Transcripts For FBC Making Money With Charles Payne 20240712

I will ask Liz Harrington from from the rnc. The polls ask which candidate is better for the economy, perhaps the better question which candidate is better for your personal finance . I will break it down for you on making money. Charles the market began the session with a little gusto as investors were excited about the idea that President Trump could be returning to the white house while tell holding out Hopes Congress will push through a stimulus plan. The president also talked up the market with a series of tweets. Meanwhile the session is now exactly the opposite of friday where traditional safe havens were higher while technology was the worst performer. Even today technology not the biggest winner. Investors focused on value and material names. But there issues facing investors. Until major indices clear certain hurdles, these rallies could keep falling short. For me the key numbers on s p, 3400, on the nasdaq, 11,326. The dow barely above 28,000. How should investors cope foreincreased volatility which seems assured as we head into the election . Is it finally time to ante up on the laggards . Lets ask chief investment strategist, Shah Ghailani. Golden Wealth Management gina bolden and jack ablin. Let me ask you, jack last several times on the show youre concerned about the economy, stock market and now you add in volatility. What do you make of it. I think this relief is certainly a welcome news. I also think there may be a chance that this contested election scenario which is out there and has been really concerning a lot of investors may actually be reduced given the fact now that bidens election chances improved by 14 Percentage Points in response to President Trumps covid diagnosis. So it is, there is a interpretation that perhaps the democratic sweep with such an overwhelming force would mitigate any chance of a contested election. Charles shah, your thoughts as we become a little bit more volatile in this market . I am increasingly optimistic, charles. I agree with all of your numbers. Your three numbers on the benchmarks are exactly the levels im watching. I will add to that all the benchmarks are above their 50 day moving averages now technically a positive for them. They were incredibly resilient last week as investors poured money into stocks, in spite after lot of negative political news. When the market could have ended up the day to the downside dramatically. We ended up pretty much okay given the fact we were down. We were up 1. 9 a week on the Dow Jones Industrial average and other benchmarks are up 1 1 2 . Investors are buying into any dips. I think they continue to do that no matter who inches with the election. Charles gina, i agree with shah. You go back to september 23rd, the s p was off 2. 4 . Ever since then, even on down days we dont close at the lows of the session. September was a rough month, but do you get a sense maybe were turning a corner here . Well, lets talk about increased volatility. I think it has been expected as we head into an election october, before an election is generally volatile. But i do think that this volatility is shortterm. Once the election is over, even if it is a contested election, we are going to have a president. We are going to have a winner. We think there is a very strong case for a bull market. Charles so youre not concerned about policies, taxes, regulations. What else, what counters that for you in terms of the bull Market Scenario . Well one of the reasons we think there is such a bull market, that we think a bull market is just beginning we havent even seen a positive gdp yet. Last quarter we saw a negative 32 gdp. Estimates are 25 . Some even think 30. Weve also seen incredible increases in Consumer Confidence. History tells us with that type of increase in Consumer Confidence that were at the beginning of an expansion and that this recession that this recession is close to being over. Lets also not forget low interest rates. Interest rates are at zero. Charles right. Then you have stocks and bonds. We see that investors, investors want growth, they will have to go into stocks. Charles no doubt about it. To your point, ive been very impressed with Consumer Sentiment and confidence numbers from last week. Shah, let me go back to the resistance numbers for a moment. Not everyone uses technical analysis. They really work when you have Firm Resistance points like this. Lets talk about what happens if we break out through there. Would that be a clear shot to retest the september 2nd highs . I think so. There is no strong resistance to any of your levels, charles. Another thing i would point out, were talking about volatility, weve seen volatility in terms of the vix, actually rise, increase on days were seeing rallies. That is not a negative. That is a positive. The reason the vix is increasing on days where markets are going up, it isnt because people buying puts. Theyre buying call options. That is increasing the vix on up days. That is another positive sign, whether i see the Retail Investors other Institutional Investors following Retail Investors in. There is a lot of bullishness out there. Charles jack, speaking to that bullishness, if we do get one of these scenarios it feels like the train is leaving the station, weve seen all year long that can really trigger some serious, big legs to the upside. Do you have any vision about perhaps even with all of the misgivings you may have or some anxieties we have overall how far