i would just say we understand there are a number of parameters that we have where we can shift the composition, the duration, you know, the size, the life cycle of the program all of those things are available to us as ways to deliver more accommodation if we think that's appropriate right now, we like the amount of accommodation the program is delivering and it will just depend on the facts and circumstances. we may reach a view at some point that we may need to do more on that front today's meeting -- one of the things it was about was about analyzing the various ways and having a good discussion about how to think about those various parameters which i thought was quite a useful discussion. >> thank you, victoria guido >> hi, chair powell, thanks for taking the question. i wanted to ask about climate change

fha director said financial regulators need to account for climate change what are you all thinking of doing on that front beyond what you are already doing? do you have any plans for joining the network operating the financial system >> yeah, so i do think that the public -- public will expect, and has every right to expect that in our oversight of the financial system we will account for all material risks and try to protect the economy and the public from those risks. climate change is one of those risks. it is a relatively -- the science and art of incorporating climate change into our thinking about financial regulation is relatively new, as you know. and we are, you know, very actively in the early stages of this getting up to speed working with our central bank colleagues and other colleagues around the world to try to think about how

this can be part of our prime minister framework and we are watching what other countries are doing. we are active participants this the cg -- no, the green -- financial system we are there in the working groups and doing all of that we are very much working with and monitoring all the things other central banks are doing. there is lots of research going on at central reserve banks and at the board to understand this. this tend to be longer term risks but of course the longer term does arrive over time we take it as our obligation, you know, to understand these risks and incorporate them into the way we supervise and think about the overall financial system and the economy >> thank you howard schneider, reuter's >> follow on from gina's commitment, have you gotten a

commitment from secretary mnuchin to extend the 13 free facilities if you decide it is necessary? are you concerned what a lame duck trump administration might do in that regard? more broadly, on the state of the economy, are you comfortable now that the tail risk for worst case outcomes has kind of been swept aside and minimized at this point are we down in other words to house hold level problems -- but that the financial crisis -- recession is off the table we are turning this issue now. we have not made any decisions we are just getting started on it it is a decision we will make jointly with the treasury department that's all i can say on that today. that's all i have for you on that today in terms of the tail risks i think clearly the tail risks we were worried about have subsided and we were worried about very negative potential outcomes.

but you know, that's what is to be expected of us is to think about how things can go wrong as well as the way things can go right. but we -- we do make policy from a risk management standpoint we don't just look at the most likely case. we ask how can you make policy in light of the risks. often it is downside risk publications like this i would not say anybody is feeling comfortable about this, though you know, we've gotten through the first five, six months of the expansion better than expected, but we do see -- in europe -- look at what is happening in europe. look at what is happening. another spike as the cold weather arrives and people are inside more. i think we have to be humble about where we are relative to this disease it hasn't gone away. clearly therapeutics are advancing, research on vaccines are advancing, death rates are way down

hospitalization rates are lower now. but -- so we are learning. but i mean we are very far from saying that we think we have got this and eliminated the tail risk but i think clearly the tail risks have diminished since at least our perception of them has diminished since earlier in the year. >> thank you scott hoarsely, npr. >> thank you, mr. chairman earlier this summer i know that you formed a task force for the districts of coins around the system i wonder if you can give us an update on how that's going i know there has been some public relations effort. i think october was get the coins moving month has that problem subsided? >> let me say why it is such an important -- you know, in a world where so many payments are made digitally and all that, coins and currency are very important for the relatively

low-income people. so it's a really incredibly important part of the payment system and we do pay a lot of attention to it. i actually just -- i just caught up this morning with the person who heads that operation here who says that, yeah, things have really gotten significantly better on coin front we worked very hard to increase the supply of koips, each more than that, the distribution of coins around the system and are happy to say that that situation is well on the way to normalizing itself very pleased to report that. >> thank you james polito, ft >> thanks very much for the question, chair powell we just had a presidential election here in the united states we still don't know who the winner is. are you concerned -- uncertainty

overthe outcome of the presidential election can pose a risk to the economic outlook or trigger market turmoil and has the fed had any discussions either internally or are the treasury department about responding to that should it happen? >> thanks. so i'm very reluctant, as you will imagine, to comment on the election directly, indirectly, at all other than just tosay that it is a good time to take a step back and let the institutions of our democracy do their jobs. so at the fed here, we will, as always continue to do our jobs, every day, we will continue to serve the american people using our tools to support the economy during this difficult time you know, you asked if we had discussions. i would say, you know, the meeting we just finished, for example, what we do is we talk about the economy, and markets, domestically and around the world. we hear reports on how households and businesses are doing. we talk about risks to the

outlook. we talk about what the right policy response might be and the election comes up in some -- you know, it comes up now and again, but it is not at all a central focus of the meeting. not at all i will leave it at that. again, very reluctant to get into anything more than that thanks >> thank you -- cnn. >> thank you for taking my question chairman powell, can you tell us a little bit about why the minimum loan size under the main street facility was reduced last week and why that was done now rather than earlier seeing that small businesses are clearly still struggling to make the change necessary? >> sure. so we have had very little demand below $1 million in loans. and part of that just is that

the fee structure is what it is, and that's the compensation that the banks get. and there is a certain a. work that they have to do to get into the loan program and to document the loans that they make because these are loans that go on their balance sheet they keep 5% so they actually have to underwrite the reand we are lying on them to some extent for doing that we were reluctant -- we moved the minimum down to $250,000 we were reluctant to go below that but we heard over and over again that it would be great if we could reduce to it 100,000 we have been saying we would have to redesign the program i got the question in an oversight hearing a month or so ago with the secretary and said that and then i went back to the office and thought, okay, what would that look like, if we were to redesign the program in a way -- what's the least thing we could do to redesign the program so we could move to a lower level? basically, we concluded change the fee structure to create incentives for that. we did that.

we tried to be responsive. we want qualifying businesses to be able to borrow. and we will see how much demand will come. with these programs, why didn't we do it right away? we tend to -- there is more work than one -- certainly that i imagined in setting up one of these facilities you just try to get it out there and get it working and not try to do everything before you start it because you will never start it if you do that. then once you get it started then you make changes. that's the most recent set of changes we have done we hope it will help some companies. i guess we'll find out >> thank you heather? >> heather scott this time, right? thank you chair powell for taking the question. you say that you are not out of

ammo so i am wondering then, what is the next tool you expect to be able to roll out would you consider some sort of -- program for state and local businesses -- state and local governments that are facing real budgetary pressure. >> so when i say we are not out of ammo, i'm looking at, you know a couple of our tools, mainly as i mentioned the asset purchase program, there is a number of dimensions week we can adjust that if we deem it appropriate. right now we like the job it's doing. we could, you know, if the facilities are extended we could certainly look at new facilities if things deteriorate, that would be the case where you would want to maybe continue the facilities and maybe change them and maybe have new ones. who knows? but certainly the facilities that have been doing a lot of work and been successful overall

i think in accomplishing that job. so i do think there are things we can do. but, remember, we have always said this will take a whole of government approach including health care policy and fiscal policy, too. so it really is -- if you want to get the economy back as quickly as possible to where we want it to be, then really it should be all of government working together >> if i could follow up on that quickly, i mean you spoke. [ indiscernible only been 400 loans. when you say the programs are effective, do you not think there is more than can be done with another type of program or another redesign, either for small businesses or state and local governments? >> there are a bunch of programs i would say that the larger corporate market based lending program has been very successful without making a single loan

i think that unambiguously has been a big success i think the state and local government program has also restored market function so that whereas, you know, there were -- the sort of individual investors who wind up funding loans in a muni market through mutual funds they had withdrawn a lot of money and we have had many weeks connective i believe of inflows there and you are largely back to a normalfunctioning rkt match i think that has been a lot of success certainly the funding market programs have been a big success. main street is just a bigger challenge than all of them reaching out to small and medium sized businesses through the banking system, which we had to do, is quite challenging i do think, you know, the grant programs, the ppp, were a great way to reach smaller companies you know, what you hear out there is that demand -- you talk to banks and they will say

