Alltime high of 70plus thousand on a sevenday average. Steve weiss, turn to you dow down 10 from its high no, we dont have control of the virus. We dont have stimulus were not rounding the corner. We are, as dr. Scott gottlieb said on squawk entering the most difficult phase of the pandemic we have yields lower s ps down for three Straight Days what do we do with this today, steve . Well, ive taken off a number of positions ive added some shorts, added some puts to protect stocks for earnings theyve done a little bit, but ineffective when you look at the carnage thats out there in stocks like u. P. S. And microsoft, which both had good quarters im very cautious on the markets. Were through earnings earnings hasnt been a lift. Even though its a good earnings quarter, put it in perspective its still down 16 year over year so, markets are way overvalued corona is a big issue. I dont see returning to march lows because i checked the number of cases in china and south korea and the philippines and malaysia and vietnam, which is a supply chain. There its very much contained a little spike in malaysia but definitely controllable. If that goes the way were seeing europe and the u. S. Go, then its look out below but tech is the place to be. I think there will be better buying opportunities because stimulus wont be on the table until at least after the election if we get it then and trumps reelected, we know it will be a very skinny plan i dont think it will be enough because the republicans have said, some said we have enough, some said 500 billion thats not enough. Bottom line to me, we wont know whos president for a number of weeks after the election thats optimistic. The downside is still apparent because theres no upside catalyst, period. So, jenny, art cashin saying the same thing if you see a pickup in cases in asia, quote, all bets are off. Thats according to art cashin weiss said Something Interesting to me i want to discuss with you. The markets way overvalued. Weve had people come on the show in the last couple of days and say the market is way oversold which is it . It depends on which part of the market youre invested in. If youre invested in the hightech stocks or the highmarket cap tech stocks or the high growth stocks, yeah, its overvalued. If youre invested on the value side, where i am, its so cheap. The four multiple on this portfolio is 12 times earnings i dont think this is a time when you can answer that broadly. I think you need to answer it at a granular level and assess what your portfolio is, where your portfolio is invested and say, what im in vinnested in overvalued or not . In my case, painfully not. Now im struggling to understand why you would sell qualcomm given what you just said and how you made the case seemingly for the last time you were on in a conversation about intel that we were having. So, whats happened since . Yeah. So, qualcomm just simply reached the price target that we had that we had looked at it for we did a ton of work on it weve been doing a ton of work on what the price target is for months we came up with the fact that it was probably a max valuation of 130 to 150 a share last week when it got up to 128 and only had 2 dividend yield, it was time to sell at that point. In is a really specific he portfolio decision its not a broadbased macro call i look at that, i said, this might have 15 upside. It might have 15 downside but i know that i can reinvest and i have a short list of things i want to reinvest in i know i can reinvest in something thats cheaper with bigger yield, which is what i need and that fits better for my portfolio. This is not, hey, if you own qualcomm, this is not go sell it this is the decision that made sense for my portfolio that i manage for my clients. So, joe, what am i supposed to do . It wasnt a big, broad thing. Forgive me, jenny joe, what am i supposed to do . Do i go back to stayathome stocks because now im worried about where the virus trajectory is do i go to big tech because cramer on the heels of microsoft says theres not going to be a turn in tech until microsoft bottoms . So, sometimes the best trade is no trade. We talked on monday about tony dwyer and his perspective, which is we just have to get through the next couple of weeks where youre not going to have very much clarity this is the most classic example, scott, of good news and bad price action i keep mentioning that because when you look at earnings reports, were witnessing very strong earnings, but yet we are not seeing the response in terms of price action. So, im sitting back, im waiting. Im looking at two critical indicators right now one of which is oil. Exxon and chevron this morning traded to their lowest level since march 23rd and march 24th respectively oil has been, for the better part of 2020, the proxy for a surge in virus cases it telegraphed what was coming in january, and its doing it now once again we would need to see a turn in energy for me to get enthused about reentering the market secondarily, yields. Yields are the proxy for stimulus we need to see a rise in yields. We want to move away from the safe haven buying weve experienced the last couple of days those two indicators, i step back into the market and i assume risk. It could be a long wait youre banking on energy not