Today. Stocks higher as the president returns to the white house plus two big steps in the race for a vaccine sending shares of biontech and vir higher. And battles over how to regulate big tech over a yearlong antitrust investigation republican ken buck from colorado will join us to discuss the gops concerns about too much regulation. Power lunch starts right now welcome to power lunch. Im dominic chu. Check out shares of boeing, one of the biggest losers, down more than 2 as it says the pandemic will hurt Aircraft Sales for the next decade. American airlines delaying boeing 737 max Pilot Training as it awaits the faa to recertify the plane. And the reopening trade is reactivated on some of the positive vaccine headlines that kelly just mentioned on air and then of course the energy trade on fire right now, one of the best performing sectors as crude oil jumps, now up 9 in just the past two days. Watch those trades, the energy sector, very, very much on the up side there. Kelly, ill send things back over to you. All right, dom. Good to have you along, sir. Shares of the Big Tech Company are lower across the board as they face the prospect of increased regulation from congress apple, which just removed rival Company Speakers and earphones down 1. 2 today, facebook, amazon dropping as well. Lets bring in ylan mui for more the backlash used to be bipartisan, now not so much. The two are attacking the industry for Different Reasons democrats are focusing on anticompetitive behavior, they will accuse apple, google, facebook and amazon of things like making killer acquisitions that snuff out competitors, stealing other companies intellectual property and erecting barriers to maintain their own market power the solution democrats say is to wre break them up and ban big merge mergers. The gop is focusing its criticism on censorship and bias and solution to that, President Donald Trump tweeted it this afternoon when he said simply repeel section 230. So, kelly, i expect that we will see some of these divisions start to play out once democrats officially release the results of their investigation back over to you all right ylan, we appreciate it thank you. Dom. Speaking of big tech, kelly, shares of apple, amazon, microsoft, facebook, alphabet, theyre all still down more than 10 from their recent 52week highs, as investors have pulled back from that high flying group of mega cap stocks theres one name in our sector that our guest says will be most at risk of regulation as we approach this years big president ial election. Lets bring in gene munster of luke ventures. Thank you for joining us so far. These names have been the leadership for the better part of the last decade and now they face a lot of scrutiny in washington, d. C. What stock, what company is the most at risk its facebook and i think the setup segment you just did really outlines that either party in power, whether its the contracts or republicans after november i think are going to go head on after facebook and if you think about some of the challenges that facebook faces from the left around the anticompetitive side, in this case some of the acquisitions that theyve done, instagram or whats app, that will create more pressure on facebook in future acquisitions. It is krit tall fcritical for to acquire some of the big startups, and that is going to put pressure on facebook on the flip side if republicans really control the agenda for greater tech legislation, you have what President Donald Trump tweeted about today in section 260 and the impact as publishers viewing some of these social platforms as publishers. So in either case i this i that in that case lets say if we take the publisher perspective, facebook will be in a catch 22 effectively, back to this question of arbiter of truth and what they can publish and what they can stand for theyve wanted to stay away from that clearly either option, either road is not a good road for facebook i think some of the stock has reflected that, its down 5 in the last month, versus others who are down fractionally. I think facebook is at most risk facebook has been facing all kinds of regulatory and congressional scrutiny for the longest time as far as i can remember now is there anything different this time around . Is there a real risk every time theres talk of this, it seems like it just goes on the back burner, six, nine months from now. Thats a good point its going to years for this to sort itself out. When you think about what happened with microsoft, that was a sixyear path it took. Youre right, ultimately this takes time to sort out but at some point there e where actually is changes made to the platform i am surprised at how well facebook has weathered the storms to date, if we think back to cambridge analytics about some of the changes in the privacy and disclosures that theyve had to do in europe and bring some of those to the u. S. , theyve done a great job of navigating that. But at some point i think one of these two avenues probably proceeds, again, whether it makes it slightly more difficult for them to acquire that next big tiktok, fastgrowing social network, or create some pressure the simple way i would put it is that there is more substance behind this. We havent had a piece of a oneyear investigation and so it is different than some of these other challenges that facebook has faced. So, gene, and youll forgive me here, my intention with this next question is not to be partisan, but youre an analyst, youre looking at the business, the numbers, all of these mega Cap Tech Companies is there a regime, is there a political environment, whether its republicans or democrats, that these big Tech Companies will tend to favor or do better in as opposed to the other