Themselves on the wrong end of a judges decision in california it is friday, october 23, 2020 and you are watching Worldwide Exchange on cnbc good morning, everyone. Im seema mody in for Brian Sullivan we kick off your friday morning with a look at stock futures, the dow up currently about 75 points the major averages august coming off their second positive day in three. But looking to end the week in the red. Here is how were set up the dow and s p are on track to snap a three week winning streak, the nasdaq on pace to break a four week winning streak for its first worse week since september. Part of that is apparent rotation out of Technology Take a look at the ishares and momentum etf, it is down more than 2 this week. And on pace to snap a five week win streak the etf tracks tesla, apple, amazon, invidia and microsoft. But not to be out done, First Trust Dow jones Internet Fund is now down about half a percent for the week eyeing its first down beak week in five financials and regional kre are both coming off their best day since july 21, the latter up around 7 . So certainly seeing some movement in the financials and energy is surging coming off its best day since july 21 you can see up 4 yesterday. And were watching the Home Builders that had a really strong run this year, but trading just about flat right now premarket, ishares Home Construction etf is down about 7 this week and on pace for worst Weekly Performance since april. Asia ending mixed. Trading in europe is just getting started. Lets send it out to Steve Sedgwick in london for a look at early trading. Great to see you seema, great to see you not that i dont like sully, but lovely to catch up with an old friend like yourself as well european markets had an absolute dwr drubbing as you can see behind me, were trying to float the boats of a bit of a rally and it is actually a broaden compassing rally despite the inheritance from intel daimler, are a novembrenauld ous as well. And what a rigde on brent and wti. And also the banks are rallying as well. Let me show you barclays here, a lot of our viewers are aware of this one, the three month move, in session, weve halved the last quarter performance, up 6. 5 and i spoke with the boss at barclays and he is pretty happy because a lot of things are moving in the right direction. We saw with Goldman Sachs and others that their markets, their vision going well. And equities up 40 as well. Fixed income currencies, up 3. 1 and in the world of zero interest rates, the Net Interest Margin is key on both sides of the Atlantic Barclays is still making a interest margin, name, of 2. 2 and that is quite respectable. It certainly is have a great weekend back home, a new development in the fight against the coronavirus. Leslie picker has that story and among other corporate headlines. Good morning, gilead says the fda has given a green light to its drug rechl oig fnminbcomme treatment of those who require hospitalization. It was also one of the treatments that President Trump received when he contracted covid just a few weeks ago you can see there shares of gilead up 6. 8 in premarket trading. Wells fargo is reportedly exploring a sale of its Asset Management business, the possible sale would be the biggest shakeup since former bank of new york mellon chief joined the bank last year the Asset Management arm could reportedly fetch more than 3 billion. And u. S. Antitrust officials are nearing a final decision on whether or not to bring a lawsuit against facebook accusing the company of using its dominant position in the marketplace to hurt competition. Ylan mui reports ft commissioners met yesterday to discuss a potential antitrust case a source tells cnbc that they have not decided whether to move forward, but you received information on the pros and cons and potential wram iftential raf an anti trust suit shares just fractional higher this morning and to the campaign trail and last nights second and final president ial debate. Much more civil affair than what the American Public wilted thtn three weeks ago, but no less contentious. Tracie potts is joining us with the highlights good morning reporter hi there, good morning. So this was clearly a different debate than the last debate that we saw the moderator kept things moving along, mics were muted during responses. And President Trump seemed to back off and follow the advice of his own team to let joe biden speak. In fact, it appears that was part of his strategy the second and final president ial debate, calmer than the first, with both candidates insisting character is on the ballot you know who i am you know who he is you know his character, you know my character you know our reputations for honor and telling the truth. I am the least racist person in this room reporter this time there was is substantive conversation on a number of issues including coronavirus. Were learning to live with it, we have no choice. We cant lock ourselves up in a basement like joe does learning to live with it . Come on. Were dying with it because hes never said it is dangerous reporter and katthat iran a russia are trying to interfere i made it clear any country that interferes in american elections