we could go to the upside . Yeah. I think that you know, there is certainly a move to the upside if we do get an economic rebound and continued recovery and while i am a little bit worried about the labor market i wrote about today, women now unprecedented leaving the workforce. A lot of them having to stay home, take care of kids or the elderly, also [inaudible]. Were starting to see layoffs in higher end jobs as we saw in the airlines and the like but that remains, potentially temporary. Also the Housing Market is a huge multiplier effect. You get a strong Housing Market, that really cascades along a third to 40 of the economy. That really is a, if that is sustainable, and that is selfsustainable, that could be ingredients for further growth in stocks. Charles yeah. Right now, feels sustainable in every front right . From pending home sales to, to you know, building the, contracts we saw, Construction Data last week t was all about private construction. It looks like weve got some serious momentum there. Speaking of momentum, gina, on technology side, friday technology was the worst performer. It is doing pretty good today. It is interesting because investors rotated back into traditional safe havens, real estates. The run in technology. Everyone is trying to guess all year long when that will come to an end. Do you think it will slow down at all . Charles, i dont. I dont think it is going to slow down. I think that any dip in technology would be an opportunity to buy. We think broadening participation of the market is healthy. We think it is healthy rotation isnt going to last and we dont think it will be a longterm trend. Eventually the recovery stocks will recover but we think Technology Based on increased earnings estimates will continue, will continue to grow. Charles shah, gina is not as concerned about the election outcome. Sounds like jack either as wall street was. It could be trifecta. Look past the election with stimulus earnings and vaccines f we get all the things going into next year, how much upside are we talking about . We got tremendous amount of upside, i believe, charles, especially going into the first quarter, everything will be past us. The election will be over with whether it is contested or not. No matter who gets into the white house, no matter what the makeup of congress will look like, well see stimulus. Well get a lot of spending. We may get some tax relief, hopefully for the middle class and lo he lower class. Well get stimulative effects that women be bullish for stocks. With spend we may see inflation that is bullish for stocks. Im looking forward as 2021 being a very good year for the mark. Charles i love it when Shah Ghailani gets bullish. Jack, gina. We talked a lot what is happening with women on the recession. Jack, im glad you wrote about it today as well, my friend. See you soon. We got breaking news. At least well be getting an update on President Trumps condition in the 3 00 p. M. Hour at walter reed. As the white house and capitol hill giving investors optimism about a stimulus deal but whats the fallout so far for small towns, particularly if this lifeline doesnt come . I will ask tennessee congressman mark green after the break. At 2 30 Rnc National Spokesperson Liz Harrington will list how the Trump Campaign with the president s covid diagnosis with the election a month away. Well be right back. Ting conside Funds Investment objectives, risks, charges and expenses. Go to flexshares. Com for a prospectus containing this information. Read it carefully. Its about the humans. Fun loving, fast paced humans. This human that human or these humans. Its about getting more than Health Insurance and a partner who listens and acts. Humana calls it human care. Its about offering a range of Medicare Advantage plans that are easy affordable and packed with valuable benefits many that include Prescription Drug coverage. Its about talking to your doctor from your couch. Helping you find cheaper prescriptions before you even ask. And a plan as low as a zero dollar monthly plan premium in many areas. Call or go online to speak with a licensed humana sales agent and get your free decision guide. 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Service stand back, im gonna show ya how doug and limu roll, ya you know you got to live it if you wanna wi. [ music stops ] time out only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles all right. So stocks in general higher in part to comments from House Speaker nancy pelosi saying progress is being made on additional stimulus. Speaker pelosi and treasury secretary Steve Mnuchin spoke by phone for about an hour this morning and they plan to have another call tomorrow. Joining me now to discuss republican congressman from tennessee mark green. Congressman green your sense where these talks are right now . The clock is ticking louder and louder. Charles, thanks for having me on the show. I think were really close. In talking to steny hoyer and leader mccarthy, it appears there are just a few issues remaining to use majority leader hoyers words, he basically says there are some tactical manueverring that is still going on, whatever that means but theyre very close. Even suggested on friday when they let us go be prepared to come back this week to vote on it. Charles you know it is so interesting because i feel that hoyer has been more genuine with respect to his commentary on this. Maybe it is his role to be that way than nancy pelosi who i guess you know, theyre playing nice guy good guy, nice guy good woman, whatever you call it. Certainly when i hear from him throughout this process i have felt better maybe there is a possibility. Do you feel the same way . Yeah. Im not sure their messaging is the same. I, they, one maybe is playing good cop, bad cop, i dont know. I know he manages the floor of the house, and on the floor that is what he put out. Our big concern there is still 1. 