The world. We will talk to the head of a major new jersey hospital that was on the frontier a few months ago and still are. Well find out what theyre seeing there and look at how covid has crushed urban real estate power lunch starts right now thank you, at thtyler. Markets are starting with a nice alley and broad base every sector is higher, except Energy Technology leading the way, up more than 2. 5 hi, bob. Seema, its a rally but look under the hood. Theres a very progrowth bias to this. A lot of the reopening stuff is not doing as well. Were getting what i call a big cap meltup here look at this, facebook, amazon, alphabet, microsoft and the volumes have been on the heavy side for this particular sector, mega caps. But only there lets take a look at some of the other stuff, some of the other what i might call workfromhome beneficiaries. Your costcos, your pay pals, and all of the chips are up here today. This is that pro growth bias you talk about look at stocks that used to benefit from the reopening story, oil stocks not doing anything today most of the industrial, not all, like 3m down, materials like freeport have been rallying. The airlines are not doing much. Most of the retailers are not doing much these stocks were doing very well in the last week and a half this suggests theres less faith in the stimulus story out there. Lets go back to Growth Stocks overall. Growth, mega cap beneficiaries from the work from home story. One thing thats curious, volume in the big trading etfs are up again. That volume is terrible today, only about 60 of normal but value in tech, qqq, the big proxy for growth in Technology Stocks is on the relatively heavy side the important thing is here, the beneficiaries, the work from home, the mega cap stocks, lets buy them, stuff the benefits maybe from the Stimulus Program, that suggests to me theres a little more concern about the Stimulus Program getting inactive bob pisani joining us this hour Speaker Pelosi says stimulus talks are at an impasse. Hi ylan. Democrats are using the fight over the Supreme Court to attack onstimulus democrats repeatedly accuse republicans of trying to ram through her nomination at the expense of Public Health heres Vice President ial nominee kamala harris. Senate republicans have made it Crystal Clear that rushing a Supreme Court nomination is more important than helping and supporting the American People who are suffering from a deadly pandemic and a devastating economic crisis. Harris even got into a sort of twitter beef with gop senator ted cruz who pointed the finger back at democrats who filibustered hundreds of billions in kocovid relief even President Trump said today republicans should speed through these confirmation hearings to focus instead on stimulus. Were not getting exactly the kind of unified message we need to get this over the finish line before the election. Back over to you it seems like the democratic side is focusing on health care, not merely the covid situation but also in some of the questioning what judge barrett would do on the Affordable Care act. Well, thats right. Were seeing that theyre using this confirmation hearing as sort of a proxy battle for the issues they think will help them at the ballot box in november. Whether that is health care, whetherthat that is roe v. Wad or the stimulus and saying why are you focusing on this and making this a priority, even though republicans also consider this to be an election winner. Thank you very much seema. For more on todays rally, how the markets are reacting to stimulus negotiations on the upcoming election, lets bring in our panel joining me is john lynch and Michael Jones. Gentlemen, its good to have you on today were looking at the s p 500, now less than 2 away from a d record high. John, why do you think the market is suddenly less concerned about a stimulus bilk reached before the election . Its kind of concerning youve seen the market today moving so quickly on the growth sector this market is rallying on free money, optimism for potential for the stimulus, but we really have to be concerned about valuations when were well above 3,500 on the s p 500 michael, just two weeks ago strategists were forecasting that a blue wave would be the worst outcome for the equity market, but with todays rally and that coinciding with the latest poll suggesting biden is widening his lead, why do you think the narrative has changed . For one thing, i think investors have looked back at the track record of what has happened historically when Capital Gains have gone up thats the obvious big down side for equity markets if there is a blue wave on increasing Capital Gains taxes. And historically the 87 and the 2013 increases in Capital Gains were associated with a big uptrend in equities. I think people have sort of lost some of their fear of the blue wave, but the challenge is, and i echo johns concerns, the challenge is that investors seem to have lost their fear of everything they seem to be pricing markets as if were going to get a big stimulus before the election, were going to get the fed cranking up the Printing Presses and the election is going to be smooth as silk without any controversy. That seems to be setting us up for disappointment on one or more front john, do you think the market is becoming immune to higher taxes or is it this notion that the fed will be there to provide that support, whether a stimulus bill gets passed or not . Well, stock valuation is always about in our estimation earnings and interest rates. We certainly have confidence in a tail wind. We also have to factor in the Corporate Tax rate corporate profits next year are probab projected