Wall street is looking for any clarity on stimulus following President Trumps tweets, suspending further negotiations until after the election yesterday but calling for targeted relief since then for airlines, Small Business and a new round of 1200 checks. Eli lily saying its seeking emergency use authorization for antibody treatment dr. Gottlieb says its a major step forward got a bit of reversal from yesterday. Quite so. On todays show, restauranteur danny meyer putting out a plea for lawmakers to come up with a stimulus plan. He will discuss what it would mean for the Hospitality Industry if help doesnt come through soon plus kara swisher on whether any of that will mean real change Steve Liesman has the fed update for us, and joining us to break it all down is jeff sherman from double line capital. Steve, lets start with you. Wilf, thanks. Fed officials in their meeting from september had begun to have concerns about the possibility additional stimulus would fail in congress. They noted how helpful it had been and were warning throughout the minutes of what would happen if new money was not forthcoming. If future fiscal support was significantly smaller or arrived significantly later than they expected, the pace of the recovery could be slower than anticipated. Most fed watchers say that the fed has limited ability to respond to negative effects of the economy from a lack of stimulus the most likely change would be purchasing more longterm bonds and fewer shortterm ones. On monetary policy, the minutes showed that policy guidance was, quote, not an unconditional commitment and the path of rates will depend upon the evolution of the Economic Outlook the committee was also prepared to adjust policy as appropriate. On the economy overall, participants said Economic Activity has picked up and sought recovery faster than expected but was well below levels at the beginning of the year before the pandemic and the recovery share as weve seen it was uneven. Steve liesman, thank you. President ial tweets surrounding stimulus have sent the market on a wild ride over the last 24 hours. Ylan mui has where we stand right now. After all of that, sarah, in washington we are right back where we started months ago with the white house and republicans pushing targeted relief and democrats demanding a comprehensive deal. Stimulus negotiations are off. Obviously, were looking at the potential for standalone bills. Its about ten things we agree on if the speaker is willing to look at those things on a piece by piece basis, then were willing to look at it. Now the speaker of the house and the treasury secretary did speak over the phone today about the prospect of a standalone bill to help the Airline Industry the house had already brought up that effort, but it was very short lived last week. Over in the senate, two gop members and two democrats have introduced legislation that would extend the Payroll Program in march and i am told that roger wicker is checking with his colleagues to see if theres any way to move that bill forward. Guys, members are not even in washington right now they are at home they are campaigning in their districts. There is just not a lot of legislative time left to have something before the election. Back to you. Crazy 24 hours. Thank you so much for that lets pivot to mike santoli, having a closer look at todays market moves. 24 hours, i try to characterize it as a little bit of a test, dismissal of the talks was a test to see if this rally was truly about near term immediate stimulus or about the market getting more comfortable on a recovery path for industrials and cyclical stocks. Seems like it may be the latter now. This little uptrend is developing in the last several days you cant say were out of this trading range here by the way, at the peak today, basically the peak yesterday, the peak from three or four days in september who knows, maybe we have to prove that the market can get above there. Its not like were plowing new ground on the upside its much more about a little bit of traction in this story that the economy in manufactured stuff and houses and cars and things that are transported seems okay, and that might be enough for the market in a very high liquidity environment financials had been a feature of this rally as well this is the Financial Sector against the nasdaq 100 massive down trend, you can see. Are we actually finally trying to see some base forming right here this little spurt up in the last few days lot of ground to make up without there being leadership change. 40 Percentage Points of underperformance year to date. Financials versus nasdaq 100 clearly, there could be a title shift or just a bounce in relative performance without there being a change in the Overall Economic trajectory necessarily. An interesting sub theme thats developing lazzard starting to outperform in the last month. The large, big investment banks like Morgan Stanley and goldman sachs, positioning for an m a and restructuring an advisory boom that could be benefit to those smaller advisory investment banks. Mike, thanks for that banks also report numbers next week for more on what this all means for bull markets lets bring in Jeffrey Sherman from double line great to see you as always clear is this the start of a much bigger move higher i think so. Weve been in this range for a while. When it comes to rate volatility within the ten year and 30year treasury you saw somewhat of a kneejerk reaction after the jackson hole symposium where the fed, as expected, announced some form of new type of inflation targeting. So essentially what the fed has signaled to the market is that we are going to try to create a steeper yield curve, keep the front end of the curve depressed, keep it low were not going to raise Interest Rates there is that dependence on the economy you were referring to. Daet