8 trillion unspent from the previous bill. There is five trillion from the fed hasnt been completely five trillion, 1. 8 trillion, those are big numbers of money still out there and available. I think we need to get that into the economy as quickly as possible too. Charles i think the fed money will be tough. Apparently the requirements are too tough, too onerous but respect, i started by saying the clock is ticking. There is a couple things. We got another part to the sense of urgency today particularly when it comes to Small Businesses. There is a legal decision that will prevent consolidation of Business Interruption claims related to covid. That means much longer process for Small Businesses already hanging by a thread. There is a great article in the journal about a small town in kansas that is hanging by a thread. Obviously in tennessee, youve got a lot of small towns and Small Businesses that are facing the same sort of issues as well. Well in tennessee, we opened up, charles. We dont have any restrictions now on 89 of our 95 counties there are a few isolated areas where there are still some restrictions but our economy is blowing up because we have taken the restrictions off and you know, our unemployment is plummeting. That is really the best way to fix this thing, is to open up. You can look at mortality rates here in tennessee, not significantly. In fact it is below the national average. So i mean, i think the best thing to do is open up safely and get the economy going again. Charles right. I dont disagree with that. Of course in new york theyre ready to close parts of new york again. Before i let you go, let me ask as a physician your thoughts on a trump recovery from covid19 means, just in terms of hopes but also in terms of the treatment, how we might treat this . Well, honestly i think the doctors are being pretty aggressive with him. They started him on remdesivir and you know, some of those nutritional things like vitamind and zinc. Of course he got dexamethasone, the steroid, to prevent from inflammation. What im hearing he is doing great. He is ready to go back to work. What i understand he had a full work day while in the hospital. You cant stop this guy. I think he will be fine, be back to work probably this week im hearing very soon. Charles could it be a template for people who, particularly older folks who get, who contract the virus . Absolutely. I think our physicians from what im hearing from my colleague, my physician colleagues that is exactly the cocktail theyre using. Great news. Always appreciate our conversations congressman green. Well talk to you again real soon. Take care. Charles folks, republicans are determined to keep their plans for a speedy barrett confirmation process but will covid19 upend it anyway . Plus the Trump Campaign working on keeping its energy even without the president at the helm. With less than 30 days until the election, what is next for the campaign . Coming up Rnc National Spokesperson Liz Harrington will give us her take. Well be right back Charles Senate Majority Leader Mitch Mcconnell vowing to confirm President Trumps Supreme Court nominee Amy Coney Barrett before the election but Senate Democrats say the confirmation hearings should be postponed after three republican senators tested positive for covid19. Joining me now, former Deputy Assistant attorney general john hu. John, how critical is it for republicans with respect to all of these cases that are being reported . Will this stall or possibly even derail the nomination process . Its possible but i dont think so. The Senate Judiciary committee, where i worked several years ago, has had already judicial confirmation hearings where people have not all been there. They are experiencing, should work under the same conditions other americans are working under, distance learning, distance conversations, distance hearings. They have hearings where the nominees sat there and they have meetings been able to discuss amongst themselves, some in the room, some not in the room. If the distance measures can be put into place, we have a normal schedule with one week for hearings, you go to a vote, you can still get it done i think a week before the election. Charles oh, were talking about really cutting it close then . Uhhuh. And thats, you know, it is also means that there is going to be some games that might be played by the democrats trying to push it farther past the election. But it should still happen before the end of the year. Charles meantime, john, joe biden is, debate last week refused to say whether he would pack the Supreme Court or not. How concerned should we be . I know that you have really, youre a constitutional expert. This is, really in your bailiwick but there is a lot of talk about President Trump and the stability of the state of the union and the fidelity to the constitution but you know, the to hear biden say he is not going to comment on that scared a lot of people . Thats probably the more important question than whether Amy Coney Barrett is going to get own the Supreme Court. You know, you appoint her on the Supreme