necessarily. To be the tell . Why would energy turn any time soon were on the cusp of potentially more lockdowns in europe we may not get lockdowns here, probably wont but youll have the potential of a pullback in consumer behavior. That seems like a tough place to look for a sign that the markets okay. Its a great measurement of potential speculative behavior would i buy energy names no but what it indicates to you is that there is actual comfort in assuming more risk in the market i look at everything through the lens of, where is the risk exposure obviously in the last couple of days, the risk exposure was far too march given the macro headwinds and the response to earnings so, understanding that, i utilize energy as an instrument to measure for me when speculative risk can be assumed once again all i need to see is some form of bottoming for energy. We dont want to fall through the levels we witnessed in march because, to your point, that telegraphs a more ominous scenario with macro conditions lying ahead. How can Energy Bottom with a virus that hasnt topped right . Cases are continuing to surge. Arent they related . Of course they are. Thats what i just said. Theyre a scott, im not an epidemiologist i have no idea how energy can bottom related to the virus. Im telling you, im watching energy as an indicator for risk assumption im observing energy there are things in the market to the right of me right now i have my screen up. I look at all these instruments. And i look at two specific things right now to tell me when its time to step back and assume risk once again remember, i began this conversation by saying right now, the right trade is no trade. Just sit back. Observe, get through a moment of lack of clarity. I understand. Sarot, what are you doing today . What are you advising your clients to do . Whats a place to put your money, if anywhere, today . I think on the fully invested portfolios, i completely agree with joe im not doing anything im not coming out of the market, getting into the market. Where i am getting a bit active and ive been clear with this, in the last three or four months when ive had new cash added in, i have not been aggressive this week im starting to nibble on companies i think have come down quite a bit you know, ill throw out the list of those Companies Like a honeywell, like a roper. Ill add to some of those. By the way, qualcomm, which i like and i will still add to ive liked it for a long time. Ill take that side of that trade. Im looking for companies that have been sold off in this earnings environment where im looking through the next three or four months, and its hard to do, but this is cash thats been sitting on the side and the stocks have come down 10 , 15 , 20 from where they were a month ago. Tell me about microsoft thats come down that was a good quarter. Cramer called it one of the cleanest quarters hes seen. Even sew, jim cramer says, wait. Wait to buy it as i mentioned earlier, you knee to see microsoft bottom, in his estimation, before tech is going to have a turn now, the stock had a great run into the print revenue guide didnt wow investors, i suppose youre right. And i think the thing with microsoft is it ran so far, so quickly. I like it. Its one of our top holdings for new money, i will nibble on it i will not put a full position in right now because i do think the tech stocks, as jenny said, have more to come down before they get to more fair value. They do you mean the big ones . Hold on. The big ones like microsoft, apple, amazon, facebook, they have more to come down i do. I think so i think when you look at their valuation basis on where they are, they are trading as if, you know, theyre going to go to the moon and i think theres the prices have to come down before i get really comfortable i still own them i dont own them in the positions of the s p because i think thats too high for Portfolio Management purposes, but im picking my spots on those and im going to more of, quote, where jenny would be, the value and the cyclicals where i think theres more opportunity in the next three to six months. Thats a difficult thing to do, steve weiss. Jenny, ill come to you. I see you waving your hand techs got more plays to come down, so im going to go to the stocks that are more towards the, quote unquote, epicenter of the pandemic i dont even know if its epicenter that youre looking for specifically, but i think you can look at the markets been broadening out and you want to be part of that broadening process. So, those big top stocks, i think, people might want to keep holding them for a couple of reasons. One, theyre Great Companies two, they have huge embedded capital gains. That could keep them from coming down a lot heres a point of interest since the peak of the market on september 2nd, guess what, the Energy Sector is down 8 you know whats up 8 utilities. That just has to do with these crazy expectations in either direction. The big tech stocks, the big workfromhome stocks, whatever you want to call them, the expectations for them simply got too high and the valuations ran up too much so, i dont know if they come down or they flatten what im quite certain of is there is a broadening and in the broadening, if you want to participate in that, then you own the companies that