demand for lows is very, very low right now. companies are not borrowing. the reason is that activity is at a relatively low level, they don't want to run up their debt. so we put an awful lot into main street it is very challenging to reach a lot of those companies but i think we are reaching many of them now and i hope that the new change also help us reach more. >> thank you last question, to michael mckey, bloomberg. >> mr. chairman, there is a small but growing number of people, including some former fed economists who say you should find ways to go beyond your mandate to provide additional support to the economy which in essence would be fiscal support since it hasn't come from congress. one of the suggestion is buying state and municipal securities directly another is perhaps following the boe in increasing asset

purchases to support additional fiscal programs or spending by the treasury is there any circumstance under which you would consider those or those would be justified? how closely are you willing to work with treasury >> you know, so i'm going to take your question literally so if the idea is money financed fiscal policy, that's not something that we would consider so that -- what i mean by that is really, you know, the central bank is really funding fiscal activities of the government fairly directly. now, that's something we would do we have different jobs that separation between those jobs is absolutely critical in our system of government you know, the job of taxation and spending goes to people who have stood for election and been elected. and that's the way it should be. they have to be responsible to the electorate we have a specific, you know, job to do, with a specific set

of tools to support maximum employment, stable prices, financial stability, help the payment system, supervise banks, all the things we are assigned to do. but we are not going to get into financing the government and by the way, when we buy government bonds it tonight auto actually -- as you probably know it doesn't change the amount of government debt outstanding we issue a reserve to issue a treasury security. that's just another obligation of the fed government. you change the nature of the obligation but not the total quantity of debt that the government has when you do the asset purchases. to take your question literally about financing fiscal activity it's really not something we think the central bank should do and not something we are looking at. >> if i could follow up. there is a suggestion that you

buy stated municipal facilities in the same way you by -- back ed -- >> we are doing that with the municipal liquidity facility we are buying with our own funds and with the c.a.r.e.s. act funds we have gotten through congress and the treasury we are buying municipal securities up of to three years. we are doing that as part of an emergency facility under section 13-3 which has to meet the emergency requirements of exigent circumstances which is all clearly laid out in the law. we are actually doing that now but what that is from our standpoint is a rare thing that we do under section 13-3 when regular intermediation in the capital markets or banking system has broken down it's no longer working so we step in under 13-3 and we provide liquidity.

what turns out to happen is we announce a program and the market starts working so we only have to do a back stop the amount of financing in the municipal markets this year is higher than it was the prior year we didn't do it. we did a very small number of loans. but just the fact that we are there as a back stop seems to get the private parties to get back to the and get the market working again. so that's what 13-3 is for we're not -- that shouldn't be a permanent thing where we are just another federal financing agency that's available to direct credit to -- you know, to very worthy borrowers. that would be more along the the lines of a gse that's not what we do. we are there to provide emergency liquidity when intermediation has broken down and then to pull back on that when -- as the markets normalize we pull back and we put those tools away as we did after the global finance crisis and as we

will here when the time comes. >> thank you very much >> thank you >> fed chair jay powell giving his pretty low drama fed news conference and meeting today well, welcome, everyone to "closing bell," i'm sara eisen here with wilfred frost. the takeaway, the federal reserve keeping interest rates on hold at rock bottom levels. no change in terms of the stimulus program as well, signaling the fed is ready to do more if needed the chair saying overall the recovery has done better than expectations but he did underline some key risks saying the labor market lately has moderated in terms of its recovery, sounding very cautious, and outlining some uncertainties, notably the coronavirus, cases rising in europe and in the u.s., something that powell said is particularly concerning, and making the point that the economy cannot fully heal until

people feel safe, really warning of the virus there as far as the markets, steady, steady climb we saw it earlier in the day stocks held their gains. the nasdaq at one point reached a session high it is zooming higher as technology leads the way again but the s&p 500 up 2% shows a broad based rally. the dow up 550 points, wilfred, pretty much where we were when fed chair powell was beginning if his job was to come in and not roughel any feathers in the middle of ann undecided election, mission accomplished because there was no major major headlines. >> no change close to the statement that came before that. dla weaker, ten-year at .77. that's real on the session today as opposed to in any reaction to what we heard from the fed let's bring in former fed governor sara raskin paul mccully david zesh owes, and mike santoli with us as well.

good afternoon to you all. sara i will come to you first. no new significant announcements there, would we have expected anything given that we are past the election, though not past it by much? but if we continue to have question marks about when we might see stimulus, do you think his open the might change, he would be more willing to act sooner rather than later. >> yes, whistle, i think that's exactly right. this was not going to be the fed meeting that actually was going to be opportunity for any new announcements. his goal, as prior chairs have always maintained is to keep it very, very steady during an election period. and of course we know we are in an election period that is quite unlike any others. so this one has been protracted. that is a -- an opportunity for there could be particular kinds of instability from a market perspective, there

has not been that instability. even if there had been the inkling for him to do something extraordinary today, this was not it and he made it very clear that while election results are going to matter, that the fed was not going to be changing policy. now to the second part of what you asked, wilf, in terms of is he going to need to do something later? yes, there is a big challenge ahead which essentially is this rebalancing of monetary and fiscal policy and what exactly this you know government is going to look like is going to present a challenge to the economy regarding the stimulus and he has been asking for stimulus for quite a while and it has not been forthcoming. >> paul mccully, i will come to you in terms of what we expect to play out throughout the rest of the year. what does what we heard today and whether or not we get stimulus implied for the shape

of the yield curve going forward? >> first, i just want to say that chair powell is an extraordinary statesman. i thought his press conference today was one of his absolute pest being reassuring that the fed is all in and at the same time saying that nurturing this recovery from covid is going to require a all of government approach and that he will work totally cooperatively with congress and with treasury so i think he did a fantastic job. from the standpoint of your direct question, the longer we get a delay in stimulus, the more the yield curve will want to bullishly flatten with loan rates coming down. but i think they are in an exceedingly low range. so in many respects, it's just noise. rates across the curve are at rock bottom, give or take a few basis points one way or the other. >> david, i think that the biggest question out there as it

relates to the market narrative is will the fed do more in the absence of a giant fiscal stimulus which is now one of the narratives for the markets right now with the election increasingly shaping up to be poe lngsly a biden win and republicans holding the senate and therefore not the trillions and trillions of dollars of stimulus the economy and the markets may need. >> i think chair powell was asked that question directly, and he avoided is, which is probably the correct thing the do i think the answer we all know is yes, they will do what it takes and they will bring in more monetary stimulus if they believe that the fiscal side is not living up to expectations. i think -- it is clear that's his answer it is clear they believe they have more ammunition i believe they have more ammunition i think there are many market participants that don't necessarily but we have a small balance sheet as a percentage of gdp compared to many other developed countries.