i think that they again, im not going to make any sort of indication on the Political Party one way or the other i think in general i think a more republican facing will be slightly more beneficial, especially to a company like apple that tends to be in the good graces of the party, the Republican Party so i see that that probably is a fractional way forward i think either road is going to be a challenge for some of these companies. Maybe if i could futrther enumerate, the company most as risk is facebook, google and amazon and then theres a hard line and a big space below that. Apple does have risk if biden would win, but i think its pretty marginal. Gene munster, its complicated for sure thank you for lending your expertise to discussion. Kelly. A key republican lawmaker on the house judiciary antitrust submonta subcommittee has been laying out his own plan for antitrust reform congressman, its great to have you here today this has been a strange process to play out in public. We have leaked report from the democratic leadership that is not yet final. And what you hinted at, not everybody is on board with it. What accounts for the nature of this and the fact that we dont have a finalized report yet in. I dont know when the majority is going to release the report there is great bipartisan agreement that there is a problem with big tech and there are five companies that should be looked at, four of which we have looked at in the last year. I think there is in terms of the majority report, ive read it, i agree with 330 pages of it that theres a 20page recommendation section. I agree with many of the recommendations. I think some of them need to be modified in some way i think youll find most republicans and democrats will come together with a bipartisan solution to deal make sure that the enforcement agencies, the fdc and the department of Justice Antitrust Division the resources, the tools they need to really combat the anticompetitive nature of these five tech giants so you think more or less that the existing antitrust regulators need more resources, more fire power and more ability to employ powers as you mentioned, you have a lot of agreement with the descriptions that are laid out in this report but some disagreement over what to do about it and you have three areas of disagreement in particular you dont want to see arbitration clauses eliminated that would open these companies up to major class action lawsuits you dont want a glasssteaga glasssteagallesque i think its going to take both to move forward and send a messaging to the enforcement in the corse thurts that there is e these companies have become too big, they are cheating and stealing and are engaging in activities that should be reined in if we can get away from the nonstarters on both sides, we will move forward in a way that will really help america and help the Technology Companies continue to innovate we just spoke with a tech analyst whose takeaway from what hes learned so far is that theres not going to be any forced breakups, theres not going to be a forced spin out of any app stores, whether apples or googles, most lickly jukely harder for big acquisitions Going Forward and keeping them from riding the next generation of social media power in hearing that assessment, are you disappointed or do you think that gets it about right im not disappointed at all and i dont agree with the assessment necessarily it is not the role of congress to break up companies. It is the role of congress to make sure the enforcement agencies have the resources and tools. I think youll see a number of changes in the law and a lot of really signal sending to the courts and the enforcement agencies on what congressional intent is and then its up to those agencies to decide what the best remedy is for the problem that were facing right now. And so finally, you think that you kind of eluded to this earlier, but the final recommendations here, the final report, the legislative changes that may occur as a result of that is going to depend on the outcome of the election . I think the emphasis may depend on the outcome of the election i think that its clear that both sides want to move forward, both sides want to deal with this issue whether there are a few provisions thrown in on one side or the other well find out after the election this has to the house and senate have to great with it, as well as a bipartisan great there will be a lot of pressure to make sure theres a meeting of the minds before we move. Yeah. Congressman, thanks for joining us today we appreciate it thank you all right, kelly, weve got a news alert here on the stimulus negotiations right now lets bring you back for more details there. Ylan, what can you tell us were learning that President Donald Trump held a phone call with the treasury secretary, the Top Republican in the house, Kevin Mccarthy as well as Senate Majority leader Mitch Mcconnell to talk about another Coronavirus Relief package we are still trying to find out what was said on that call and what it means for the ongoing and lengthy negotiations that have been under way between treasury secretary Steven Mnuchin and the speaker of the house. They were supposed to get on the phone today to hammer through some of the details of a deal. We are still waiting to find out if and when that called happened and how it went. We do know that the speaker is slated to have a Conference Call with her caucus. It appears to be going on right now. Perhaps well find out where she stands on the negotiations once that call is over. What is clear is that the president is back from the hospital, he is engaged, he is working and where he lands on this could many pact the tenor of the talks Going Forward thank you