to be at record levels but if the Corporate Tax rate goes to 28 , as the biden camp has mentioned, that could make gains suspect. Have you made changes, perhaps going for more domestically focused stocks, if you will, looking at the small cap index, already up 8 so far this month so i think the big issue that in terms of concern about taxes and earnings and so forth, you kind of have to divide the world into preelection and post election as i look forward into 2021, i think johns points about Corporate Tax is absolutely valid, but i think those concerns can be overwhelmed when you get another covid19 stimulus bill, get the fed cranking up another trillion or 2 trillion, that is more powerful than the headwind of Corporate Tax increases. The challenge that i see is im not sure any of that happens until we get through the election and if we go into the election and both President Donald Trump and Vice President have said they will not necessarily just accept what happens on november 3rd. There could be a protracted legal dispute and if we dont have covid19 stimulus, if we dont have the fed cranking up the Printing Presses before that kind of political uncertainty, thats where i think were vulnerable for a pullback and potentially an ugly one if the controversy over the election is significant enough john, last question to you. Technology leading the way here today with facebook, apple, amazon up 5 to 6 this idea that if the democrats get more seats in the senate and this notion that the Tech Industry should brace for more regulation, how could that cloud the outlook for these Large Technology companies for the large tech companies, it certainly could cloud thats why i think youll have to separate within technology who are the beneficiaries of cyclicality or growth and if you think about separating, for example, semiconductors or software, you may have an opportunity there. But potential for an increased stimulus package an Infrastructure Structure package, rather, could broaden potential as well. Caterpillar less than 5 from its record high. Thats a good point there. Thank you for journiining us to jor john lynch and Michael Jones coming up, covid cases are spiking in the world fridays number of 350,000 new cases was the most ever for a single day we will get the latest numbers and talk to a Hospital Administrator about what they are seeing right now and shares of regeneron have soared this year as the Company Works on treatments for covid19 but insiders have sold millions of dollars of shares what the company says about that is next on power lunch. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Before money, people and ttools, cattle, grain,day. Even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Seven months after the u. S. Shut down to stop the numbers of covid, the cases continue. Cases are increasing now just in the u. S. , but in the u. K. , colombia and in the netherlands even though cases of coming down in brazil and india. In the u. S. , cases of tracking up, hospitalizations are starting to tick up. Deaths are declining on a daytoday basis but that is a lagging indicator and follows behind the trend by a week or two. In terms of reej in a trend, you a are seeing cases tick up the midwest is the most pronounced and states like wisconsin, north and south dakota, nebraska, montana, among cases that are hitting peaks in their seven day averages, guys so these trends are really concerning all around the country. A few weeks into september, after folks might have gotten together for the big holiday weekend, were now seeing cases really spiking back over to you meg, thanks we also want to ask you about regeneron, whose name has been in the news very much lately because of the Monoclonal Antibody cocktail that the president receives a lot of insiders have sold their shares, selling shares after President Donald Trump praised the companys treatment. What do we know about these stock sales and even sales by the chairman of the company in. Two stock sales were reported from an executive and director, about a Million Dollars worth of proceeds these were preplanned stock sales that were specifically triggered by a stock hitting a certain price. October 5th, after the president talked about using this treatment for covid19 and it did lead to a stock spike. Now, the ceo was also reported earlier in the year back in may to have exercised options that yielded a gross proceed of about 86 million. Thats a lot of money. The Company Tells me that was a tranche of options granted almost a decade ago and would have expired if he hadnt exercised they will. They say he typically hold his options as long as possible. He is a founder of the company but when you see performance like youve seen for a lot of these Companies Involved in making drugs and vaccines for covid19, theres going to be a lot of questions about stock sales, something weve seen from moderna as well. Thank you for following that up, meg. We appreciate it coronavirus cases also spiking. Nearly 17 in new jersey in just the past week, but this as testing is up over 700 . Lets get an update now from someone who runs a Major Hospital in the state. Michael marin is the ceo of holy center in new jersey what are you seeing in terms of case counts and icu and so forth . Like everybody else, we are seeing a slight uptick most it have is what i would consider incidental findings the hospitals have all increased their prescreening processes any patient now coming back in that were reopen, before they have a procedure done. So were finding people who are asymptomatic testing positive on those tests and weve had a very small number in Critical