we can do more with the purchases, we can move in a lot of directions with the mutuals and the funding. sara and paul were right he did a great job as a statesman. and he is right no not saying anything we are waiting until the end of the year next year to see if they are going to step this up the most likely case is they will. >> he even flat out said i am reluctant to say anything about the election i am not going to go there, when he got a question about it mike, what stands out to you as it relates to anything the market can hang on to? and how about this rally going very strong. and now including a lot of the value stocks that were not in rally yesterday. >> one thing that stands out that really hasn't been addressed -- we have been saying who is going to provide the needed help for the economy, as if it is a premise that absolutely a huge new bit of support is necessary was the number of times that

chair powell said, actually, thing have gone better than we would have expected. i am not saying you can extrapolate it or be complacent about it but i think the market reflects that idea that we have made it through. chair powell said look we thought we would have had a rougher summer than we did given the surge but it didn't happen i think it is recognition that the private seggor had been resilient and there has been enough liquidity and accommodation so far and there has been a little bit of a lag effect on the fiscal side that padded the aggregate consumer balance sheets so it is not falling off a cliff. all these things worked fine the market rally is more in a mechanical way people grabbing ahold of equity exposure they didn't feel they had enough of because they felt there was going to be more sliding around the election period. it feels like a you have to got me in. every morning we have a gap

higher i am not saying that's a fleeting effect but it is something right now which in combination with everybody wanting to make sure they grab a fourth quarter rally if we get one, it is what am i complaining about at the moment? because all the fears are on the come and they are not right in front of us. >> everyone stick with us. steve liesman is joining us as well your question, you are warming up to it -- sadly, the feed cut at that point but what were your take aways of the press conference >> i am generally mother excited about the press conference the chair had than the rest of the panel. maybe that's because of my being the fed reporter so many weeks so he talked about this discussion that took place at the fmoc meeting about their options when it comes to quantitative easing. that tells me something is coming were the fed. they talk about these updated discussions. it means something is coming down the road.

something may be happening as soon as december, that's what the money tear hairs on the back of my head are telling me. here's the answer to my question when i asked him about what good additional purchase program would do he talked about this at the fed meeting. >> providing a lot of support for economic activity. by the way, removing just about the same amount of duration risk from private hands as qe 3 did this is a big program, and it's doing a lot of good. and we also today -- you know, we had a full discussion of the options around quantitative -- not quantitative easing -- the asset purchase program and we understand the ways in which we can adjust the parameters of it to deliver more accommodation if it turns out to be appropriate right now, we think that this very large effective program is deliver being the right amount of accommodation and support for the markets. and so it continues. >> so on the one hand he says we have the right amount of

accommodation for right now and said the tail risks have subsided i think paul was suggesting that may be positive for fixed income assets here. on the other hand they are going to talk about new things they can do, that will also be positive in the sense that maybe the fed would step in with more -- more help to the market if the fiscal programs aren't forthcoming. >> steve thank you david, i wanted to come to you he was also asked specifically about whether the fed would consider directly financing fiscal policy of the government. and he tried to distance himself and the fed from that sort of idea wonder, though, what you made of the idea of the bank of england this morning increasing its qe while at the same time the government announced an extension of its stimulus program. are we putting chose to that on both sides of the atlantic even if it is not explicit. what does that mean for the chancethat inflations risks ar underprices? >> i don't think it means a lot

for inflation risks being underprice weaver in a serious disinflation problem, and have had for a years. we have a lot to do to make up for those mistakes which the fed is making up within its framework. in terms of monetary financing and qe, we had bernanke talk about how it is not money printing on 60 minutes and the like what the bank of england does looks more aggressive than what the fed is doing nevertheless, i think chair powell wants to tell us he is not in the business of spending. he's in the business of lending. he says it at almost every press conference and he wants to keep that idea firm just in a kind of traditional central banker way to sort of say we are basically in the basis of liquidity provision not in the business of spending that's congress, even though they enable the spending and they enable quite a bit of it because the markets without them would probably stop the fiscal

side from being as aggressive as it is. so i think it is a fine line i think it's a lot more semantics than anything else and in the end mart part mmt story is there is not much difference between a treasury balance sheet and a fed balance sheet when you think of it as a consolidated fed balance sheet there is truth to that but i think the fed wants the maintain its independence and that's why he keeps saying it. as time goes on, and push comes to shove, the fed and every central bank around the world will much more likely act in a fiscal-style fashion we have seen that ever since the global finance crisis introduced the large-scale qe programs. i think to your point, it is a little bit semantic. it's not -- it's not the full dichotomy he wants but i don't see it as a worry about inflation. we have so many other disinflation pressures, demographics, technology, other thing. >> just don't call it fiscal policy sara, as someone who was in the

room and voted at these meetings, we are lucky to have you here to help interpret some of the fed speak that point that steve liesman highlighted, understanding ways to adjust to deliver more accommodation if appropriate can you translate that for us? does it mean more qe is coming as soon as december? >> you know, when i heard that, too, i imagined sara, the part of the meeting where the head of the new york desk does the report, the early port at the beginning of the meeting, describing what different options the fomc might have in terms of doing different kinds of asset purchases now, we don't know -- steve is kind of of the view oh, this could mean whole different kinds of ais he set purchases. it could also mean something more narrow which is of course just longer duration treasuries or different forms of mortgage-backed securities so we don't really know. but i definitely saw when i

heard his answer the part of the meeting where that discussion happened and i believe it happened. and i believe it probably happens periodically and it happened really for a reason, which again gets us back to one of the main themes that we are going to have to be exploring going forward, which essentially is what happens when fiscal policy isn't there? what happens to the economy if fiscal policy isn't going to be there in a targeted way to actually help us through this recovery will the fed step in how does the fed step in with what tools? if the fed is going to be using those tools of asset purchases, we know that those tools have a certain kind of value, but we also know that they get spent. they get kind of, you know, worn out and used out and they may need to think about new things we also know, by the way, that that is not optimal. right? optimally, we would have a good

balance here between a fiscal stimulus and the monetary stimulus if we are going moving to a situation where we are going to have a monetary accommodation that turns out to be 90% of the accommodate, we are going to be looking at a very different economy. >> so, paul, do you expect the fed to step in at the next meeting and in one way or another increase its asset purchase or kmapg the shape and buy the longer end of the yield curve? and what would be the net income if they do do that and then we get the stimulus later in the winter. >> i don't think that would be done in december i think we are actively discussing what type of ammo they can use if they have to but they really don't want to have to do that i think they really really do want and believe that the fiscal authority will step up you know, it gets back to the whole issue that they are in the lending business, not the spending business. i think jay was very clear that there are a lot of needs in this

economy, particularly if you want to have the recovery to be broad-based for outright grants by congress and the fed's not in that business and doesn't want to get in that business. that said, they can act as a quasifiscal authority and they have to. they are prudently thinking in terms of how they can do that but i really don't think they they want to take that next leap they want to maintain a degree of separation between church and state, between the fiscal authority and the monetary authority. but they are prepared for all contingencies. >> we will leave it there, sara, paul, david thank you all for joining us for reaction to the fed panel. still much more reaction to powell, the election, the sharp four-day rally on wall street. the nasdaq is up more than 9% so far for the week plus we have a slew of earnings

after the bell including uber, peloton, square, t-mobile and many more names. we will have an interview with t-mobile's ceo before his earnings call begins a bond check ten-year yield still below .8% the reaction we saw to the election over yesterday and today buying bonds putting pressure on yields, ticking up now. .77% we'll be right back. when you switch to xfinity mobile,

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>> he welcome back time for a cnbc news update with sue herera. >> hello, of,le had, everybody here's what is happening at this hour already soaked southern florida and the florida keys may get more rain from what was hurricane eta. it is currently over honduras sparking concerns it could cause flash flooding and land slides moving it was central america.