very much we also want to call your attention to whats happening with shares of General Electric. Those shares of ge off about 2 intra day. As you can see by the chart, that sharp dropoff coincides from headlines that a regulatory finding saying securities regulators have issued a wes notice looking to inquire into the revenue practices at General Electric with regard to Longterm Service obligations. The sec staff has not made a preliminary decision on whether to recommend any action with respect to other matters under investigation and that the sec staff may recommend that the the issues relate to ge disclosures relative to the runoff insurance operation. The bottom line, an insurance operation of ge here is being looked at at least from the securities regulators standpoint and thats driving those shares lower we did reach out to ge for a comment. No word yet. The sec has issued a no comment on these particular filin filings coming up on the show, kelly, over to you dom, i was going to say what a headache that Insurance Business has been for ge coming up, fed chair powell making the case for more stimulus from congress well tell you what that means d sthe market. Anju a week or two, Indoor Dining reopening in new york city city well tell you about wha music anncr give customers access to precisely what they want, when they need it the most. With adyen,t tilmanno. A le President Donald Trump back at the white house after leaving the hospital how much political influence from the white house is driving these medical decisions . The center of the covid world is. Y y py jny py prty welcome kum president donald back super spreader location. Say welcome back to power lunch. Jay powell says the economy needs more help from congress. Lets go out to Rick Santelli for the reaction now rick, theres been movement. You know, its fascinating, dom, because we understand what jay powells eluding to and the markets appreciated it but not for long look at the intra day 2. The minute he started to speak, its holding that firmness ill leave you with this, the tenyear made its high yield around half past 8 eastern only the 30year bond made a higher bond afterwards, which was right after 11 00 with respect to when his testimony started was around 20 after 10 if you look at whats going on with the 10s minus 2s on the yield curve, its giving ground as well. Youll have bigger deficits, reflation. But in the final analysis, it negative rates and not paying attention to deficits that traders seem to be talking about the most kelly, back to you rick, thank you very, Rick Santelli the higher bond yields could be signaling Economic Optimism over the past two days as stimulus hopes run high. What does that mean for the markets . Joining us is jim paulson, chief investment strategist. You started investing around the theme of higher rates or not here yeah, i think rates over the next year are going to go a fair amount higher, kelly i think theres been some artificial depression of these longterm yields, the fed with their policies are basically sitting on the yield, keeping it down if the economy if economic momentum stays fairly decent, here not only in the Fourth Quarter but going into next year, maybe the impact of lag stimulus really starts to come home to roost, if you will, in boosting economic growth, then i think the fed might have to back away if they have to back away, theres quite a bit of up side just one example on that, Commodity Prices are certainly up a lot, industrial Commodity Prices in particular but energy as well. If you look at the embedded Inflation Expectations in tenyear tips its about 1. 7 and tenyear yield is around 77 base point theres 1 up side just to get back in range again. Jim, its interesting to hear you say the fed had to back away, that people would feel pretty positive about that, the markets would take that well what if this is another head fake were making a lot over 10 or 15 basis points while we all hope that yields would look more normal, its hard to accept were going to all of a sudden see some sustained breakout here, right well, it certainly could be, yeah i grief with yagree with you thats difficult to call its not so much talking about a new secular rise in yields thats going to start. I think theres just a lot of artificial rate setting with 7 trillion, 8 trillion fed Balance Sheets and Balance Sheet around the globe i really think the economy and what its doing, kelly, is looking awful good in terms of numbers it puts out and upside momentum while were continuing to chronically stimulate the heck out of this thing if that stimulus comes home to roost, i think theres a path where rates could make a stair step move upward it wouldnt necessarily be a new secular run but it could be a pretty big move. If you consider the amount of portfolios that are still piling into bond funds and out of stock funds, it would put a lot of investors at risk. I think stock market would be fine with it but i think Bond Investors could get hurt pretty bad. I just wonder, though, if the bigger error could be weve seen the fed do this time and again, all last cycle where to all of us it looked like gdp was growing and everything was fine and theyd say were going to hike four times this year, two times this year. Theyd call off the rate hikes and reverse it they were cutting rates well before covid what happens now if theres just enough momentum maybe in part from restocking as well but just enough momentum that is scares them off again and shortens the recovery that we want them to be focused on instead i think thats a possibility. One doesnt know but, boy, ill tell you, kelly, weve never in postwar history started a new expansion with 25 money growth and 20plus percent fiscal