Care the mashlgts of these people are held for observation for several days and then sent home. So these are not people who are coming in complaining of symptoms of koef individual, they are people that you are finding as you screen them for surgeries or other procedures, right . Correct correct. We have seen very few symptomatic people now, that said, just in the past week weve seen a slight uptick of people presenting with symptoms most of them are coming from the tristate area. People are coming to holy name because of our robust Clinical Trials that we have and the reputation that weve generated around this. Theyre not from the northern new jersey market per se were watching it very closely have you been using in any of the cases that youve seen the cocktail that President Donald Trump received of remdesivir, dexametho slt dexamethosone . What is your experience with those . Regeneron, we were the first u. S. Hospital to enroll someone in the regeneron study beep have about 30 patients that have gone through the study at various points its a blinded, randomized study. We dont know who is getting the placebo and who is getting the drugs. The physicians feel it very prol is to draw conclusions just yet with remdesivir. Timing on giving these drugs is most critical. I see in my notes that you remarked that the virus itself seems to be maybe a mutation but it seems to be more diejocontags than the earlier versions you saw but less lethal is that decline in lethality because the virus is different or because of the modes of treatment we know that the virus itself has mutated. Its at the 614 gene mark there was a transition that mutation belongs very strongly has made it more infectious so we see that being infectious. Everybody is still a little hesitant to opine on whether its less lethal because the science lags what we see i can tell you what we see in our e. R. , while testing is up and were see the same right rus virus, its not the same as we were seeing in march and april im curious what changes youve made to your infrastructure, icu beds, to see how you can accommodate patients we added over a hundred Critical Care beds, all negative pressure rooms, high visibility for staff, preservation of ppe we still have those rooms in tact were finishing up renovations that we started hastily in the middle of vo reasonable doubt and for negative pressure, higher ability and to preserve ppe. All of that is pretty much intact weve been stockpiling ppe we continue to monitor all of our studies and we keep these eight Clinical Trials quite active michael, i had forgotten until you just mentioned it that you had the illness early in its run, lets call it are you experiencing any aftereffects, any fatigue, any mental effects, any loss of taste or smell anything no. So im one of the rarer findings ive manage today to people who have i have no symptoms whatsoever i have no lagging effects. My Energy Levels are greater now than they ever with. My elt is probably one so right now im doing okay well, were glad to hear that all good to see you. Checking ba Michael Marin of holy name, a place where they fixed my knee a few years ago. And tune in later for an interview with dr. Anthony faufy. Coming up, one of the best performers on the down are take a look at fab, am and apple, all posting big gains. Power lunch will be right back hmms and ahhs heard incall. That selling carsarvana, 100 online wouldnt work. Hmms and ahhs heard incall. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. Thats why weve become the nations Fastest Growing retailer. Because our customers love it. See for yourself, at carvana. Com. But a resilient business you cacan be ready for it. Re. 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 quickly to the cloud. Or the City GovernmentGoing Digital to keep Critical Services running. You are creating the future on the fly. And we are helping you do it. Vmware. Realize whats possible. Welcome back to power lunch how should investors trade the Health Care Space . Lets bring in the trading team to discuss boris schlossberg. Dro drug pricing reforms your take. Im a little cautious on betting on a full democratic sweep on a state level but if you were to sort of forecast that, yes, you get a big blue wave, biden wins and you get a big democratic sweep, then i think its actually not bad for the Health Care Sector because the ultimate end goal here is there will be more people having health care and there will be a bigger buyer of health care in the form of government as we go forward. So i think they figured out they will have regulatory con transts but the end mark will be much bigger and in the end theyll be able to create more value. As far as protecting your portfolio and places where you wont get hit by a kneejerk reaction, i like the vaccine maker. If biden wins, hell create a world war ii effort to inoculate everybody and have the state pay for it, basically make it completely free so he encourages everybody in the world to get a vaccine. And out of that, i think hannify will be a big beneficiary of the first blue wave if we get one. Bill, youre sticking to biotech. Why . I dont know about a democrat blue wave but i like stocks making new alltime highs. You have ivb out above 135, which roughly is that 2015 high. But with the election coming around the corner, you have to be prepared for volatility we break below 135 money look at that 125 area, a level recently tested, a good area to be a buyer. Ihi is making new record highs as theyre making new record highs, youre getting nice confirmation to buy. I bought some today. But ultimately 280 is that floor you want to be looking at. 280 