dominic rob is self isolating after a recent close contact tested positive for covid. he will be working from home. today a trio of austrian officials are publicly thanking the u.s. fbi for providing information that they call crucial to the arrest of 15-team people in connectionwith monday's shootings in veeiana by a man who tried to join the islamic state and a sign of optimism for the city which is suffering through the pandemic you saw the 100-foot christmas tree arriving today. the mayor says it is probably the tallest in that city's history. er up to date. guys i will send it back to you. >> sue herera thank you. let's get to washington and eamon jabbers who has an update on the election results. >> this is the race to 270 we are waiting on pennsylvania today that could be a big one. let's start in the state of

arizona overall. what you see in arizona is 50.5% for iden 48.1 for trump 86% of the vote in move on to nevada, where they have been giving us a little bit of data throughout the day today. these vote totals will be changing still a lead for biden, 49.4 to president trump at 48.5 with 89% of the vote in here's pennsylvania, where biten continues to inch forward. but is he inching forward enough 50.2% for trump, 48.5% for joe biden with 92% of the votes in there are still a lot of votes expected to come in from philadelphia custom is leaning joe biden. they say they could have their vote counted by tonightist could be decisive. 20 electoral college votes in the said of pennsylvania

it could win the race for joe biden and very tricky for donald trump to get it without pennsylvania the president has been quiet since we saw him late on election night we have not seen his publicly since then he has been issuing tweets and statements his campaign put out a statement today saying if you count the legal votes i easily win the election if you count the illegal and late votes they can steal the election from us adding nuance to his earlier tweet of the day in which he said stop the count arguing that the first round of counting should simply stop and that those ballots should not be counted now saying he is really concerned about illegal and potentially fraudulent the trump/pence campaign now raising hundred for a legal and recount fight asking supporters for $45 each to finance what could be a very expensive effort here >> eamon, thanks for the update. slowly counting, slowly getting

closer to the line meantime in georgia, officials holding a news conference about the election contessa brewer has more on that for us hi, contesta. >> reporter: georgia election officials alouns announced there are more than 47,000 battling left to be counted they expect counting to be completed by ten days after the election that's how much time they have by law, and the ballots can still come in. some of them are overseas military ballots they also said it didn't mean we can't have an unofficial results. here in bacon county like other rural georgia counties completed its ballot count, 86% for trump. a new batch of votes was posted in the last hour that reduced the president's lead now only one quarter of one percent separates trump and biden. fultondown, biden has a significant lead here. clayton county, part of the

atlanta metro area in chatham county, home of savanna, a judge dismissed a lawsuit from president trump and the georgia republican party that it tried to claim improper of some absentee ballots n. georgia if the margin remains less than half a percent the candidates can demand a recount. one more thing n the election officials' news conferences they worked the word legal into what they say they are nowsaying they counte the legal ballots. sara. >> contessa brewer, thank you, with an update in georgia. let's go back to mike santoli. the market today going strong. every sector is higher >> it is certainly going strong although it lost a little bit of air since the 2:30 down two thirds of a percent from its highs look at where it brings the index. that ratifies the september low, if this hold this trading looks good this is taking a fair bit of energy shuttling back to october

12th high. could be the fourth day of s&p 500 gains, hasn't happened in 38 years. look at the semiconductor sector always bullish, but gets overheated in a hurry. you see vertical moflgs. you have to watch for a sign of some of the buying fading just for the short-term corporate bonds, a buying bing in corporate debt. basically people feel like the yield is going to stay low, no higher corporate taxes and we have this lower for longer type attitude you see that blip higher it takes the lqd corporate bond investment grade etf above where it was before the onset of the coronavirus. >> helping the upbeat mood. we are gearing up for a huge earnings session after the bell today, uber, square, roku and many more set to report. a metric to watch inbe ur's

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with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. 11 minutes to go in the trading dame we are now in the "closing bell" "market zone," commercial-free coverage of all the action going into close. nbc's mike santoli back to break down the crucial moments of the trading day. today we have got stephanie link for a thursday as well welcome back, stephanie. kicking it off with the broader markets. stocks are surging for the fourth day in a row, 1.8% higher on the s&p off the highs but a steady climb

for the day. it is being led by technology. also being led by more cyclical groups like industrials. stephanie link, what sewer reaction what have you been doing in the last few days as we wait for these votes to come in and get counted? >> i haven't really done too much but i am actually very pleased with the composition of the market yesterday the breath wasn't as good today it was technology and as you mentioned cyclicals as well andet files better the thing s as we get more clarity. on the elections on the makeup of congress. if we get gridlock it is okay, again from an investor point of view we don't want big surprises. i don't want drama and we didn't want from a corporate point of view we didn't want higher taxes and more regulation. all those things are fuelling the rally for sure but the one thing both sides agree is on fiscal stimulus. that's why i think cyclicals are rallying we are going to get it it is just a matter of when and

the amount it is going to be less than the $2.5 trillion that if it were a blue wave we would have gotten but we are going to get $1 trillion or north of that, and that's good. earnings have been terrific. last 24 hours alone, expedia, call cam, cardinal health, bristol-myers. parker hand fin. it is very, very broad based that, too, is very encouraging >> mike, two risks out there that perhaps the market is ignoring in the moment one is that a blue wave is still possible we could see the senate not go to the republicans as many people have been talking about over the last 24 hours the other is rising cases here in the u.s if the market starts to focus on either of those could that take the wind out of the sails again? >> the first risk would happen in early january when the runoff elections occur. it seems like the market is not going to panic in advance of something like that and it would be a one vote majority

i don't think that's necessarilied to's business n. terms of the covid case surge, there is no doubt about it that the market is seemingly taking the view that it didn't feel smart to panic out of the market back when we saw the previous surge. whether woe got lucky or not, fits going to be worse or slow down -- it didn't seem as if that was the way to play it. maybe that's why the market is showing an ability to look through it yesterday was very much a stay-at-home big tech type feel to it. you almost had the sense that was going to be the mode but it hasn't carried through today. people were caught offsides being generally underinvested if we are going to have a push toward a fourth quarter rally or just in the wrong stuff and having to grab at it today i think there is a little bit of a positioning shot that is behind this very strong week so far. >> wanted to hit shares of capri holdings big earnings mover today, the parent company of micah coarse,

versace and jimmy choo surging on a beat on earnings, revenue, mother-in-laws. capri sighting strong command in choirn and a surge in on line sales as the reason for the strongquarter. their ceo told me as far as the luxury market is concerned china is very strong right now and the chinese buyers are buying in china as opposed to going to europe or going abroad because travel is still frozen around the world. north america he said is number two in terms of strength of the luxury market. they see it strongly here in the u.s. europe he characterizes as being weaker the handbag category, you might think would be weak, nobody is going out, not going to work but he said people are buying accessories, watches and jewelry for their zoom calls and they are buying bigger handbags like tote bags because they are

carrying computers and hand sanitizers and masks dresses are obviously the weaker category and guys, just as far as the risks that he mentioned to me, obviously sales are still down and the outlook is still a little bit tough to quantify if europe, with rising case numbers and lockdowns over the last 30 days and exposure to sales. while they are growing fast digital and direct to consumers they are still down across sales. he said they should be compared for to a luxury company because that's how their mix shifted with the versace and jimmy choo and michael coarse collection and they are not there. >> those brands trading at 50 plus times forward earnings. yes, they obviously have a premium. interestingly, when half the company was coach, their motto

was kind of affordable luxury or aspirational luxury. they almost explicitly tried to separate themselves from super luxury it worked for a long time because they were behind the whole handbags revolution. they traded at a 40 times multiple i think there issing with to be convincing the market they deserve that status. shares of general motors are higher phil lo bow. >> shares up almost 5% as you look at them keep in mind the reason is they posted third quarter earnings that completely blew past estimates. how strong were they they earned $2.83 a share. that is more than double, more than double what the analysts were expecting a profit of greater than $4 billion. what was behind it strong pickup sales and pricing. it is so strong that on the conference call with analyst the ceo said look they are working on increasing truck production up in canada nothing differentive to announce

at this point. earlier on "squawk box" show told us that pickup demand is not going to be slowing down >> fracnkly we keep seeing demad for trucks continuingto grow i think that it is a permanent -- as the market recovers we are going to see strong truck growth and strong truck demand and market share? as impressive as gm's earnings were in the third quarter it is still a weird world for investors when you look at the automakers consider this, neo, the chinese electric vehicle automaker has a larger market cap now than general motors think about that for a while, guys back to you. >> that is wild. and nowhere near the amount of sales. phil, thanks. just moments away from a big afternoon of earnings. we will get results from ub e t-mobile, roku, square, and peloton, and wynn. deirdre bosa has a key element to watch in uber's report.