will pay a price they will pay a price. Reporter also at issue, the president s taxes. I prepaid my tax. Over the last number of years, tens of millions of dollars. I prepaid. Hes been saying this for four years show us. Just show us stop playing around. Reporter both claim they dont take foreign money i closed the account before i even ran for president let alone became president reporter and on the minds of american families, health care joe biden is going to terminate all of those policies. These are people that love their health care. What im going to do is pass obamacare with a public option, become bidencare reporter the final debate before america decides who w should lead. Today President Trump is back in florida, he is doing a couple rallies down there george w. Bush back joe biden will be in delaware doing a speech on covid and the economy, continuing to hit the theme that he thinks the president has not been a leader, that his leadership on this has been lacking and it continues. Thank you. And sticking with the laeksz a election and your money, the next guest says correlation w h suggest that the markets are warming into a he potential democratic sweep, but he cautions that assumptions over the election can be dangerous. Craig johnson at Piper Sandler is joining us this morning craig, layout what the charts tell you about how investors are digesting the latest polls and now this recent debate yeah, so it is very interesting, if we go back and look through history, you can clearly see that having a democratic president has historically been stronger for markets. And if you look through markets right now, the trick and treat as we see is simply this, the sweep would be a democratic blue wave coming through and the trick would ultimately be that the polls are wrong, once again like they were in 2016 and under that kind of scenario, you see a perhaps divided congress remain in taktact and would be positive. I think the market would like to see gridlock as we look through history, i think that we have a market that has sort of gotten a little complacent you were mentioning the charts earlier and some of the early monologue you had. And you look at a lot of the larger cap stocks. They have not been performing well there are lower highs in a lot of faang stocks. Leadership is sort of changing a little bit ten year bond yields are moving up, weak for the housing market. So the market is trying to digest what it could look like under a biden victory. From my perspective, i think this market could have a little bit of a short term set back meaning that we move into this election, it is probably an election that play not be contested, but may take a while to get all the votes calculated. And under that scenario, the only period that you can look back at history and sort of put this into a context would be 2000 and in 2000, you saw the market fall a little under 12 , oil prices came in 23 , ten year bond yields fell about 95 basis points pchb and th points and then you have a strong rebound the type of stocks that did well why, financials and energy, what does that tell you about where investors are placing their bests. That is a terrific question and it tells me it that under that scenario, the financials could do a little bit better but again, bringing back these large cap names, apple, amazon, lulu, these names look like they are either making a double top or lower high than the year before, but i would think that under the market model, which we position highlighted in this months publication we sent out to clients, that when the market is higher, three months heading into an election, you typically see your incumbent candidate typically get reelected. So under that scenario, the market would say trump would be reelected and that would be positive for the financials ultimately and perhaps that is what some of the market message could be coming out to play. And again, trying to digest all this news is very difficult and looking at the poling at the pod comparing it to the market is a challenge. There is a bifurcated set of outcomes from my perspective as a person that looks at charts for a living, im going to stick with what the market message is telling us and i think right now it is suggesting that well see programs the incumbent reelected again looking at the data. Well see if you are right. Craig, thank you for joining us. And when we come back, why shares of intel are getting ready for a rough open this friday morning, down 8 in premarket plus with the Airline Sector under pressure, why one industry Hedge Fund Sees opportunity in this sector. And later much more on last nights president ial debate and what it means for the markets, your money a busy hour ahead. We started goodrx in 2011 because too many people in the United States cant easily get to a doctor or afford the treatment they need. Thats why goodrx has built a leading consumerfocused Digital Healthcare platform. We wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. As a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford. Lets get a check on some of the stocks on the move intel taking a tumble. Leslie picker with the details intel reporting a crop