headquarters in california and it's 11:00 a.m. on wall street "squawk alley" is live the dow is up 1.5% there, jon. vix is lower for a moment, there the dow's best day since july 14th at these levels, now going back to october 7 >> this week, you never know what might happen

let's get to dohm. >> we're watching markets for the s&p 500 that have posted about a 1% gain over the last three months and for those people who are keeping track of some of the election markets statistics, it's a big number. in the three months prior, some analysts and strategists note that if the market is higher in the three months before an election, it's the incumbent party that wins. we'll see if that trend plays out. you can see for the s&p 500 in that three month span we got a 1% gain entirely because of just today. you wonder whether or not that could play into some of those associations or correlations people talk about with regard to markets and the election overall. but beyond that, there are some interesting themes developing over the course of the past week if you take a look at the outperformers and underperformers, many of them have to deal with the cyclical and value oriented sectors technology versus communication services, there is a bit of

outperformance in communication services and media versus those technology stocks. a lot of weakness in semiconductors and certain software companies playing out in that technology underperformance meanwhile, google has been a big outperformer in that one week span that is driving a lot of that outperformance and communication services some of the stock movers of the day, very much in earnings season mode still. the second busiest week of earnings season this time around and we have big names already out this morning clorox, better than expected estee lauder, pandemic themes playing into a couple of the names especially with clorox after the fwoel day, watch for mondalez and then paypal it's been a huge beneficiary in the covid-19 pandemic. we'll see if those couple of reports for consumer staples food company and a big tech company carry out the themes we've seen the last week or. so back to you >> indeed we will. >> thanks, dom let's bring in our chief

investment officer for the california state teacher retirement's system overseeing more than $250 billion chris, good morning. >> good morning, gentlemen >> i'm looking back. back in august you told us this market runup feels a lot like 1999 you said cash is king. april sl price to perfection all of that looks good today we're still above the august lows on the s&p 500, dow, and nasdaq to my eye so does that mean we haven't really fully corrected how are you positioning or how would you advise others looking at this market to be positioned now? >> well, thanks for reminding me of my past statements. i'm glad i was fairly close. you know, i would say, guys, it's a market -- i think my intent in august was this market was going to be choppy it's going to move side ways the momentum we saw in the summer had run out of gas. everyone is focused on tomorrow. the request he is the health

crisis over? the answer is no i think we're going to go side ways it's going to be choppy. obviously, the market is excited. they started this morning hoping that, hey, we'll get a resolution and a stimulus check. and that's much needed but you still have a health crisis you have to get through and i think big tech, you know, if the health crisis continues, things like paypal and apple and others will make money now the expectations like we saw last week, they're through the roof the stocks can't meet the expectations so maybe from that perspective we've seen a bit of a top. >> right so if you're an investor, not a trader through this period of the next few months, i'm talking, you know, way through election week into next spring and even summer, do you buy on weak sns weakness do you sit on your hands >> well, investors can't sit on their hands. you know, git cayou get cash fl

dividends. you have to rebalance. i'm aggressively neutral i know that sounds funny but going into tomorrow, there are too many uncertainties we're positioned right on top of our asset allocation targets i think three to four months from now, we're going to be close to the targets and simply because i don't know if the health crisis is over yes, we'll know who the president is and we'll know about congress but we still have a health crisis until we're able to get back to normal it's less than half of the country will be willing to take a vaccine until it's really been proven out safe. so i think this is a slow choppy recovery we're going to need nmore stimulus that means more federal deficits none of that is good long term >> aggressively neutral has not been a foolish framework

i mean, the dow is basically where it was back in january of 2018 today it makes sense the notion that market is not going to get ahead on valuation. you have to rely if the ten year approaches one boen bonds were up to day when the dow was up 500 i was very surprised at that i think the bond market is looking for a resolution, hoping you'll see stimulus in the next, say, three to four weeks once this election has resolved but long term, interest rates are going to be near zero. powell is going to stay in place. he's going to continue to ease and build that federal balance

sheet which long term i'm worried about. but near term means lower for longer people are going to borrow money. that actually friendly to risk assets so we'll see >> so you're not part of this cynical school that thinks the lame duck session lets everything burn to the ground and delays stimulus intentionally until inauguration in the case of a biden win >> you know, washington never ceases to amaze me that's harder to predict than what goes on on wall street, i have to tell you i think there's got to be some way of come willing together i risk to the market is a contested election i agree with the pundits we may not know who is the winner by late tomorrow night or even on wednesday.

