trades. peloton, docusign, adobe and netflix. you were one of my favorites, especially when it comes to tech world. thank you so much. folks, the s&p almost went into the red, almost, but you know, cheryl casone, i promise that any time you fill in for liz i'm going to hand you an up market. cheryl: barely. what happened to that dow up 259, buddy? where did that go? charles: got to talk to nancy pelosi about that. cheryl: oh, yeah. i got a few questions for her. charles, thank you very much, sir. well, here we go. it is october 1st and at least for now, you've got green arrows for your market. the fourth quarter is kicking off with a bounce as markets initially surged on this first trading day of october. we have pulled back a little bit. a bright spot in the oil patch is putting a damper on this. oil down more than 3.5%, below $40 a barrel. you have the dow up 42.

we were up 259 earlier. s&p 500, as you can see, it is up more than .5%. we just came off the best six-month performance for the s&p actually since 2009. you've got the nasdaq higher right now, up 1.5%. all of this, we're watching. we're watching washington. house speaker nancy pelosi, treasury secretary steven mnuchin are continuing their discussions over this coronavirus stimulus bill that could pour trillions into the economy and help airlines, small business owners and the unemployed. we will have up to the minute details on the state of negotiations as they go on right now in washington. then the travel industry is desperate for help from congress as a new study says the hotel industry might not be able to hold out much longer. one of the nation's top hotel owner/operators is here to tell us how his company is handling these challenging times. he's here in a fox business

exclusive. meanwhile, pepsico is popping as people lock down at home during the pandemic, turned to its snacks and drinks. pepsico's vice chairman and cfo will be here with a view from the ground and why his company decided the time was right to give investors guidance. yes, you heard that right, guidance on growth. despite so much uncertainty with the coronavirus. we are less than an hour to the closing bell. i'm cheryl casone. let's start "the claman countdown." cheryl: take a look at this. bed, bath & beyond stock is surging right now after second quarter earnings went beyond investor expectations. this is a first, same store sales increased since 2016 and the online business surged more than 80% during the quarter as americans obviously fixated on

fixing up their homes as they stayed home. as you can see, the stock is up almost 27%. wedbush added overstock to its best ideas list. the commerce stock getting a jump on the news as the investment firm expects overstock to beat wall street sales expectations for its third quarter. overstock up more than 1,000% year to date as the home decorating boom took hold. two of the names of the stay at home story. elsewhere in the stay at home space, peloton and nautilus popping at this hour. nautilus is up almost 2%, peloton up more than 5%. these companies extending their gains into the first day of the fourth quarter as at-home workouts remain popular. year to date, nautilus has gained, get this, almost 900%. peloton, more than 260%. you can thank myself and liz claman for that news.

overstock and peloton in the stocks that are seeing at least 400% gains for the year. this is a big story. we are looking at some dow jones market data. get this, more stocks have jumped at least 400% at some point in the first three quarters of the year this year than at any comparable period since the year 2000. 20 years. there's overstock, there's peloton. other names include zoom, tesla, novavax, but looking specifically at the nasdaq composite, while 60 names had risen, 60, at least 40% of [ inaudible ] more than 1,000 suffered declines of at least 50% at their lows. i want to bring in our traders. guys, it's great to have you here. >> great to be here. cheryl: david, let me start with you. can we expect to see this gap stay pretty wide as the markets continue recovery? you have huge winners, then you have a group of losers. how do we look for the next

winners and what do you think they are? >> i think the next winners are stocks that are tethered to fundamentals. i think a lot of fiduciaries out there are starting to get really nervous about holding some of these really popular names because the valuations have become so far disconnected from their fundamentals that you can't really make a prudent argument for owning stocks like peloton and tesla. these valuations imply that they have extraordinary large amounts of their total addressable market owned, you know, over the next ten years, or they grow ten times faster than the largest and fastest growing companies have ever grown in the past, so it's just at some point in time, fundamentals have to play a role. not 100% of the decision but they can't be zero. i think fiduciaries are starting to get a little bit long in the tooth in owning some of these popular names and i don't think they will last much longer. cheryl: well, i guess it really depends how long the pandemic lasts. we hope not much longer but we just don't know.

