>> pete najarian >> killer talked about oil i like my conoco position. if you go to twitter, you can see why. i'm selling calls against it i broke it down how that works and the dividend yield and the combination of what it could be at the end of the year. >> twitter, earnings after the bell, big four can't wait for that. "the exchange" picks up that story now. thank you, scott welcome, everybody we have some aftershocks on wall street with the major market swinging between gains and losses after the dow's nearly 1,000-point drop yesterday the dow is up to a 75-point gain if we can close positive, it would end the longest losing streak since february for the dow. still all three indices are on pace for the biggest weekly loss since the weekending march 20th. the market bottom followed just three days after that. the nasdaq squarely in the green today. it's up 150 points right now it's not unscathed this week the faang names plus microsoft

and tesla have lost a combined $73 billion in market value. bob pisani joins us with the very latest on these market moves. >> we have regained about 25% of the losses we had yesterday. that's not great but ought least we're moving in the right direction for the bulls. let's take a look at the sectors. what you see today is what we call the sick be lick cal groups there's the dow industrials. we're not far from the highs of the day. the sector, tech up well ahead of some big earnings, industrials. there's your cyclical sector and your more defensive groups, consumer goods and staples down a little more. a little what we call risk-on for the markets. what i see in investing continue with the thematic tech investors like the solar etfs or some of the game etfs. wind power, lithium batteries, l.i.t. is always big these have attracted a rot of

investor interest and new dollars. every day i see them up, a little more money goes into them as for the hopes for the earnings, a lot of people hope apple, amazon and facebook change the earnings conversation when they report tonight i'm not sure about that. ebay had great numbers, excellent fourth quaurder guidance and good 2021 guidance. talk about nobody providing guidance, they did, it was excellent and the stock is down. it's up almost 40% on the year that's going to be a real headwind for the big companies out there. apple is up huge for the year, so is amazon, all of them the s&p 500 since we started earning season on october 12th is down 7% that's the problem, guys we've had big moves up already the markets are richly valued. you have to have some spectacular numbers to really move the overall needle. guys, back to you. >> and that's a great point on ebay, bob. as you said, finally a company

that gives guidance. they feel like they're doing everything right they're off 6% as bob said, we peaked out around the start of earning season the dow dropped 7%, the s&p almost that much joining me now is david hardin, cio, and michael cuggino from the permanent portfolio family of funds great to have you both here. david, let me start with you you were concerned about investor euphoria a couple weeks ago. so is this kind of a necessary correction, in your view >> i think so and i think it comes well with the rise in covid cases. bob talked about the rise in price in individual companies and so, you know, a breather is warranted. we have the election on hand that's bringing a lot of uncertainty. the feds stepped away for a

little bit with the uncertainty in the markets, the price in the marks, i think it's time for a breather >> do you then, david, attribute the dekrins to earning season? do you attribute it -- it seems obvious that the increase in covid cases is a huge catalyst here or do you say those are just excuses for the selloff >> well, not necessarily we are up about three-fold in the united states. we're up about ten-fold if you look at europe, middle east and africa so the cases worldwide are up. we have shutdowns going on in france and germany, kind of an increase there maybe not as draconian going back to where we were in march the reality is, we fear that we fear what the lockdowns and shutdowns can do and with the president and the election going on right now, there is a lot of uncertainty. is it unwarranted? no we have had a big move you look at amazon up 70%. you look at microsoft up 30%

we've had some great moves in the nifty ten or the very narrow market of the nasdaq and a breather would be good not just from earnings >> i know you like a couple of those names, amazon and microsoft. what would you say about the setup? weave seen bond yields decline, although kind of treading water. a lot of the commodities that had been a strong part of the market lately i don't know if that's all in question now if there's fresh questions about growth and the pandemic >> kelly, i would largely agree with david's comments on the macro environment. i can't think of a period with so many simultaneous risk factors hitting investors at once some are headlines, some will alleviate themselves over time there's a lot for investors to digest therefore, diversification and

hedging your bets is the prudent way to go. taking profits on some things that have run and investing in things that haven't kept up. broadly speaking, you mentioned bonds. the risk/reward is terrible. real yields are terrible no sign of them increasing in the future i do worry if you get runaway inflation or perception of inflation or buyer's strike in bonds, you would have the fed deviate from policies. on the equity side, rich but not way overpriced especially given the selloff in october and i think you're going to get great comps going forward next year on earnings the earning season in q3 has been good. it's been overshadowed by headline risks on covid and the election i think the commodity cycle will be the beginning of a long-term bull market if investors have patience and we like gold at this juncture given the uncertainty, the alternative currency, the real negative interest rate to cross the curve and probably the weaker dollar going forward. >> michael, i just want to ask you before we have to move on.