policy juice as a percent of gdp some were in the 40 fiscal juice. Thats 5 to 7 times greater than anything weve ever unleashed on the economy and we did it when most of the economy was in pretty good shape. The Debt Service Ratio for households is low, the savings rate is way up at 14 , inventories are way down and need to be rebuilt, the output gap is record low. Theres a lot of room to grow. And, you know, were coming off a quarter where we just grew 35 and theres no discussion about that theres more discussion about it needs more stimulus. I think the odds are that were going to have a really strong growth quarter in the coming year, i mean maybe 6 real gdp growth in 2021, Something Like that i think its going to be explosive. And this is the first time i can remember where everyone is, if they are erring, its on the side of overeasing, not the other way around i hope youre right about 6 . The roaring 20s. Bring it on. Thanks, kelly dom still ahead on the show, as President Donald Trump recovers from covid, theres more progress on the vaccine front and a move from the administration to get approval ahead of that big u. S. Election coming up. Plus shares of beyond meat hitting an alltime high as hitting an alltime high as analysts at pipeheck . Whats that . You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila r maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. Teens in some ways, things are kind of the same. In other ways, well. Any questions . The good news is. Weve learned, we can do this. Turns out when were hitting our goals, nobody cares if were wearing pants. We just need the right tools. So our team, stays a team. So no matter what comes next we can work better do better this is going to work. Welcome back to power lunch. Generation z setting trends, Piper Sandler raising its target on beyond meat as they found greater adoption of plantbased meat in their demdemo the stock is inspiring more gains. Gina, how much do you think the beyond meat partnership with mcdonalds helped it get access to a Wider Customer base that was an enormous partnership. It probably got a lot of people beyond the ick factor. Its Revenue Growth is meteoric but its still digging itself out of a negative cash flow hole and margins. Thats not to say theyre not going to get there that meteoric growth is going to help them get there but theyre trading very rich. Youre talking 300 plus times forward pe, 6,000 times trailing pes. So thats the challenge to this. Not to say theyre not going to get there but it a big headwind. Good point. J. C. , youre tracking the charts what do you have see beyond me, this is one of the better looking charts out there. What i really like about this setup is the fact that price is currently breaking higher from a multimonth base pattern as we speak. As it does, it establishing a new up trend when we looked at the chart, there was a stiff zone of overhead resistance in that 165, 170 area over the last few months every time prices tested that level, it pulled back, we saw buyers becoming more and more aggressive, to the point where theyre actually breaking the price out again as we speak right now. So the question becomes, you know, where can beyond go . You know, we have two clear up side price targets the first level is 200, nice, round number just above price. The second overhead level were looking at is 240, and we have to go all the way back to july of 2019, that was the alltime high at that point great chart with plenty of up side left, in our opinion. Thanks for joining us today for more trading nation, head to our web site and follow us on twitter. Thank you very much for that ahead on power lunch, growing covid cases across the united states, raising fears of another economic shutdown. We will talk to landrys chairman and ceo because it is before we talk about taxsmart investing, whats new . Audreys expecting. Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. Im sue herera heres your update at this hour. Closing bars and enforcing mask mandates helped arizona sharply reduce the spread of covid19 this summer that is one of the findings in a new study from the cdc. New cases soared in that state after a stayathome order was lifted in may. The Minnesota Vikings will play at least one more home game without fans no tickets will be sold for the m matchup against the atlanta fall kons falcons. A curfew in germanys capital. Berlin businesses will have to shutter from 11 a. M. Until 6 a. M. Meetings in parks and private gatherings will be limited as well. And in england, a surprise birth of a critically endangered orainge tang pregnancy tests for the mother, leah, had all come back negative but surprise shes been so protective of her baby that the keepers have not been able to determine the little ones sex and thats more than three months after the birth. You are up to date dom, back to you moms, right exactly were all very protective, as you well know. Lets check on the markets right now because we are approaching this high of the session right now, the dow industrials up 140 points, the s p similar percentage gains, 3423 and the nasdaq composite up about 1 3 of 1 . And, by the way, oil prices on the rise as well, benchmark crude 4. 