♪ good friday morning. i'm carl quintanilla with jon fortt. investors playing defense once again today. it's been a wild five days for the markets with the dow on pace for its worst week since march the dow down about 427 of course, we're watching covid levels and the potential for lockdowns, but also big cap tech which is tough when iphones missed by a billion, facebook flat to down >> i really drilled down on alphabet and amazon.

for those two companies, it was a tale of two different big tech quarters alphabet has certainly been the laggard this year. underperforming not just its big tech peers, but the nasdaq amazon has been a standout, 70% gains. alphabet had a low bar and amazon had a high one. did they deliver we can look at a number of metrics, what i want to drill down on particularly is cloud. these are the company's newer growth engines cloud numbers came in only in line with expectations revenue up 29% year over year. love large numbers but google cloud, revenue was up 45% and now the company is going to break it out as its own segment. have a listen to what was said last night. >> given the progress we are making and the opportunity for the cloud in this growing global

market, we continue to invest aggressively in our go-to-market capabilities and extending the global footprint you will see information about the scale of our investments >> so investors are going to be able to see exactly how much google is investing in cloud this is really key to the broader term story as we digest these numbers and the share reactions today, how are they preparing for this digital transformation that we spent so much of this year talking about. amazon has spent nearly $22 billion on capex this year that's a huge amount, clearly cloud is priority. for google broadly, it was the advertising story, revenue rebounding, and giving us that initial pop that we saw in shares but look, alphabet

shares, they're up barely 4% today. they were up as much as 10% yesterday in the afterhours. >> i think this is one of those days where we have to separate out the stock performance from the business performance if we look at the business performance of amazon, revenues beat, e-commerce is strong, yes, they're investing heavily in the future if we look at digital advertising, inclusive of google, facebook, twitter, we can reach back to snap and others, i think what we're seeing is that the expected holiday surge that we've seen telegraphed by adobe this week is translating into a lot of business for these players there are questions about whether, you know, the boycotts in the quarter of facebook, of twitter, would have an impact. not really on the revenue side maybe the user growth was a little weaker for some of them but the core businesses there are really interesting and then we have apple let's dig in a little more into

that josh, a lot of talk about iphones this morning >> so, john, a couple big issues for investors to think about apple did report and beat q-4 expectations if you look at the segments, services, mac, ipad, they did best expectations. iphone revenue, though, did miss estimates, that's unusual. tim cook noting customers put off purchases because they were waiting for the new models to arrive and this fiscal q-4 was different than last year saying this time in the last two weeks of september, we did not ship new iphones. and so you obviously have a big compare issue which we knew would occur. another issue, cook declined to offer q-1 guidance saying the pandemic is causing just too much uncertainty right now he did offer positive color and commentary about his new iphone lineup telling me, it's off to a great start and i could not be

more enthusiastic about it and we're excited to get iphone 12 mini and iphone 12 pro max going next friday. finally, china, a big, important market for apple sales falling 29%. cook arguing that's because he didn't have the new phones to sell there during the quarter. saying to me, a larger percentage of china revenue is made up of new iphones and so that's the reason, the number for the total quarter ended with a minus sign. given what we see in the early going with the new iphones, we're confident we'll grow in q-1. carl, back to you. >> i'll take it, josh. you and i were talking about this yesterday after the results. i'm not sure i care about the iphone miss in their fiscal q-4 because it's an unusual year what puzzles me is why apple didn't give any guidance, not even conservative guidance given he says they're confident

they're going to grow in the holiday quarter. if he's confident, why not guide to that, even if conservatively -- especially because it looks like they're selling as many iphones as they can make if you look across tech, a lot of the companies that normally give guidance gave it. did that give you pause as well? >> it was interesting, john, because that was -- that was the big boeing forgey for a lot of . revenue for that important holiday season i wonder whether they felt at this point, they felt like they didn't have enough data to make that call confidently enough they did heading into this print, they had 14 days of preorders and sale for these new phones analysts will point out, that's different. usually they would have 35 days of data. maybe that coupled with the pandemic that cook talked about, they felt like it right now they couldn't make a confident call to give you a clear, hard

forecast generally, i would say a lot of their commentary about that holiday period was positive. >> yeah, josh, great point really appreciate that of course, josh lipton talked to cook last night. we'll talk more about what's happening in tech today. brad, good morning. >> good morning. >> i wonder if you think the fact that if apple can't guide and you're few days from an election, if that -- at 30,000 feet -- the price action today. >> there's a lot of uncertainty in the market today and in this year, certainly. but i think that we should expect the uncertain we're living in this accelerated pace of change for the global economy. we're going from analysts log economy to a digital economy information is moving faster things are happening faster, disruption is happening faster and we should learn to live with some level of disruption and

