market but there's not a great alternative for twitter if you wanted to go somewhere else, for example. so, i'm curious, tony, if you see any competitive threats emerging that might undermine big tech business models here if regulation doesn't seem that likely >> well, in section 230 the justice department has asked for congress to take a look at the law and to update it to hold these companies more

accountable. what's sort of remarkable in all of this is democrats and republicans agree, actually, that probably this law has outlived its usefulness and these protections that were put in place when tech companies were not considered big tech, you know, maybe have outlived their usefulness it's just the political theatrics that prevent them from finding compromise the question about alternatives is one that's come up in other context. we see a huge drive in washington these days around anti-trust there's belief that companies like facebook are so large, there aren't any openings for other social media companies to really come into existence and gain this sort of wide user base that might make them profitable and successful and so forth. from that perspective, if you believe there's a competition issue here, you know, there's maybe an argument to be made that if you don't like the content moderation policies of one company, there are few places you can turn and go elsewhere with your business but certainly there is this belief in washington that all of

these things should be looked at it's just unclear where we go from here. >> unclear is right. again, a tough day for big tech shareholders, though not necessarily because they heard anything here of any real concern. tony, we appreciate it tony romm with "the washington post." thank you. tyler, over to you. >> ahead on "power lunch," we will continue to follow the big selloff. the dow currently down there, what is it let me look over my shoulder 784 points as coronavirus cases threaten the globe plus, what do these renewed virus fears mean for the already struggling restaurant business are consumers too afraid to dine out? and the energy market getting crushed today. crude down 6%. - [narrator] at southern new hampshire university,

we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation. find your degree at snhu.edu.

welcome back to "power lunch. stocks are sharply lower at this hour dow is down nearly 8030 points we're just off the lows. oil is closing firmly in the red and slipping further from the $40 a barrel level as rising coronavirus cases are heightening demand fears, along

with build in america. halliburton, holly frontier and devon among those that are down. let's go to sue herera for the neu news headlines. >> the trump campaign said it had enough shuttle buses but blames road congestion for leaving hundreds in freezing weather waiting to get back to their cars after last night's omaha rally. a few required medical attention. joe biden said the breakdown in planning mirrored trump's failed approach to the pandemic. in delaware biden has cast his vote joining the more than 74 million people who have cast ballots so far that is 54% of the total vote in the 2016 election. the texans have become the latest nfl team to shut their training facility due to a player becoming infected with covid-19 separately, the ninth ranked wisconsin badgers have postponed their game against nebraska this saturday

a dozen people, including wisconsin's head coach, have tested positive. and a white house press release says ending the covid-19 pandemic is one of the trump administration's accomplishments. a white house official says the press release was, quote, poorly worded, end quote, and said it should have said it is their goal to end the pandemic you're up to date. i'll send it back to you >> sue, thank you very much. let's take a closer look at the markets this hour. as i mentioned, the dow is down nearly 800 points, a little over 900 was the session low. we've been sitting firmly in the red for the entire session today. there was pressure while the european markets were still open the german dax down 4% the pressure continued as many pointed out, it's not like we saw much of a relief after that happened the nasdaq marginally the worst performer today. big tech, no safe haven. even a lot of the stay-at-home trades no safe haven today ironically, the financials are, quote/unquote, the best sector

bond yields haven't fallen that much that's all we can say. let's get to rick santelli who can say a whole lot more about it he joins us with the latest action from the cme. hi, rick >> hi, kelly i think, you know, the financial sector is probably keeping one eye on the treasury complex because you're exactly correct look at one week of tens certainly we've had drops. we went from the mid-80s on closing yield basis to blow the mid-70s. but wedidn't close there look at a 24-hour chart of tens. lateral. we're basically unchanged on the day. as a matter of fact, if you look at a 30-year bond right now, it's up a basis point on the day, but we can't say quite that much for the bunds overseas. definitely europe is getting a lot more press regarding the pressures to their economy and currency look at a month-to-date chart of bunds and realize we are just a half a basis point away on their close from closing at the lowest yield since march. as you can see on that chart, tie goes to the runner it's hovering around its