Court youre following the basic constitutional and norms. The senator the can fight whether to confirm her or not in the last year of a president ial election. That fundamentally change the nature of the courts and to referee the branches to protect individual rights. If the democrats were toe take power, both congress, presidency, get rid of the filibuster, expand the court with six new justices so there are 16 instead of nine, that would fundamentally attack the impartiality of the system. That is something americans rejected over 200 years. That is precipitous step. That is radical change. I hope democrats and republicans come to their senses to reject such a radical departure for the way we run our country for so many centuries. Charles then of course, add in two more states of more senators well really have fun then. John, thank you very much. Always appreciate it. Folks, President Trump hoping to be discharged from the hospital today after he briefly ventured out to wave to his supporters over the weekend in less than one month to go before the election. The Trump Campaign having to completely rewrite how to go for the reelection, meaning no rallies at least for now. I want to bring in rnc National Spokeswoman Liz Harrington. Liz, President Trump had momentum. Making landings. The hangars were packed with energy. The energy was there, certainly enthusiasm. You and i talked about that. You dont need to take a poll who is winning on enthusiasm. How does the campaign rekindle that when you cant do it in person . Right. Well, first of all, charles, i want to say weve been blown away by the support, the prayers that have poured in for our president and just americans really coming together and expressing their wellwishes but just like you said, charles, you cant poll test that. We know what the results are. That enthusiasm doesnt disappear. President trump has been working day in, day out. He is still working today but were going to do the work that weve continued. Two million door knocks every single week throughout our great country. Were moving forward with the campaign with operation maga which is going to be the biggest surrogate operation starting after the vicepresident ial debate with members of the first family and the Vice President leading the charge with inperson events but were immediately going online with the biggest Virtual Events starting tonight as well because we know that energy is there. We know how important this election is. Were going to do the most work we can possible while the president gets better and while he is off the campaign trail. Charles liz, in a video that President Trump put out over the weekend saying that he has learned a lot about covid, things that you cant even learn in the books, right. You have to go through it personally. It feels like he has, maybe perhaps even an epiphany or two about this disease. Do you think his messaging around it will change at all . Certainly seeing him return back to the white house is going to make a lot of people more confident, even if they do get it, that they can survive it . Well, that firsthand knowledge, right, changes things for everything, whatever the issue youre dealing with but this president has always taken it seriously. He coined the phrase invisible enemy. He always known what weve been dealing with. He has done what is best for americans. It is really unfortunate democrats from the begin having tried to score political points off of a virus that was borne out of a communist regimes coverup in wuhan. So President Trump never viewed it politically. What can i get Governor Cuomo in new york . What can i get Governor Newsom in california . Even though we might not agree on daytoday politics . This is bigger than that. The country should come together on this i think it is far past the time the democrats get on board. We came together after the 9 11. We should come together after this, this is what a communist regime did to our country. Coming out of this President Trump will be stronger than ever before. Charles how surprised are you at the way the media went after this over the weekend . I mean there were some wellwishes but a lot of commentary from wellknown folks, very influential folks, i mean just beyond disrespectful . How do we ghetto the place get to the place where it is difficult to wish the president of the United States well . Where is the empathy . Where is joe biden denounce the person who ran communications for the Hillary Clinton campaign, just horrible comments directed at the president of the United States. I think it is not representative of the country. What cnn is doing, what some of the other networks are doing, what is on twitter, it is not representative. Regardless of your Political Party President Trump is president of all americans. Were rooting for him. Were praying for him. We know he will come out better this is a time for the country to really unite. I think we can as long as we start turning off some of these really just disgraceful commentary that were hearing on some of the other networks. Charles Liz Harrington, thank you very much, folks. Speaking of President Trump, he just tweeted. Here it is. It is reported that the media is upset because i got into a secured vehicle to say thank you to the many fans and supporters who were standing outside of the hospital for many hours and even days to pay their respects to their president. If you didnt do it, media would say rude. Well, we will be getting a medical update in fact on the president s