uncertainty. and we're focusing less on the short term on the uncertainty over the next quarter and focus on the fact that this accelerated digital transition, because of the pandemic, because of other factors, is going to continue and going to keep happening over the next several years and even the next couple of decades in the economy. >> yeah, i guess the question would be, though, sense we have to sort of deal with the short term, to some degree, markets gotten jitters several times this year for very obvious reasons, but they've made a habit of rushing to tech because of tech's stay at home dynamics. that hasn't happened at least today. i wonder if you think it's different somehow? >> you have to break it apart a little bit we saw very strong advertising numbers, very good behavior across youtube, much of facebook's platforms, even though twitter stock is down today on some uncertainty around their user growth, it was strong growth, advertising was well ahead of expectations.

from that perspective, i think we don't have a lot of uncertainty. around things like consumer demand, if people want to shell out a thousand dollars for a new iphone that has some small improvements, 5g is not really rolled out to the extent people can use it, certainly here in the united states, not a lot of compelling reasons to shell out that money you might have a lot of uncertainty going on in your life or not sure how the next year will play out for employment and for the economy yet, another huge area of strength is cloud growth if we see advertising is strong, maybe consumer demand is a little low, but cloud growth is strong and even though amazon is maybe a little bit light, these numbers are unbelievable growth numbers off of a high base, if you look across azure, aws. >> every big tech company reported talked about some kind of uncertainty, apple with

holding guidance, as we talked about, that doesn't change the fact that these are still the companies that are among the best positioned if we see a strike in covid cases. is there anything that you heard last night that changes the fundamental story or the long-term story for these companies? >> no, not at all. i think the reality is, this economic transition to digital was happening, covid has accelerated it and it's just pouring lighter fluid on the fire every company is going digital they're reimagining how business is done. these platforms are enabling that and there's only a handful of them and there's unlikely to be more of them emerge because of the value that these platforms can provide, all of their constituencies, it's the reason they've gotten so large and it's the reason they will keep going as this economic transition keeps happening i would point out, you know, we talked about the big internet platforms a lot, there's the structure layer underlying them. we heard tim cook speak about

supply constraints for semiconductors, facebook for the their servers and data centers, there are a lot of chip companies ta don't get talked about that are underlying this growth in the industry. >> we've been talking about them because a few of them have been doing some mna and combining we keep on saying uncertainty. i don't think so this is some of the least uncertainty i've seen in a long time, particularly on the top line in technology technology is where there seems to be the most top-line certainty. digital ads are doing well, apple, their devices -- you have certainty in ipads when is the last time we had that it's the enterprise, the old-line hardware, sap, stuff like that, that seems less certain. we don't know how much these companies are going to spend on investing in the future, maybe, which is up to them. and we don't know how investors

are going to respond because these valuations have been crazy. but the fundamental businesses, they seem pretty certain these days >> i think that's right. look, i think -- i don't know anybody who's not going to have a hang over on january 1st, 2021 but i think there's some fear that maybe there will be a hangover for these big platforms because growth has been so strong this year but i think we're on a one-way street, you know, we don't want to look in the rear-view mirror as investors and we want to be invested in these companies that are creating the future and driving the future of the markets and the future of the economy. >> brad, fascinating day, obviously, so much at work good to see you as always. have a good weekend. >> thanks. getting breaking news from the fed as they tweak some main street lending steve has that steve. >> carl, thanks. the federal reserve changing some of the rules to kind of get this main street lending facility going it cut the minimum loan size for

three of its main street lending programs to a hundred thousand dollars from $250,000. the fed says the fees have been adjusted to encourage provision of smaller loans allowing the exclusion of $2 million of loans from ppp guys, this is the second time that i counted that the fed has lowered the minimum on this program, trying to get it going. it's supposed to be a $600 billion program, john, but so far to date, they've done 400 loans worth and it's been much criticized out there for the terms being too tough and not encouraging borrowing from the federal reserve on this critical program that might help the economy weather the coronavirus pandemic. >> important to get that money into the hands of the people who need it one way or another thank you, steve after the break, more on itr, morning's sell-off. twte the biggest laggard on the s&p. stay with us