previous october 19th yield close. here's a chart where you can see raets going on one month of their currency versus the stock market, the dax. the dax has just been dropping like an anvil. you can see it really has affected the currency. as a matter of fact, if you look at the dow index, it's certainly up but it's a weak euro dollar to yen, all these safe harbor trades are not doing especially aggressive trading today. i think one of the other reasons is, tomorrow not only we have initial continuing claims, we have our first look at third quarter gdp. i think it may come in stronger than expected. >> rick, thank you very much that gdp number will be very interesting to see brian sullivan hitting the road to visit some of the major battleground states ahead of the election today he's in kenosha, wisconsin, a state brian knows very well. it could be the most important county in the most important state. hi, bri. >> reporter: hey, ty

yes, certainly was by the way, nobody around me in the central business district. we'll tell you why in a minute obviously, a lot of damage done and just in the process of rebuilding if someone comes around, i'll throw the mask on. here's the thing, in 2016 donald trump won kenosha county by 255 votes. that's it. and that really helped flip wisconsin, which helped flip that so-called blue wall in 2016, delivering michigan, pennsylvania and wisconsin as well will that hold true? well, right now the polls certainly are not showing that joe biden up anywhere from 2 to 9 points depending on what poll you're looking at here a couple months ago, ty, covid really wasn't a thing. i spent a lot of time here in the summer people weren't talking about it much they didn't know what we had been through in the northeast. in some cases maybe didn't believe it a totally different story now. cases are on the rise. fourth highest positivity rate in the country of any state. you just heard sue talk about the coach of the university of wisconsin football team as well. in fact, 83% of all people in

wisconsin surveyed now know somebody who has had it or dealt with covid or coronavirus, up from 30% a couple months ago and, indeed, covid has now surpassed the economy as the most important issue for the voters so, four years ago, maybe it was the bring jobs back, bring manufacturing back remember, we showed you foxcon earlier today. trump with a big promise 13,000 jobs, 12 million square feet none of that has been done the economy is important to kenosha county but covid right now is the number one topic as wisconsin has a big-time spike >> i know you'll be able to process. number one, we showed a map a few moments ago. i am assuming that biden's strong areas are in and around milwaukee and in and around madison. basically the rural parts of the state tend to vote red that's number one. fill me in on that number two, talk to us a little bit about the social protests

and unrest that took place earlier this year in kenosha with some deaths. >> reporter: yeah, there's a lot going on kenosha and wisconsin are dealing with so much right now listen, to your first point here, like many states, tyler, what we've tried to highlight, how we've identified where we're going on this road trip is we -- in most states, most counties are decided. they'll be so far one way or the other, they're not really a battleground there's only a couple counties in every battleground state that might move the needle. this one, neighboring racine county, maybe a couple others that are on the fence. as i said, trump won by 255 points that's how we identified where we're going. as far as what you're talking about, listen, kenosha, there's a lot of damage here but also a lot of optimism. these are tough people who have dealt with tough things. not just this year, their whole lives. they're very optimistic about the future, despite what they've gone through we had a chance to speak with the owner of lou perrine's, a

bastion of the community, they serve low income folks and people passing through as well we talked to him and he's been here through the whole thing he said, without being political, it is a scary time right now on many levels >> i've never been more stressed in our lives i've owned the business ten years. my dad has been here 50 years. between the two of us, we've never seen anything like it. working harder for less. trying to keep employees happy, take care of our team. and we're just dealing with a massive unknown. it's really, really scary, to be quite honest because we just don't know what tomorrow's going to bring >> reporter: i asked him what message he would want to send to either candidate he said, think about small businesses like us we serve the community and we need help. they noticed an uptick in spending after the stimulus was passed he's urging them to do it again because the community is suffering so much here, trying to rebuild kenosha, you can see it here,

kenosha strong, be the sunshine. they're going to try to rebuild. they will. like i said, this is an area that's dealt with an economy that has suffered, you've got unrest, covid spiking as well. as they call it k-town, ultimately, whatever happens in the election, i know these folks in k-town will rise. i promise you that. >> brian sullivan, thank you very much. kelly? it's a rough week for wall street that continues with the dow adding about 800 points to a selloff we already saw monday and tuesday. a whole lot more in the markets including some of today's biggest movers and the companies s.ying to go public during thi that's coming up next on "power lunch. 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. some things are good to know. like where to find the cheapest gas in town and which supermarket gives you the most bang for your buck. something