>> the key metric to watch, still profitability. the outcome that we saw in california less expensive than if it had to change its whole business model but there is lickly to be increasing pressure nationwide to provide more benefits to drivers like it will do soon in california in short, the business model is not overturned but it has changed and raised costs for a company already bleeding cash. to that point they will be looking for signs of recovery in ride sharing and the pivot to food delivery. >> stephanie link, what are you watching for after double digit gains yesterday it is up another 2%. >> it is up 27% in a week. i have to tell you something, this company did a great job pivoting away from rides back in july when they bought post mates. i think you have got to applaud the management team. i am looking to see if eats is 50% of bookings because it actually was only 25% the last

couple of quarters so that should help the overall story going forward. >> we have just over two minutes left of the session. mike, what's standing out to you in the internals >> if you remember, yesterday we had this big move to the upside in the indexes but below the surface it was on the weaker side actually more volume to the downside that's not the case today. you have a pretty broad rally under way. more than five to one advancing versus declining volume. that certainly -- you know, you checked that box off and say this has brought participation also, this is a general risk-on asset class-type move. if you look at gold compared to small cap stocks compared to high yield bond prices, well over two days they are all getting a lift and the dollar is down it seems like it is an amping up of risk appetites following either just the election passing or whatever other factors -- you had also the big rally in treasuries as well yesterday that's mostly holding today. then the volatility index, it continues to give way.

now we are down in the mid to high 20s that's more pullish, shows you draining away of anxiety although this index is up substantially from the moderning. you are wondering if people are saying prps perhaps we got the positive shock in the books following the election we will see if that can continue from here or we might have the chop around a little bit. >> back to a 2% gain for the s&p 500 with about one minute left of trading let's look at where we stand 2% gain means all sectors are higher right now on the s&p. as mike said, different from the flavor we got yesterday where it was technology, consumer discretion father and some of the cyclical grips like industrials and financials were weaker today the best performing group right now, the sector that's winning is materials, then technology check out the dow. most dow stocks are higher dow chemical leads the way caterpillar is up nicely after

it was down led. financials are working today jpm at the top of the list as well as the nasdaq, top of the show semiconductors having a strong day helping all of the tech stocks. this week the nasdaq is up 9%. s&p 500 is up more than 7% we are tracking for our best week, wilfred, since april of course it comes off of last week which was the worst week since march. the strong gains continue. >> they do a strong bounceback this week, including today. welcome to kbng. i'm wilfred frost, with sara eisen. and mike santoli we are higher by 2% at the close for both the s&p and the dow 2.6% for the nasdaq. the dow is up 542 points the high of the session was up 647. the last few minutes of trade did see energy dip into the red zone ten of the 11 sectors were higher banks were down 4% yesterday

up 4% today. what a roller coaster ride for that sector. investors set for a wild hour of earnings uber, square, roku some of the big names set to report. we will discuss t-mobile's numbers with their ceo, mike seifert first on cnbc. that's after numbers are released any minute now. stephanie link still with us and deeg as wright joins the conferring as well mike santoli i come to you first. a little bit of slippage into the close. still a resounding session, resounding week, as sara said, up 7.4% in the way that we were looking oversold late last week. what when do we get back into overbought territory >> it is pushing it right now. on the short-term measures it is getting stretched only in the immediate term down 6% last week. i think some of the snapback in the early part of the week was

positioning for the behind of reflation blue wave type scenario then we got the flip and it is not looking like that backdrop however people felt underinvested in the other theme, high liquidity, growth stock, leadership, and that's friendly to the indexes. today was everything today was a matter of we might be underexposed to this market if we are going to have a seasonal fourth quarter ramp right here you can't predict that's exactly what's going to go on right here but it seems like that was the mechanics of it as, again, a lot of the prehedging into the election is starting to get unwound and that finds its way into buying. >> let's get to the t-mobile numbers, which are a huge beat, it seems revenue, $19.3 billion, the forecast was $18.3 billion but earnings per share -- bottom line, shares jumping 4%. looking at the net adds as well,

sara they come out impressively. the forecast was 840,000 net subscriber additions in the quarter. they have come up with 2 million main lee coming on the post paid line as well 1.9 million post paid additions to the forecast, 825,000 behind on the prepaid, but not that that really matters compared to that beat there on overall on the net additions a massive beat on net ads. one has to wonder whether that's because of the advertise being 5g networks. need to find out if it is a 5g-driven story that has seen the industry expand or whether there is a market share steal from some of their rivals. but the numbers for t-mobile of course for the quarter ended ends of september, kind of before this latest apple 5g launch it is impressive up 5% in the afterhours. mike, the eps beat significant, the net adds very significant.

>> for sure. a tremendous market share move right there. they are obviously driving in this try only that is the u.s. mobile market. 5% pop there. >> verizon had a very good quarter as well, steph, a few weeks in terms of their subscriber numbers and people wanting to use these services. is the pie expanding in is everyone taking market share from at&t? what is happening? >> the pie is expanding. stay-at-home beneficiaries. i don't think these were the obvious choices although they should have been and these stocks lagged they are more defensive in nature this t-mobile, i think m&a the synergies from their acquisition is kicking in. they are doing a good job of controlling costs. the sub add numbers are incredible. >> i wonder if this is bullish for apple.

clearly, this was for the end of september and the apple 5g phones came out after that there are some positive themes there that might suggest there is more scope for people to be aptd doing if it is new 5g t-mobile packages then they want a 5g enabled phone. >> qualcomm's numbers seemed in general that handset demand is going to be strong for a while i don't know if it includes apple if it quiets to super cycle upgrades or anything like that in term of the volumes for apple but yeah it seals like the whole category it is a boom in stuff. smart phones are stuff even though most of what you consume is data. >> how do you look at the stay-at-home trade and some of the beneficiaries, both the obvious ones like zoom as we enter the record amount of cases and the less obvious ones like t-mobile and verizon which have

seen heightened activity and growth. >> what we are seeing is that this is definitely where you want to go what happened yesterday was more of a tech-led. but now spreading out this rally. what occurred today was materials led, and this stay-at-home trade one of the stocks in the materials is a paper mill company, west rock what they do is they make those food delivery boxes. everyone is doing food delivery now. so they are doing outstanding. they actually exceeded eps when they reported a few weeks ago by 74%. that's part of that overall play in the stay-at-home trade, something you didn't think about, you know, who makes this food delivery box? so we are seeing this throughout echo lab is another material company that's doing exceptionally well

cleaning services. stay-at-home, doing well this this market. what is happening now, it is spreading out, more than just tech, it is spreading across to other sectors. >> thanks for bringing us some names we don't talk about every day. hold on a minute we are getting uber numbers just coming out speaking of food delivery. deirdre bosa has the numbers for us >> sara, mixed results from uber on the heels of that regulatory win in alifornia better than expected loss, 62 cents versus 65 cents the street was expecting. a revenue miss, $3.13 billion versus $3.2 billion expected you see the shares are down nearly 4.5%. remember though they were up more than 25% this week alone. gross bookings slightly better than expected. as we saw in the previous quarter uber has become less of a ride sharing company much more food delivery. delivery made up more than hoff of gross bookings this quarter adjusted ebitda, their measure

of profitability on that metric, delivery is cutting losses but the more traditional net loss on this quarter is $1.1 billion bringing the loss so far to nearly 6 billion in the release, the cfo reaffirming adjusted ebitda profitability timelines. he says by the end of 2021, which has been well telegraphed by these markets and by investors. wheel jump on the call in about 20 minutes and hopefully hear comments on how the fourth quarter has been going back to you. >> thank you don't miss a first on cnbc interview with uber's ceo tomorrow at 8:45 a.m coming up on "squawk box." stephanie, you brought up the eats portion looks like booksings more than doubled and advanced 23% over the prior quarter. was it enough with the overall

revenue miss >> well, the stock is up -- as deirdre said it is up over 25% in a week. the expectations were so high going into the quarter i actually thought the gross bookings were better than expected we were expecting 15 billions versus 12 billions sequential good to know we got the improvement. i am pleased about the mobility piece. it is doing its job. this is exactly why they pout post mates, exactly why as i said before they pivoted in terms of their strategy in trying to get through covid. so this is really a go back to work away from home story. but the longer we have covid, the more important the eats business gets and the more stickier the eats business gets. so it's really developing into an interesting story i love the profit forecast and the reduration of that that's good news if this stock were to pull back a bunch i might take a look at it. >> peloton earnings also out diana ehrlich has them for us.