and you mentioned that earnings should be great next year, but it would seem like there are some parts of the market that will face really tough comps and that could be a headwind i'm curious, if you don't mind me asking you about bitcoin, which has been rallying over the past month pretty significantly. usually when the market weaken, we see the opposite. we see the bitcoin falls along with everything else do you read anything into this outperformance lately? >> we're not involved in bitcoin. i think it's a trade i think value properties have been way overstated. people have tried to compare it to digital gold. they're completely different the risk factor, the visibility. you know, it's not but i would suggest, you know, if you're trading it, you know, more power to you. good luck. i don't read much into how it performs given the overall economy because i don't think there's enough history there to do any sort of trend analysis at this point >> yeah. i understand you're sticking with real gold, not the -- not digital gold, as it's called.

thank you both michael and david with your thoughts on the market, we appreciate it. want to get to rick santelli with news out of the bond market a seven-year auction, rick, how did it go? >> it went terrible. it was a dog minus, d-minus. this wasn't a very good auction. 53 billion, record size seven-year notes completing a record package of $162 billion the one issued mark was trading 58.50, priced at 0.60. higher yield never a good thing 23 you're selling. if we look at the internals, weakest since august of '19. 60.09, weakest since january '14. finally, the dealers take almost 25%, the most since august of 2019 if you look at the chart on the screen, interest rates seem to be moving higher, almost against the grain of equities. they've been right the last couple of days

it's going to be interesting to see if the firm trade, meaning post-auction we've seen more selling continues. kelly, back to you >> as he said, not a very strong auction even with all the uncertainty around us. speaking of which, we found out this morning that third quarter gdp roared back as businesses reopened followinging the pandemic-induced shutdown. the u.s. grew to 33.1% annualized rate after plunging 31.4% in the second quarter. of course, the resurgence of covid cases now threatens to undermine those gains. here to talk about growth prospects going forward, diane swank from grant thornton and cnbc economics reporter steve liesman. steve, let me start with you where are the estimates following that big snap back have you -- i saw them go up on the trade data but i'm curious if anyone is revising them lower as the covid outbreak worsens yet? >> no, not yet, kelly.

we're waiting for those estimates to be changed to see how people put those into their models and spit them back. mostly you had at least one person we talked to had a lower than expected inventory rebound in the third quarter that's something that's going to really drive -- or could potentially drive growth in the fourth quarter we added more than 6% to the growth this quarter -- sorry, in the third quarter. it could add more. the big question is the consumer the consumer drove almost all of this it was a 40% increase in consumer spending. something like 80 for durable goods. what happens with the consumer, his or her wherewithal to spend and means to spend are really the key there. >> diane, where are you? again, we had 30% drop, 30% rebound. where are you for the quarters following that >> well, i was at 33%, so this came in as expected for us

but i think it is important to think about -- we are a little weaker on the fourth quarter because we're expecting a second wave to put a damper on economic activi activity we're only at 1.5% on the fourth quarter prp that's much weaker entering the quarter you could get 5% gains but once you dampen it down with the slowdown in activity and the spread of the virus and more limited mitigation efforts, we're not expecting the full lockdowns. but this is what could be a much larger spread of the virus what we've seen is the minute places like wisconsin where they're having a real surge and overwhelming their health care system, they are the one state that produces daily initial unemployment claims and those unemployment claims in that state have begun to pick up despite no efforts to mitigate with lockdowns i think that's important to understand, what the behavioral aspects are going forward. also, we were concerned about the decline in state and local government spending we saw most fiscal years started july 1st.

