Suspending ant Group Listing major issues, this is days before the largest ipo of all time well give you the latest details. And social Media Election strategies how facebook and twitter aim to tackle misinformation on their platforms as voters head to the polls and beyond whatever beyond means, carl. David, thanks guys, were going to be talking all day and all night about arizona, florida, georgia, North Carolina, jim, goldmans got a note out just now saying because it would be difficult if the president does not win any of those states, quote, there is a good chance the election outcome will be clear on election night. Right, i think that thats what the market is saying. So the collectionive voice of the market, both yesterday and not just the morning, but when the nasdaq rallied in the afternoon and today with the futures, people say, we cannot afford after last week with the market being down, we cant afford to wait for the outcome we have to presume the outcome is going to lead to some sort of conclusion, period and conclusion is good, last week was the week that i think anticipated we would have had this week, and david, sometimes the market is too smart for its own good a lot of people got out last week saying i got to get out ahead of what is a big decline on monday and tuesday. And they fooled themselves the traders were just they were doing so much activity, david, i mean, the idea that the nasdaq was getting crushed and then they raised the nasdaq. What is that i think people were afraid i dont want to miss what happens after we know who becomes president. And it is not going to be as contested with the hundreds of lawyers as we think. I think many of us hope thats the case. Because otherwise it is going to be a more difficult period and people are girding for that possibility, jim lets not forget the path of covid, what is going on around the world. Im curious youre referencing the declines we saw last week how much and can you figure out how much is dependent on and or connected to what are continued rising cases around the world, continued i dont want to count them lockdowns, not here, and it doesnt appear were going there, or how much is just trying to position for whatever the election outcome is at this point. I think the way you monitor that is oil. I think oil is a true arbiter of growth right now because the supply is pretty constant, but the big sign of a belief of a decline and demand that live in the eurozone. I think what that said was things are getting dramatically worse. They seem to have completely lost control of it there are a lot of people, the socalled antimaskers saying, you know what, they have all these rules, and it is not cutting it down. The rules arent being enforced. All right. The rules are not being enforced in these countries and one of the reasons why things are so out of control is that theyre not shutting anybody down, like you didnt they visited you, they said, youre down the place our country is out of control. Wisconsin is an area where everyone is so proud that the bars are wide open but there is a belief, carl, i think we all feel this, there is a belief that the president s view is, you know what, if youre young and healthy, knock yourself out, and if youre worried, stay home thats another way to approach things, it is a laissezfaire approach, it is leading to a map that comes out every day that shows there are areas more laissezfaire andthose are the areas where there are more people sick. President rebuts that by saying, no, more people being tested theyre not you know, obviously, those things are not responsive that is circular reasoning but, you know, when you contest it, people just say youre antitrump thats why we pay so much attention, jim, to hospitalizations, Morgan Stanley with a note today saying 14 states are seeing essentially per capita hospitalization ratios that are the likes of which triggered the eu lockdowns, south dakota, north dakota, montana, all of that, they also say that the rate of growth in the u. S. Has so far surpassed their bear case, running two weeks ahead. Scott gottlieb on squawk earlier today talking about whether or not we may see an extended period of a thousand deaths per day. Take a isten the sheer fact well be infecting so many people now is probably going to mean the death toll gets well above a thousand for a sustained period of time it is a grim couple of months that we face, i think this is a last sort of acute phase of this pandemic that we need to go through and things will get better in 2021 we need to hunker down and be careful over the next couple of months jim, that has been his running theme, it is the toughest period we face. You know, my daughter lives in spain, she teaches english, and in middle school, in madrid, and everyone thinks that spain had a very serious lockdown, she were to go she was allowed to go out once a week to go to the Grocery Store or accompanied by a policeman and they thought they won i have a business in italy i thought we would go over there and he didnt win, nobody won there was a relaxation the likes of which was, hey, you know what, happen kri dy days are he. We cant afford to do what they did. They genuinely believe that covid was beaten, like in china, like in korea, so masks off, have a dynamite time, open the bars, and it failed. It did. It did it is not gone you saw the memo leaked from debbie burks, which said there is no vaccine right now, no therapeutics, it is raging out of control and we have to wear masks. Regeneron is so good but they have 50,000. Theyll have 300,000 doses. Many of the cases a number of them may be asymptomatic, wont need the Monoclonal Antibody cocktail that regeneron has, but there is no way to keep up, which is why i continue to come back to the small molecule antiviral, for example, that merck is developing as more important. You can manufacture so much more of it. Millions and millions of doses. Right that can scale. Yes and mr. Frazer is the ceo of merck is not going to come on here and say, listen, we got the drug no. There is a reason why the president