there has to be some reason to come together and at least adopt some kind of a stimulus program. maybe they're more willing to package it up and do it in different segments once they know the results of the election it's much needed you have seen it on the discussion with the strand bookstore. you know, companies are just barely surviving in the retail world. >> companies are struggling. state and local governments are struggling too and you underscore the need for state aid from the federal government but doesn't the bill have to come due what are you anticipating is going to happen v. to happve to digest all of this need for aid into the coming decade >> well, on, you hit it on the head this is a time when since state budgets have to be balanced, the health crisis is a short term crisis that's where i think the federal government has to dip into their

definite -- deficit financing to help those state governments survive. they're already seeing job cuts. we're seeing pay cuts. and you are going to likely see higher taxes i think out here in california we felt the other side of that which is the growing increasing threat of climate change stronger storms. forget california. good grief look at the gulf coast you have gone through all the name in the hurricane season and back looping again i think that's going to be the norm so you're going to need the federal government to step in and help states out with these long term problems they're still going to have to bail themselves out with taxes and with cuts. that's going to be the future. but they also need federal help throughout this time >> yeah. the natural disasters and the need for aid not a blue or red state issue. chris, thank you >> thank you, gentlemen. still to come this morning,

warby parker's vision on how they're encouraging customers and employees to go out and vote a reminder, cnbc's election coverage begins tomorrow night at 7:00 p.m. eastern time and goes all night long. don't miss that. more "sqwkll" teth eak. aeyafr e just keep coloring there... and sweetie can you just be... gentle with the pens. okey. okey. i know. gentle..gentle new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. claim your seventy five dollar credit, when you post your first job at indeed.com/home.

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unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save hundreds on your wireless bill. plus, get $300 off when you buy the samsung galaxy note20 ultra 5g. learn more at your local xfinity store today. our next guest is making efforts to help his employees and customers get out and vote in this historic election cycle.

joining us this morning is warby parker's ceo and co-founder. good to see you, neil. >> great to see you. thank you for having me. >> talk to me about what you're doing. paid time off to vote. opportunity -- employees that, is, to go out and be poll workers. are you doing thing this is cycle you didn't do in '16 or '18? >> yes because covid-19 changed things. two-thirds of americans think that, you know, covid-19 is making it more difficult to vote so as business leaders, we thought it's our responsibility to make it easier. so to your point, we started with paid time off to vote we also created an internal resource so that our employees in every state in which we operate sees state specific information on registration deadlines, absentee ballot deadlines, early voting information as well as providing volunteer paid time off so people can sign up to be poll

workers. we know because of covid-19 that there is going to be a poll worker shortage. >> i know you're active in a lot of business groups including the ones that include the biggest businesses in new york city. i wonder if you've done some work on how these collective efforts beyond warby led to turnout. whether that's in the city or in any other state where you do business >> business leaders are taking steps but there is no question that there is unprecedented effort to provide paid time off to vote for employees. we've been working with the civic alliance which includes hundreds of other businesses and what we're also seeing is that employees in record numbers have created plans to vote and are voting early so that way, you know, they have flexibility whether it's sort of managing

childcare or what have you >> neil, good to see you i remember visiting you a little less than a year ago at your facility here in new york which i imagine isn't seeing a lot of traffic these days but give us an update on your business in this context you're an online first business. but you have a lot of physical locations. how have you been able to keep employees at work and keep customers served >> sure. well, we were one of first national retailers to close all of our stores that was on friday the 13th in march, a very ominous day. and that was tough you know, half our business evaporated overnight but because of our strong e-commerce presence, we've seen 100% growth over the course of the year our business remains resilient we since reopened all of our stores they're not quite as precovid-19