in Third Quarter profit and revenue in line with forecasts, but sales from its Data Center Business sank and the Fourth Quarter revenue outlook is below analyst estimates. Also being hit by consumers shifting to cheaper laptops, shares falling sharply this morning. Jon fortt will interview bob swan today on squawk alley at 11 00 a. M. Capital one posting better than expected Third Quarter earnings and revenue, the credit loss provisions falling to about 330 million for more than 4 billion in the second quarter. Paypal is on the hunt for bitcoin. Bloomberg reporting it is exploring the cryptocurrency code deal applies is unclear, bitco last raised funding at a valuation of 170 million. Earlier this week, paypal announced that it would allow customers to buy, tellingsell a cryptocurrency on its network. And still on deck, a 2,000 switcharoo at one of new yorks most iconic eateries, and other top trending stories coming up. Kaidtodays big number 157 million. That is how many votes predicted estimates will be cast in the 2020 president ial election that would be a 20 increase from 2016. For skin as alive as you are. Dont settle for silver gold bond champion your skin airlines are out with Quarterly Results and they continue to reveal the impact of the pandemic on the sector with southwest yesterday reporting its biggest loss ever, the stock under pressure this morning as are some of the other airlines joining us now to discuss the outlook for the sector, Peter Mcnally for industrials, materials and energy at third bridge a pleasure to have you on, peter. First to southwest disappointing report is that what we should expect from other airlines that are getting set to record next week . Good morning, seema yeah, it has been a disappointing sector for i think obvious reasons. The good news for southwest is that historically it catered to the Leisure Traveller and those are only the travelers that were seeing today business and long haul sbr international are more important for united, american and delta, and that does not show any signs of coming back anytime soon, particularly with europe locking down again there are encouraging signs around holiday july 4th was good, labor day was good, we have thanksgiving and christmas ahead. But it is still a tough business yeah, and at the same time, they are making changes. Swept yesterday announcing that it is bringing the middle seat back, American Airlines has done the same but to your point that Leisure Travel is doing much better than business travel, that is not expected to come back until sometime in 2021, if that could discourage, bringing that middle seats back, could discourage travelers from booking a flight, the idea that you may not be getting as much space on board well, it is apparent that will t lot of the airlines cant make money without that middle seat southwest is in a little better position with its costs and its 737 fleet. But, you know, the rest of the airlines, it is just going to be much more difficult. And the Bigger Airlines need these business and International Travelers to come back and it has been a little bit discouraging, executives seem to have coalesced around the idea that 10 to 20 is never coming back and our thinking that it was down 5 to 10 prior to this and so without that middle seat, it will be hard to make money, but this industry is finding different ways to adapt all the time best name to invest in in this sector . Who has donees best job at perhaps not only managing its final situation, but position being good at also marketing its products our experts have focused on two things, it has been Balance Sheet and fleet capabilities and southwest does well on both fronts whereas most people would think things like american and united will have a much more difficult time with their large long haul fleets that are geared specifically for that Leisure Traveler and industrials set to report next week and im curious if you think the likes of 3 m and caterpillar that have had still a strong runup over the last four weeks, a stock like caterpillar is less than 6 away from its record high what do you expect from these names when they report next week in. Well, i think specifically for caterpillar, if you look at their customers, right, the mining companies, copper, iron ore, gold, these commodities have been strong and it has been both some supply issues, but also demand has been quite good. China has come back. So i think that outlook while in the short term caterpillar obviously faces some issues as you highlight with cash burn, Commodity Prices are the real big story there. So i think that explains why weve seen this rapid recovery in caterpillar and well see if it can continue with results out on tuesday, 3 m out as well peter, appreciate you joining us Peter Mcnally. Happy to be here. Straight ahead, we head back to nashville following last nights second and final president ial debate before election day the issues that matter to wall street after a civil but no less contentious evening between the Candidates Plus take a look at this mornings mystery chart with a stock up nearly 6 in premarket, we reveal the name to watch when Worldwide Exchange returns. A