condition in the 3 00 p. M. Hour. Meanwhile at 2 45 Fox News Contributor liz peek will react to new findings that just what candidate americans believe is best for their own personal finance. That is kind of important. Nvidia building the uks biggest supercomputer to fight the coronavirus. Have the details because the Investment Opportunities this creates. Well be right back get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. State of the Art Technology makes it brilliant. The visionary lexus nx. Lease the 2021 nx 300 for 359 a month for 36 months. Experience amazing. At your lexus dealer. And sweetie can coloryou just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. When covid hit, i happened futo be the main bread winner. Sixty percent of my nannies got laid off. I had to furlough my office team. Dave is my Financial Advisor at northwestern mutual. Hes like a father to me. He reached out to me. And then reminded me that years of planning with him set me up for success. I was able to rehire my staff. And now i can prepare more for the future. Charles shares of nvidia are spiking higher after pledging to build britains largest supercomputer. Cheryl casone has more from the new york newsroom, cheryl . Charles. Chip giant nvidia is cone firming that it is building the country ace most powerful supercomputer. The timing couldnt be better. The company is promising it will use Artificial Intelligence to assist in the race to cure the coronavirus. Nvidia spending 42 Million Pounds that is about 350 million to build it in cambridge, england. The supercomputer, Cambridge One will be launched this year. Wonderful news about glaxosmithkline and astrazeneca are two of the pharmaceutical companies will use the power of the machine as they are in the race for the cure of virus. Nvidia will have the worlds most powerful supercomputer. As of now, japan claims the title having the top supercomputer. With United States and china trailing in the top five. Speaking of vaccines look at shares of regeneron, gilead sciences. Both companies are in focus as President Trump continues to get treatment at walter reed for the coronavirus. Regeneron is president was given a eight gram dose for regeneron which is not available to most americans t was exam passionate use. Also remdesivir. These companies are trying to find a cure for the vaccine or at least a treatment. Charles the whole world is watching. Cheryl, thank you very much. Appreciate it. For more how President Trumps diagnosis is impacting the stock market today, i want to bring in mike lee. Mike there, is a lot of interest to cheryls point in pharmaceuticals particularly those involved in vaccine and treatment development. What name is starting to stand out to you . Its a pretty crowded field. Are any rising to the top . Charles, great question. The one i like the best is safest risk reward is abbott. What the president had, what will make the difference Going Forward is the testing and rapid testing. Abbott is a key leader in testing. Once someone tests positive, it is verifiable, but then you can start a antiviral, some sort of a regime that can help even highrisk patients. I dont know that the president falls into highrisk but the bulk of deaths in the country came from population over 65. Interesting stat the Life Insurance tables have not moved from this. The average Life Expectancy in the u. S. Has not changed from this. Im looking more into the treatments. Im a little bit skeptical that a vaccine will make a big dent but also you start looking into xpi, the biotechnology sector i think there will be a lot of consolidation going on there. Stocks had a lot of overhead, overhang, since the infamous hillary tweet of 2015. It was on a great fiveyear run. Charles right. Youre on another four to fiveyear run for that sector as well. Charles we are starting startie big time deals. Before it was the old school pharmaceuticals buying, biotech companies. Now it is biotech merging with biotech. Speaking of this and you talk about highrisk, mike, President Trump surviving covid19. The impact, sort of the psyche for main street and wall street because feels like that is sort of an intangible, not necessarily tangible per se but it could have an influence on this market and everything else. Yeah, look, based on the president S Performance over this weekend, the driveby, ordering pizza for the people standing out there, high spirits in the twitter videos, the market is up, the president , the leader of the free world is not going to die from coronavirus. He will be back to work. I dont know if he is back at white house today or sometime this week the fact of the matter the virus can be beaten. That is good news for the country and the world. Charles mike, i will jump in there to answer your question because President Trump just now tweeting. I want to share it with you and the audience. I will be leaving the great Walter Reed Medical Center today at 6 30 p. M. Feeling really good. Dont be afraid of covid. Dont let it dominate your life. We have developed under the Trump Administration some great drugs and knowledge. I feel better than i did 20 years ago. Your thoughts on that, mike. There were rumors he was getting steroids. Maybe he is on the juice, i have dont know. This is good news. There is a lot of treatments out there that are going to prove to be very effective. As time goes on, the more we learn about this, the more it will be manageable. This is something we have to live with until we get more herd immunity. As