levels and that's mainly because we're ensuring a safe customer experience by limiting traffic into our stores and ensuring social distancing. but we're optimistic for next year the we're signing lots of leases and this year we have plan to open up 36 stores. we'll open up 10 next year we'll open up roughly 40 stores. so there is demand certainly for glasses and we're able to meet it you know, one thing that has certainly changed is how we operate with covid-19. and one of the big line items that we'll have in our 2021 budget is testing. we've been having to test all of our employees whether they're in our manufacturing facilities or in our stores. and that's given us confidence that we're able to operate these facilities safely. >> what are the most important policies and issues for a business like yours that might be impacted by whoever wins at the state, local, even national

level this week? >> the biggest thing is that we have to get covid-19 under control. right? we are now, you know, almost a year into this and we're seeing, you know, some of the highest new cases being reported we need much more wider spread testing for the economy to prosper. we need to manage this virus and make sure that our citizens are safe so we're paying very close attention to every level of this election, presidential on through municipal. >> finally, neil, without getting into too much of politics per se, i do wonder, our viewers wonder too, how you're making 2021 budget decisions when the election is binary outcome and covid-19 resolution is somewhat of a binary outcome we have no idea what is going to happen. how do you plan at all >> it's really difficult

there's a lot of uncertainty out there. but we think there is actually less uncertainty than, let's say, in february or march where we were really flying blind. we now know as a business how to operate in the midst of a pandemic how to keep our customers and employees safe so we're able to use sort of the performance other the last few months to project on what may be the case if this continues and our hope is that these elections result in politicians that will take greater action to help combat this ban demic and g pandemic and get it under control. >> if the baseline is a little better than in the spring, that's probably the most encouraging thing we can take away from it it's always good to get your take we love watching how your business progressed over the years. talk soon. >> thanks so much for having me. >> we'll stick with the election our brian sullivan is live from kent, michigan, which are many

considering a must win county in that battleground state. hey, brian >> hey, jon. certainly is that and the counties are going to swing all the states we've gone to have really realized when you dig into the numbers, guys, it's just a couple of counties in the swing states that are going to turn the states that can turn the election can you do the election math any way that you want. but for both candidates, they need a couple if not all of these swing states, of course, a lot of that depends on how florida goes and the 29 electoral votes. this county here, we're in the middle of grand rapids this is amway country and trump's secretary of education they're one of the richest families in the united states. everywhere around here, you have the amway grand hotel over there. you have the devos name everywhere trump won the state by just 10,704 votes in 2016 obama won it by 450,000. you can see that swing the question will that voter

that went from the democratic party to trump, will they stick around this time you have covid-19 coming on. we have an economy coming back we have a travel and leisure depression we called it one big variable, no the just for michigan, but in many of these states that we've gone to on this fairly epic road trip if i say so myself, is the young vote michigan passed what they call proposal 3, 2018 in a sense, made it a lot easier for people to vote by putting more ballot boxes in certain areas. so that may increase the young vote in fact, guys, michigan has been one of the states where we have seen the most young people jump up in their participation vis-a-vis requesting absentee ballots, registering votes, et cetera we already have a three million absentee ballots that have been submitted like many states they have started processing them but not counting. that is key. they're separating them. they want to count them as soon

as -- as quickly as possible starting at 8:00 a.m. tomorrow morning. but again, guys, will we have a decision in michigan and some of the other states we've been to tomorrow night i don't know could be tough there are so many absentee ballots out there. there are only so many people to count them as well a couple million are expected. as you can see here, spectacularly windy, freezing cold it snowed yesterday. weather always plays a role in that in person turnout and this pandemic a lot of things in play in a state that is certainly in play and that is michigan and its 16 le electoral votes. that sounds like michigan to me, brian. really curious -- force. >> carl knows. midland michigan man that he is. >> yeah. twoi i went to college in the midwest as well. so we're familiar with that great part of the country. thank you, brian everybody, be sure to watch

cnbc's special coverage of the election tomorrow night starting at 7:00 p.m. eastern going all night straight up to "squawk box." the take a quick break stay with us