scott, let me ask you this. what do you think is going to play into the next big moves for the market? i know you are looking at several stocks. but in particular, sectors we need to look out for. if the stay at home story will come to a close, where else do we go? >> number one, i don't think the stay at home story is coming to a close any time soon, unfortunately. that being said, that doesn't mean i'm talking about weeks or months but realistically, the next three to six months, the stay at home story is probably still going to be here. outside of that, though, i think the one big spot in tech, i still love tech, is in the cloud computing area. so if we look at a stock like microsoft, you know, you were just talking about fundamentals here, that may be one of the best stocks out there but look at microsoft. look at maybe a workday which could be a stock that is considered way overvalued right now. that's a stock i believe is going to be fantastic moving

forward. and even a stock, i almost cringe to say this a little bit, but the recent ipo of snow, a stock like that also to me has a lot of upside. maybe not as -- obviously not as fundamentally sound as a microsoft but to me, in the tech space, as that gap does start to narrow that you were talking about, and that will happen, the cloud computing space, that sector to me is going to remain robust. cheryl: i can see that for a longer term play for sure. that story will not end, to your point. i think you're right. scott, david, thanks to both of you. we appreciate it. >> thank you. >> thank you. cheryl: all right. let's move over to pepsico. the soda cans business over for this company this morning. the latest quarter revenue grew more than 5% as folks chug their sodas and other beverages and gobbled up the snacks once again. pepsico provided forward guidance for the first time since the pandemic began.

investors honing in on this as it shows confidence in the ability to perform in the midst of all of this uncertainty. let's bring in pepsico cfo, hugh johnson. great to see you again. >> great to see you as well. cheryl: it's been awhile. i got to ask you about guidance. you are now standing out among other companies that are not offering guidance. what went into the decision between you to decide to give the street the full picture? >> i think the biggest thing was obviously, we had it for every quarter and we felt good about that but we started to see consumer trends stabilize to some degree. mobility trends are up and have gotten stable. people eating out more, it's up and it's gotten stable. we felt like we had visibility at least for the rest of the year and we thought that was valuable information for investors. we put guidance out there and it seems to have been well received. cheryl: you also reported the covid costs. we are now seeing this as the normal trend for companies, $147

million. that was for this last fiscal quarter. is that something that you think is going to continue to be a piece of the bottom line or is that spending going to pull back, do you think? >> it will sustain but it will continue to diminish from month to month. i think when we started doing the covid costs, it was mostly around protective equipment for our employees to ensure that they could operate safely. obviously, when you start up on that initially, either that or sanitation or logistics, you are relatively inefficient at it. we have gotten better and better at it over time. our priority is clearly to protect our employees, but i think we will be able to do that more and more efficiently as time goes on. i think those costs will diminish and ultimately, obviously when we finally get past the pandemic, those costs will largely disappear. cheryl: the pandemic looks like it's been good for your bottom line, sad to say. but the truth. tostitos, cheetohs, doritos, mac and cheese from the quaker brand. you also launched new mac and

cheese lines. flaming hot. we have the story on the business network and we got a laugh out of it but folks are going for comfort food. does this trend continue? >> yeah, they certainly are going for comfort food. in a lot of ways, i think it's a little bit different than the other food companies. i think in terms of the snack business that we have right now, it seemed to a great degree a reversion of consumers back to big brands. for a long time they really wanted small craft brands and those no doubt have a part of the landscape but i think as consumers have gone back to big brands because of the quality and because of the flavor and frankly, because of the availability, because of the supply chain systems we have, they rediscovered they really like those big brands. i think that's something that's going to be there to stay for quite a long time. cheryl: we are just looking at pictures of pancake syrup, another favorite of the stay at home trend. you decided to drop aunt jemima. how tough was that decision?