>> wilfred, a strong beat for fitness streaming company peloton with first quarter earnings coming out in 20 cents a share versus estimates of 11 cents. revenues beat at 758 million cross estimates of 748 up annually thanks to strong demand for the bike plus which has a swivel screen and allows the instructor to control the bike demand is so strong it created unexpectedly loong long wait sometimes with measure is service. connected fitness subscribers rose to 1.33 million and paid digital subscribers up 382% year over year to 510,000 guidance also came in well ahead of estimates for a q 2 revenue of $1 billion versus estimates of $939 million. and full year revenue of $3.9 billion versus estimates of $3.6

billion also interesting, research and development spending was up 110% the increased investment in new software and the hardware development pipeline so there may be new products coming in the near future. the new treadmill, a less expensive sort of tread light will be available in the u.s. next we are. >> mike, this slipped a lot in first reaction to the numbers. now higher again, at least flat. the guidance going forward probably the reason as people die just that. >> yeah, obviously it is almost hard to imagine the results that could have been redeemed the move that this stock has made over the longer term, up 350% year to date good enough. everything is going in the right direction. the fact you are sold out. everything works together. i think a time will come when we have to ask what percentage of their ultimate addressable market have they pulled forward? that's to the really what you care about today what you care about today,

people love this brand, they are intentionally using and it you are willing to pay 200 times next year's earnings for it at this time. >> stephanie and deeg as thank you for joining us >> let's pivot back to shares of t-mobile moving higher on its q 3 earnings joining us for more on the numbers is t-mobile's ceo mike seveert. >> isn't it great on a day like today with so much uncertainty and anxiety out there in the market and in the country to see something as clear and unambiguous as this big blockbuster quarter? >> i mean i admire your spin i can't argue it annoyingly, because it is an impressive beat mike talk us through particularly the subscriber net additions blowing past estimates

were those 5g net addition >> at t-mobile, all additions are 5g net additions very early on what we said was everybody gets 5g. that's just one of the things that makes us different. we are not charging more for 5g. we will be monetizing 5g by taking share from at&t, verizon and cable. those numbers -- 2 million net adds in one quarter. that's the biggest growth quarter we ever posted, passing 100 million subscribers now for the first time than every. putting more distance between us and at&t. >> the numbers as sara mentioned were pretty good as well for verizon. is the market share from at&t or the pie expanding with people stuck at home and everyone desperate to make sure they are connected. >> 2 million net adds is more than at&t and verizon combined the team is executing. what you see happening is we are unlocking the synergies of this business we announcing today that $1.2

billion in run rate synergies are delivered in 2020. that's huge because what that allows to us do -- to your question -- it allows us to simultaneously invest in growth while post in period results like we did, beating stilts across the board and raising guidance on every single metric. >> i am being reminded by at&t that their net adds doubled verizon's last quarter everybody's net adds are growing and surpassing expectations. my question is what is everybody doing on pricing with the upcoming iphone? and everybody is excited about it as you are. what does that do to mother-in-laws and potential for a price war? the new iphone has people excited. >> it is an exciting moment. it is the beginning of the 5g era in so many ways. obviously everybody is investing. people are going to be upgrading

to the phone i think at terrific rates. if you look at the promotions they are pretty much in line with last year's most of the carriers are offering something very similar to what they offer last year. i think there is disciplined investment very customer focused but disciplined investment. >> we are expecting comments from former vice president joe biden at any moment now. we will bring them to you as soon as he begins speaking in the meantime, mike, what is your outlook in terms of whether or not you are going to have to subsidize the phones sara mentioned the pricing overall but has the takeup in the first month or so been good? would it be good if you didn't are the subsidies in place >> it is about like last year. people spend a lot of money with us through the year and want the new phone when it comes out. we have been providing that, we have been providing it all along. it is in the run rate. what you see us doing in this

quarter's results is showcasing the whole thesis behind t-mobile that as we unlock these synergies wheel be able to make those kinds of investments you are asking about wilfred while posting big growth that's a big part what have makes t-mobile different. >> what do you expect as far as demand for the new apple 5g phones is the consumer there? >> they are. it is going to be exciting it will build, by the way. it will build through the year it is happening right now. on the other hand it will continue to happen one of the things we announced today -- we are already at 270 million people with 5g but that really high capacity 5g, the ultrahigh capacity stuff, we'll be at 100 million people by the ends of this year. that's twop months away. what will happen is you are going to see a phenomenon where millions of people are going around getting these experiences on their phone other people are going to be looking at them, they are going to want a piece of that. this is going to be a story that unfolds through the year but the answer to the question is, yes, this is an exciting

moment people are going to want that 5g performance. >> mike seveert, great you have to, fresh off of those results we will let you get to the conference call now. >> thanks sara. up mex, much more reaction to uber's results. also just hit. that stock is lower after-hours. plus we will discuss the tech sector overall depending on who wins the white house when we are joined by venture capitalist bradley tusk back in just 90 seconds here on "closing bell.

just to give you an election update here. we are awaiting joe biden, former vice president. we heard from him around this time yesterday where he said, we feel good about the results. don't know what he is going to say at this moment we are still waiting for key states to be tallied and counted, including georgia, pennsylvania, nevada some delay there is. we will bring it to you live as soon as it happens, comments from former vice president joe biden. in the meantime, roku earnings are out. joining the slew of earnings that we received in the last few minutes. julia boorstin with those numbers in particular. >> sara, roku beating expectations pretty much across the board with earnings of 9 cents per share. the estimate was for a 40 september per share loss so beating on the top and bottom line when it comes to those users numbers, better than expected at

46 million it was expected to be 45.2 million. and average revenue per user, $27 better than the $25 and change that was anticipated. the stock was up as much as 10% earlier. now we see it is trading near the flat line and dipped into negative territory the company says it is not providing a formal outlook for the fourth quarter now, the guidance is pretty bullish, but it could be possible that the stock is negative on fact that they are not doing a formal outlook they say they anticipate overraul q 4 revenue growth will be likely in the 40% range similar to the growth rate in the last few holiday seasons and they expect platform to account for two thirds of total revenue. i am looking at the stock giving up gains after the bell and it could be on the lack of exact guidance but the outlook rooks rosie. >> square numbers also out kate ruiny.