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oelection security and misinformation were subjects athe our executive council summit alex stamos praised clap collaboration and called out domestic misinformation a top threat this cycle. >> you hear election disinformation out of the bhous from the twitter account of the president himself and then also from a number of influencer as z that are amplifying him. we have this strange issue of people at the working level trying to fix this misinformation problem while a lot flows down from the top. i'm not sure we have a good solution between now and election day other than

individuals need to make sure they're very, very careful about what they believe that they see online they need to look at multiple sources of information they need to go to the local and state election officials >> full coverage of our tec summit, head to cnbc.com/tec information how to join there if you're a technology executive. we'll take a quick break with a major indices all higher dow up by 365 points 1.6% nasdaq, the lagger, up by just shy of .5%

hello, everybody i'm sue herrera with your cnbc news update at this hour joe biden is defending dr. anthony fauci after president trump said he is thinking of firing the infectious disease expert after election day. biden says, "we need a president who actually listens to experts like dr. fauci." italy's prime minister proposing new covid-19 restrictions including closing shopping malls on weekends. restaurant and bar workers demanding aid and protesting the

latest curb o latest curbs on business rescuers pulling two girls after t from earthquake rubble and in london, actor johnny depp lost his suit against the sun newspaper for labelling him a wife beater. the judge found the newspaper's allegations against depp were substantially true you're up today. that's the news update this hour carl, back to you. >> all right, sue, thank you very much. got interesting twists and turns this morning as energy is up 3%. let's get to bob pisani. >> carl, we're starting november and a fit of optimism. almost like the market is trying to convince itself stimulus is coming in and so is a vaccine. take a look at what the smashgt doing he market is doing here they got crushed when pessimism

reigns, gap, under armour, united rentals doing well. caterpillar is also on the upside travel and entertainment stocks sort goof go to stuff is all don well the extensions are airlines. there is all sorts of stories about discounts to get people to travel there so we put up travel entertainment. you see wind visa live nation doing well and the airlines not so well that is the sort of exception. there are pockets here of disbelief in the whole reopening story. mega cap is really interesting it's weak today. normally they do better on the work from home story there is amazon, apple, microsoft, not really doing much and facebook is indeed, they're not participating in this rally. that is interesting. at the same time, the other stocks, smaller stocks that also are considered sort of stay at home stuff, also not doing very well today so zoom and slack and docusign, you know, these are poster

childs for the stay at home storey they're also a little weak so what is going on? it seems the market is trying to believe the bull cenario what is the bull scenario, well, i outlined it this morning it's first that we're going into seasonally strong period of the year second is that election will be over eventually. sooner rather than later hopefully. we will get more central bank support out there. we will get some vaccine data fairly soon. this is the bull scenario. more stimulus in washington, too. however, remember, we've got the bear case. and last week we were choosing to believe the bear case the bear case is the reopening story reversing. that is the evidence so far. there is no stimulus deal despite how much we want to believe in it or that is coming in january or it's going to compost election we see nothing yet if the numbers are right and reopening story is reverse a little bit, 2020 earnings are definitely on the high side.

that's what we had last week, jon, a fit of concern that the numbers kept going up, raising the 2021 estimates and, in fact, the numbers may not be right so the market today is choosing to look on the glass half full side of things will we'll see if that holds through the rest of the week back to you. >> yeah. that's today, bob. it's a market and country looking forward to knowing something for sure bob pisani, thank you. social media names in the spotlight ahead of election day. facebook and twitter both implementing policies over recent months against the spread of misinformation. "the washington post" out with a piece citing former and current facebook employees that say the company gave a pass to trump allies from punishments for repeatedly posting falsehoods. that was a way to avoid accusations of left leaning bias all that leaves voters wondering have social media companies done enough to prevent election day