things get more opened up, im positive. This is good news for everybody. With an election coming up once we get postelection, there are two states heading back the economy, new york and california. Once we power through this i think you will see even more economic growth. Charles it is fabulous news for everyone, no doubt about it. This is a great story. I have less than a minute to go but i want to ask you about nvidia building this supercomputer. I absolutely love nvidia. I think it is the premier Semiconductor Stock in the world. I dont think i would ever sell it for people that owned it, what are your thoughts on it . As longals theyre making chips. You want to own nvidia as a stock. Their dominance in the space and the use of chips and everything we do see, talk, touch, then even, as these supercomputers go into biotechnology and applications for it. Now the use of Artificial Intelligence to further speed along that process, it is only good news, good acquisition from softbank capitalizing on their pain to further consolidate the industry. I agree as long as they will make chips you have got to own nvidia. Charles no doubt about it. They have become the premier name in the space. Michael, thank you very, very much appreciate it. Folks well stay on the rally, including the big movement, the bond market. Bond yields are skyrocketing. What does that mean for the economy. Certainly what us did mean for your portfolio. The last trades you need to consider before the closing bell. Forget about polls, folks. What im paying attention to, Consumer Sentiment and confidence trends. The surprising findings about which candidate americans believe is best for their personal finance. Fox news contributor liz peek will react. Shes next your Car Insurance so you only pay for what you need. Wow. That will save me lots of money. This games boring. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. 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There was a supplemental question about the elections and expectations. The question i have not heard anyone ask, which candidate would be better for personal finance. In this question, President Trump had a large lead on biden although in the survey 1 more say biden is going to win. Overwhelming expectations people next five years will see much better personal finance and most optimistic age brackets, Young Millenials as stoning said 81 think things will get good for their wallets. I want to bring in Fox News Contributor liz peek. List, ill tell you, the numbers blew me away. Were seeing the best on the economy, but every poll shows trump winning, when he has a huge margin, they make it about the own personal finance, overwhelming i is leading. Charles, i dont think that is surprising. Consumer net worth is hitting highs as home prices go up, the stock market goes up. This is extraordinary rally from a terrible selfinduced blow to the economy. No one, no economist i speak to or follow expected to see us come back so fast. I think its a combination of yes, Consumer Confidence in the leadership of President Trump and more important the policies that he put in place and that he will continue to follow, if indeed he is reelected. Any people are very optimistic, low taxes, less regulation, guess what, really do deliver the goods. Last year, charles, income was up almost 7 . That was an enormous gain and it says to me, people were not only getting wage hikes, they were also able to move to better jobs. That is what the jolts number shows. That you know, the job openings and the quits numbers. It means people really saw their fortunes improve. By the way, it was every quintile of american worker. It was not just a highend, which is what democrats want us to believe. Charles right. So, and im glad you brought that up because even if this report, i went over all the age brackets. The 25 to 34, those Young Millenials, are overwhelmingly optimistic. Not only do they feel like the past five years were better for their own personal finance than any other age group, looking ahead, 84 see good times ahead. I think that is great for this country. We dont hear about that enough . Yeah i agree with you 100 . Lets face it that was a group that was really clobbered about by the financial crisis and i think one of the most important measures of that groups optimism is Housing Starts and the fact that that millenial group, which should have been making homes and major investment over the last five years finally is doing so. Finally people are stepping up. That Consumer Confidence number, which like so many indicators recently blew everyones estimates off the chart, also showed people really ready to step up to buy big appliances homes and other highpriced, highticket items. That is a real measure of Consumer Confidence and translates into dollars which translates into jobs. What weve seen, charles, going into the fourth quarter, theres a lot of momentum. Manufacturing momentum, Consumer Spending all of that, i think were in for a very good end of year. Charles right. Liz, i have 30 seconds but i would remiss to not bring up the piece you wrote about. You believe this vicepresident ial debate will be more important than last weeks president ial debate . Well, look, we dont know much about kamala harris. She slighters this slithers all over the place on policy. If biden wins, they believe she will be president not long thereafter. Does she believe packing the court, getting rid of the electoral college. What does she believe about abortion . We