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facebook and twitter shares falling after reporting results. twitter down almost 20%. we can't blame the revenues or the profits in either case, can we >> that's right, john. facebook shares, they're down about 6% after reporting results that did beat expectations on the top and bottom line, very strong revenue growth there. but what's been dragging on the stock, john, is the number of users in the u.s. and canada declined between the second and third quarter, a declining trend which facebook warned will continue the company flagging that limits

on its ability to target ads will drag on revenue and mark zuckerberg addressed civil unrest on the platform around the election. >> next week will be a test for facebook, our systems have been tested in many elections over the last few years election integrity is and will be an ongoing challenge and i'm proud of the work that we have done here. i also know that our work doesn't stop after november 3rd. so we will keep anticipating new threats evolving our approach. >> this as twitter shares plummet 20% again. what's dragging on twitter is disappointing user growth. the company added 1 million monetized daily active user, that's 8 million fewer than expected ceo jack dorsey says the company is making changes. >> now that we have topics to

follow, people are coming for one reason and staying because they find relevant topics that are interesting to them. as we continue to expand those, as we continue to prompt those earlier in the experience, such as on boarding, i think that helps us dramatically. >> dorsey stressing that the company's making a number of changes to make sure that twitter is a trusted place for election news and information. but, carl, there's so much pressure on these companies right now. >> yeah, there is. stay with us, we want to get steve liesman who is taking the look at the public's distrust of social media days away from the election steve? >> we ought to send these results to jack dorsey we looked at in our survey a bunch of industries and asked americans how much they trust them social media ranks dead last we asked specifically what is

your confidence, a great deal or quite a bit in these industries. restaurants doing good it's not too bad compared to what it was in '08 and '09 look at social networking. taking a look at the impact they have on the american election. 68% saying it's mostly negative, 11% say positive, and 14% say they don't know. this is what we call in the polling business flat data not that it's not interesting, it's flat that any area has a net impact 70% of men, 67% of women only the older than 65 group, they have a less negative view there but only because they're in the don't know camp but most americans across all

political spectrums, across gender, age, don't have -- very little trust the good part of this for me, there's somebody for the -- people that hate more than the national news media. >> yeah. steve, this reminds me of that old yogi barea quote, nobody goes there anymore, it's too crowded. the numbers were down a bit in terms of users for facebook and twitter, but the revenues are up because that's where the eyeballs are it's hard to parse exactly what that part means, right >> i think that's fair and i'm going to defer to julia on this one. i thought i saw something like 1 in 10 americans are using twitter right now. is that right? it just strikes me that you get to a point where the press is so bad where there's less options there for them to grow because of the negativity that's associated with this industry. >> steve, i think you wouldn't

have noted, based on that hearing on wednesday, but twitter is a much smaller platform than facebook facebook talking about 2 1/2 million people use one of their family of apps, twitter is much smaller, they're talking about -- in the daily active users, much smaller in the u.s i think if you put these two products next to each other, john is totally right. both twitter and facebook saw a real surge in user growth in the second quarter that's because people were staying at home, they were all trying to connect with each other in these different ways, looking for information, looking for news, and looking for that connection so what you saw is such significant user growth in q-2 that it's perhaps natural that q-3 would have a -- if not a decline, at least much lower numbers, similar to that pull forward with netflix the advertising revenue has grown dramatically, advertisers are shifting from traditional to digital advertising. and they know that the ability

to target on these platforms is hugely valuable, even as facebook warned that ability may be minimized next year because of various regulations around privacy and targeting. >> julia, twitter may be the smaller platform, but the issues it's facing are equally as big as the ones that facebook is facing when it comes to content moderation i can't get over the fact that jack dory sey is the ceo of two companies. square, has a real opportunity amidst this digital transformation do you think his leadership will start to come under question again as we saw the results from yesterday, we're seeing it lose a fifth of its value today >> he's been questioned in the past and he's continuing to be questioned on this the cfo was on "squawk box" this morning and he was questioned about that and he said he can get access to dorsey when he needs to it was interesting listening to

the twitter call, because the vast amount of questions were not answered by dorsey but by the cfo. dorsey takes a different approach to his leadership and how hands on he is compared to say, a mark zuckerberg, that's been -- >> i'll say it's the same for square same for square. he delegates a lot to the cfo. carl >> some would say that would be a good thing under certain circumstances. right now you would expect it to be an all hands on deck situation. >> julia, steve, remarkable as twitter shares down 20% plus for the day. we're off of session lows. but the dow is 10% from its all-time high. s&p, 3,252 the september low was 3,237. we'll watch that carefully back in a minute beautiful. but support the leg!