70, up nearly 4 kelly, over to you thank you, dom its been a week since Indoor Dining resumed in new york restaurants after months of desperately petitioning the state. It might mott not remain for lo. Surg surges are threatening it. Youve now had some period of time since reopening, about a week tell me, are you seeing a big uptick in business or no well, i think youve got a chart up there that kind of shows what our average sales are compared to last year, and you can see there was a very little tick up in business, even since we went to 25 and, you know, the problem is nobodys on the streets in new york you know, in times square i have bubba gump and blue fin and theres no tourism, theres no business person Walking Around now the steak houses, you know, mastros, theyre doing a little better but you can sit there and look at the chart when youre only averaging 8,000 a day with 19 different restaurants in that market versus 30,000 last year so youre going from an average volume of all my stores there of like 12 million, gosh, down to what, 3 million . So weve got a long way to go in new york but were headed in that direction. You know, whats so funny is i just got off the phone with the task force of the governors and here in texas and were opening up everything now basically. And we have a 6 positive rate and i havent known anybody in texas that has had it in i don know how long and theyre talking about shutting down zip codes in new york for having a 3 positive rate were totally going in Different Directions it looks like were starting to beat this thing a little bit its interesting because florida also recently rescinded rules about its restaurants. So youve got florida, texas, which as you suggest could be next in that regard. Isnt the problem that we dont know yet what happens if you know what i mean does it make you uncomfortable to think these could turn into hot spots or maybe could you face litigation if it spreads in a restaurant, especially a big steak house, Something Like that is it too soon to know for sure . For sure, okay. Is business coming back a little bit better than we thought it was at this point being the first week in october . Definitely, kelly. But were all kind of just sitting there and opening because, you know, its still warm, beautiful weather everywhere and as we get into this flu season, whats going to happen but, you know, i know were taking every precaution we can and but were going to have more outbreak of this and we just got to learn to deal with it and if youre real susceptible, you really should stay home when flu season comes yeah. So one more just on kind of the state of business in new york city like you said, youre maybe doing a little bit better than hoped, but this is going to be a long, slog, isnt it if youre facing 25 capacity at most, how many more months can you leave these restaurants operating at that level . We know the numbers dont add up we know you can subsidize other parts of the Business Empire but how long can this go on . Your restaurants are not going to last at these kind of numbers, okay. Anybody who has a restaurant in new york thats full service, casual dining at 25 is going to go out of business and, i mean, its really a shame because people have taken years and years and years to build these restaurants up i have a huge company, i have restaurants in 40 states, i have casinos that are doing well, but if youre a new york restauranteur, youre in for a long haul right now. And, you know, i say it again, i dont i dont think the government officials realize it because they get their paycheck every single week and they dont realize these cooks and these waiters and hostesses and the managers of these restaurants and how difficult it is when youre not getting a paycheck every week and you dont get that 600 kick from the government anymore so youre going to see unemployment, you know, stay at probably where it is until we get through the winter months and we start to improve things hopefully or the vaccine comes out. Yeah, weve been talking to restaurant owners, including markus samuelson of red rooster here in the city who said the same thing, youre going to have twothirds of restaurants at or near bankruptcy. The smaller ones if theres no relief from congress so theres this restaurant act that the industry is kind of pushing for. They want support but its not it doesnt appear to be coming together. Maybe another round of ppp could be an option do you have a preference about what form that support would take and, you know, your eligibility for it well, i mean, my whole problem has been i definitely want to take care of the small mom and pop businesses and i think we should take care of the airlines, but you cant leave people out like me, okay im 100 owned Family Business and dont punish me just because im big and i provide 60,000 jobs out there because i cant make a 60,000 payroll if they shut us down again and i dont want to have to lay my employees off again. So theres got to be something that treats everybody. You cant just why should my employee or an employee of any business forget about the ownership, okay . Why should an employee because you work for a billionaire and you dont, okay, or the person that isnt the front person of the company i know people that have billionaires that really own the restaurants and the chefdriven restaurant only own as small percentage but they were all able to take ppp money because theyre not in the forefront like i am. I just want to see everybody treated the same, the government definite li definitely needs to come in and help everyone. It should be for all employees and all businesses, especially restaurants and retail dont look at ownership. Make the money go to the employees. Dont worry about me tilman, so much more i wanted to ask you about the biden wealth tax or income tax proposal, another hurricane headed your way. Theres this whole spat between ted cruz and mark cuban. I think its better to just this is enough of an issue and we appreciate your time this week we hope to see you again soon. Thank you so much Tilman Fertitta joining us for tilman tuesdays. Dom . I had so many questions like you said about the storm coming up, too. Coming up, weve got used cars, chicken wings and