>> it was a decision that was obvious to us in the face of what's going on in society right now. we are going to take our time and do it methodically. no new update on that. i think you can except sopect ss from us in the coming months what the new brand will be. in a lot of ways it will be better for consumers than what we previously had. cheryl: you will change the name, i'm assuming? >> yes. yes, we are. cheryl: all right. let me ask you this. one of the things coca-cola has done, i hate to bring up the other guy but i have to, they have gotten into alcohol sales with its partner topo chico. this is something pepsico has not done yet. is that something you think you would consider? >> i guess what i would tell you on that front is we leave no stone unturned looking for good growth opportunities. i don't have anything new to report to you right now but we are always going to look at those types of opportunities and see if they make sense to us. if they make sense, obviously we've got a management team and a system that can really execute. cheryl: one of the things you have done over the last, gosh,

really the last decade, i guess, is we have been talking here on fox business with you, is kind of that expansion of the brand going into that healthier snacks, whether it was hummus or sparkling water. what we are seeing now is with the stay at home not orders anymore but at least folks working or staying at home, going for the good old stuff. did that change the strategy pepsico will take in the next quarter, two quarters when it comes to expansion, maybe? giving americans what they want, not what you think maybe they want healthier? >> i think our strategy is going to be to offer consumers a wide variety of choice and where they choose to go is obviously where we are going to put our emphasis. as you know, particularly early in the pandemic, people wanted comfort food. i think that rebalancing has already started towards a balance between we want some comfort food but we also want food that's less indulgent and a little more healthy. we are going to give them both.

a couple of examples in that regard. with our soda stream product, we will be launching bubbly drops. you basically put some drops into your soda stream bottle and you get a terrific zero calorie beverage that you can control the flavor of. that's certainly a healthier option. at the other end of the spectrum, i pointed out, you mentioned earlier the cheetos mac and cheese. that's a problem we are literally out of capacity of. every box we can make, we are selling. i think people are choosing both right now. cheryl: interesting. okay. now, we haven't figured out that mac and cheese would be a big hit. got to talk about the nfl. you are the biggest sponsor of the nfl. obviously the season is different. i'm wondering how you and the company approached this new different nfl season and if you changed your strategy and changed anything about the partnership with the nfl, because last time i checked with you, it was a billion dollar contract you had with them. >> yeah. it's a big, big commitment. obviously, we are big fans of

the nfl. without the fans in the stands, obviously it's changed the experience. we have done a lot of things online with the nfl in order to really bring the in-stadium experience home to people's homes. i think we're still evaluating how much of that is working well and how much not, but clearly, the nfl is an important part of our marketing. cheryl: you are going to stick with the deal, i'm assuming? the partnership? >> right now, we are very much sticking with the nfl. yes. cheryl: okay. okay. got to ask. hugh johnson, great to see you again. >> great to see you. thanks for having me on. cheryl: yeah, yeah, yeah. hopefully talk to you soon. come back to fox business any time. >> absolutely. cheryl: all right. let's take a look at the big board. we have got a dow that is up 43 points. 27,824. we were much higher earlier. there's a lot of worry out there about where we are with stimulus. all eyes are on washington. we will talk about that during the hour. also, look at zillow, missing on its [ inaudible ] all

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cheryl: we have just learned that house speaker nancy pelosi and treasury secretary steven mnuchin did speak over the phone in the last two hours, trying to hammer out another coronavirus stimulus plan. negotiations are set to continue this afternoon as trillions of dollars of relief is hanging in the balance. blake burman at the white house with all the latest. blake, what have you heard? reporter: activity, conversations certainly a good thing if you want to view it that way. the conversation between nancy pelosi and steve mnuchin today, we are told about 50 minutes in length according to speaker pelosi's office. they are also saying, a source also telling me as well the conversations between the two are expected to continue this afternoon. this was the readout from speaker pelosi's office after the first phone call earlier today. quote, speaker pelosi and secretary mnuchin spoke by phone

today at 1:00. the two discussed further clarifications on amounts and language but distance on key areas remain. their conversation will continue this afternoon. now, before the phone call earlier today, pelosi did say that they were still quote, way off on funding amounts for state and local governments, a big deal for democrats. she is also taking issue with a real estate tax incentive that republicans support. >> we're looking at it from the standpoint of a family making $20,000 a year, family of -- reporter: clearly an issue with the sound bite there. she went on to say they are looking at it from the standpoint of $150 billion for the wealthiest people in our country. that's why we not only have a dollars debate, we have a values debate. still, i am optimistic, end quote. the back end of that sound bite from nancy pelosi. over here at the white house, they did increase their offer today, up to $1.6 trillion, but