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at yesterday's cnbc technology executive council summit, i caught up with snowflake ceo for the first time since snowflake's ipo last month. we discussed the impact of going public on snowflake's name recognition and deal sizes >> we've seen the activity levels go up, we've seen our deal sizes expand. our relationships being viewed in a more strategic context. so we got exactly what we wanted from the ipo process. >> he talked a bit more pointedly than in the past about the delicate dance with the mega scale cloud frenemies. >> our daily, you know, sort of pressure point is always with the public cloud companies amazon, microsoft and google and, yeah, we manage that very carefully, i would say, because it's, you know -- we're partners, we're large customers

of theirs and we compete for parts of the business. >> for full coverage of our technology executive council summit, information about how to join, if you're a c-level tech executive, head to cnbc.com/tec. still to come on the show, a lot more on apple's quarter with its new bundle package apple 1 launching today. thosshese ar down 6% we're back in two minutes, so don't go away.

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♪ welcome back, everyone here's your cnbc news update at this hour. in midtown manhattan, eight years to the day, after a crane was blown over, another crane rained debris on the street below. police cordoned off the area tens of thousands of muslims joining antifrance demonstrations following emmanuel macron's vow. in southern france, residents of nice have left candles and flowers at the sight of the

knife attack that killed three people the suspected attacker arrived on a migrant boat in september and was ordered to leave italy three weeks ago. and mexico is preparingfor more low-key day of the dead celebrations like this one are normally crowded with people buying decorations, most are nearly empty with few people venturing out because of the pandemic. you are up to date, that's the news update, carl, i'll send it back to you >> certainly halloween is going to be tepid here in the states as well. thanks very much take a look at the markets here. we showed you a moment ago, we're not quite to session lows. dow down 400 the s&p down 61. the ten-year yield, 86 basis points, this is liquidating across asset classes or bracing for some inflationary blue wave stimulus

hard to get anywhere without apple. down 5%, john, that's going to be the lowest sense september 25th. >> we should talk about that joining us with his take on apple's results, john gruber it seems like a lot of this has to do with the iphone and the lack of guidance i'm not sure i care about the fiscal q-4 shortfall in iphones because people were waiting for the new one unlike most years we didn't get any of the new ones in these numbers and it seems to me like they're selling as many as they can make >> yeah, and last year -- it varies from year to year last year, all of the then new iphones launched on september 20th that's 10, 11 days into the quarter. but for the iphone with so many enthusiasts who jump on it right away, that makes a difference. none of the iphones launched until now and a lot of the uncertainty going forward is the

two most interesting iphones, the mini and the pro max still aren't on sale there's a lot of uncertainty that apple is going to do exactly what you said, make them as fast as they can and meet demand i don't think that's why they didn't want to issue guidance. >> i guess what confuses me most about this move by tim and team, not to issue guidance, is, sure, you don't know exactly what the mix is going to be, but they should know how many they can make, right? >> you would think so. but i think -- i think they still don't want to complain about it because i think they think it's a bad look. but with all of the coronavirus stuff, i still think the supply chain is a question mark for them and even products like apple watch, certain of the apple watch models are sold out almost through christmas already. and they promised on the call that they're working as fast as they can to catch up but i think the whole

coronavirus situation has led to questions in the -- in the supply chain and they don't know how many they're going to make and they don't know the mix of demand >> right let's not forget, trade tensions as well which is sometimes overlooked i want to ask you about services this has been the shiny story over the last few years. and growth in this area. but the doj lawsuit against google revealed something interesting, 20% comes from the search engine. does that take away from the newer growth story from apple? >> well, i think it does a little bit it certainly ads a little bit of uncertainty. one aspect of that, a, it's a lot of money, and, b, it's very, very consistent. it's not related to customers signing up for services that they're going to pay for all they have to do is do

searches with google in the default browser on their apple devices and apple gets acquisition money from google for the traffic. will this disappear? i don't know that's hard to say and i think that any kind of settlement that comes out of the doj lawsuit is going to be something that adds options to that as opposed to making it disappear. i don't think it's going to go all the way of zero. it would be like the settlement in the eu where there's options that users face where they have other search engines to choose from before they pick google. >> i'm not sure if you think this is a fair analogy, in video games, we cut the game makers a break all the time as the console cycles refresh they wait and buy the new games. is that a fair way to think of iphone with 5g on steroids, or does that not make sense