final faceoff as President Trump and former Vice President biden go head to head in the second and final president ial debate before election day key takeaways, coming up and stocks trying to keep their win streak alive as investors digest optimistic news around the fight against covid19 and our treasury hunt finally comes to an end, after more than 50 year mystery. Youre watching Worldwide Exchange on cnbc. Welcome back, im seema mody in for Brian Sullivan futures are higher pretty much across the board, the dow up 119 points, set for a triple digit grain f gain for the dow looking to end the week in the red, the dow is on track and s p both on track to snap a three week winning streak. And nasdaq on pace to break a four week winning streak for its worst week since early accepts a september and the msci momentum is down more than 2 this week and on pace to snap a five week winning streak this etf tracks all the big names like apple, tesla, amazon and microsoft. So search ocertainly one to wath financials, the kbe and regional are both coming off their best day since july 21, the latter up nearly 7 since monday and also catching investor attention is a rise in bond yields, and that sent hoemd build builders lower ishares etf down nearly 7 and this could potentially be the stock of the day as shares of gilead are surging as the fda has given the green light to its drug remdesivir for dream for patients requiring hptizatio hospitalizati hospitalization. This is the first and only approved coronavirus treatment in the u. S remdesivir was also one of the treatments that President Trump received when he contracted covid just a few weeks ago take a look at the chart gilead up 6 in premarket and phillip mina is live with the latest headlines. Colorado is now battling the two largest wildfires that state has ever seen. Powerful winds have caused this fire to grow dramatically over the last 24 hours. At times erupting at a rate at 6,000 acres per hour that is nearly 80 football fields per minute. Only smaller than the cameron peak fire which is burning only ten miles away from there and there are growing fears that the two will eventually merge. The fast moving flames are forcing more evacuations at least 50 structures have been destroyed so far judge Amy Coney Barrett is one step closer to becoming the next Supreme Court justice thursday republicans on the Senate JudiciaryCommittee Voted Unanimously to advance her nomination to the full senate even as democrats boycotted the vote a final vote is expected monday. And finally to the play that everybody is talking about from thursday night football, the giants quarterback daniel jones breaks through the eagles defense running free he to the end zone, feet dont fame me now, he was going to score but turf monster got him, he trips shorts of the goal line. Giants would eventually score on that driver. The eagles made it a game down 2 2110, but the big play is here less than a minute left, touchdown carson wentz to boston skots for t scott for the score. And if this year could be elbowed by a football plelbow emboyed by a football play, i think that we just saw it. There are a lot of as to beings on the move this morning including big demand for barbie doles. Thats right, mattel reporting a surprise jump in Third Quarter sales, revenue rising 10 , biggest increase in a decade the toy maker is forecasting more growth this Holiday Season as retailers rush to restock shelves with barbie and other toys in high demand from kids stuck at home amid the pandemic. Shares of seagate are falling. The company says covidrelated costs remain a head wind for margins, but slightly better than originally expected a California Appeals Court says uber and lyft must treat their drivers as employees instead of independence contr i contractors. This is two week before the voters will be asked whether to exempt them. And back to nash victim and la nashville and the final debate, the candidates striking a morev nashville and the final debate, the candidates striking a more simple tone, but they still clashed on topics like Climate Change and how you to manage the economy with covid19 cases still on the rise. Kayla tausche is joining us with the highlights good morning. It was a fast paced addrend substantive 90 minutes joe biden sought to strike a contrast with the inconsume xwent bent on policy and personality and that was apparent from the outset especially on this notable exchange. Policy and per. And that was apparent from the outset especially on this notable exchange were about to go into a dark winter and he has no clear plan and there is no prospect that there is going to be a vaccine available for the majority of the American People before the middle of next year. President trump, your reaction he says you have no plan we wont have a dark winter at all were opening up our country were learned and studied and un understands disease. Also robust exchanges on health care, minimum wage and business overseas, but most largely spoke to eachs base the. For the limited share of those undecided voters, there were a few moments that they may hang their hat on President Trump has been eager to win the support of suburban