was bad one day and super man the next day, regeneron works. But megs whole reporting was, look how hard this thing is to make and it was great because it showed the theyre not keeping it back. What a what people pay for that is not the way it should be allocated. But, again, we have a state system, not a federal system so i think that regeneron, we dont really know how thats going to be how it is going to work. There is an article today in everywhere, this university of arizona study about quidle and how their 15minute test doesnt work thats great so throw that out. I have thermofisher on today they make the pcr machines, they had one of the most amazing quarters preannounced. They have a pcr machine that does 6,000 tests a day that is what we need the president would make that political. Thats the reason why were sicker than we think but we are not sicker, i dont even know anymore. But the fact is, david, that thermofisher, which is the foremost pcr machine, they cannot make enough 6,000 a day is not enough. No. And increased testing still does help a great deal by identifying where there are clusters at this point, again, as we said, seems to be raging out of control in a number of states. I like to bring up the ten year, the 20 year thermo, just to show how you can create real value over time. Marc casper, wow. He does not promote himself. Theyre going to try to do we have a chart . Were going to bring it up. For one moment, we do hear occasionally wanting to celebrate some of the people who are extraordinary. Look at that look at that well, thats what happens when youre the i met a number of people that work at thermofisher and theyre proud they had the bft machiest machi best pcr, thats what anybody who swabs and it comes back, that could be thermo. They have been creating val you for a long time. Ultimate diagnostic company, they create diagnostics, we know that roche can do it, roche is involved danaher is another it is the greatest business in the world to be in that business thats the gold rush testing and diagnostics, absolutely meantime, were going to be on obviously election watch all day today. Eamon javers has a look at some of the states at play on this election day morning hey, eamon. Reporter the range ofilitie still wide open on election day. This is done by change research, were looking at the battleground states, the swing states now and likely voters in those swing states we have been following them all election season. This is our final one. What we find is joe biden has a lead in all of them, in five of the six hes at 50 or better. States like arizona, 50 wisconsin, 53 michigan 51 then look at North Carolina, 47, 49, thats close to the 1. 7 margin of error in this poll so call North Carolina a draw right now. The only state where biden is under 50 in our polling that would indicate if you average it all out that joe biden has about a 50 to 46 lead over donald trump in those battleground swing states that are going to make the difference tonight. All of that suggests maybe a good night for joe biden then look at this number here, this is the trump handling of the economy number and we see some movement very late, it is a small movement, we see movement to the president here, you look at this number, 51, 49 for the president and that number is moving in the president s direction since october 21st now above water on the handling of the economy thats his strong suit and calling card it is moving late in a small way, but moving in his direction. Is that an indication of something for the president to hang his hat on today in some battleground state sstates well have to wait and see tonight. Eamon javers, thank you so much nbc special coverage of your money, your vote, begins tonight at 7 00 p. M. Eastern time. Well take a break here, futures looking pretty good as we build on mondays rally. Well talk about some of the dollar weakness this morning as well it is one thing to move futures, quite another to move the market as wh s ts rnitweeehimoing. Were back in a moment when you switch to xfinity mobile, youre choosing to get connected to the most Reliable Network nationwide, now with 5g included. Discover how to save up to 400 a year with shared data starting at 15 a month, or get the lowest price for one line of unlimited. Come into your local xfinity store to make the most of your mobile experience. You can shop the latest phones, bring your own device, or trade in for extra savings. Thats simple, easy, awesome. Visit your local xfinity store today to ask, shop, discover the latest on xfinity mobile. Welcome back want to share some very big news that has been developing this morning out of china as our viewers know, we have been following the prospective ipo of ant financial, the largest initial Public Offering, not listing here in the united states, but ready to list in hong kong. And on the relatively new star market in shanghai and, again, distributing shares around the world, including to many u. S. Based investors. All of that appears this morning to be going up in smoke. The Shanghai Exchange and we also know hong kong as well have both essentially suspended the listing this morning it is very much not completely clear, at least at this point, what is at stake here. Well get to eunice eun to help us figure out what is going on the capital reserves that the company has, regulation in general, reporting that jack ma, the founder of alibaba, former ceo, chairman of that company who ant was created under, it was once part of alibaba, their ali pay system was developed there, that he had a meeting with regulators, he had been somewhat critical of the regulatory function. But, again, a lot we dont know, what we do know is shanghai and hong kong stock exchanges have suspended this, and there is concern that it will go to the heart of the Business Model, which is that theyll need a much higher reserve, reserve requirement, which, of course, would impact their ability to make money i cant emphasize enough the gray market trading going on over the last few days in this stock really a lot of things to