havent done as well and, again, they might not be epicenter. They might be autility like duke or ppl. Those are going to do really well and a lot of other companies will, too, as the broadening takes place and a gap between the have and have nots narrows weiss, i want to hear about u. P. S. , which you own. Stocks getting hammered because it had a huge run into the print. Cramer, unbelievable quarter, but, quote, let it come in more. Thats the same thing were hearing about microsoft. Great quarter but dont buy it yet on this dip. Thats part of the conundrum for investors. I agree with what jims saying i went through both of the quarters, went through the financials, went through the transcripts of the calls you cant find any fault in the quarters whatsoever. However, u. P. S. Didnt put guidance out and a lot of companies are, most still arent microsoft, the guidance, i would say, was not as optimistic as were looking at and you take that then with mastercard, which had a bad quarter. Revenues were down 14 and youre starting to pull a picture today of an s. A. P. , consider that an execution problem, companyspeck, but you say, you know what, momentum cuts both ways then when you get that, again, that spike in covid, youre saying its more likely to see the downtrend in spending than to see uptrend and i just want to come behind sarat with qualcomm. Take a look at the stayathome play also. Peloton, guess what chip they used to process peloton in your bike qualcomm chip. So, that train has left the station. The reason why energys performed and the reason why utilities have performed, because theyve done nothing for years. So, go with the train thats still got some power behind it and thats big cap tech, but dont buy here as jim said and as joe said. Just be patient. Well, my overall point then would be, joe, if big cap tech has more room to come down and youve got virus cases on the way up, how in the worlds the market going to go up in the face of that because its going to make people reticent to buy cyclical stocks or reopening stocks or epicenter stocks then i cant buy big tech yet because it hasnt come down far enough what does that mean for the overall direction of the market with less than a week to go until, oh, yeah, by the way, the election sideways at best, lower at worst. Thats where the market will go if were not going to see the performance from Big Cap Technology i agree with steve and scott i look at my holdings. You know i got out of amazon a few months back. If there is a further deterioration for these Big Cap Technology names, the first thing im going to buy is going to be an amazon. Its not going to be stepping into an airline or a cruise ship or some of these other socalled value names that are supposed to provide the cyclical opportunity for me i just dont see it. I continue to see a world in which were going to need excess and extreme liquidity for monetary policy. And in that environment, i want to have growth, and i want to continue to be allocated towards growth thats exactly what names like apple and microsoft and amazon do for me. Established growth. Unless were making too much of this, and you say after the bell tomorrow the day is going to be saved because apples going to report and so is amazon and facebook and alphabet and a whole host of other companies that have the potential of changing, sarat, the narrative around the market right now. And this selloff were seeing across the board i think you could see that, scott. One of the things we havent really talked about is the consumer the consumers been strong i think if we can bridge the gap to whenever we do get a fiscal stimulus and we get more money, not just monetary but fiscal, and when we hear from the apples of the world and we talk about what consumer demand is going to be and you get more positive spending from some of the corporations, that could put a temporary floor to this market until we get past the next couple of weeks of this uncertainty of elections and i think that would then have a broadening of the market as weve discussed. And it could be more opportunities. So, you know, its going to be rocky for the next few days but i think tomorrow evenings going to be an interesting night just to hear from what all these companies have to say. No doubt about that we got tom lee to come to the phone. Hes here with us now, head of research for fund strat Global Advisers welcome back its good to have you on the program today. Thank you. When i see everything relative to the virus and otherwise, it seems like a difficult day to be recommending your socalled epicenter stocks, but thats what you continue to do why . Well, scott, youre right i mean, you know, between now and election day, you know, the markets in a tough spot because it cant look beyond that event, but the reason we feel comfortable sticking with the epicenter names is, number one, the virus is spreading in the u. S. , but that outbreak is primarily in 30 of the country. Its the states that didnt have an outbreak previously so, places like new york and connecticut and florida, theyre still relatively benign rise in cases. And the second is the story of operating leverage we highlighted how over 26 industries have posted either flat or even down revenue growth, but positive ebidat in