>> well, i think it makes some sense because apple comes out with new iphones every year. but the carriers don't come out with next-generation networks every year that's more of a five, six, seven-year cycle that's what would make me optimistic for the demand going forward, it's not so much from the customer's perspective that this is such a huge improvement for them day-to-day, but what it does, it gets the carriers on board. to me, the equivalent where game players upgrade their consoles because of the new aaa titles, it's different with phones what this has is the carriers are all on board with iphone 12 because the carriers want customers to upgrade to 5g plans and this is the flagship 5g phone on all of the major carriers >> john, isn't it possible that the real impact here of these carrier subsidies is that we don't get as much of a dropoff

after the holiday season in iphone demand because what the carriers want to do is get 5g devices in people's hands so as they start to role that out more, they've got better revenue coming in, lower churn from their user base. if that's the case, apple's potentially in a pretty good position despite the fact they didn't give guidance, whether they were being coy or not. >> yeah, i think so. iphone is cyclical it's big in the holiday quarter, for the obvious reason, people ask for them for holiday gifts if they can't meet demand for that, does that mean -- if you can't get your hands on an iphone 12 for the holidays, are you not going to get one in january when supply reaches up with demand? no, i don't think so and i think the bigger factor is that there are so many people who are not quite enthusiasts who stay up with, oh, there's a new iphone they go to their carrier when they need a new phone and what

are they going to get recommended. a lot of carriers are going to push the iphone 12 because it's the 5g phone for the next six months, at least. >> and they're discounting it like crazy. >> yeah. >> thank you. >> thank you square shares falling sharply this morning kate has the latest. it's a tough day for jack dorsey today. >> it is, indeed square is down as much as 9% this morning on that "wall street journal" report it's been a big winner during the pandemic but today it's on pace for its worst week since april and its worst month since march. the potential sale of credit karma's tax unit to square inconstitu intuit owns turbo tax. regulators could be worried about a lack of competition in the online tax filings space no comment from square or credit

car karma on that deal the doj takes aim at visa's deal to buy plaid the agency giving details on that this week in a lawsuit against bane who consulted on that deal. it's looking into the acquisition for antitrust concerns in the payment space. no word yet if the doj would sue to block the deal. some of the other big payments names selling off, paypal, another big winner during the pandemic that's down more than 4% this morning, visa and mastercard taking a hit this morning after reporting earnings this week they're seeing sluggish rebounds in cross border travel shift 4 payments, that's down 4% back to you. >> we talk a lot about antitrust scrutiny, but it feels like it's ramping up in fintech as well. as we head to break, check out shares of activision blizzard, under pressure despite

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that doesn't happen very often we have two problems, the first is a macro problem the second is a tech valuation problem. on the macro front, i call it the investing equation, or the investment equation. it's very simple, take a look. the virus fears increasing, plus no stimulus equals weakening earnings expectations and falling stock prices that's a simple formula. remember, all through this year, the two biggest variables are covid and stimulus, both of them are now coming into play in a bigger way in the last couple of weeks. if you look at today, this is a little different than wednesday, everything was down 3% on wednesday. look here today, look at some of the etfs, growth is down much more than value. momentum is down much more than low volatility low volatility is utilities, consumer staples, values, banks and energy there's a split here and mostly this growth problem is because of mega cap techs, particularly the big five and

some of the semiconductor names. you can see the drops associated with them. let's a little bit of a problem with apple not giving a little bit of guidance because that's the macro impact there but is there anything really wrong with their earnings? not really, no they're just expensive and i keep pointing out, look at the multiples on these back in april, these stocks were reasonably valued. apple was at a 19 multiple back in april it's trading at a 29 multiple today. these are 2021 earnings numbers. the same with amazon amazon was down -- always expensive. 48 back in april today it's 71. these are pricey these are at the higher ends of their ranges where they've been trading the last several years and the reason that the numbers -- the multiple haves gone up is the prices have gone up dramatically. it's not because of the earnings have collapsed, the multiples have gone up because the prices are up here when you look at this,