of course, we know the shortfall in revenues from sales and income tax from covid did impact state and local government budgets for fiscal year 2021 that started on july 1st that's the headwind we face as we go into the fourth quarter in 2021 >> steve, as diane points out, we're still 3.5% below the peak that we were before the pandemic set in which is pretty big. i mean, that's as bad as it was during the depths of the great financial crisis i would expect if this doesn't get better, if the case count doesn't calm down soon, this now would obviously seem to put a lot more pressure on congress to step up and do something like the c.a.r.e.s. act all over again. >> yeah, that's true i think the key is to do a little better job this time around

aid where it's needed. the minority communities where it's been hardest hit. when we look at the ppp spending and small business, it wasn't necessarily correlated with where it was the biggest coronavirus outbreaks. kelly, i didn't answer your question as well as i might have i forgot to tell you we had 6% -- sorry, yes, a 6% -- pardon me, a 7% average of forecast for the fourth quarter diane is light but there are a lot of good reasons. we have people down near zero and people in double digits for the fourth quarter there's an unusual amount of variability. and the reason is it gets right at the issues you're talking about with with diane. how much coronavirus is spreading. how the -- we respond economically i guess from a public health standpoint with how much there is in the way of shutdowns and the critical question you asked me, how much there is in the way of fiscal stimulus. >> finally, diane, on the issue of the fed which we haven't brought up because i think everybody knows fiscal is the way to approach us and the fed has done a lot, m2 is way up

that's one of the reasons people can point to liquidity in the markets and even consumer bank accounts and say it is having a real effect. is that, though, something they need to press the pedal even harder to the metal or not >> i think they're going to have to i'm not as optimistic we'll get a lame duck senate to move on fiscal stimulus. what worries me is we won't get anything until the next president is sworn in until then and get fiscal stimulus in february that's an eternity for those people who have already run out of supplements to their unemployment insurance and are seeing food insecurity the federal reserve is in a tough spot you heard rick mention that rates are creeping up again instead of going down as the economy as we go into this next round of covid that does put more pressure on the fed to think about their balance sheet. they've already committed to being more aggressive for a longer period of time in terms of buying treasury bonds

that's an area where they could move more aggressively there's also some debate on whether they could buy some more time for state and local governments by extending the length of time they buy, municipal bonds. that's much more controversial i think this is a federal reserve that's looking at every option out there >> absolutely. not afraid of a little controversy. diane swank, steve liesman, thank you both talking us through the economic outlook continuing to evolve. coming up, an afternoon with the tech titans. alphabet, amazon, apple are all set to report results. shares are rebounding nicely today. facebook is up more than 5%. with just five days until the election now, we've got covid outbreaks in a number of swing states full details and the impact it could have on the outcome is still ahead on "the exchange." >> announcer: this is "the exchange" on cnbc.

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hospitalizations and deaths. we are on a very difficult trajectory we are going in the wrong direction. >> meg tirell joins me with the latest on the outbreaks and positive news from regeneron. >> nice to have something positive to talk about,but let's, unfortunately, talk about what dr. fauci was talking about. cases in the united states are at record levels 74,000 daily cases on the seven-day average now in the u.s. that's higher than the peak we saw in the spring or in the summer and if you want to think about the trajectory that we're on, you can look at what we're seeing in europe scott gottlieb has said we might be three or four weeks behind europe that's the blue line, daily cases per million. the orange is the uk and the green is us in the united states now, these are just cases. what we really worry about, of course, is severe disease, hospitalizations and deaths. you are seeing deaths spike in europe as well they are seeing numbers there in

some countries of deaths that they haven't seen since the spring so, the blue line is europe. again, that's heading up the u.s. is starting to teck a little higher in terms of deaths as well. we had 795 on the seven-day average. more than 1,000 deaths reported in the united states yesterday we are headed in the wrong direction. we did get some good news last night from regeneron on its antibody drug. they reported some data on it but they had 500 more participants of data to report last night they showed the drug significantly reduced the level of the virus in people recently diagnosed with the disease and could prevent further medical care needs, trips to the hospital, doctor's office, et cetera, by 50% overall and those with one or more risk factors, they reduced that risk by 72% so, all of that very good. but there's a major caveat here. that's if the drug gets emergency use authorization from