q3 theyve been posting growth, which means once we get past this huge bump on election day and get stimulus, the 2020 earnings outlook is going to look good for these cyclical stocks as we get into november, people should be thinking about 2021. Its a tough spot. Weve been sticking with these things and its been really painful but i still think thats the right way to tilt. Youre not going to get stimulus on november 4th and youre not going to get a come down in virus cases on november 4th either this virus is going to be raging into the fall and winter thats not for me. Thats from the experts like dr. Scott gottlieb who was on squawk box who said were about to enter the most difficult phase of this whole thing. Thats right. I agree with dr. Gottlieb has been speaking the truth throughout this crisis i agree. I think we are going through a third wave, especially as the cooler weather, our immune systems arent as strong but what we think is really the scariest case is if the u. S. Has to pursue a lockdown thats what makes these stocks nervous. I just think were not going to see new york city under lockdown again. Primarily because a lot of new yorkers and everybody in florida and texas, if you look at the surveys, mask compliance in the 90s. People understand the need to manage this risk its really the states that have never experienced wave one and two and mask usage and mitigation arent as prevalent those are the states experiencing these huge outbreaks. Once they sort of panic around that, i think thats why we dont have to worry about whats happening in europe which is the risk of a huge shutdown. But if im somebody concerned about the virus, i dont need my governor to shut everything down to get me to change my behavior or at least dial it back a little bit, or not dial it forward at all you hear what im saying, right . Yeah. Scott, what youre saying is, look, we could get cautious and that will put a chill on everything to an extent, i think thats correct. What we should all do is be vigilant if we just stop going to restaurants as a percentage of the economy, thats 1 or 2 the real thing driving this economic environment is people buying homes, people being able to safely go to school, which has been true. People able to keep businesses open, which has been true. But there are certain activities, as youre pointing out, that are not safe those are the ones that are going to get hit but for 40 or 50 of the s p to take this hit, to me thats an overreaction. The other point you make that i want to discuss with you, which im not exactly sure what you mean in your note today, is that you say the fed is going to intervene if theres a contested election and thats more reason to be riskon. What is whats the fed going to do . Well, i think what im saying is the fed and its role has sort of taken has taken a step back in the markets narrative because weve been so focused on the election we really were hopeful that washington could get us a fiscal plan put together. If we have a contested election, i think the market is going to say, wow, were in huge trouble because we dont even know whos in charge of washington and fiscal could be delayed. Thats at the time when we think the fed will, of course, step up again and provide the visibility so, i think for people who are going to be worried about a contested election scenario, you have to remember the fed is still going to provide some sort of backstop role to protect markets. And the economy. So, i think what were forgetting is theres still this fed put out there. It hasnt been as important because covid and the elections have dominated headlines but the fed is still out there. Hang with me, tom steve weiss, it seems tom lees point is, yes, theres a lot in front of us. I totally get it volatility is not going away any time soon but its important to keep your eye on the big picture. Were not going to face some of the more drastic efforts that europe might have to do and the ones we did way back in the spring you look ahead you try and look through a lot of this stuff to an improving earnings picture in 2021 and thats the way you should invest dont invest on the next few months because thats a suckers game and a fools bet. Always. What determines how much money you make or what your profitability is in your portfolio is your point of entry. And im going to say at the point of entry is too high i think tom is being way too optimistic at this point sure, youre going to see youre not going to see the lockdowns were seeing now in germany and france, but to your point, scott, which is very well taken, theyre selfimposed lockdowns. Nobodys telling me not to go out and eat in a restaurant indoors but im not going to do it as a matter of fact, i dont know any of my friends or Business Associates that are going to do it so, the other issue that im very concerned about is that were going to see more job losses thats clear in the Service Industry 16 million employees in that industry the northeast, youre not eating outdoors anymore but take a look at other companies. Youre going to see permanent job losses from employees that havent gotten it yet. Thats going to inform consumer behavior, which i think were already seeing and this being consumerled economy, i think its pure folly to say that with all