folks, amazon up 67% for the year should give you enough pause, i can assure you, the earnings picture is not going up anywhere close to that john, i agree with your points earlier when you noted how well things were doing even though there were individual problems we have a little bit of a valuation issue and the question is, whether investors are going to be comfortable with these kinds of valuations. obviously we're seeing they're not as comfortable with the valuations. >> we've been talking about these valuation chickens for a while. shouldn't be surprised if some are coming home to roost. tesla rival fisker is making it's debut this week you can see it there, up autbo 6.5% don't go away. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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the extortion attacks. >> he elaborated on that increase in attacks. it's a big concern as spikes in covid cases means more remote work in operations. >> enterprises are more exposed. you have a workforce tha of whom were secured by being in a physical building. now they're not. they're using consumer devices to access sensitive company applications and data. it's very easy to get malware on to a normal device we've seen attempts about enterprise employees and devices to access sites that we know to have malware that's gone up by a factor of five since covid began >> for full coverage of our tech summit, head to cnbc.com/tec carl >> thanks so much. we'll take a break here. tack a look at some of the movers on the nasdaq 100

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electronic vehicle maker fiskar making its appearancin the stock exchan this morning >> it's their first day of trading and it is just a couple of hours from becoming a fully publicly trading company now transactions have been completed and we're seeing ipos. and fisker began trading under the symbol fsr providing topping $1 billion what will they use that money for? to build this vehicle. this is the fas beiisker ocean. they've had this on the design pages and they're going to start building it. it will be built in austria.

earlier this morning we had a chance to hear from fisker ceo henr henrik physic henr henrik fisker. >> we are not like the other startups that need to do multiple rounds before they can get a vehicle into production. >> it was just on monday we started to see lordstown motor under the symbol ride begin trading. it's been a rough first week for lordstown motors as a publicly trading company. these are two and i think there are six all together announced this summer. you still got a few more to go we'll see how these guys do over the next couple of months. >> phil, what should investors keep in mind about the infrastructure that is or isn't behind these companies i remember tesla talking about

how they would handle repairs, dealer network or not, how these things get charged is all this taken care of for all these names that carry tesla? >> no. fisker is going with an acid light approach in other words, they're contracting out manufacturing of the vehicle. then they're going to say, look, you'll be able to buy this online, much like tesla, but they tonight have a dealer network set up they're going to work out service in the future. these are the things people are going to be focused for over the next year and a half, two years, let alone the question of will it be successful c i can look back on many that people said, yeah, this is going to be a hit and it's a dog we're in unchartered territory

for the next year and a half or so. >> i also heard him talking about the battery, noting he outsources it. elon musk was talking about potentially bringing that battery production in-house. how likely is that >> it could be a game changer. elon musk made it clear they believe it would be a way for them to differentiate themselves, especially on the cost side. if can you bring down the cost, that's the bottom line here in the world of electric vehicles >> yeah, phil. i think it's almost poetic, we're tacking on fisker day one on the same day exxon is cutting cap y capex, cutting workforce the world is changing. it's a matter of which companies can adapt. phil, thanks as always in case you missed it, today marks the eighth anniversary of

disney buying lucasalmost for a billion dollars. we also had a season two premier of "mandalorian. >> season two also known as the return of baby yoda. let's face it. that's a lot of what people care with it seems like it's been a lot more than eight years. oh my goodness, what disney has done with that property in that amount of time i think around $4 billion. they got it for a steal, i think it's fair to say at this point >> and they built on top of it it's one of those shiny, new programming. my husband for one is going to be thrilled that the second season is out tonight. not that that really matters, right, guys? the disney catalogue is so

strong you don't just get it for these sort of new releases the markets, though, guys, still under pressure the only big tech in the block, alphabet up about 4%, carl >> reminder, i think it was bay crest early in the week going into election day, s&p was down nine straight days to see consistent selling going into a an uncertain event is not necessarily new. probably the most encouraging thing i read this morning was a report about the global head of credit at black rock saying risk assets will do well as earnings broadly exceed expectations, the u.s. election is resolved and the second wave of covid is less severe than fear that's certainly what the bulls are going to hang on to over the next few weeks >> very true, carl i would also point to the signs of a strong q4 holiday season, not just for e-commerce. but we're seeing that flow through to social media

revenues we're also seeing that in apple's expectations of a stronger iphone season than they had last year, carl. >> all right guys, get lots of rest, as cramer said. next week will involve a lot of volatility hopefully we can get clarity one way or another have a good weekend. let's get to the judge >> thanks so much. welcome to "the halftime report." with the big four in the book, we debate what to do with the stocks now the s&p heading for its worst week since march the investment committee thankfully is with me to make sense of all of it carrie firestone is the ceo of reo asset management also with us today, kate moore, black rock's head of glo