interference joining us no you to discuss, recode co-founder kara swisher good morning >> hi. >> i guess the issue somewhat is facebook and are others giving a pass to the right as a way to avoid looking like california liberals with the thumb on the scale. at the same time, you end up them still being accused of california liberals with their thumb on the scale >> right. >> what do they do >> well, there is no winning with people who break rules. you know, they're just taking advantage. and, you know, why shouldn't they i hate to say that but if these -- you know, if trump and allies get away with it, why shouldn't they get away with it? i just had my son send me a dozen videos that he -- that trump dominating why is this happening in my feed you know and then gets some that are biden. he said, they're more respectable which is interesting. i think -- you know, he's 15 he knows the difference. he knows when the videos are out of line.

and again, why shouldn't they do them if facebook does nothing to stop them? so playing this little game with the conservatives is ridiculous. any rule breakers on left or right should be taken down i don't even understand what their calculation is at this point? >> so much of it is necessarily arbitrary. isn't it some of it >> i mean, there are so many people in my facebook feed which i try to look at less and less on both sides of the political spectrum posting things that are inflammatory and in some cases dubious where the facts are concerned. >> right. >> they're not getting kicked off. but if they were high profile people, they would probably have more attention i mean, it it's kind of impossible for anybody to police this 100%. >> well, i know 100% they do let, you know, they used to do this with alex jones e they used to have a number they would never tell me, like, it is six times that alex jones can violate it or seven? we can't tell you because he'll

know and then game us. he gamed them until they removed him which is the right choice. they should have suffered the slings and arrows for doing that i think the difficulty is you created a platform where there are rules that are not enforced and rules are confusing and people making the rules are confusing. so why shouldn't the different groups try to take advantage of it why shouldn't people try to organize whether for good or ill? at this point, i don't think it's the fault of the people who do the violations. i think it's the fault of the platform we'll have a lot of post morm mort post mortem what's is happening. but if you have people wanting to shut it down, why not just shut them down for a while some of it especially the political advertising and videos not just on facebook but youtube and other places

it can be done >> yeah. no we have blackouts on all kinds of government data and, i mean, it happens all the time. by the way, kara, facebook does respond to the storey. i'll read it in part we defer to third party fact checkers on the rating that a piece of content receives. to this day we remain the only company that partners with over 80 fact checking organizations to apply fact checks to millions of pieces of content it sounds though that you think it's like fighting the wind. there is no -- >> right >> -- way to fact check everything. >> right and also it's just like over there they did it. it's like their platform so that's always their excuse. i agree. there should be fact checkers and all kinds of things. but in general, it's been treated this way for so long everyone's been getting away with it. why shouldn't they get away with it i hate to say that at this point. but they really are responsible for this mess. and then putting it off on fact checkers or whoever and making excuses, i think what will be interesting is post all.

this and in a while, too of it's not going to be for a while they'll be able to figure it out and they just created a platform where anything goes and anything goes and that's where we are at this point. and there is no government intervention there is no guardrails there's no rules and we have what we have and, you know, it's a money maker. look at the stock. >> ara, they also say we are responsible for how we manage our internal systems for repeat offenders. and sort of try to have it both ways here. >> they do >> but we're the judge and sometimes we decide to let people off does facebook do the social media companies in general have an opportunity after this election after we get the results and perhaps when things cool down a bit to change the way they approach these policies during that period before the next election comes around >> they've had four years to do it, right? this is not fresh and new. i think alex stamos who i did a long interview this week and you had him on the podcast is that the disinformation is coming --

it's explicit now. it's not, you know, sneaking around and what do you do what do you do snen i don't know i hate to say i don't know i don't know how to figure it out or how to police people who just willfully lie and willfully say things to enrage people. the system is advantaged for bhoem do th people who do. that i don't know what mark zuckerberg does on monday. what does he do? what is his meeting? what does he say >> i guess if you knew that, you'd be -- >> stop talking to me. >> he'd have a lot more money than that. >> he should talk to me. >> yeah. >> he should come on, come on my podcast. i'll be happy to talk you to and we'll work through it together >> yeah. >> in unity there is strength. >> and you won't sweat it all this time. kara swisher, thank you. we should also mention kara is interviewing lars ulrich for the