the fda now, there's only 50,000 doses available. it's one dose per one whole treatment course that's a50,000 people. they do aim to get that to 300,000 within the next few months this drug is going to have to be rationed whenever it becomes available, kelly >> did not realize that. that's a big asterisk. we appreciate it, meg. this spike in covid cases is also coming a less than a week before the election and in a number of swing states contessa brewer with how that could impact the vote. >> we're seeing uncontrolled spread of coronavirus in these battleground states and it's how covid exit strategy describes as uncontrolled spread. in ohio where polls show a tight race between donald trump and joe biden. it's seen new cases jump 21% week over week in wisconsin, which leans democrat according to the quook

political report, infection positivity rate over the past week, 26%. and in florida where the political margins are razor thin, hospitalizations due to covid have climbed 7% over the past week. could concerns over coronavirus discourage people who have not yet voted from going to the polls? will it change their voting plans? >> i was very excited to vote on election day, and my plan has been to do that. obviously with covid increasing, every day on the drive to work, i see the testing lines get longer and longer. we all see the stats i've changed my view of voting or my plan to actually vote early. >> our cnbc states of play survey shows in florida, disapproval for trump's handling of the virus has climbed along with infection rates when asked, who would do a better job, more floridans answered joe biden, 56% to 44% that's something we've seen

another ten-point difference in wisconsin with folks thinking joe biden would do a better job in handling the virus. it's been that way through all of our states at play polling so far this year, kelly >> contessa, thank you contessa brewer with the latest. five days from that vote. coming up, exxon did not raise its dividend this quarter for the first time since 1982. is this a warning sign for investors about the company and the industry plus, the recent urban flight is starting to hurt the bottom line of some companies. we'll explain and break down the names. don't forget, you can always watch us live on the go using the cnbc app "the exchange" is back in a couple at calvert, we know responsible investing 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

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welcome back to "the exchange." let's get a check of markets right now, which have been more solidly in green territory the dow is up 85 but the underperformers, the s&p up 2% we're at 3303. the nasdaq is powering the way up 1.5%. in terms of sector, it is the communications sector as well as materials up there with leadership communication services up 2.5% the laggards are health care and consumer staples here are some individual movers this hour. pool and spa supplier leslie's making its trading debut a short time ago shares priced at 17, opened ought $20.66 so a 20% pop. the pool trade, as we discussed,

is going strong in the pandemic. shares of pinterest, they are soaring, and a larger than expected number of active users projecting 60% sales growth for the current quarter, double what wall street was expecting. two upgrades are helping, one from neutral to overweight at jpmorgan, pointsing to an acceleration of margin revenues. pin t pinterest is up. tapestry is higher with pricier handbag sales. online and china growth key wins, up 4%. the ceo will be on the "closing bell" today at 3:00 p.m. now to sue herera for our cnbc news update. >> here is what's happening at this hour. the trump administration has finalized a new rule that would require medical insurers to disclose costs of common tests

and procedures up front. the hope is more pricing transparency will encourage competition. a u.s. judge has delayed extradition to japan after the justice department said it would comply with the request. michael taylor and his son peter taylor are facing overseas charges for aiding ex-nissan chairman carlos ghosn, who fled awaiting financial crimes. jerry falwell jr. is now suing the evangelical school founded by his father after being ousted in late august amid a series of embarrassing sex scandals he is suing for defamation and breach of contract. take a look at this. that's a coral reef taller than the empire state building, which has been discovered in a recent expedition off the coast of australia. kelly, it looks very healthy

it doesn't show any signs of the bleaching issues that have plagued some other coral reefs in that area it is so beautiful. >> you're up to date. >> it is beautiful needed that today. sue, thank you very much >> you got it. >> sue herera back at headquarters. here come the tech giants, apple, google, facebook all set to report after the bell investors have big expectations aztec took the lead and became the foundation for this market rally. we'll look at what to expect with facebook up more than 5% and apple up 4% this afternoon