women in major cities. And there was this moment when he was asked about the administrations policy of separating high grant childrinim their parents at the border. They are so well taken care of they are in facilities that are so clean and for have not vice presidn who has cam pinned heavithey can pennsylvania, he was asked about Climate Change and his push for Renewable Energy, and he made this comments toward the end of the debate that stood out. It has to be replaced by Renewable Energy over time over time. And id stop giving to the oil industry, id stop giving them federal subsidies. That was a notable moment, it came near the very end seema, President Trumps Closing Argument was the former Vice President has been a career politician, if he didnt get it done in eight years, how will he do it now. Well see whether voters buy into that argument yeah, more ground was certainly covered in this debate versus the prior but im curious, with 46 million voters already having cast their balanci ballot, how much this debate could really change the needle the share of undecided voters at this stage of the game is really a single percentage point. But that was why those two which changes that i highlighted were so notable because there are these specific demographics that each is trying to go after you can see that they are trying to crisscross every single one of these battleground states multiple times because they know those votes are critical, they know that many of those voters are undecided and it will be those voters who will be casting their votes on election day. And joining me now with more reaction, Deval Patrick and also joe watt continuki watkins good to have you both on with biden leading the polls, President Trump needed a Strong Performance last night do you think he got it i think he betweedid. He did better than he did the last time. Just having a more Civil Exchange i think was beneficial to him certainly his support base will stick with him no matter what, but i think that around the margins, people were more satisfied with his performance that time than last time so i think that he did a lot better this time than he did last time. Governor patrick, minimum wage and the impact on unemployment continues to be a hot topic that is widely debated by economists. Do you think President Trumps argument on raising minimum wage to 15, that being a state decision versus a fiederal decision, whether that argument carried merit at a timing when were still seeing so many states disproportionately impacted by covid19 first of all, just to piggyback on joes comments, i do think the ten was better but the substance was the same the misleading and sometimes outright lying and the cruelty of some of the policies of this administration were on full display. I think when you come to the minimum wage, all of our historic experience shows that when the minimum wage goes up, so does job growth and Economic Growth and that was our experience in massachusetts as well. And for the folks who have heartburn or outright opposition to raising minimum wage, i say r50i li try living on it before you oppose it. We have folks who are working two and three jobs today just to survive. And that is not the america in a joe bid that job envisions and frankly i think most americans envision should be our future and a clear contrast was certainly on Climate Change and energy, President Trump pushing for u. S. Independence and joe biden making the case for this transition to Renewable Energy, how do you think that went on in states like texas that are on reliant on oil well, certainly in places like texas and other places that where oil is important, he didnt make any new friends by his comment which seeks to eliminate the oil industry but i think for the most part the beauty was in the eye of the beholder if you were watching this debate and you were a trump supporter, i think that you were heartened by what you saw. If you a biden supporter and you were looking for him to hit on points that were important to you as a democrat, i think that you were heartened and that is because you at the end of the day, there really arent a lot of undecideds at this point for the most part people are pretty much dug in they know the candidate for whom they will vote and i think they heard pretty much what they wanted to hear and if there is anything left on the margins, with suburban women or with africanamericans, you know, i think that neither disappointed much. I think biden has the upper hand with suburban women, but i think donald trump might win a few fwr africanamerican votes by strir chew of his work with hbcus and also with criminal sentencing reform which is relatively significant. And his attacks on joe biden as it relates to his assusupport oe crime bill in the 90s certainly might tick away one or two points from strevoters of color. But i think biden will get the majority of black votes, but donald trump does well if he sticks offticks off a few pointb swrur chew of the hbcus and criminal sentencing reform and i agree with some of that i will say that this notion that we cant have a clean and carbonfree future bought turning all the lights off is a ridiculous