these negative headlines, with the negative headlines of an election not being decided for weeks, maybe months, that the consumers going to say, hey, i feel great im going out and im spending its just not going to happen. Tom, respond to that, then. Steve is right. Goldman wrote about this a month ago. Were going to lose restaurant spending because Outdoor Dining is going to shrink, but the effect on gdp is not that big. Restaurants like its part of our experience its not that central to gdp growth and with regard to everything else, you know, the economy is organically been recovering. I mean, thats the reality i mean, if someones in new york today, its not like it was in april. The number of cases are still close to 85 off its highs and hospitalizations are down 95 . So, were not were being fearful, which is vigilant i want people to take precautions. But does this mean that they have to vote with their money . Remember, at the end of the day, the money is discounting a series of future events, but it does seem very fixated on this election and i think its disproportionately causing people to stay inside. Tom, we keep focusing on the idea that restaurants only contributing 1 to gdp or whatever the number was that you just said, rather than the big picture followon effect of the delay that all of this virus stuff has on areas like travel when youre doing, you know, a Million People through tsa and that number then starts to shrink, every day versus the week prior, which weve seen, when youre talking about business spending, redeploying capital, being pushed out even further, that then delays the recovery in and of itself, doesnt it oh, youre 100 right, scott. We still have a Public Perception gappy know this morning there was some discussion with jim cramer and boeing about the safety of air travel thats another example where, you know, traveling on a plane, you have a lower probability of catching covid on a plane than walking the streets of new york city its that much safer but the perceptions not there so, i think that we have a huge messaging problem and thats keeping people cautious, but the reality is, i think a lot of good things can happen were just forgetting that there is better therapeutics, theres a vaccine tom, we dont have a messaging problem. We have a virus problem. Yes, we do. Of course. Right we cannot contain the virus. We cannot. Sorry yes, we do have a virus problem. Thats 100 right. But the other thing that we have to keep in mind is the way this wave of covid in the u. S. Is unfolding, and its not contingent, it is primarily happening in 30 of the u. S. Where there havent been a lot of previous experience with these covid, so i think were just waiting for those policymakers to panic in those states to make people take steps, whether its Wearing Masks or mitigation. But i think the good news story is that, like in the northeast and in florida, california, texas, were not seeing the same resurgence we saw in april or july youre right, scott. I dont want to say theres no virus. Theres a huge virus the virus is still the single most important factor in markets. Yeah. For sure tom, i appreciate it very much its good to have your input on an important day in the market i know well talk to you again soon steve weiss, im coming back to you because the moves youre making match exactly what youre telling us you are short cisco, the food company, syy, because of restaurant business, because of arenas being closed. Youre also selling the Home Builders and Home Construction in areas that have been absolutely on fire thats correct. Theres not an insashl for building homes i think its going to be where the pucks going to be not where it is. And i think weve seen the peak in Home Building and housing activity id also disagree with tom were seeing a spike in the virus in new jersey, in the northeast. To unconscionable levels it starts somewhere and spreads. Thats going to happen in terms of sysco, Airline Travel youre not staying on the airplane, you go to a hotel. The airplane may be the safest place. What happens when you get off . So, to me, this is what i was saying earlier, that the economy, i believe, has peaked in terms of the recovery, given that the coronavirus is now peaking and that we dont have stimulus it was driven by stimulus. And to think the fed can come out and save us when they when there are tools left to go and theyre always creative, just wont do anything europe had negative rates. Look at their economy. It hasnt done anything in ten years. Thats the reality its unfortunate i feel terrible for people losing their jobs. But unemployment, and we saw that last report, is going to move higher. The lowhanging fruit is already done for this recovery. Jenny. I dont think steve is right. It may be slowing from the path we were on and the trajectory we were on, but i think it is Getting Better if i look out 12 months to this time next year, i find it almost impossible not to imagine a scenario where Economic Growth is improved from where we stand today regardless of the stimulus or the fed i want to follow up on a few things from tom lee and on Gottlieb Gottlieb says its terrible but he also says were in the seventh inning that gives me a lot of comfort tom lee or earlier today, the virus is getting worse, we all