property and casualty insurance, speaking about that storm you cant predict the future. But a resilient business coming. Be ready for it. A Digital Foundation from vmware helps you redefine whats possible. Now. From the hospital shifting to remote patient care in just 48 hours. To the university moving hundreds of apps an on the fly. And we are helping you do it. Vmware. Realize whats possible. Hmms and ahhs heard incall. Election. Zy my yyyyy welcome back to power lunch. Time for power movers, starting with Group One Automotive preannouncing Third Quarter earnings way above wall street estimates, saying it will buy back 2 million in stock and expects to reinstate the dividend it suspended in april next up swingstop, up 25 . Several analysts liking the results there but the stock today is down about 4 and finally, palomar, estimating 3 million in losses from four hurricanes, hanna, laura, sally, and those shares down. Ill send things back to you, kelly. Omg up, the white house and fda at flexshares may look simple but inside every etf. There are untold hours of careful construction. Infinite what ifs . And contingency plans. Creating funds that help target gaps in client portfolios. Tap untapped potential. And strengthen confidence in you. Flexshares. Powered by over a century of investment expertise before investing consider the Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. cn of welcome back lots of news today on the efforts for a covid19 vaccine including the white house blocking an fda guideline for fda approval that would almost certainly have delayed it until after the election lets bring in meg tirrell for all those details. Meg . Kelly, the white house reportedly blocking the release of that guidance from the fda on when manufacturers should file for emergency use authorization of covid19 vaccines but the fda is not letting that keep it from giving this guidance to the public and the manufacturers. In fact, it released briefing documents today well ahead of an october 22nd meeting of its outside meeting of advisers on covid vaccines, essentially including this guidance. Median followup dourgs of at least two months after completion of full vaccination regimen. Thats what they look for for safety data. I just talked with paul offid who is on the outside investigative committee. He said this is the fda standing up for itself. The pharmaceutical industry is weighing in here pfizers ceo tweeting out earlier that pfizers never discussed fdas vaccine guidelines with the white house and will never do so as it could undermine the agencys independence now, kelly, if they have to wait for two months of safety data, that would put their potential approval filing at the end of november of course well after election day. These companies of course are in the midst of their phase 3 Clinical Trials right now. We also are seeing them starting the application process. In europe the news today pfizer and its partner bio. Ntech have started their rolling application there. Meanwhile theres also news on the antibody drug front. Veer the latest to start with their partner glaxosmithkline. Regenerons antibody drug was given to the president on friday there is just a ton of news, guys back over to you yeah, meg, we appreciate it meg tirrell with all the latest covid headlines for us dom, over to you weve got some breaking news, kelly, on the stimulus lets get right up to elon moy and the president right now is tweeting about it. What can you tell us about it . Well, dom, the president is now calling on his negotiators to put a stop to these talks he tweeted, i have instructed my representatives to stop negotiating until after the election, when immediately after i win we will pass a major stimulus bill that focuses on hardworking americans and small businesses. Trump then goes on to say that hes asking instead for republicans to focus on confirming his nominee for the Supreme Court, amy coney barrett. We have just learned in the past hour or so that President Trump did have a phone call with the treasury secretary and Top Republicans in both the house and the senate we were trying to find out what was said on that call. Now we know President Trump saying no more talks on another stimulus bill until after the election guys all right the implications are very clear. What were showing right now, ilan, to viewers and listeners on sirius xm satellite radio, the dow is up about 100some points before this tweet came out. Now were down about 100 points on the dow the market implications are very clear. There is no aid coming until possibly after the election. What exactly then is the next step i mean, theyre going to focus on the Supreme Court nominee, ilan but what exactly can we expect with regard to what kind ever talks can even happen at this point . Are they serious about being focused just on the confirmation of their Supreme Court nominee well, i would imagine, dom, that this is a surprise to democrats. House Speaker Nancy Pelosi is holding a Conference Call, or had been in the past few minutes with her members to talk about where they were in these negotiations and there were some reports that democrats were even talking about possibly voting next week if a deal could come together by the end of this week however, it seems like that is all now dead in the water. There have been discussions around what would happen with state and local funding. They were passing papers and documents back and forth diving into some of the details and the technicalities of the language but now the president again making it very clear where he stands on this and that is no deal. Its kelly here yeah, let me just jump in for a second, dom, and draw everyones attention to some of the more sensitive