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welcome back apple, the $2 trillion tech giant is out with earnings after the bell today and its shares are up 4% ahead of the report. the earnings is one of the most important of the season. the stock is in the dow, the s&p and the nasdaq josh lipton joins me with what investors are hoping to hear. >> even after yesterday's selloff, apple has enjoyed a strong run here. rallying more than 110% now off its march low. we should note, off about 15%

from its most recent high in early september. new iphone 12 and 12 pro arrived just last week faster processor, better cameras, tougher glass and, of course, they support 5g. investors will be very eager to hear what early demand looks like which is the more popular model. does apple have enough supply to meet that demand gene munster they are looking for $101 billion, saying that's important because it adds visibility into the strength of this business which is what investors want to see. there's going to be a lot of attention, as always, on that faster growing, higher margin services segment, too. morgan stanley predicting growth of 16% on the back, they say, of strong app store outperformance. back to you. >> thank you my next guest is bullish on the report and added stock to his tactical outperform list

it's great to have you here. why now? this is a stock that's pulled back this week but why is now the time to add them to the outperform list? >> i'll tell you why this is a good time to add it to the fund list you're off the iphone, showing it can stay stronger for longer. this isn't a one quarter thing this i think this could be multiple quarter narrative it could not just december but march and june >> there's a lot of talk about how many phones can be in the replacement cycle. what's your expectation? do you think the company will give any guidance that might add some color to that >> that may be the $101 million

question if you get guidance out of apple. you're getting into sustained unstability, elections it will refrain from providing an explicit guide. i think we're going to talk about is the fact that iphone demand is completely sold out and they themselves want to be clear if they can meet the demand out there ie, supply is not keeping up with demand. you have the pro max and mini coming out you end. with strong december and equally good march and you could look at fiscal '21 for them as the year where iphone units could be up double digits, 10% to 12% range. >> there's a lot of other issues we'll be looking to hear about, services, china demand, profit margins. what's most important for you? >> i would say beyond the revenue commentary on iphone two things matter a lot. i think gross margins could be a

wild card. typically when apple has launched so many new phones and this is a bigger launch than typical, gross margins tend to take a bit of a downtick that could be a concern. the second would be the health of all the other products they have if you remember last quarter, iphone was not so great. it was the max and ipads and the other hardware that carried the day, sort of the strength in that trend line and how will that sustain is the other thing i would be focused on. >> thank you we appreciate it a pretty strong session for apple. 4% gain going into those results. apple may be powering the dow higher today, but the nasdaq is still negative for the month and is hoping for a boost from the other tech giants also reporting after the bell alphabet's digital advertising business will be in focus this afternoon. the stock is up 55% from its march lows amazon has nearly doubled off its march lows as it looks to build momentum in the all-important holiday quarter.

facebook has more than doubled, up 105% off its march lows despite coming under increased anti-trust scrutiny and those boycotts from advertisers. i'm joined by managing director from trua securities let's talk through the rest of the names we're looking to this afternoon. i'm going to start with facebook because that's the one up more than 5% today. obviously, you know, pinterest results are a big reason is pinterest winning at the expense of facebook, though? >> i don't believe so. i think you also saw snap report last week, and snap was also up about 30% so a pretty incredible print. i think what's happening is, one, expectations were ratcheted down and we -- we're going into a quarter where generally forecasts have been muted by the fear of covid. we didn't see that as much on the e-commerce side. if anything, it's helped on the advertiser side it's the other way.

i think one is expectations have relatively been in check as snap showed -- as snap and pinterest are showing, the curve of the recovery -- or the slope of the recovery is a lot steeper and certainly benefiting the likes of facebook. it will also benefit google or alphabet we've done a whole bunch of channel checks, intra-quarter and advertisers all seem to be effectively in agreement that march was the low and then we saw a gradual improvement month to month to month. even in some cases week to week to week. >> you know, it's interesting you say that because obviously facebook and google are the two big online ad fortunes alphabet has a way of being a wet blanket on earnings. often the expense line is a concern. there's a little less clarity because of the structure of the