they would let inflation run a bit hotter over the medium term that theyve historically have done so signals theyre willing to let 10s, 20s, 30s to drift higher thats what youve seen since the announcement of that there was a dip down yesterday but we seemed to have somewhat resumed that trend here. One thing we really dont like at these levels is the back end of the curve simply because of that inflation targeting and further its hard to see a lot of protection from the bond market, at least in treasuries, if there is another risk off environment. Right now we remain cautious in the back end we like to see how this range goes and see how we can truly break out of it. Even if we dont get a stimulus, you think the 10, 30year will be higher in terms of yield next year even without a stimulus we are in the world of stimuli regardless of whether theres a shortterm stimulus. We were expected to run north of a trillion dollar deficit. Covid has changed the rules with the c. A. R. E. S. Act and the like. Even without the stimulus, i do think that the path is higher deficits that will be the requirement to do some form of transfer payments from the government to the workers out there unless we get a really strong recovery in the labor market i think thats what some of the risk markets are really sloughing off at this point in time we still have a lot of irreparable damage in the labor market the pandemic unemployment numbers as well as the continuing jobless claims are not overlapping, roughly 25 to 30 Million People are still unemployed so we need to see improvement in that part of the market. And the way to improve that, listen to the fed chairman we need some form of fiscal stimulus the chairman has been saying this three to four months. If you look inside the notes or minutes released today, you see exactly that behavior. Forecasts of this resumption are predicated on there being more stimulus from the fiscal authorities. Is the market getting too optimistic over the fact you saw what happened yesterday. The president abruptly tweeted that stimulus talks are off. I know theres been hope afterwards from his tweets of a piecemeal deal if you look at the bestperforming stocks its materials, industrials are doing really well. Energy is doing well yields are higher. The message from the markets is the economy is okay, despite 800,000 americans every single week filing for unemployment claims and a very high Unemployment Rate and losing some steam in the rest of the economy. Youre correct, sarah, with that also if you look at the data that came down with job openings being lower. I think what it is, theres a bit of rotation here the top five stocks, the tech sectors, people are looking for value and shopping around and looking at Different Things and looking at the valuation i heard a famous strategist recently say if you bite top five stocks at these levels and implied valuations, you are super bearish on the economy i think people are trying to dissect the differences in that Cross Sectional dispersion within the equity market and looking for the next leg of the trade. I do think people are thinking not just short term but saying okay, as i go into 2021, what does the economy look like there are sectors that have been beaten up. Youre talking about financials as well. These things are screaming we saw big inventory builds today even with the hurricanes coming maybe downgrade to a Tropical Storm before it hits land. People are looking for other parts of the market. We dont look for shortterm whims daytoday obviously the debates are important tonight. Will there be more debates theres a lot going on in the election but people are trying to posture for what 2021 looks like we know well need to borrow more money to do this. Maybe the need to increase asset purchases. I dont think at these levels it really affects the bond market it opens the can for fiscal and the fed can gobble them up. Perhaps white rally got extended after minutes Jeffrey Sherman, thank you very much. Youre welcome. Appreciate it dow is up thank you dow is up 590 points all 30 dow stocks are higher salesforce and boeing leading the charge famed restauranteur danny meyer will talk to us exclusive to talk about stimulus and the situation there in washington. His plea to lawmakers to reconsider a package before the election youre watching closing bell here on cnbc ah come on lets hide in the attic. No. In the basement. Why cant we just get in the running car . Are you crazy . Lets hide behind the chainsaws. Smart. Yeah. Ok. If youre in a horror movie, you make poor decisions. Its what you do. This was a good idea. Shhhh. Im being quiet. Youre breathing on me if you want to save fifteen percent or more on car insurance, you switch to geico. Its what you do. Lets go to the cemetery welcome back stocks are surging in this final hour of trade. The dow up 591 points. All 30 dow stocks higher, gain of 2. 1 , fiveweek high for the dow. Some conflicting news out of washington, leaving stimulus talks still at a standstill for the moment this, as tens of thousands of businesses and restaurants face permanent closures due to the pandemic next guest making a plea on behalf of the Hospitality Industry, urging lawmakers to restart negotiations join i joining us now for an exclusive interview, restauranteur and ceo danny meyer. Good to see you, sarah. What was your reaction when President Trump tweeted he wanted to call off negotiations until after the election it was a blow for many if not all of those in the restaurant community. The stimulus package, which puts a lot ofmoney in the economy and takes care of extended Unemployment Insurance for laborers is crucial. For the restaurant industry, this has been a rescue package we cannot reemploy people if we go out of business and i think that the country needs to understand that this is an industry