>> with a huge beat on earnings in the third quarter the company of course helped by on line spending during the pandemic the adjusted eps number, 34 cents. that was more than double what analysts were expecting. they were looking for 16 cents revenue came in at $3 billion. there is no comparable number for that just yet. the cash app, which square's venmo competitor had exdue toing bayne, cash app revenue came in at $435 million. growth of 212% year over year. >> we want to take you to joe biden who is speaking at the queens theater in wilmington, delawa delaware. >> cases are on the rise and we are nearing 250,000 deaths due to covid our hearts go out to each and every family who has lost a loved one to this terrible disease. in america, the vote is sacred it is how people of this nation express their will and it is the will of the

voters, no one -- not anything else -- that chooses the president of the united states of america so, each ballot must be counted. and that's what we are going to see going through now. and that's how it should be. democracy sometimes is messy it sometimes requires a little patience as well but that patience has been rewarded now for more than 240 years with a system of governance that's been the envy of the world and we continue to feel, senator and i continue to feel very good about where things stand we have no doubt that when the count is finished senator harris and i will be declared the winners. so, i ask everyone to stay calm. all the people to stay calm. the process is working the count is being completed and we'll know very soon so thank you all for your patience but we have to count the votes

god bless you all. and may god protect our troops thank so much. >> that was former vice president joe biden speaking again there. kept it very brief today saying the vote is sacred and continue to feel very good about the way that things stand. eamon jabbers is standing by for us in the d.c. bureau. eamon, a similar tone and theme to yesterday much briefer i just continuing to want to show his face and not declare victory but show that he expects victory to come. >> that's right. it is a reassuring message to his base politically also urging calm on all sides as we have seen some of the mounting protests across the country, pro and anti-trump,pr and anti-biden, whether or not to continue to count the ballots. the former vice president there urging calm. also saying he is confident he and senator harris will be elected when all this vote

counting is over with. this accomplishes a couple of thing for the biden team one is they get to go out there and put their stamp on this and say we think we are going to win. but they also get to show the flag, so to speak, and have joe biden presented to the nation in a leadership capacity, sort of assuming a little bit of the leadership mantle as the biden transition behind the scenes begins to kick into a little bit more of a high gear here even though none of that is public just yet meanwhile we haven't heard from the president sense we saw him in the wee hours of the morning at the ends of election night. he tweeted and issued various statements but we have not seen him personally it is not clear what message he would deliver if we did see him personally biden taking the opportunity to at least show the flag and show a little leadership. >> eamon, i think they are going to juxtapose those headlines, biden saying each ballot must be

counted and trump tweeting stop the counting we just heard that he is suing the philadelphia county board of elections to stop vote counting unless republican representatives are there. >> the legal picture is turning into something of a game of whack a mole for the trump campaign they saw their seats and michigan and georgia thrown out today. they continue to file suits. they continue to see suits thrown out what they are going to have to do in some of these case is find actual examples of election fraud. they haven't been able to demonstrate that with evidence yet. they made a lot of allegations and you know, there is a lot of anxiety and heat on twitter and social media generally, but they haven't put out specific evidence for that that's what it is going to take to have some of these lawsuits move forward. we will see whether they get within recount striking distance in states like georgia where there is a possibility of a recount if they ask for it other than it is becoming a tricky picture here for the

trump campaign still the counting has to go on and we don't know the results of this election yet. >> eamon jabbers, thank you. shares of uber are moving lower after posting a earnings miss on the top line they beat on earnings estimates. let's bring in bradley tusk of tusk ventures, follows uber very closely, also has some policy experience which we will talk about in just a moment, bradley. first on the uber results, bookings were down more than 50% but that was better than the quarter before when they were down 70% uber eats continues the grow i think it was more than 20% revenue growth still not offsetting the weak innocence ride sharing what do you make of the quarter? >> look, it is a little better and both the growth in uber eats and the decline in ride sharing are very emblematic of the pandemic and the moment that we are in i think the broader question becomes at what point does ride sharing become a privatible

enterprise uber eats does seem like a pretty good business i think that's something they should be rewarded for and winning prop 22 on tuesday is helpful but it doesn't help make them more propertible or reduce their costs it just means that ride sharing won't become even more unprofitable there is still a fundamental question that the core thing that uber does is not a profitable function and we haven't seen a plan to make it profitable. >> bradley, bigger picture, why is the nasdaq up nearly 10% this week >> i think the people feel two things one is a certain amount that there is some likelihood that you have a biden presidency and a republican senate. and the market seems to clearly like that mix. i think they also feel like that mix could work pretty well for big tech in the sense that you will have more stability under biden, pro immigration -- can be issued at the same time. not having to regulation, tax

increases, anti-trust things like that coming from the far left if the senate the flipped to the democrats if you are the market, it seems like the election landed in the right place. >> what about uber in particular how do they take this prop 2 victory and expand it to some of the other fights that they are going to face? this issue isn't going away of whether they need to make their workers classified as workers and not independent contractors and pay for their benefits like health care. >> it doesn't make it go away. probably the each bigger win for them on tuesday than prop 22 was the senate saying republican had the senate flipped i think the odds of seeing federal worker legislation would have made all uber drivers everywhere in the united states employees was pretty high and that risk goes down to zero as long as mitch mcconnell is senate majority leader. now they have to try to work out

a deal with california or we were able to overturn a brb 5 wh prop 22. >> quickly on the broad point there, if the senate doesn't end up being republican do you think there is a risk to the likes of uber >> i do. i do i think that in some ways if you are plelosi and the far left, i think your view is knock yourself out because you have bigger things to worry about f. schumer were the majority leader and if elizabeth warren came and said i want to turn uber drivers into employees i think he would say i could care less. i think if it head biden's desk i would sign it. i think that's true with work classification w privacy regulations, with anti-trust regulations, with repealing section 230. there is a lot of areas where if you have a fully democratic

establish men in washington big tech should be concerned. >> if there is a tight majority, a tight but republican majority in the senate do you think those things will be on the agenda and debated a lot over the next few years? >> no. the house might debate, but mitch mcconnell made it clear he is not going to move any bills he doesn't like and he doesn't seem to bow to any public pressure as long as that majority exists. again, if it is 51-49, if somebody is hit by a bus and the governor of that state is a democratic, they appoint a democratic and all of a sun the control of the senate flips. >> bradley, that's not exactly a mandate, though. i mean, the democrats aren't exactly getting a mandate from america -- >> no. >> out of this election so far to implement far left regulatory sweeping changes. >> no. but i think that if -- in the same way that trump governed -- in some ways as if he had a

mandate even though he barely won and lost the popular vote, i think that if the senate did flip for a couple of reasons, they really have worried about having a mandate, they would just push stuff through. one of the main being -- chuck schumer -- i used to work for chuck so i know this is terrified of being primaried by aoc in 2022 and anything he would need to reelect he would do he cares about his seat more than about tech polling or anything else. for that reason alone, i think if the senate flips, mandate or no mandate is reason to be concerned. >> wynn resorts results are out. >> wynn resorts results are out. not a great picture. the stock is down more than a 1rz. the adjusts loss per share, more than $7. that is much worse the street was expecting a loss

of $4 per share. you can see a big miss on the revenue side, only $370 million coming in. the treat looking for $430 million. again, pretty weak ma cow w-- macao was the weak st wynn resorts not doing great after hours. back to you. stocks rallying again today. but coming up, mike santoli explains why investors may feel underinvested ahead of a potential year-end rally "closing bell" will be right ba back as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products.