would be a point to be prepared to buy at bill and borboris, thank you. Seema, ahead on power lunch, apples time to shine. The iphone maker set to announce a new line of devices tomorrow well take a look at that as well as the other big headlines in tech on a day when the Big Tech Companies are leading the market higher pl plus, 60 employees leaving the crypto culture leaving and why urban Office Vacancy rates are on the rise and suburban vacancies are on the rise all this when pl returns now the latest from trading nation on cnbc. Com a double top is a chart patte pattern, sometimes called an m formation, it consists of two welldefined peaks at approximately the same price traders often view a break of the lowest low as a bearish signal schwab is the better place for traders. Yeah, thats half the fun of a new house. Seeing what people left behind in the attic. Well, saving on Homeowners Insurance with geicos help was pretty fun too. Ahhhh, its a tiny dancer. They left a ton of stuff up here. Welp, enjoy your house. Nope. No thank you. Geico could help you save on homeowners and renters insurance. Welcome back, everybody. Im sue herera heres your cnbc news update at this hour. From march to july at this year, the United States had 20 more deaths than expected thats according to a new study. That adds up to a death toll of more than 225,000. Only about twothirds were documented covid19 deaths scientists the rest could be from unckoconfirmed coronavirus cases or medical disruptions during the pandemic. Wisconsin is denying billions in tax credits to the Chinese Company foxconn. And the Atlanta Falcons are looking for a fresh start after losing their first five games of the season they have fired the head coach, dan quinn, and general manager and Defense CoordinatorRaheem Morris will take over for quinn on an interim basis. This is the worst start for the falcons since 1997 it was not pretty. That is the new update this hour seema, back to you thank you so. To the markets we turn were starting the week with a big gain, the dow up more than 300 points, the s p higher by 2 and the nasdaq right near session highs up more than 3 on track for its best days since august 29th. More on the tech rally coming up for now lets turn our attention to the oil market closing for the day. Hi, seema Oil Prices Falling as the supply concerns begin to ease wti is down more than 3 intermediate crude oil futures for the world benchmark, thats coming off their best Weekly Performance since june theyre down nearly 3 the drop in prices come as u. S. Producers begin restoring production after hurricane Delta International internationally, a norwegian strike and contributes in the drop of prices were seeing today. Back over to you thank you very much, frank. Big tech back to driving the nasdaq higher today and how. Facebook, alphabet, apple, amazon, all higher by large amounts and all higher by more than 5 . Big tech ignoring for now the potential for increased government regulation, both here and abroad here to talk tech joanna stern and jason ware as we look at the Companies Leading the dow and s p 500, its the same names basically out of Technology Day after day after day. Its facebook, its alphabet, its twitter, its microsoft, its apple and maybe one more and amazon is that a worrisome sign to you . Has the cowardly lion got just more courage than it deserves . Hi, that tyler. This september we did not see these large Technology Stocks lead weve seen some rotation within the market away from those large cap growth and more cyclical and value names. But by and large youre correct. They have led the market for many years and continue to lead in this pandemic and on a year to date basis not being in this mega cap Technology Stocks has been a mistake to us it doesnt make us nervous to see that kind of leadership most bull markets are led by a small group of stock if you go back back to the mid 1920s, about 4 of the stocks in the publicly listed space result in almost all of the gains for the equity market. So its actually not unusual to have that kind of leadership in a bull market. So if youre assembling a portfolio of individual securities as many of our views do, jason, should two or three or all five of those five horsemen be Core Holdings in your portfolio or do you have one or two that youd say you got to be there but maybe not there . So for us specifically we own apple, we own amazon, we own alphabet and microsoft we do not own facebook i think you can pick and choose the best companies within the Technology Space its really the same process across all the sectors thats not Just Technology but Consumer Discretionary or industrials, financials. You want to make sure that once you screen for the tail winds within a sector that merits tilting that way, you find the comfort within the Industry Groups that are the best and brightest to own i dont think you have to own all of them but you certainly want to have exposure to the ones you think have the widest and best returns on capital that arent overly expensive on a valuation basis. Putting your companys money where your mouth is. Like to see that joanna, lets turn to you and last week the house subcommittee came out with a 400 pluspage report i conditiant tell you i read ey line of it, far from it. Is this the precursor or will regulation from the ftc on facebook and amazon and those Big Companies . We dont really know whats going to happen here i think what you said is accurate we dont know if its going to come is the sec or ftc the report was very clear that those two experiences hold monopolistic power and the others are certainly a threat, both amazon and apple, but