cnbc evolve summit on november 11th catch her there. that's a big one, jon. as we go to break, keep an eye on the chip sector today the smh coming off that three week losing streak holding ton slight gains led by names like these but also amd, micron, marvell, the relative laggers to gin be this week. "squawk alley" is back in a moment one day we'll look back

and remember the moment that things, for one strange time in our lives, got very quiet. we worried over loved ones, over money, over our planet, and over takeout. let's remember this time when so many struggled to feel secure, and build a future where everyone can. because when the world seems like it's standing still... that's the perfect time for us to change it.

final push to election day both campaigns are trying to woo senior citizens. contessa brewer is live in the villages to see how that is getting mobilized. >> hi, there carl. perpetual summer camp. it looks like for retiree that's have comfortably retired but still they're watching their money. nationally the economy is still the number one concern even more than coronavirus locally taxes and what happens after the election are a hot topic, especially since so many residence fled high tax states >> we are from minnesota and we really think there is really persuade us to come over here is because of high tax in minnesota, liberal policy, rioting, looting, and nobody take responsibility. >> it starts with -- there we go the family just moved to the villages in part because they see it as a like minded

community. it certainly has been a strong hold of republican support 68% of those living here in this county, the oldest in the nation by demographics, vote ford trump in 2016. but the president is not taking his support here for granted both he and mike pence made campaign stops in the villages and the tv ads targeting seniors are constant across florida, the most recent poll shows senior support between trump and biden and while biden's plan to raise monthly social security payments may appeal broadly to the seniors and n. florida, the well to do seniors are more concerned about an increase in federal taxes. jon? >> yeah. contessa, thank you. the president needs that demographic to turn out for sure meanwhile, businesses are bracing for potential unrest following tomorrow night's election results those we get anyway. bertha coombs has more on that

>> that's right, john. you notice macy's windows are boarded up now they say they were doing that anyway because of the holiday preparations to prepare the windows. but they admit to cnbc that they are taking extra precautions anticipating that we may see demonstrations surrounding the election macy's and most retailers, actually, refrain from discussing damage totals from last summer during the rioting and looting that followed demonstrations on the death of george floyd but there were more than one billion in insured losses nationally according to insurance property claim services from those demonstrations this week here in new york and across the country, you are seeing a number of cities and businesses that saw damage during the unrest boarding up their store fronts, adding extra securities out of dhaern we could revisit that situation over the next few days in chicago, in fact, officials have been in communications with

the city's businesses about election safety plans. in anticipation of demonstrations the they are urging calm but they're also warning they'll not tolerate looting and violence they boosted police presence and they said they're prepared to use garbage trucks and other assets to block off neighborhoods and critical businesses if necessary. now last week you recall that walmart said that it was removing weapons and ammunition out of concern that there might be unrest and looting. and then they reversed course on that still, at some stores like this one in birmingham, alabama, they're boarding up the windows just in case for a lot of the businesses it's about striking a balance here at this bank in harold square, they're trying to note that they're still open as is macy's but at the same time, they are bracing for whatever may come over the next few days back to you. >> yeah. very 2020 position to be in. thank you. reminder, watch cnbc's special coverage of the election

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he now the estimated 800 million in revenue from that tax would be put toward education. but the biggest fight right now is in illinois where billionaire governor j.b. pritzker has spent $56 million of his own money to support the fair tax that's a measure that would replace the state's flat tax with a graduated tax that would impose higher rates on higher earners. now, opposing the measure is a group of billionaires, including citadel's ken griffin, who has spent 54 million of his own money to defeat it he joins real estate magnate sam