they take issue with the benefits and protections that would be given to illegal immigrants under the democrats' plan. >> we raised our offer but when you lower your offer $2.2 trillion and you ask for direct payments to illegal immigrants and you ask for certain deportation forgivenesses in your offer, it's not a serious offer. what we are talking about here is relief for the american people, for american citizens, not direct payments to illegal immigrants. reporter: so they are talking again. certainly a good thing, always. but as nancy pelosi put it, they have a dollars debate and a values debate and when you look at that dollars debate right now, it seems as if the gap is $600 billion of those dollars. still a pretty big gap to close. cheryl: didn't mark meadows come out yesterday and say we are willing to go above that $1.5 trillion but $2 trillion is out of the question? reporter: one and a half trillion was the neighborhood that i was told in the days leading up to this.

1.6 trillion is what the white house says. they have sort of been negotiating in that area. you're right. the issue, cheryl, is that even if the white house and democrats were to come to some sort of agreement here, let's just say theoretically speaking, purely theoretical between 1.5, 1.6 and 2.2, it would still have to go through the senate and even then, some senate republicans have said they're not going to go that high. so even though there's a hurdle to close between the white house and the hill, there's also a hurdle to close between the white house and some republicans as well. there is still a lot going on here. cheryl: then the senate has the supreme court nomination to deal with. blake burman, thank you for the update. appreciate it. let's take a look at the big board right now. we have gone into negative territory. a lot of this is what blake was just reporting on, the back-and-forth on stimulus. as hopes fade we are not going to get stimulus, investors get more nervous, worried about a contested election.

you have the jobs report tomorrow. maybe that turns things around. we have to see. right now, dow lower by 36. boeing, kind of bright spot though. the stock has been flying higher after faa chief steve dixon says he liked what he saw on a test flight yesterday of the grounded 737 max. the jet maker also announcing it is officially consolidating its 787 production in south carolina and in response to demands for aircraft. boeing still higher sdmidespite missing on the dow. the lack of demand in the stimulus is spurring flight or flight in the airline industry. we will go inside today's massive airline layoffs and the battle to save thousands from the unemployment line. stay with us.

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cheryl: airline stocks all getting lifted today on hopes that lawmakers will be able to save thousands of jobs in the

industry. layoffs have begun at american airlines and united affecting 32,000 workers but both companies say they will hire everyone back if the new covid-19 deal is reached. top airlines accepted a $25 billion stimulus package last month with an important contingency. no job cuts through september. well, today is october 1st. kristina partsinevelos is at newark airport in new jersey with more. reporter: i know, here we stand on october 1st, it marks the first day where airlines can start to furlough employees. like you mentioned, the $25 billion fiscal stimulus package for the airlines has expired. there's no deal in place at the moment and that's why you have a united as well as american airlines both furloughing roughly 32,000 employees. the industry itself was relatively insulated just over the last little while because of that extra payroll support, more specifically american, delta as well as united all received at least $5 billion in aid.

southwest getting about $3.3 billion. but we are at a point now where that's not enough for them. that's why you had house speaker nancy pelosi, treasury secretary steve mnuchin on a call today, like our own blake burman reported. there was no news coming out of it, no extra help for these airlines, so that is why today, yes, you do have american airlines furloughing 19,000 employees, many of them, at least half, in-flight employees. then you have united as well. they are furloughing roughly 13,000 employees. that's why that total came out to 32,000. we do have the latest report from delta. delta taking a step back. they are saying they are not going to furlough their employees just yet and are working very hard to not have that happen, pretty much for lowing 1700 pilots by november 1st, working hard not to have that happen but like all airlines, they are asking leaders on capitol hill to come to a conclusion, with american airlines and the united ceo both saying they are willing to

recall all of those thousands of employees and save those jobs if those on capitol hill can come together and create a bipartisan support plan, roughly $25 billion within the next few days. that's the issue. will that happen. you can see right behind me, i'm at newark airport, international section. this is the most we have seen all day. roughly about 20 people, not even right behind me. you can see that travel still isn't picking up. the expectation for this entire year is that it's going to be down 66% in 2020 versus last year. cheryl? cheryl: real quick, i thought that i had heard united in particular, and jetblue, saying they were looking to increase their flight schedules for october and november. i'm wondering now if they are rethinking that because of where we're at. reporter: that's a very good question because just over the last month or so, you had several of these airlines, american airlines, saying they were going to cut down on a lot of their flights. if you're wondering how does that impact a lot of american travelers, you will have fewer