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welcome back we are getting news on iac julia boorstin is here with that. >> reporting better than expected top and bottom line results. the big news is that they are considering spinning off their streaming video service. the company announcing it has raised $150 million from outside investors at a $2.75 billion valuation. this after vimeo reported meaningful growth in the quarter, revenue gaping 44% in q 3 from the year ago quarter. and vimeo was profitable in the quarter.

the company saying it has seen significant increases in demand since the pandemic started with over 200 million users globally. 175 million paying subscribers vimeo would be the 11th from barry dillard's iac. more earnings rolling the rest of the show after the break we will check in on zillow and ea later the ceo of pet medication company zoetis will join us with a look at how the pandemic has impacted their results back in a couple of minutes.

more earnings to report. zillow on the tape dianno with the results. >> the real estate company had a very strong beat epps at 37 versus stilts of 11 cents on refuse of 657 million dollars on estimates of $572 million. q 4 guidance beat too. notes from the shareholder letter, zillow saying that the housing boom will not end with covid. but it is really about, quote, what they are calling the great reufl shhhing. that is people moving around trying to find bigger, better homes during the great stay-at-home culture of the

pandemic residential real estate and technology have more and more people headquartersed to their apps. ea earnings also out josh lip ton has them for us >> whistle, ea rrting q 2 eps of 63 cents not comparable to what the street was locking for boxes at of the $10 million. q 3, they say to look for $2.35 billion in bookings. that would be slightly ahead of the expectations on the street the year is a different story. bookings forecast there, 5.95 billion. speck returns as well, ea's board approving a two two year program to repurchase $2.6 billion in stock also issuing a dividend for the first time investors disappointed i believely. take two's report. q 2 eps 86 cents

doesn't look comparable to the street's forecast. but bookings better than expected at 958 million for their guidance, q 3 is above at the midpoint. for q 4 they raised their forecast back to you. >> josh lip ton, thank you the stocks moving in opposite directs. it has been a wild hour for earnings so far. come up we will have much more on the results as we count you down to earnings calls from square, roku and other big names. a lot of big wince winners including care and t-mobile after-hours. when you switch to xfinity mobile,

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we are back. time for a cnbc news update with sue herera >> hi, sue. >> hello, will.. le had, every. here's what is happening at this to your. defense secretary mark he is periis working with congress to remove the names of confed rat leaders from military bases. that's according to nbc news, which also reports es perks -- espe rerks has penned a letter

of resignation on the expect he will be pushed out of his position fa-- the chicago bears shut down their facilities that happened after a player tested positive for covid. all right. it was de -- i'll send it back to you, sara, because i can't say that word. delegitimizing. >> delegitimizing. >> delegitimacy. just take night we know what you many thank you. sue herera zoetis, sitting out today's market rally despite q 3 earnings before the bell reporting a 15% increase in operational revenue growth making it the highest revenue growth quarter in its history. the company also increasing its full year 2020 guidance. despite today's move lower the

stock has been on an absolute tear since the march lows, rallying by nearly 85% also had a huge move into earnings yesterday joining us now, kristen peck, ceo of zoetis. thanks for being here. is this the pet adoption surge fuelling this quarter? >> it was a very strong quarter for us we certainly beat expectations 15% on the top line. but it was drivenby 20% growth in our pet care business globally i think like everyone in america there are three new dogs on my block. so it is driving that. i think really what is fundamental for the 20% growth in the quarter is not necessarily the new pet adoptions but the increased spend per visit we are seeing in the u.s. and around the world. the pet care business are about flat over 2019 but the spend per visit is up more than 10%. that's more people at home watching their dogs, its inning

itchy innocence, pain, and bringing those dogs to the clk and getting diagnostic test asks big more of our innovative products we will know if it is a permanent trend if you and wilfred end up with a dog by the end of this year. >> i can't even take care of two kids i don't want a dog i did notice that atopic dermatitis is a trend. obviously, you buy a pet, it is long term. you have to spend on that pet. how sustainable are these kinds of numbers. >> we think there is sustain in the pet care numbers. as more dogs and cats become part of families they get an integral role in that family i don't think just because people start to go back towork a few days a week that that trend is going to stop dogs live a long life. they have an important role. for many of us after a crazy

week going home to the comfort of a pet who is always happy to see you is something i don't think people will give up. if you look at the trend who is adopting pets more is more, millennials and younger jenny harrington ragss who are well vested in the wellness of their pets we see this as a trend that's going to continue for years to come. >> kristen, have there been any indications of covid with pets >> there have been very few isolated cases in the u.s. and around the world. it is possible it is very rare. most of these pets, you know, a few dogs -- i think a few dogs and a few cats across the entire u.s. so it is possible but it has been very rare in the u.s. >> i want to talk about the other half of your business, which is livestock also did better than expected. i think it is off still the growth years what is that tied to is that restaurants not buying as much meat or on the flip side people eating at home more how should we be tracking those

results and what they tell us about the broader environment? >> sure, we had a strong performance in the quarter of 9% we don't think that's indicative of what you will see in q 4 or early next year. we think it is going to take a while for livestock recovery across the globe really, that's exactly what you were saying. it is with regards to people dining in than dining out. less travel, level travel abroad i do think we need a recovery there of a little more certainty around demand. but we do feel strongly that livestock growth still remains strong over medium to long term. the macro trends that drive that, a larger middle class, eating more protein, drinking more milk, will continue in the medium to long term, we think that remain in the 4 to 6% as you have seen over time but we do think it is going to take a little while from the recovery here from covid, for sure >> kristen peck, great to get color on those results

thank you for joining us. >> thanks for having me. >> sara, i don't know if kristen peck is aware she triggered on the email chain are we getting a dog family wilfred, it could help you meet lots of people it's good. >> i think we could have a "closing bell" dog you don't have to deal with it all night at home. just an hour aday or something. >> there is something there about our mental wellness and versus a pet it's really great for someone that doesn't want anything from you, but will give you a big hug. it's pretty good. >> thank you so much, kristin. we'll speak to the boss. stocks rallying again today, the dow up nearly 2% we'll head to the telestrator to have a look at investors' positioning. backn femont ia w mes.

welcome back let's go to mike. >> the market has sure had a field that investors felt a little underexposed. this is a weekly rael reading. these are tactical trading advisers they sometimes use leverage.

it's down here pretty much neutral. room for that to go higher, if the market does stay in good shape. look at fund flowing, a longer-term look they seem to have an inflection point around the time of a u.s. election so clearly it tracks market returns, but also seems to pick up through an election this is a very extreme number, a cumulative net flows, something that you might expect people to feel as if they might get a fourth quarter rally they might have to grab more exposure to catch it. it certainly has been a wild after-hours session. we'll break down the biggest movers straight ahead. plus we're still waiting and watching the race to 270 a closer look at the uncalled states, when "closing bell" comes right back stock slices. for as little as $5, now anyone can own companies in the s&p 500,

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let's check in on some after-hours. uber briefly going positive a few moments ago. first it was down sharply on the back of results, then up, now

down again square with a big earnings beat. t-mobile with a beat we talked to the ceo, the stock zooming up almost 9% peloton is lower, raising guidance ea also down sharply after missing revenue estimates. one more check on the state of the presidential race at this hour just before 5:00 p.m. eastern time, joe biden has 253 electoral votes, donald trump has 214. here's a look at the state still not been called by nbc news we are still in a waiting game when it comes to the election, but in many ways the market has voted, continues to just rally on, seeing any scenario -- first it was a blue wave, now a divided government -- as a net positive when it comes to things like

taxes and regulations. really even stimulus, which are all front and center. >> it seems like whatever the exact setup is going to be, it's not necessarily all the that activist necessarily on the taxing side or fiscal side, but this is just a big known event passing into the rear-view mirror i think that's one of the main mott investigations for what's gone on in the market today. you over-anticipate the turmoil of something we know will come with big implications and it passes, and there's a bit of relief, almost no matter what the result is. >> what we didn't touch on much today is how soft the dollar was. the pound rallying heart, evening though when the bank of england announced more q.e., but the softer dollar helping a lot. >> for sure, everything went on the same inverse relationship.

stocks and credit up, commodities, all of it fit together interestingly, weakness in the dollar has been associated with a massive fiscal push. that was not part of the story today. it seesks a risk-seeking move. >> it's a global liquidity barometer. bank of england was the latest, australia eased. everyone expects central banks to be in it. we're out of time here more analysis coming up now on "fast money." good evening, everybody. i'm in tonight for melissa lee this is "fast money. tonight's trader lineup, guy adami, tim seymour, karen, and steve grasso vote counting continues, plus we're tracking the after-hours action many on the move on earnings we'll bring you th