joining us now, jonathan golub, credit suisse chief u.s. equity strategist.t has been a while. 3200 so far is your s&p target close for 2020. what kind of stimulus does that imply? alix, i think there are these very conflicting market drivers. the economic data is coming in extremely well. retail sales, consumer confidence, even the inflation numbers are showing an economy that is in pretty healthy shape. quarter, we had a 23% profit beat, which was the best on record. so far, the companies that reported are almost matching that number this quarter. we need to get some form of stimulus. if we do not get something done until after inauguration day, it is going to hurt small businesses in the consumer. -- and the consumer. i don't think these numbers are going to continue unless we get some level. it does not have to be the big numbers trump is talking about, but it has to be some level of stimulus. we are seeing a pickup in covid. that could put a damper on economic activity, which will weigh on things. i think there is a real tug-of-war going on now. over her

commercial free coverage going into the close today we have jonathan golub joining us by phone.ood to have you stocks are slipping with the nasdaq and s&p 500 near session lows major averages still on track to finish the week higher it would be the third straight week of gains for the dow and the s&p, fourette week of gains for the nasdaq strength in groups like industrials, utilities, health care what is the narrative right now. >> that's been the underin tone, for six weeks on net basis you have had some of the former favorites in the crowd of nasdaqths stocks a little bit weaker looking at the 52-week high list, it is home builders, retailers. it seems like the positioning is positioning for a stronger rebound. it is a low intensity rally today and a little bit of drag in the last hour or so i think we might have to content with a little bit of maybe an overeager upside positioning we got this the last three weeks. remains to be seen. >> mike, i feel like this week has been a lot of negative discussion, almost bearish tone on the network yet we are higher for the week as a wh

are just joining us, it was a major sell-off the dow, s&p and nasdaq tumbling let's bring in jonathan golub. you think a perfect storm is coming this has to do with covid getting worse. what do you for sooe >> if you take a look in the u.s., we have gone from 25,000 cases per day to 75,000, a trimming tripling of cases. this is before we started gathering for thanksgiving and christmas. before daylight savings time and harder for us to get outside if this was by itself it may not be a problem, but it is quite clear that not only once we have a fiscal deal to bail out small companies to bail out people before election day, we are not going to get this until after inauguration day, so those won't be available until february or march. that means if we see some economic hit, the safety net has been taken away. i am not saying this will play out in a worst case because i don't think it will. but in the near term the risk is to the downside. europe is acknowledging that their numbers are picking up more than the u.s. and they needed to take action which aren't as bad as we saw in march or april,

it is, tom keene, a ofak of one dollar 17th -- 0.4%.on euro-dollar, down on the equity market, jonathan golubf credit suisse just publishing, "with all of the chatter around the election, it has been giving the market heartburn, not politics. near-term risks are real, but we remain optimistic as we look toward the horizon. many people, i assume, share that view." tom: part of our job on radio and tv is to give you the news as it comes out. many others will publish as well. daniel alpert published moms ago on the american labor economy. this is blistering. "what we need is federal government balance, not bailout, providing not months, but years ." relief that really speaks to the market tension as they are trying to figure out the x axis of where we are in this pandemic and with our greater economy. on u.s. gdp, looking for something in and around 32% positive. that mechanical bounceback from shut down to reopening from the previous quarter of -31.4%. tom: the fix back above 40 -- the vix back above 40. right now we will segue to politics. of chathamamuri house has been of such support in the