options. they are still going to a lot of major metropolitan cities but as of today when we got the news furloughs were happening, we didn't get any additional news about if these trips would continue to decrease, if there would be fewer flights available. as of today, it's still the same trips going across america. cheryl: well, that's a good part of this. kristina partsinevelos, thank you. reporter: thank you. cheryl: let's take a look at the markets right now because the dow has gone into or had gone into negative territory. we are still there, down 32 points. this is pretty much a reversal we are looking at here. at one point the dow was up 259. we got some econ data, some initial jobless claims coming in a little better than expected, continuing claims coming if better than expected. little bit of concern about income and spending. i will get into that a little later in the show. i have a question for you. what do you do when your business depends on air travelers in the middle of a travel apocalypse? you just saw what newark looked like. up next, the plan of attack being executed by the company

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cheryl: airlines not the only industry feeling the pressure of a lack of covid-19 relief. a new survey shows if the hotel industry does not get help this week, over 5.3 million jobs could be at risk in over 38,000 hotels could be forced to shutter their doors. you are looking at the right numbers here. mcr is the fifth largest hotel operator in the united states and for a health check on the industry, in a fox business exclusive, we welcome ceo tyler morris. great to have you here. >> great to be here. thanks for having me. cheryl: thank you. your reaction to this survey. these numbers are frankly devastating. >> they are staggering. this is the worst hotel market

in the history of the united states, probably in the history of the world. the hotel business is the second oldest business in the world and this is the worst it's ever seen. cheryl: well, i mean, the question, though, is how much stimulus would be enough for the industry? i mean, we've got right now in washington, the airlines are trying to get bailout money. everybody is trying to get bailout money. how much is enough? >> the travel sector in particular is in a bad place. hotels are really downstream from the air carriers. no one's flying so no one's staying in hotels. the ppp program helped a lot for the hotel world and i think we need another ppp program to help out the travel business and hotel industry, but you know, if a trillion and a half stimulus package is passed, that would be very helpful. you know, people are not on the road right now because they're scar scared. the fear is somewhat misplaced,

i think hotels are very safe places to be right now, and they are as clean as they have ever been, but we need to get the tests so people don't have to quarantine for 14 days and people can get back out on the road again to see their customers. cheryl: what about your company? have you had to lay off, have you had to shut down any hotels? >> we shut down 30 of our 100 hotels in the april and may time frame. they are all back open again. so our hotels are doing okay right now. we have a lot of suburban hotels. suburban product is doing a lot better than urban product. people not traveling are corporate travelers. every big company has a general counsel and head of h.r. and when the two of those people conspire, they generally kill corporate travel. that's a problem. leisure travelers are traveling, project businesses are taking place. entrepreneurs are traveling, if you can make your own travel decision. but we need big corporate to

come back. group houses and group events come back. let's face it, zoom sucks. it's the pits. people are dying to get off of zoom but we need the air carriers to play along and fly where you need trooith now. people need to feel safe. cheryl: all of that goes back to a vaccine. we are seeing unfortunately some states are seeing an increase in cases. you did make some acquisitions. the royalton here in new york, this is pre-covid, and also the killington mountain lodge in vermont. these are kind of -- [ speaking simultaneously ] >> we bought the royalton post-covid, just a month ago. cheryl: i'm sorry. these type of deals, i guess with the royalton, that was a slager hotel, correct? >> the most famous hotel on 44th

street, started in 1988. the original boutique hotel. we are thrilled about that transaction. but we are bullish on the hotel business and travel in general and new york city. it's all going to come back. people are going to feel comfortable again. we just hope it's sooner rather than later. cheryl: is the royalton opened? >> it opened yesterday. cheryl: okay. breaking news. okay. all right. let's talk about the holidays. we just found out they are canceling the macy's thanksgiving day parade, times square new year's eve, that's off. the holidays in general, i'm assuming the killington lodge will be important milestones for you for the business but how do you kind of forecast what that's going to look like? >> yeah. it's really turned into a drive-through market. our killington hotel i think is going to be terrific over the holidays because people are going to drive to killton to go skiing instead of flying to denver or flying to salt lake