company. do you think they can shake that off this time around >> remember, i mean, google in the big scheme of things is an older company. they've been in business for about 25 years facebook is younger. so, therefore, the growth of google has come down relative to where facebook is growing. outperformance tends to follow that you also have the big issue of the anti-trust talks going on right now. the fact that google really is in the -- kind of the sweet spot of where the regulators are looking. and whether they ultimately end up breaking it or not, we subscribe to the school of thought that doesn't believe that we think they're more likely to just be forced to change some of the ways they do business, but that has kept valuations somewhat in check. >> so, finally, because i haven't mentioned it yet, on

amazon's side, here we have a lot of different business lines. there's the cloud read through from what we've heard from microsoft, to some extent any lingering concerns from s.a. pmplgp. there's the retail side. what's most important this afternoon? >> so, for amazon, the bar is really high. at their size we're expecting i think around 32%, 33% top line growth for facebook and google you're talking 10% or so. so, we're definitely looking at that, whether they're going to be able to cross that threshold. i suspect they will. but at what cost the company has been very aggressively hiring. they've been aggressively investing in cloud, et cetera. so, i would say looking at the operating margin, i think that margin is really important for them one thing they have going for them, which will not impact q3 but nice tailwind into q4 is the

fact that prime day has been pushed into q4 it happened a couple weeks ago, three weeks ago, and it was, again, busters we think they'll rely on that to also help with the -- probably guiding q2 into decent q4. >> we saw on the chase card data that event alone almost pushed retail spending back up to a year ago levels and it has young people spending way above those levels it will be an interesting afternoon. still ahead, the reality of urban flight due to the pandemic showing up in two major earnings reports. we'll dig into the numbers and the trends next. and ryan schneider will join us to discuss the impact he's seeing on housing across the country. stay wh ckn coleitus 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,

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dia diana olick joins us. >> reporter: that's hitting the reits. equity residential, whose propertieses are mostly on the coast, saw a particularly bleak third quarter. its stock is down about 43% year-to-date occupantscy and average rents fell and will likely fall further in the coming quarters its ceo said on the analyst call that as business reopened over the summer, there was a slight improvement, but added, i caution that marnket conditions remain too volatile and the timing of the developments on mitigating the virus too unclear to suggest that we have turned the corner avalonbay down about 35% year to date essex, heavy on the west coast, it barely met expectations,

thanks to having just 10% of its holdings in urban corners. a bright spot in the space, camden property trust, based in houston, texas, and spread in the sun belt, it may be benefiting, actually, from all that flight from the northeast kelly? >> that's right. we see occupancy levels falling, diana. the next question is, what happens if we see an eviction wave >> well, that's interesting because these are mostly buildings in the class "a," the higher end they're not being hit hard it's more the smaller apartment buildings seeing delinquencies on rent. you won't see a huge eviction wave that moratorium on evictions expires january 1st, with no plan for what happens next. >> is it diana olick, thank you with the impact across the apartment space. meantime, shares of

realology are on pace after they reported the biggest quarter on record with 20% in revenue, 30% in closed transaction volumes. the shares are up 16% and the stock is up 400% from the march lows joining me is ryan schneider, president and ceo of realology, the parent company of century 21, coldwell bankers, sotheby's and others welcome. this is basically the busiest you've ever been, is that right? >> yes, absolutely thank you for having me. it's been a very interesting time with a lot of momentum in residential real estate, with realology in particular with the top numbers you shared we're excited with what we're doing and what we're seeing in the housing market >> this morning we got the pending home sales data that dipped a little bit. kind of like we've seen with new home sales in the past people are wondering just how much the tight supply is going

to limit how much more home sales can grow so, what are you guys doing? i wonder if you're sticking flyers under people's doors to say, if you want to buy a home, now is a good time. >> i think that's happening in terms of organic sales being driven while inventory is low, supply is up. there are more transactions being done now substantially than there were a year ago after years of being stuck at 5.5 million unit transabszs in this country for literally close to a decade, we're now on pace for over 6 million there is actually more supply out there trading. it's trading rapidly so, there's not a lot building up in inventory. but, you know, our october numbers, the open transactions, which are new listings, new contracts being signed, our open transactions are up by more than 25%. we're seeing a lot of momentum still out there in the market driven by a number of social