else that's good to know? if you have medicare and medicaid, you may be able to get more healthcare benefits through a humana medicare advantage plan. call the number on your screen now and speak to a licensed humana sales agent to see if you qualify. learn about plans that could give you more healthcare benefits than you have today. depending on the plan you choose, you could have your doctor, hospital and prescription drug coverage in one convenient plan from humana, a company with nearly 60 years of experience in the healthcare industry. you'll have lots of doctors and specialists to choose from. and, if you have medicare and medicaid, a humana plan may give you other important benefits. depending on where you live, they could include dental, vision and hearing coverage. you may also get rides to plan-approved locations; home delivered meals after an in-patient hospital stay; a monthly allowance for purchasing healthy food and

beverages, plus an allowance for health and wellness items. everything from over-the-counter medications and vitamins, to first-aid items and personal care products. best of all, if you have medicare and medicaid, you may qualify for multiple opportunities throughout the year to enroll. so if you want more from medicare, call the number on your screen now to speak with a licensed humana sales agent. learn about humana plans that could give you more healthcare benefits; including coverage for prescription drugs, dental care, eye exams and glasses, hearing aids and more. a licensed humana sales agent will walk you through your options, answer any questions you have and, if you're eligible, help you enroll over the phone. call today and we'll also send this free guide. humana, a more human way to healthcare.

welcome back let's take a look at individual stocks making big moves, starting with mastercard, one of the best performers in the last decade missed on earnings on revenue. those fees you get hit with when you use your credit card in a foreign country, well hardly anyone is traveling out of the country these days and that is making a hit mastercard said u.s. spending is making encouraging progress as down 6% today. bed bath & beyond unveiling its

three-year plan. it will close 200 stores, remodel 450 more and resume share buybacks the shares are down 12%. general electric is a bright spot on this down day, posting a profit on an adjusted basis. analysts were expecting a loss ge was able to offset loss in aviation and up 11%. >> amazing to see general electric at $7 a share. companies try to pick the best time to go public but sometimes you go public in the middle of a major market selloff. leslie picker with a number that are expected to go tonight. >> ipos can live or die based on the market environment this market environment is not ideal but it's the backdrop for a slew of ipos looking to get out before the election. leslie's, no relation to me, is a pool supply retailer and expected to post a $600 million deal tonight and two mortgage lenders,

caliber home and ameri-home. timing for those dye deals could change due to today's selloff and there's no indication at this time they will change however, recent ipos also trading lower today. take a look at that. that's the top five biggest deals of 202 we took a look at the top ten. all are in the red today those include snowflake, royal music, good rx, the renaissance itf, a compilation of recent deals, also down today as the selloff continues. why is this a potential headwind for these newer deals coming to market it means investors who tend to invest in ipos are sitting on lower gains, or in some cases, bigger on paper losses than they had last week. that make make them less inclined to take on more risk and buy new issuance guys >> all right so, we got a lot of things coming out now would you expect that pipeline

to keep pumping them out towards the end of the year or might, if the market gets some chop, those things get pulled back >> that's the irony of what we're seeing this week is the mindset, according to advisers that i speak with, is we're seeing this kind of onslaught of deals this week as they're trying to really get out before the election that was their goal. because as we've heard for weeks and weeks, there could be some choppiness in the weeks that follow the election. so, i think a lot of companies are going through the s.e.c. process. they're going to wait and see how the election unfolds and what the market reaction to that is if it does go on for weeks and weeks, even months throughout the end of the year, we may see some deals get pushed back because they don't want to go out in an uncertain environment. if it's a pretty clean election, we could see the likes of airbnb and others that would debut, at least that's what they're hoping to do later this year. >> leslie, thank you very much let's switch over to restaurants. they're trying to learn how to deal with this new normal and now chicago is having to roll back its reopening

if other cities have to reinstitute restrictions, how bad could it get again for the industry and has tech -- as tech ceos face the heat on congress, the nasdaq down 3% we're watching the numbers very closely for you.

welcome back shares of brinker international, that's welcome back down about 2, 3% today, posted a surprise profit. sales fell only 6% from last year that's when the quarter ended september 23rd things have changed a lot in the past month and even in the past week let's go to kate rogers with the latest on restaurant sales kate >> kelly, while we are in a better place than we were at the height of the pandemic, there's still a ways to go here. coming off of the worst week since mid september, sales and traffic dropped again for the week ended october 18th according to black box intelligence sales fell by 7.6%, traffic down by 13 pound.6%.