point that we keep hearing from the other side and that isnt approaproven out by experience in massachusetts, we moved aggressively to become one of the most energy fishlgts and gre efficient and green focused states in america. Clean tech jobs was would n s oe Fastest Growing sectors. And texas is one of the largest wind producers we have a better idea with carbonfree future and lots of opportunity to transition people who are in the oil and gas industry today to that future and create great as we go. Joe, one of the biggest Foreign Policy challenges experts would say is china going forward. Do you think we learned more about President Trump or the former Vice President s china policy i dont think we learned anything new with regard to where the dhas s 00 chi china. President trump tried to point out where he thought joe bidens weaknesses where but again, i think if you were a republican, you were pleased with Donald Trumps performance and you liked what he said about china and what he is doing if you are a democrat, i think that you were prone to believe joe biden. So i dont think that there was much in the way of moving the needle there was no new Information Set out last night that i think moved the needle in any significant way. Governor, a quick word. I think that that is right. That is where i am and i think that is where most people were. I think what you saw with joe biden is not just bluster but firmness and an understanding that confronting china if that is the right word is a collaborative undertaking and will require working together with our allies in the region and beyond and that is not the approach that President Trump has taken and i think that is one of the reasons why he has been a lackluster performer in that respect. Joe watkins, governor patrick, thanks for joining us today. Coming up, this mornings top trending stories, including a little mixup at one wellknown new york restaurant that left one diner, get this, receiving a 2,000 surprise. But first as we head to break, some of the other top stories, apples new iphone 12, 12 pro are available in stores today, but you unlike in the past, apple wont let customers line up outside its stores to get the new i phone. Due to the pandemic, employees will hand out reservation forms which times for people to return later. Walmart suing the federal government preemptively ahead of an expected opoid related civil lawsuit from the Justice Department the retailer argues the government is trying to make it a scapegoat for regulatory and enforcement by the authorities and Chinese Fintech Company plans to list on the New York Stock Exchange stay tuned sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. A bit i dont know a billionaire fire sale and a mixup. Leslie picker is back. And if you are in the market for a super yacht, ron pearlman has listed his yacht for over 106 million the boat was built in 2009 and includes a Swimming Pool and outdoor movie screen pearlman said in september he planned to, quote, clean house a move that also includes two new york city townhouses that is a beautiful yacht there. In a new york minute, everything changed for a long lost painting. A Jacob Lawrence that had been missing from a collection since 1960 found by a visitor from her neighbors Upper West Side apartment. The owners purchased it at a Charity Auction back in 1960, the missing piece is now on display he at tat the met throuh november 1 and this is a wild story it at the baltahazar story was served a 2,000 bottle of wine ordered by a table of businessmen. They got the 18 bottle, the owner of the restaurant explained on instagram that he rushed down, was faced with a, quote, i did lemm made today lem made to explain the mistake. I really hope that the businessmen who ordered the 2,000 bottle got another bottle because i cant imagine paying 2,000 and not getting what you paid for a lot of difference between the 18 and the 2,000 bottle that they got. But i also want your reaction to the ron pearlman story not only trying to he will is the yacht, but there are two big townhouses in new york for 75 million. Why is he sort of doing this fire sale right now . As he tells it, he is trying to live a simpler life amid the pandemic but of course youve got people one dering what is really going on here. There has been some speculation that he has some sort of margin calls due that he has to sell and free up some cash for. But it is unclear exactly what the state of his finances are. Now, one of his Biggest Holdings revlon has been in a very precarious situation, its shares down more than 70 just this year alone amid the pandemic but it is certainly interesting especially when you look at this continued churn of items that he has been selling and none the less a beautiful super yacht. Indeed. I wish i had an extra 106 million to purchase that same here on deck, why our next guest says wall street is giving up way too much on this washington election when it comes to your money. And you can also watch or listen to us live on the cnbc app we started goodrx in 2011 because too many people in the United States cant easily get to a doctor or afford the treatment they need. Thats why goodrx