with 670,000 members. We are too broad to fail were not like the Auto Industry or Airline Industry where you can get your arms around a handful of carriers. We are part of the psychological and emotional fabric of communities and restaurants have been heroic in trying to hang on here is the big deal the big deal is that when you get a tweet like we got yesterday, and everybody had been pinning their hopes on the fact that the house passed this heros bill. It seemed to have strong support in the senate. And then all of a sudden the rug gets pulled out from an entire industry and 23 Million People who work in that industry across the country, people cant plan everybody is looking at cold weather coming and a lot of the things that have worked through the summer and fall, also known as Outdoor Dining, are going to go away its going to be brutal to not know how to plan. So, a few developments since that tweet the president has suggested that he would be open to limited piecemeal parts of stimulus to pass one of them he mentioned was an extension of ppp for Small Businesses is that enough, danny, or do we need to see something more comprehensive . I dont think it is enough, sarah. What was so hopeful about the way the heroes act was written was this its what we should have done in the first place as a country if someone had told our industry, look, guys, back in march, you cannot open until we get this coronavirus under control. But when we do reopen and tell you its safe to reopen, you will have lost an entire half year, or now an entire year of profitability, but youll still be exactly where you were on your Balance Sheet thats what the heroes act did, or would have done, or would do. And unlike the ppp, which is a loan, which unfortunately became an unforgivable loan, because we had to use it and hire people before a point when we were allowed to open anyway, this heroes act would have put us in a position where we would have said, you know what . We did our part as an industry across this country to keep people safe. And now that its safe to come back, our Balance Sheets can actually put us back in business and get back into the business of hiring people look, were still 2. 3 million restaurant employees down across the country. They cant be hired back unless restaurants can reopen. Danny, as you said, your industry is very broad hasnt yet received sector specific targeted help like it looks like the airlines may receive again. Do you think that explains why you havent got that sectorspecific support . Does it make it fair that you havent received that support . Its really not about whats fair, but its explainable again, if you have an industry like the Auto Industry, you know how many Auto Companies there are. You know exactly what cities and states those manufacturers are in they have a voice in congress. Lets face it. They have a voice in the white house. You have small, independent restaurants all over the country in every community, of every city, of every state, and they dont have the same kind of voice collectively to get legislators to listen. I do think that the secretary of the treasury understands this. And i really have good faith that he is working as hard as he can, but somehow the rug seems to have been pull ed out from under him as well in these talks. Whats it like to operate a restaurant right now, danny . In new york, you can do indoors now with 30 capacity. Outdoors has been huge, but as you said, the weather is getting colder can you break even with those types of capacity constraints . Depends on what youre talking about. Capacity in new york right now is 25 indoors can you not make money but you need were trying to be the change we want to see. If you want people to come back to live in new york and go to work, to their offices in new york, i think its really important to have the kind of life and vievitality that Indoor Dining and Outdoor Dining create grammercy tavern, our fullservice restaurants to be open even at 25 we want to be part of the spark that brings this back. And we believe if we do this safely that the governor and the mayor will soon enough permit us to open at 50 at 50 , we start to be able to be profitable, especially if your table turn times are much curtailed. The guests have been absolutely amazing in understanding that. Looking a long way ahead to more optimistic times, would you like to see Outdoor Dining like weve seen in recent months be something a little more permanent here in new york absolutely. We all look for Silver Linings in everything thats been going on with all the pain that so many people have withstood the great Silver Lining for our industry would be that when we get back to the point when people can go to restaurants and go to bars, and theres Outdoor Dining, cities are going to feel better communities are going to feel better that will be additional icing on the cake of an industry whose margins are too thin if you add that Outdoor Dining, we could be in for a healthier time eventually than weve been in for a long time. What happens if you have to shut down again . Already parts of brooklyn and queens where the mayor has been discussing it. Hes in the fight with a governor again if we see a bigger second wave, what happens well all cry i dont know any other way to put it we have been able to hire a number of people over the last three weeks of being able to serve indoors, and it will be a crushing blow if we have to give people a second pink slip after we welcome them back. Danny, thanks so much for joining us great to see you. You, too, wilfred thanks. Lets get to meg tirrell on coronavirus news in washington what can you tell us hello, wilf dr. Sean conley, the president s doctor, putting out a note just now saying of note the president s labs from monday showed he had sars cov2 antibodies he also received regenerons antibo