these other two Mega Companies have used their power to extreme benefit. So i guess the question that comes into my med is are they big because theyre good or big because theyve been bad joanna i think its a combination of both of those things i think they got big because they were good we can all four of the companies, we all use their products in some shape or form and i think that was because they were good jason talked before about our reliance on these companies during the pandemic. Theres a reason for that. And of course how they used that market power and how they used their value, in some cases it might have been bad. I think im very interested in the consumer impact, what this has on users because, really, thats what built here we began using these products, relying on them, built ad networks around them do they break off certain products does that impact consumer or customer benefit or our use of these products like a Google Chrome or insta grgraminstagram . That remains to be seen how the regulation will play out lets do quick questions, quick answers from both of you apple, a big Product Announcement tomorrow, what do you expect we expect this to be centered on iphone after the last event in september, everyones certainly anticipating the 5g phone. Theyre probably going to release four different phones at different price points and different quality of components and cameras, et cetera this is the upgrade everybody is waiting for. About a third of the base hasnt upgraded there phones and we think this is going to be like the super six, maybe better. Joanna . Im not sure if its going to be a as big a cycle as at six. But four phones, 5g, new designs. This is a full new design, not like the last couple of phones there. Then i think the big question is around these four models what differentiates them all. Why do we need four different iphones on the market . Joanna and jason, thank you very much. Seema. Still ahead, solar stocks getting hit with some shared those names and more on the movers and why multiple employees are leaving the company after comments from its ceo. Back in two. Aflac. These are all the cab rides to my physical therapy. And aflac paid me directly to help. Aflac. What he said. And this unexpected bill is from. The twothousanddollar specialist. Thanks. Aflac. When youre sick or injured, aflac is there. We can help with Expenses Health insurance doesnt cover. Get to know us at aflac dot com. Its got all my favorite shows turn oright there. Boom, i wish my Trading Platform worked like that. Well have you tried thinkorswim . This is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. Keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo time for todays power moveremove move movers ford getting a bullish call. And twilio surging on news that it will buy Customer Data platform segment for 3. 2 trillion and solar stocks in the red today after President Donald Trump signed a proclamation to revoke tariff exemptions for some solar panel imports some of those names down nearly 10 as a result. Seema, after the break we have an jaupdate to a story we been following closely joinbase facing off with ceo after activating access in the office and urban apartments and vaca y vacancies are outpacing suburban areas. Those details when power lunch comes back as business moves forward, were 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. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Taking california for a ride. Companies like uber, lyft, doordash. Breaking state employment laws for years. Now these multibilliondollar companies wrote deceptive prop 22 to buy themselves a new law. To deny drivers the rights they deserve. No sick leave. No workers comp. No unemployment benefits. Vote no on the deceptive uber, lyft, doordash prop 22. One ride california doesnt want to take. Welcome back, everybody. Last week coinbases ceo telling employees they were and political discussion in the office and now, 60 employees have taken him up on the offer. Kate rooney has more kate tyler, coin base is lose being 5 of its work force due to the ceos new stance. Brian armstrong, head of the Cryptocurrency Company made waves early in october after saying coin base would not engage quote unrelated to their core mission that of course includes politics and social activism. In an email update to employees last week armstrong saying 60 people took the offer to leave with a few months of severance if they didnt agree with this new policy he said there is still a handful of quote other conversations on going. He says the company will emerge as quote more aligned and it was a chance to rearticulate and clarify cultural norms he acknowledged some of the lines are blurry and asked that employees use good judgment. The goal he says is not to look for violations but to support employees in adapting to these clarified expectations n. A tweet, armstrong responding to questions that the 60 free agents could now go off and start competing companies. Around strong saying he supports it and he would love nothing more than for there to be more crypto businesses. Byes back to you. Kate, let me ask you a question here. Im not sure, where does this ban on political activity or political speech begin and end is it only in the workplace during working hours or does it extend to what i might do on my ownsome account or whether i might attend a demonstration or another or campaign for one candidate or another in my spare time. That question has clearly come up at coin base. In the email, Brian Armstrong said he had to clarify some of the frequently asked questions that was among them. He said the lines are