nell and others to oppose that measure. illinois has a $4 billion deficit. guys, if they don't pass this, they're probably going to go back to the fed for more money back to you. >> robert, thanks for setting that up. joining us is the illinois straight treasure, whose office actively manages $35 billion thanks for joining us today. >> nice to be with you this morning. >> we've had a nationwide conversation for a long time about higher taxes on the wealthy, the degree to which that pushes them out to other states, loss of businesses incorporated in the state. clearly you've made a political calculation that this is worth the risk why? >> i think this is something that progressive tax rates that the majority of states have, illinois doesn't have it because it's not in our constitution however, we've had progressive

rates at the federal level for more than a hundred years. and in that time we've seen tremendous economic growth in our economy. i think it's time that illinois mirrors what other states and our federal government have been doing for a long time. >> do you think griffin and zell have had any impact at all on sentiment regarding this >> i think in illinois there has been a lot of advertising, a lot of messaging on this issue not all of it entirely factual or accurate. but we don't really have a competitive u.s. senate race we don't have any of our statewide races, constitutional offices up this year so this clearly has been driving most spending here in illinois >> mr. treasure, good morning. it's hard for me to see how you tax your way out of illinois's problems ffs th if that was going to work, shouldn't it have worked in 2011 >> we've had a structural deficit in illinois a long time.

it's clear there are deficits being faced not just by illinois but across the country a big part of that has to do with covidpandemic i think it's imperative the senate comes back and passes some type of package to illinois and the rest of the country. >> ruff ready to really take some big sweeping actions and try to put this problem to bed what are you going to do >> i think there's an election tomorrow that will determine whether the general assembly has the ability to have graduated rates. i'm hopeful that passes. if that doesn't, the general assembly will be coming back during veto sessions in a couple of weeks i think quite frankly they're going to have to lock at revenue increases, look at spending cuts and look at both of them to get ourselves out of this budget deficit. >> how would you explain or characterize the nature of spending cuts so far

to use an old and bad metaphor, are we cutting into bone here? and if there were further cuts on the line, where do you think they would be centered in the months to come . >> i think we've had to make these cuts in the pa ast and in the past the general assembly didn't make the right choice they just delayed payments in our pension system that's what got us into this position, we have such a large liability of our pension statements the supreme court told us we need to make those payments and we need the revenue to do that kicking the can down the road additionally is not an option anymore. >> then where are you going to cut? it's been about a generation, 20 years or so since there's been a balanced budget in illinois. you're going to make some big powerful group upset if you cut anything, so who is it going to be >> it's going to have to happen.

that's the job of the general assembly and the governor. we've been pushing on college savings plans, made them gold rated by morning star for the fourth year in a row as a chief investment officer, we're trying to make sure our investments are getting a good return that's why we put out a letter to the russell 3,000 companies last week. >> you're asking boards on the russell to disclose more board diversity data you're not doing this alone. you got some other states on board as well, some investor organizations. what to you would signal progress from some of that >> quite simply we're asking for corporate -- the companies to do something very simple. we're asking a direct question, let them disclose racial, ethnic and gender data because we think doing so will lead to more informed long-term strategies, increased profits and greater

valuations for shareholders. we're not alone in this. we're working with 20 other asset owners and advisers that represent about $3 trillion in assets under management. >> obviously a subject that's gotten a lot of notoriety as we've worked our way through 2020, mr. treasurer. we'll be looking to see what results we get tomorrow. thank you for your time. really appreciate it >> michael is the state treasure of illinois. >> couldn't help trying to press him for answers there, even though that's not technically his job on that illinois budget. twitter is down 4% so far and it's not alone of course there are some other stocks likes drop box down about 3. but, carl, some are doing okay as we look forward to election day. roku up better than 3% snap is as well. >> yup and we're going to get some of

those names, earnings-wise later in the week, i think, roku, uber and drop box i mentioned earlier in the hour, john, nearly a 4% move and energy is added consistently through the course of the morning. energy segment up almost 3.5%. a lot going on let's get to the judge and the half >> i'm scott wapner. front and center, the election one day away now, stocks up ahead of it as we come off the worst week since march we'll break down what's in store for your money, no matter the outcome. joining me for the hour today, joe tear naranova, steve weis. shannon, you get the first crack today. what are you expecting what is the market going