know that, but were also learning to live with it and thats really, really important. Were learning how to maintain life as more normal than when it got really bad in the spring lastly, i have this client who ive quoted a few times. This wonderful british guy, amazing investor he says one bets against the u. S. At ones own peril. I think thats as important today as it always has been. You dont bet against the u. S. Yes, i feel sorry for people losing their jobs, too, but the u. S. Is flexible and resilient and industrious and theyll find new job. So im not as bearish im not betting against the u. S. Im not betting against the u. S. Im just saying you have to i know. I havent sold microsoft. I havent sold skyworks. Im not selling those. Thats where the economy is in bigcap tech thats 5g, thats letting you work from anywhere, doing anything you want away from the office. Youre also assuming, jenny, its a nineinning game, right fair enough we think of the virus under control and we dont have the vaccine when we think we want to have it or want to get it, you go to extra innings and that prolongs everything a little more right now, and you go with the statistically probable outcome because thats the way to strip the emotion out simproo that didnt work so well for the rays last night, did it . They went with the numbers, too, and look how that worked out right . Im just saying. Analytics dont work that well in the stock market sometimes either i know. But most games last nine innings so lets assume a nineinning game yeah. Sarat, last word and then were going to take a break. So, im going to agree with jenny. Im an optimist and i think were going through a rough time but im not going to bet against the u. S. Im not going to bet against the stock market and to weisss points, i love weiss, if you want to be where the puck is going, thats where jenny says the puck is going that could be three, six, nine months but a year from now when we get hopefully a better handle on this, and it could be an 11inning game, i would rather be there than out of the market and best against it. This really doesnt come down to whether youre an optimist or pessimist, it comes down if yao you are a realist. Look at the financed mentals, look at where the numbers joe, youre shaking your head . I agree with you. It has nothing to do with being an optimist or pessimist it has to do with how much risk. I keep going back to risk. How much risk do you want to assume in a particular environment. Thats simple. Thats what it comes down to get to the other side and its all of the headwinds we know. I dont disagree with you, but its risk on your own Portfolio Allocation its what Risk Assessment can you take if you are riskaverse or feel you cant handle it right now, theres no reason to be in the stock market but if youre taking a longer term view, i think you should be in the stock market and there are plenty of opportunities there. Lets do take that quick break. Well come back, joe, i promise. I want you to check out this mystery chart. It is a retail name up more than 25 this year. Better late than never just got a big upgrade well talk about that. Big techs under fire today. The ceos of facebook, google, twitter are testifying on capitol hill thats a live picture. Were monitoring that. Well get an update. Theres been some heat, as you lhad expect wel ve the headlines straight ahead welcome back want to get you caught up on the european markets, which are closing right now. Its been the worst day for the dax in germany since march loss of greater than 4 there. Over in france, down to 3. 3 the ftse london, 2. 5 . Talking about the possibility of more lookdockdowns and germany n the continent there. You see a selloff broad there and certainly spilling over to our markets here in the United States we do want to go to Julia Boorstin in los angeles. Disney responding to elizabeth warrens questions about the need to lay off 28,000 workers and the questions about how that decision tied into other Financial Decisions the company made, including those made before covid. Disney writing a threepage letter to senator warren that points to the fact theyve been unable to open the california mark, placing blame on that rather than other things saying, quote, our Financial Decisions over the past several years are holy unrelated to the need to lay off workers as we have stated given the ongoing uncertainty of this pandemic, including limits on capacity to promote social distancing and the state of californias refusal to permit a safe reopening any time soon, it, unfortunately, is not feasible to pay nonworking employees indefinitely want to point out here this is just the late es comment disney has made about its ongoing battle with the state of california it says its been able to safely operate the park in florida but the fact that california has set a very, very strict limit about how few cases there have to be in Orange County where disneyland is, the Disneyland Resort is, they say theres not a path forward for them there. More conflict between disney and the state of california. Disney shares down about 2. 