average on spending for gas has slowed down particularly in quick service and casual this had remained strong ooefr even without additional stimulus in recent weeks. there are some bright spots, though mcdonald's for sales update was a bit better than expected in the u.s. recent franchisee survey found out there's pent-up demand, and that mom and pops shop closing is sending business to the drive-throughs dunkin executives said consumers are treating themselves more to things if they can't make it home, disrupting those morning routines what's good for chains, of course, isn't always great for independent restaurants, which continue to struggle without additional aid from d.c. we'll hear much more tomorrow from starbucks tomorrow. >> restaurants one of the hardest hit if we start seeing measures like what chicago just did. chains who can do delivery if they have user technology has

been okay but this still has to be a wig blow for them. >> certainly, kelly. restaurant brands to cater to new consumer habits. what we've learned is that these new consumer habits will likely stay with us even after this and the independent chains will continue to get hurt. >> yep kate, thank you. kate rogers with the latest on the restaurant space for us. ty >> thank you, kelly. stocks are selling off for the third straight day this week the key level to watch, heading into this final hour of trading. don't forget, you can always watch or listen to us live on the go on the cnbc app we will be right back. i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator.

voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪ united states can't easily get to a doctor or afford the treatment they need. that's why goodrx has built a leading consumer-focused digital healthcare platform. we wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. as a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford.

>> stocks are sinking today. check out some of the stocks hitting 52-week lows we haven't seen things like this in a while includes wells fargo, biogen, gilead not that big but still significant that they're now at 52 week lows, ty. >> absolutely. let's take a look at the dow and s&p. they're nearing correction territory, folks, 10% off their 52-week high how much more selling can we expect with us to predict is tim

seymour of seymour management and cnbc contributor welcome, tim is a correction in sight >> look, we've had three 10% moves, two up, one down. about to be our second if we get to 3200, you're there. i think 3200 is a very important number for folks who watch charts and that would be in kind of the top what's scary about today is if you look at the last time we traded -- we closed where we are today, right now on the s&p, we would be through the 100-day moving average to the down side which we haven't traded through to the downside since february 25th on our way down to a pretty scary place for the s&p. so, it is -- look, is it a foregone conclusion we're going to get to 3200 no but i think there are some key levels here. as we go into the rest of the week, a day like thursday, we've all been talking about earnings

and certainly the prospect of 17% of the s&p reporting on thursday but this is a group that jumped the shark last quarter and i think the comps and the expectations are very, very high here meanwhile, amazon may be double. that's the bear case i'm happy to give you the bull side of this, because i think we've been here before. >> another 100-point down day for the s&p 500 would put it into correction territory as you point out. you have seen positive action in emerging markets, though you're skeptical that they can keep it going if there is a major sell-of sell-off. >> there's a lot of reasons including intell's problems, but semi conductors we need to watch. whether it's around whatsapp or some of the u.s./china trade dynamics are very important. alibaba, if you look at the ant

financial ipo this week, the biggest of all time, and that evaluation is very good. the dollar, your medium-term outlook or through elections and scenarios that would include a lot more blue in the senate and in the white house would certainly be good for em not only reset for china, but what it might do for the dollar, and the dollar has to be your friend on the downside. but em has outperformed. i think if we are in washout territory don't run to em for safety it's proven that's just not the trade. >> talk to us about the dollar, tim. and as we watch it, what should we look for? and what might its moves imply >> i thought you said talk about your dodgers last night, ty. anyway, let's talk about the dollar

when we have these liquidation moments they're right to point that out there are fiscal dynamics, which could put the dollar in play to move lower the dollar has been in a range roughly 92-ish and 100 in recent memory over the last five years, we're cap to the upside around 100, good to the dxy. we have to at least watch the dollar right now flight to quality would be very negative for equities, not only for that reason but because the dollar's move and its strength there. and the weaker dollar has had a lot to do with the bullish market in equities, i would say, since over the summer. >> i don't know whether we'll see you at 5:00 tim, but if you're there, great. if not, we'll see you there. we'll be watching. >> i'll be there. >> great to have you thanks, tim. kelly? >> let's do a quick check on the markets, tyler, still seeing the dow down 783 points.

with all the concern approximate coronavirus, zoom still down more than 5% shopify is down 5% your peloton is in the green, 1%. >> that 30 minute ride i did earlier today. i was pedaling it higher. >> through go. thanks for watching "power lunch. "closing bell" starts right now. >> i'm wilfred frost along with sara eisen stocks are tanking across the board as we head into the final hour of trade. let's have a look at what's driving the action surging coronavirus cases are weighing on stocks the german dax plunging 8.6% this week. illinois and tri-state cities like newark are tightening restrictions as well earnings remain in focus