blurry and you have to use your pest judgment they will do a case by case basis. People have to have opinions outside of work. The question for coin base is at what point do you stop it within the workplace. A fascinating story. Kate, thank seema, take it away. A fascinating story kate thank. More and more companies are working from home. We will dive deeper into that story next dont forget you can always watch us or listen to us othe n go on the cnbc app well be right back. Hmms and ahhs heard incall. Hmms and ahhs heard incall. With this seal, this restaurant is committing to higher levels of cleanliness. The expertise that helps keep hospitals clean, is helping keep businesses clean too. Look for the ecolab science certified seal. Coronavirus continues to change the way people live and work and the suburban migration is now greatly impacting urban areas. Urban apartment vacanty and urban Office Vacancy rates are greater than suburban for the first time ever. Joining us now to discuss, the president and ceo of markets milichap you said this trend away from cities to suburbs was a shortterm trend in response to a Health Crisis. Three months have passed and a number of employees and companies have not returned to work curious what you are seeing now in major metropolitan cities when it comes to real estate. Three months is a short window of time, especially in the middle of a pandemic you are suitly right in that it is taking longer than anybody had hoped for the economic recovery and of course the solution for the Health Crisis to be broadly distributed. Were months away from that, of course and as the economic pressures keep building, of course the residual effect in commercial real estate is showing up. Nowhere more than in urban markets. We are seeing very few companies asking workers to come back into the workplace in urban market because of Public Transportation still being an issue, because of the fears of the spread of the virus continuing to be a very serious issue. And in the foreseeable future until there is a vaccine, until there is an acceptance by the public of the medical solution thats going to get perhaps even worse. My comments about the long term still stand that if you look at any time in history where we have had these kinds of shocks, unexpected windows of time we eventually recovered from it it could be a while when it comes to urban apartments, urban Office Buildings and suburban retail or hospitality. Those segments of commercial real estate have been hit very hard it is going to take a time before they see any recovery that said, there are markets that benefitted from the pandemic if you can believe that. What markets are those, the ones that are benefiting. In a nutshell, necessity retail, fastfood restaurants that have drivethroughs. 50 to 70 of restaurants business come through drivethroughs. Those have done very well. Also apartments. The collection of rents has been better than expected better in the suburbs than in the urban markets of course. The major issue for the urban markets right now is the exodus. People are actually looking to relocate for apartments in urban areas where they have shortterm leases thats an issue for Office Buildings where they have inplace leases that on average have another four years left those tenants still have to pay rent so they are not under as much stress as they are on the apartment side. An interesting area to watch within real estate of course we are sewing sl adrian one of the major office reits down 45 this year that obviously tells thester appreciate you joining us today to discuss this migration from cities to suburbs. Tyler, to the market, still seeing a 300point gain for the dow. Yeah, up 3 on the nasdaq at this hour as those horsemen nasdaq keep pushing forward in a market that seems one of the guests earlier i think you were doing the interview, the market seems to have lost its fear, completely lost its fear. Now ahead of an apple Product Launch tomorrow. We have amazon prime day interesting to see how the company Product Launches and events could change the narrative to the stock specific stories away from the macro larger risks around an election, and a blue wave. Yeah. We have been talking a lot about macro risk, stimulus, no stimulus, economic recovery, v, k, square root, whatever but tomorrow we are going to start to see the first earnings reports that come out of the banks. I believe it is jp morgan and a couple of others later in the week we will pivot into other Large Companies we will get a real sense of where the economy is in terms of corporate profits. That, at bottom line s what drives stock Prices Higher the earnings are going to be worse than they were last year would know that. The question is how much better than the dire forecast might they be as a lot of the folks are upgrading their forecasts for earnings. Yeah, as you say it is all about folks, that does it for power lunch. Go ahead, finish your thought. Im sorry. It is about what the expectation is on wall street. As you say, profits may be down, but better than what wall street expected that could certainly give a lift to the market here tie. Seema, great to be with you today, appreciate it it is time now for wilf and sara, and the kbel. Tyler and seema thank so much welcome to the closing bell, im wilfred frost aloong with sara eisen stocks surging to open a new week of trading the nasdaq up a 3 move heading into the final hour of trade. Tech stocks leading the gains ahead of a massive week for the sector apples big product event and amazons prime day both kick off tomorrow it is a new week but stimulus still a major focus for investors despite