city. everybody is driving these days. i think new york city is going to be in a tough place. the big city centers that are going to be hurt a lot for the travel holidays. people are going to drive. you know, they feel safe in their car and so you kind of have a 200 mile radius for most people. cheryl: interesting. >> i think it's going to be tough holidays for the industry. cheryl: well, hopefully things can turn around for the first of the year. maybe those international travel restrictions will be lifted, at least after january 1st and that might change the story for the entire industry. thanks for that snapshot from you. we appreciate it. >> sure. great talking to you. cheryl: all right. well, looking at the big board, we are having new session lows we are hitting here. a lot of this is concerns about stimulus coming out of washington and you know, we had a decent six months on the s&p 500, strongest six months for the s&p 500 but there's a little caution out there right now.

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cheryl: hoping to get back into the public market, they will be popping back into the public market. the well-known media giant which by the way went private back in 2011 after 40 years as a publicly traded company, returning to the street early next year via spac in a $381

million deal with mountain crest acquisition corporation. shares of the blank check firm, taking a look at it right now, up more than .5%. the erotic and pornographic content provider, the latest company sdwroin the spac parade which has grown so big, it now has its own etf. look at this. it debuted today, actually. that's up more than 1%. the spac explosion certainly has been rocking stocks but the tectonic shift in the ipo world shaking wall street firms to their cores. charlie gasparino joins us now. charlie, i'm curious, the layoffs at goldman sachs, is that maybe the start of a lot of pain for the financial industry, do you think? charlie: i think it is based on my sources. i want to make one point. i was once in playboy. they did a q & a on me. there was nothing erotic or pornographic about it. cheryl: i heard you just read it for the articles.

charlie: they were great articles in there. i'm a little dated in my playboy subscription. it lapsed i think in 1990. in any event, let's get back to wall street. cheryl: oh, banks. charlie: yes. nothing erotic about banks except for the fact that here's what we do know. goldman sachs today announced modest layoffs. they are probably the only bank, major bank or wall street firm amid the pandemic to do layoffs. everybody said they were not going to do it. all the other major banks, that they were going to put them off and reassess what's happening. they are now in the middle of that reassessment of their business conditions and i mean the major banks, jpmorgans, morgan stanleys, citigroups, you know them all. here's what i understand from inside these firms. that there are plans for probably, you know, it's never done until it's done, but they are talking about significant or similar layoffs at least to what goldman did today.

i think it was 3% in the new year, in 2021. now, why is that? obviously every company in america is taking hits from the covid recession. wall street as well. but there's a couple other trends out there, cheryl, including the one you just mentioned with spacs. spacs is a way for a company to go public without going public, so to speak. you can get financing by issuing shares through this special purpose vehicle. that eliminates a lot of bankers and middlemen and middlewomen. the same thing with direct listings. there is, as you know, a trend for direct listings. these trends that are going on right now are eliminating essentially a lot of middlemen, a lot of middlewomen. on top of the fact that you have wall street firms looking to cut some of their major fixed costs which is space in new york. still, i know wall street firms and banks are bringing people back but still, they need, they would like to cut some of their real estate expenses. put all that together, that's

where the cost pressures start coming on the big banks and firms early next year and we understand all these major firms and banks are at least weighing it heavily. if you call them up right now, which is what we have done, people at places like jpmorgan, you know, we are in a wait and see thing. we don't know if we are going to do it or if we don't do it. but they are also talking about it. you could see the hammer fall next year and 2021 could be a rough year for wall street. we'll just have to also see, i think one indication of it, cheryl, will be the bonus situation which has got to be coming due soon. you know, will bonuses get crushed this year as opposed to other years. if you see some of the firms taking major bonuses, that's probably a foreshadowing of cuts coming in 2021. business conditions, the markets are up but not a lot of ipos, not a lot of, you know, there are some, but it's not like they

are going gangbusters and you know, as you know, the firms themselves are at half capacity in terms of staffing. they don't need to bring them back in, a lot of these firms. they are doing just well without it. there's a lot of talk about cutting costs. i think 2021, based on my sources, is the due date. back to you. cheryl: charlie gasparino, charlie, thank you very much. all right. closing bell is going to ring, we went positive while charlie was talking. there you go. we are up 10 and a half points now. we have nine minutes to go until the bell rings. coming up next, a declining dollar could line your pockets according to today's "countdown" closer. find out how when "the claman countdown" comes right back. you've still got game.