stocks to this idea of either relief but also kind of a cyclical rotation in the market and dom, you highlighted this one. Martin murrieta earlier. Heres a stock that is still up 2 1 2 granted its off the highs of the session. But its Still Holding on to its gains. So ilan, i guess theres a couple of things to watch here on the one hand you could ask is this just a negotiating tablthic by the president in which he thinks this is the only way to bring democrats around to what the republicans would like to pass on the other hand, you could say its not, he is not interested in this and were going to kick it until after the election. And all day today weve been hearing people talk about, stephanie link and others, talk about how we could get a covid bill either way here, either before the election or after, especially in the case of a biden win. But i wonder about in the case of trump win, what would happen then, ilan, do you think and again, keeping an eye on mlm just as a proxy, still up about 1 1 2 i think weve been waiting to see how the president would fall on this once he got back from the hospital he had asked his staff the status of the negotiations were. He was showing interest in it even as he was sick and dealing with battling the virus. But now he is showing that hes not interested in compromising with democrats ahead of the election it is also clear that democrats are very adamant that they will also pass some measure of fiscal stimulus, likely a very large one, if there is a sweep of the party in both chambers of commerce as well as in the white house. So it seems like for the market and for investors theres stimulus coming either way this is really the first weve heard of the president promising a big stimulus package after the election and that could be difficult because one of the concerns that we had heard was that Senate Republicans were sort of balking at the idea of spending another 2 trillion. There was no way they were going to pass anything that had a 2 handle so how big could a stimulus package be under a President Trump and a Republican House and a Republican Senate . That remains to be seen. Its the president laying out what part of his Campaign Platform will be and what his election platform will be. But certainly not trying to give anything away before voters go to the ballot box. Kelly, i know youre going to bring in rink here i just want to turn your attention to the dow because we were upabout 140 points before these headlines came out were now down roughly 300some points it was at onepoint a 500point swing in the dow after those tweets came out. So i know that youre watching that as well, kelly. Yeah. And its interesting, dom, to see how the nasdaq continues to be the underperformer. So the nasdaq down sharply today as it has been all the way through. Again, you could argue if theres no covid relief bill that puts the opportunity for more cyclical rotation out the window but the market not necessarily making that distinction right now. Nasdaqs down about 137 points but its a fluid situation also one of the places were seeing the biggest moves in reaction to this is in the bond market thats why we want to bring in Rick Santelli. Because rick, going into this moment we were talking all about the 10year and the 30year at multimonth highs, a steeper curve, and now some pretty quick reversals here yes but see, not to dwell on the news specifically but to dwell on the notion it gives us insight as to what the market was watching what was the motivation behind Interest Rates moving up now we know in large part its the notion of stimulus and with regard to the president i am sure this is just another bargaining strategy. The president is very much willing to compromise. I think there are other issues here, trying to separate what he deems maybe more importantly what the republicans deem is purely for covid relief or job loss relief versus other issues. But theres no doubt about it. The yield curve and all the long dated treasuries at least in large part the last four or five days have been selling off based on the notion stimulus was closer rather than farther lets bring in bob pisani now for another look at this bob, we saw the Market Reaction here rick rightly points out the 10year yields went from a78 basis points, 79, down to 75 very quickly what exactly does this mean for markets as we head toward the last hour of trading today lou important is stimulus its 60 points on the s p 500. So its certainly very important. Most traders i talked to, and ive only had a chance to talk to a couple in the last 10 minutes, believe stimulus is inevitable, that somehow theyre going to make a deal if not i think the markets going to be down a lot more. I think this is a little bit of a bargaining ploy to put more pressure on everyone to come together with a deal because maybe the deal, the negotiations were stalling, but most traders i talked, to dom, still feel a deal can be done in the near future all right bob, thank you, sir. We appreciate it bob pisani dows down 233 dom, great to have you along, especially on a day like this. Walking us through everything. Dom chu. Thats it for power lunch, everybody. Well hand it off to closing bell to pick up this fastdeveloping story. See you tomorrow kelly and dom, thanks so much for that welcome to the closing bell, everyone im wilfried frost with sarah eisen. The president just tweeting ive instructed my representatives to stop noerk until after the election. Whether that is a ploy or not, sarah, the market is selling off. Were down the best part of 1 on all three of the major averages a sharp turnaround of course from what had been a possession. A possession, sarah, that had been led by the cyclicals. So many of the s