have answers i hope well hear about it tomorrow night. Charles they bounce around a lot based on the polls. Liz, thank you very much much, i always appreciate our conversations. In these Uncertain Times you fox business is invested in you, you know that that is why im hosting a virtual town hall. America votes together. Days away from the election. Your economic futures are on the line. Send us your questions on economy, housing. Message on facebook or instagram. Email us investedinyou fox business dotcom. We want to hear from you. You 8 we want you to be part of them. You love them. We love them. Lets hear more before the election. Well get more on the president s health today during a news conference. He is leaving the hospital i tweeted at 6 30. The market helping market higher today. Trades you need to consider before todays closing bell. Look, this isnt my first rodeo and let me tell you something, i wouldnt be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. Its just a loan designed for older homeowners, and, its helped over a million americans. 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Learn how homeowners are strategically using a reverse Mortgage Loan to cover expenses, pay for healthcare, preserve your portfolio, and so much more. Look, reverse mortgages arent for everyone but i think ive been round long enough to know whats what. Im proud to be part of aag, i trust em, i think you can too. Trust aag for the best reverse mortgage solutions. Call now so you can. Retire better charles with an hour to go in trading, all eyes are on the stock rally but while theres something even more intriguing happening right now, and its happening in the bond market, yields are moving higher and the yield curve is steepening. Meanwhile, bank stocks looking more compelling as Goldman Sachs and jpmorgan right on the cusp of breaking out through their respective 50day moving averages. Whats the message from the bond markets and how should it inform the way you invest . Joining me, david bahnsen. This market has been rangebound for some time buttriguing move influencing a lot of things, including bank stocks. It is. We have to keep two things in perspective. First of all, we are talking about the tenyear breaking out above 70 basis points, okay . So in perspective, we are still in very low yield environment but that shape, that trajectory, the direction of the curve is steeper and thats indicating a more riskon environment. It is not what people would have expected, particularly with supposedly biden looking better in the polls and things like that, you would have expected more flattening in the curve, more pressure on bank stocks. So theres a lot of behavior in the market right now that is contrary to what peoples intuition would be and i think people need to be aware of that. Charles for the last several years, every smart person that comes on the show one point or another says buy the financials, buy the banks. Listen, this year has been tough going for them. Would you look at some of these bigger names like jpmorgan, Goldman Sachs, that look like they could be trying to at least break through a key metric here . You know, its an interesting question. My answer is yes, i would be buying jpmorgan and no, i would not be buying most of the rest. In other words, im making a call on jpmorgan. I think they stole bear stearns, they stole washington mutual. I think they have a Capital Markets business that i love and a Dividend Growth culture that is absolutely impressive, but i dont like the bank of america and citi groups as much because i just think that after the financial crisis, most of the growth engines in those stories were taken away. I like the financials and i have been on your show saying that but i like the feebased asset managers, blackstone, apollo. I think you will get a ton of m a when we get in a better recovery mode and i think these things are not capitalintensive so they just have a lot of leverage imbedded in them, plenty of dry powder to go invest in opportunities. Thats how i play the financials. Charles great. Thank you on that, david. Got a minute to go. I want to ask you also about these headlines. We are seeing more covid19 cases in places like new york city which says it will swiftly move to close parts of the economy down again. These headlines have moved markets. Should they continue to move them the way they had been . Should investors have these kneejerk reactions . Well, you know, i hate to say it and it certainly isnt fox business and Charles Payne doing it but the media is behind a lot of this. Those headlines say they are shutting down new york, then you click the story and it says four blocks or two zip codes. Its very limited parts of select outbreak in certain parts of queens, certain parts of brooklyn. The vast majority of new york is opening up more. Charles got to leave it there, my friend. Thank you very much. The s p up 52 points. 1. 6 . Liz claman, you probably have a pretty big conference, press conference, during your hour as well. Liz yes. Indeed. In fact, exactly in just minutes, we are going to take you to walter reed. We have two things hitting right now. We have stimulus optimism and of course, the health of the president giving wall street a boost at this hour. The dow and the s p have recovered all of fridays losses which were triggered by the president revealing he had indeed contracted the deadly virus. So the dow is charging up 401 points. Folks, we are almost back up to session highs at 404 points