has built a leading consumerfocused Digital Healthcare platform. We wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. As a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford. Welcome back it is 5 50 a. M. On the east coast. Stock futures pointing to a higher open. Taking in some optimistic new in the fight against covid19 with fda approving remdesivir for general use to the fight of the virus. In the debate on the issues and plus stimulus talks in washington, a lot to digest here, the nasdaq up about 8 points premarket. But lets discuss further with brian bellsky. The idea that vaccine may not be widely available until sometime next year, but there are drugs and other therapeutics getting fast tracked is that encouraging to you we think it is. At the end of the day, what is the reality in terms of how many people will actually take the vaccine. You look at it relative to the flu and six or seven strains of the flu and how many people take the flu shot i think at the end of the day, this country is in sore need of some credibility and more confidence and certainly there will be a huge part of the population that will want the vaccine to go back to work or feel more confident, but again, the work that the administration, the fda has done, is unbelievable relative to history and we should all be patting all of ourselves on the back and giving ourselves some credit in terms of how much weve come together as a country to get through and learn how to compcot with the coronavirus and last night a lot of issues were discussed from Climate Change to how to manage the economy during the crisis. But what stood out to you as an investor as an investor, we heard a little bit more substance. Thankfully we didnt have the kerfuffle that we had in the first debate i think that it helped a little bit with respect to peripheral in terms of confidence i think the focus on energy might be a little misguided especially givens fact that energy now is around 3 of the market that is the way we look at that. And clearly there are far ranges respects with respect to energy and in the system whether it is industrials or not, we think the Technology Question was really not handled or even talked about with respect to the differences between the republican platformm and that is what weve been looking at with 30 of the market but the big thing that we took away with, more regulation in biden. And the other thing too, with we sense from our investor conversations that this whole notion of taxes increasing is really, really caught more attention of investors the last couple of weeks. And it is starting to have more people question with respect to what is going to end up happening, whether or not we actually really do see these large tax increases that everyone is anticipating if mr. Biden is the next president. And last week of october, is rebalancing portfolio something that we should be mindful of great question. I think it is. And especially considering that weve had kind of more sideways performance of the market overall, so you may see some broader product begin to tick up a little bit, especially given that technology and areas like Communication Services have not done well. We think those are secular winners. If you are a secular growth investor, technology is an area that we want you to be in and we still think that that is going to lead the next ten years of the 20 year bull market call that weve had and consumer diskregszary creti well, we think that is more of a short term hedge pick value move many of the value stocks are more value traps and we would caution investors to stick more with the long term secular structural Growth Stocks that have attractive valuations, more growth at a reasonable price and year end target 3650 and 12 month target of 3850 all right brian, well leave it there. Thank you for joining us were looking at stocks right now trading higher in premarket trade. Dow currently up 120 points. The nasdaq up 8. And the s p 500 up 10 despite intel down about 6 . Another stock to keep an eye on as we approach another day of earnings for the market. That does it for us on Worldwide Exchange. Squawk box is next good morning the final debate of this cycle obviously. President trump and joe biden squared off last night from reopening the economy to taxes, to many other subjects, well bring you the highlights the fight against covid, gilead shares rising after fda officially approved remdesivir for the use of treating the virus. And intel shares dropping after one part of its business is hurt it is friday, oblgt ctober 1223 squawk box begins right now. Go big or go home, go big or go home ghc good morning welcome to friday. Im becky quick, along with joe kernen and andrew ross sorkin. Lets take a look at what is happening. Were seeing green arrows that come after gains for the markets yesterday. Yesterday in both the dow and s p up by about half a percent the nasdaq up by a little less than half of that. This morning the dow futures up about 88, s p by close to 10, nasdaq up by 4 1 2 but the dow and s p 500 both down about 0. 9 this week. They are on pace to break three week winning streaks nasdaq is due to break a four week winning