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the final hour of trading right now, up 151 points. tech stocks have gotten really beaten up especially month of september. these are the high-flyers throughout the year and coronavirus pandemic. dow is up 12, s&p up 14. s&p doing decent job of holding on gains. well off session highs for all major averages. any news on stimulus would really change the trajectory of the markets the last five minutes. remember the jobs report for september. that comes out tomorrow morning. oil plummeting 3.7% settling at $38.72. that is the lowest settle in more than two weeks. let's go to ashley webster with what is behind this whole selloff. ash. reporter: it has been a rough sell for the oil industry, cheryl. analysts agree oil demand will not return to precovid levels to 2022. you ask what is going on?

resurgeons ends of the virus putting more restrictions around the world. congress failed to pass stimulus and opec out put increased as libya iran pumps more crude and that puts downward pressure prices. exxonmobil is say warning after more than expected loss. with refining margins and weak sales volumes. the oil giant posts at end of the month f it post as for a loss, the third straight quart they're hasn't happened in 36 years. it gives you idea how much of a struggle it has been. exxon shares are down 52% so far this year. it is the same story for all the other oil majors. occidental down 76%. royal dutch down 66% or there about. you can see occidental down 76%. bp is up 55%. chevron down 41%. it has been a rough year.

oil companies have the resources to survive. but we should point out bankruptcies smaller oil and gas producers are up 6%. with the most recorded in texas. it is tough. cheryl: it is tough. ashley, thank you, sir. >> sure. cheryl:imf u.s. dollars share of foreign exchanges declined from 61.3% from 612.8% in the prior quarter. 60% in 2014. how do you play the declining dollar? adam phillips. thanks to the federal reserve and cheap money, this is the dollar story. looks like we will have this for quite a while. >> that is the big question. one. questions we get from clients how to position what will happen

come november of the election. we're a little bit more than a month out right now. but it is still a coins to. what we prefer to focus on right now is really those election-proof sectors. certainly one of the trends we see continuing with all this fiscal stimulus around the world and certainly here in the u.s. is the declining dollar. so there is a few sectors we're looking at. technology being one of them. materials, and industrials. so the dollar is down about 9% from its peak in march. still about 20% higher than it was, call it five or six years ago. so there is still aways lower for it to go if this trend continues, we expect it to. so looking at technology, good place to be there. i think a lot of people hear technology they automatically think about some of those big gainers so far this year, apples and microsofts of the world but i think it is so important to realize there is 70 other companies in the sector and 40%

of the sector is still trading in negative territory so far this year. that is one area we're focusing on. this area broadly speaking gets 60% of its revenues from overseas. it will certainly benefit from declining dollar. cheryl: do you think the market has gotten ahead of itself? we wail probably be high volatility environment through november 3rd? >> absolutely. i would say we're cautious over the short term. i think that to an extent the market has gotten ahead of itself, it is important to peek underneath the hood every now and then. look at s&p 500, broadly speaking it has done quite well, but performance is led by handful of those names. the top five companies in the s&p 500 up about 45% on year-to-date basis. the remain 495 are still in negative territory. so i think it's important to kind of put an asterisk by this performance and realize the leadership has been fairly

narrow. but i would say we would expect volatility to continue as we get closer. cheryl: we need stimulus. adam phillips, thank you very much. stocks up two days in a row. that will do it for me and "the claman countdown." connell mcshane and melissa francis pick it up for "after the bell." [closing bell rings] connell: we kick off the month with gains on wall street. some doubt about the dow in the last few minutes. it turned positive and will close higher for the day. everybody is watching washington again with stimulus uncertainty but the s&p and the nasdaq do end in the green and those gains are the second day of gains in a row for both of them following economic data earlier today. so thanks for joining us. i'm connell mcshane. melissa: and i'm melissa francis. this is "after the bell." we start with for example business team coverage. best of your memory burr is live at the white house. kristina partsinevelos from newark airport and ashley webster is following all