changes, vis-a-vis covid, that you mentioned in your last segment. >> ryan, i'm curious, as covid spreads and affects your agents on the ground and just the way that you guys are doing business, is that going to have a negative impact? obviously, there's a huge tailwind from people who want homes and who are relocating but is the fact that the virus itself is so widespread, is that going to create problems for you businesswise >> well, you know, covid has been an incredibly challenging thing for all of us, and real estate is not immune to that i was so proud of our agents through the second quarter when they and our company and other companies went to great efforts to get a lot of transactions done safely for customers, not just on the agent side but how we close title and mortgages, for example. at the moment we're actually benefiting a lot as a housing market from the social changes covid's driving. we're seeing real flight from

urban to suburban markets showing up in the numbers. we're seeing rotation in suburban markets as people want different houses as they work from home and we're seeing an acceleration of people getting to those attractive tax and weather geographies faster than they already were, including second home purchases. all three of those things, unfortunately driven by covid, but just the reality we live in, are actually accelerating housing sales and the supply has been going up as the higher number of transactions is showing. >> one final question, because you did mention taxes. there have been a lot of changes on that front the last few years, federally and at the state level. even here in new jersey they retro actively imposed taxes as a result of the pandemic so, you know, in that sense, is the election a catalyst one way or the other for business, or is kind of tax policy in general one of the main drivers here

>> you know, pre-covid, tax policy was a big driver. you saw it in a number of the northeast geographies and part of the reason there was some already ongoing flight to more attractive tax and weather destinations what we have seen during cov is. >> that i just mentioned and so we're rooting for pro housing administrations of any type but, you know, absolutely there have been in the past and unfortunately maybe in the future march tax head winds but we benefit if there is migration from one part of the country to another. >> ryan, thanks for joining us today. we really appreciate it. >> brian schneider is the ceo of reality holdings >> still ahead, shares of exxon

are climbing after they reaffirmed their dividend. but it the first time they didn't raise it. we'll talk about the future of the company's dividend take a look at the markets we're at session highs dow is you 200 points. the nasdaq is up 1.7%. we're back in a couple we're excited to do business with you but before we sign i gotta ask... sure, anything.

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on the network rated #1 in customer satisfaction. it's your wireless. your rules. only with xfinity mobile. welcome back dividend stocks are supposed to be safe haven this year but one of the street's most well known names could be in paeril, exxon mobil. my next guest says he even found opportunity in the oil patch joining me is david katz let's start with exxon you are afraid this might be coming, right? >> for sure they weren't going to be raising the dividend our concern is sometime in 2021 if oil prices don't peacekeeper u

-- pick up, in our dividend portfolio, we like absolute certainty so our strong preference has been in chevron we did sell and move into chevron. >> you move into chevron would that be the only one >> are some tantalizing yields >> we think chevron is absolutely safe. everything else in the patch we're a little bit worried about. the important thing is there are lots and lots of dividend paying companies paying 3.5 to 4% and we think those stocks have a lot of up side and that's where we would be putting our money >> there's at least six names that you've flagged here ranging on the lower dividend side, the likes of coke and cvs and kroger all of these yields you think

the dividends are safe >> absolutely safe kellogg had a great quarter today. they maintained the dividend this year. their business is doing very well all the companies on that list are actually doing very well as businesses in terms of earnings and cash flow this year. yet the stocks have been left for dead we think that next year people are going to look at money markets paying zero, bonds paying less than 1% and say i need income, how do i get that, a lot of them are selling at 10, 12 times earnings with the market at 18 to 20 times earnings we this this nk this is a lower way to be invested in the stock market for the next one two two years. and the fact they've done really poorly as a group means they're poised to do a lot better in the upcoming year. >> you're not afraid you're going to miss out on the second

tech rally, david? >> we are not afraid to miss out on the tech rally. this year technology and growth stocks have had their best performance since 1979 the last timeanything close wa the internet bubble in 1979. we think a lot of the growth stocks have run their path, they're pretty pricey. so we would not be plowing new money in we do own a lot of technology but we're a lot less excited about the group going forward. >> thank you, sir. that does it for the exchange today. speaking of oil, we see if there's more pain in the oil patch ahead. that's coming up on "power lunch. i'll join scott wapner for that after this short break

the markets are higher right now. the dow is down. apple, am sfwlon