unwind lets get to eunice yoon who can join us now and perhaps shed more light on what is a developing situation to say the least. Yeah, thats right. The shanghai stock market just as you said just tonight had said that it is delaying the ipo and the reason that they gave was that they said that the ant had recently reported to chinas Securities Regulator about the significant changes in the Regulatory Environment and that this major development, the exchange said, might make ant group fall short of Listing Requirements on the information disclosure as you pointed out, the ipo was supposed to take place, both in shanghai as well as hong kong on thursday but now it is not going to happen for an undisclosed period of time. We spoke to ant, they issued a statement and said they were notified by authorities and that because of that, as a consequence of hong kong would also suspend its ipo in terms of some of the speculation that you had talked about, this does come after jack ma as well as other top executives as ant had been summoned on monday, to talk to the regulators at the banks, the banking regulators, the Securities Regulator, currency regulators, about this ipo, and it also comes after a speech he made on friday, which was very widely reported in which he was highly critical of regulators for not supporting the fin Tech Industry enough. He also made some comments on the chinese economy, which raised eyebrows because when asked about the chinese economy, he said and if the chinese economy has Systemic Risk, he said the chinese economy wouldnt have Systemic Risk because it has no system and as you all know, jack ma is quite a flamboyant guy, hes a very, you know, kind of is free and easy with his language, and because of that, that could that is raising speculation among the Tech Community as to whether or not this is seen as punishment from the regulators for his very vocal criticism of the chinese system. Eunice, again, these are reports that were getting that the online loan regulation and obviously online loans are an important component of ants business, that they will force the colending ratio to go to a minimum of 30 right now it is 1 thats where you make your money. Do you have any confirmation thats possible . That will up end the Business Model of ant if and when it does finally list yeah, i dont have any confirmation of that, but there has been quite a bit of criticism and concern about what people here see as Systemic Risk within fin tech, that ant would be able to would be given a pass because it wouldnt quite it is kind of, as you said, living in this gray area and the regulations arent there yet for this company so a lot of concern about that, and it looks as though that could be one of the reasons why thats why people are saying this could be one of the reasons why ant group is being more heavily scrutinized by the regulators. Eunice, it is a story well be watching closely as we were getting ready for this thing to start trading on thursday. Largest ipo of all time. But, carl, doesnt look like it is coming anytime soon and if it does, it is Business Model may look a lot different yeah, big story this morning, guys david, thanks. Well take a break as we said earlier, futures look strong here. Tenyear yield almost 88 basis points this morning. Well get a mad dash and opening bell in the next few minutes hey, son no dad, its a video call. You got to move the phone in front of you like. Like its a mirror, dad. You know . Alright, okay. Hows that . Is that how you hold a mirror . [ding] power e trade gives you an awardwinning mobile app with powerful, easytouse tools and interactive charts to give you an edge, 24 7 support when you need it the most plus 0 commissions for online u. S. Listed stocks. Dont get mad. Get e trade and start trading today. Mondays gain, best for the dow since 2007 best for the s p strength in futures on this election day tuesday ntueaf uawk on the street coins ter a short break. Dont go anywhere. A weekend tr. Fifteen minutes until we board. Oh yeah, we gotta take off. You downloaded the Td Ameritrade mobile app so you can quickly check the markets . Yeah, actually im taking one last look at my dashboard before we board. Excellent. And you have thinkorswim mobile so i can finish analyzing the risk on this position. You two are all set. Have a great flight. Thanks. Well see ya. Ah, theyre getting so smart. Choose the app that fits your investing style. Woman after covid, my hours got so we cant pay our bills. And now our Family Budget is gonna be hit hard with prop 15. The yes on 15 ads say it only raises taxes on big corporations. Thats not true were all going to pay. 11 billion in new property taxes will get passed on to Small Businesses and farms. Theyll raise prices. Higher gas, health care, food. Even day care. We cant make ends meet now. Families cant afford 15. No on prop 15. Time for a mad dash as we get ready for an opening bell on this election day. Jim, pay pal, of course, still has a market value above bank of america, but maybe in doubt today, i dont know. Oh, please. Having a better year listen to this, youll see the stock down, why . Because they did say there is going to be some problems with it the ebay transition, thats not good but, you know what, do you mind if we think more than just a week out dan schulman says the digitization of the Global Economy combined with the rise of digital wallets will drive our growth over the next decade. Thats next decade is better than the next four hours, 4 billion transactions, growing 30 and for the crypto maniacs, they are making it easy to do a little crypto action so i think this was venmo plus 65, let it settle, whoever is in it enough to sell it, let them sell it, taking a little profit, and then you probably want to scoop some up. Yeah. Generated it was down this quarter, but 4 billion so far in free cash flow, but it does trade at some hefty multiples, jim. Okay. Okay. Okay. It is taking over the world. It is yes it is not completely disconnected from our last story on ant, which goes to digital payments, digital yeah. V