5 . We appreciate that. Lets get the headlines with sue herera hello, everybody. Heres whats happening at this hour hurricane zeta is speeding towards the louisiana coast. It is expected to come ashore later this afternoon as a category 2 storm with sustained winds of nearly 100 Miles Per Hour its a big storm in vietnam, a typhoon has come ashore that could be the worst to hit that country in 20 years. At least two are dead and at least 26 are missing recent flooding has left more than 1 Million People homeless. Switzerland is enacting new pandemic restrictions including new mask rules, tighter limits on gatherings and earlier closing times for restaurants and bars and at the world series last night, Los Angeles Dodgers third baseman Justin Turner was pulled from the game after his latest covid19 came back positive however, he returned to the field after his team won to take a picture with the world series trophy the dodgers president of operations acknowledged the pictures of turner out of isolation and without a mask might be, quote, not good optics you are up to date, scott. Ill send it back to you maybe more than optics not good, sue. Exactly i wasnt going to go there but, yes, you are absolutely right. I think we are all thinking the same thing. You are right. Even though the dodgers are my team. Me, too grew up in l. A. Thanks, sue sue herera. Piper sandler today has named best buy one of their favorite ideas for the Fourth Quarter and 2021 its our call of the day joe, you previously owned it i know its easy to sigh this, its a little late look, the stocks up 28 year to date, up 43 over the last six months or so is it too late it depends on the Holiday Season i dont own it anymore and im not aggressively stepping back in to buy it tell me how this Holiday Season is going to be for best buy and for most of the Retail Community . Back to the prior comments and the conversation with tom lee. Whats the response on the part of the consumer to a potential contested election the rise in virus cases and even asset prices potentially pricing lower. So, thats where i have some trepidation. Im not sure this Holiday Season plays out. I need to see that on the other side of that, certainly i would look at best buy as an opportunity. They clearly have benefitted from the work from home, in particular the Remote Learning environment and global inventory is being incredibly low. Its a real battleground, too. The average price target is 120 you have 13 buys and 13 holds. So, the street is decidedly split, as you see, on shares of best buy three sells, by the way. I did mention the ceos of facebook, google and twitter are testifying before congress this hour about a major legal shield that protects them called section 230. Live picture there of senator pitdo. We have a check on the s p sector heat map on what is a red day across the door. The dow is down 800. Sd ido 1is down nearly 100 naaqs wn . Ask. Sure, anything. We searched you online and maybe you can explain this . I cant believe that garbage is still coming in. That is so false frustrated with your Online Search results . Call reputation defender today to join tens of thousands whove improved their online reputation. Get your free reputation report card at reputationdefender. Com or call 18778668555. Say hello to a drugfree way to ease stress. Stress comfort, a gummie supplement with lemon balm plus saffron to naturally boost your mood. Stress comfort from natures bounty stress comfort witenergyng, and change came to every part of our universe. Seismic or small, it continues. Change is all around us. Shaped by technology and human ingenuity, we can make it work for you and your business. Were back facebooks mark zuckerberg, googles sundar pichai, and ylan mui joins us its gotten heated at times, as we expected it would. Reporter thats right. Twitter was really the company in the crosshairs of the company today. Gop senator ted cruz had promised a free speech showdown as he billed this hearing. He certainly did deliver he accused twitter of rampant censorship and silencing and at one point he was literally yelling at jack dorsey, calling him his own democratic super power. Eventually the chairman of the committee, republican also, had to move the hearing along, and cruzs speech was followed by equally impassioned comments from democratic senator brian schatz who said the hearing had turned into a sham and republicans were just trying to bully the ceos of spreading misinformation ahead of the election that just gives you a sense of how explosive the Politics Around this issue are as we are just now one week out from election day democrats pointed out this hearing didnt even need to happen right now the senate is actually officially adjourned, scott. We do know one person important does appear to have been watching, and that is the president , who has now tweeted about the hearing several times. Back over to you. No big surprise there either. Ylan, thank you, down in washington for us. We have a number of big earnings after the bell tonight. Visa, ford and more. Well get you ready for those. There they are all down into the prints well get yothtresexu e ad nt. We made usaa insurance for veterans like martin. When a hailstorm hit, he needed his insurance to get it done right, right away. Usaa. What youre made of, were made for. Usaa usaa. What youre made of, were made for. What do you look for when i want free access to research. Yep, td ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Welcome back i mentioned we do have several earnings after the bell. On the righthand side of your screen, ford, visa, amgen. Weiss, you own ford. Whats your expectation in an area thats been hot i think theyve already forecast or broadcast what the quarter is going to be its going to be a great quarter. I have no concerns about it. Ill think about what im going to do with the stock after this quarter. Right now im content holding. Visa is a different story. Is it going to be good enough i think it will. Im thinking microsoft, u. P. S. , stocks that really delivered in their earnings, but the stocks ran so much into the number that what youre seeing today is maybe not what you thought you were going to get. Thats a great point. The stocks up 20 in just the last few weeks, but i still think there are enough people out there that want to own the autos. And i think the quarter will be good enough. And tomorrow ill wake up, take a look and say, hey, im glad i own this going out three months, i dont know if that will be the ka is. Jenny, i have to be quick amgen, you own it. Yeah. Were looking for commentary on the drug pipeline at 13 times earnings with eps that should go in the high Single Digits for the next few years it looks really cheap, but we just need positive commentary on the pipeline ahead well take a break. A check on the major averages. Tough day on the street. Nasdaqs getting crushed s p is down 100. Dow is down more than 800. It is the worst day since september 3rd. Were back after this quick break. Woo you are busy. Working, parenting, problem solving. At new chapter vitamins weve been busy too. Innovating, sourcing organic ingredients, testing them and fermenting. Fermenting . 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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 do the futures outlook. The tenyear treasury yield is falling for the fourth day in a row amid todays selloff joining us now is prine stutland theres a lot of volatility going on, but its not like yields, brian, are totally collapsing no, they are not, scott thats a great point, and what were finding actually is yields and bonds are correlating the stock market meaning as the stock market has sold off since september, so have bonds Interest Rates are a little bit higher thats not good typically. In that case i would rather go to both extremes own stocks and own volatility instead of diversifying with bond so im a seller right now of bonds the tenyear note, look at that. The future is trading around 139. Id be a seller looking for it to trade down to 138 after that i think i can stop myself out and keep a tight stop 139. 08 im basically only risk 250 to make a thousand, so in this case its a shortterm trade, maybe just through the election. Separate out i like rather owning equities and volatility with that keeping that hedge and getting out of my bond positions as i have for my own portfolio over the last few days. Got you stuts, appreciate it. Thanks. Thats Brian Stutland well do final trades next our Retirement Plan with voya gives us confidence. We can spend a bit now, knowing were prepared for the future. Surprise we renovated the guest room, so you can live with us. Im good at my condo. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Whos sujoe biden. Rop 15 . Biden says, every kid deserves a quality education and every family deserves to live in a safe, healthy community. Thats why i support prop. 15. Vote yes. Schools and communities first is responsible for the contents of this ad. I got it all from you im always pushing through i know well make it to the finish line i know youre waiting on the other side im like you ondemand glucose monitoring. Because theyre always on. Another lifechanging technology from abbott. So you dont wait for life. You live it. Whosgovernor gavin newsom. The governor says prop 15 is, fair, phasedin, and long overdue reform, that will exempt Small Businesses and Residential Property owners. Join governor newsom. Vote yes on 15. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Shaped by technology chand human ingenuity,s. We can make it work for you and your business. Working within amazon transportation services, i really saw the challenge of climate change. We want to be sustainable, but when you have a truck covering over 300 miles, or you have flights going hundreds of miles, its a bit more challenging. We are letting the data guide us to the best solution. Its inspiring to try to solve a problem that no one else has solved. Thats super exciting. Find a stock basedtech. On your interests its inspiring to try to solve a problem that or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Cash. Cash. First solar first solar. Fortune brands. All right guys. Good stuff. Fortune brands. Thanks for watching the exchange starts right now. Thank you, scott. Welcome to the exchange, everyone another big down day for stocks as new lockdown measures rim posed in europe and cities like chicago restrict Indoor Dining the dow is down 1820 points. U. S. Covid cases have risen by a daily average of nearly 72,000 and hospitalizations up 5 in 36 states overseas germany imposing a monthlong lockdown light that will close bars and restaurants in november along with stadiums and theaters