Down again that reopening trade getting slammed. You can see that in the airlines there all taking a hit today later, check out this ride shares of avis budget, up 300 from the march lows. Getting a boost in the red hot used car market. The ceo will join us power lunch starts right now thanks energy and financials are leading the declines today they are down way more than that stall worth technology sector. Bob has more on this Early Morning reversal same story. Teches still out performing energy, financial, other cyclicals. Not a good start to earnings season big miss on earnings and very poor guidance. Walgreens has not been a good stock. Thats real problem. I think they may be basicing market mentality banks same story Huntington Bank was 5 goes to 12 its back to 8 again. Its an invertsed v. Whats moving the market theres five things. Is the reopening going well or not. Lets call it bumpy. Is stimulus coming maybe theres less good news on treatment advancing. Thats good news elsewhere, valuation, lot of talks some of these stocks are over valued. Some negatives here. The election, thats a wild card melissa mentioned this right around 10 00, when the announce m came the Supreme Court that the manhattan prosecutors could obtain President Trumps fj records, not congress the market drifted lower right there at that time look at amazon tech never goes down it goes down a bit and am zoazon bounces back look at caterpillar. Vr the Supreme Court hands President Trump a loss. Reporter sweeping ruling from the Supreme Court there were two baskets of subpoenas at issue one was a set of subpoenas from cy vance looking for president s financial records from his Accounting Firm and some banks the other basket was house democrats. Committees on capitol hill looking for financial records from third party, not from trump himself. Supreme court saying that cy vance will get access to those financial documents because there is no president ial presumption he cant be invest gatsed during the course of his presidency the Supreme Court said not so fast that process can continue. Not likely any documents will become public any time soon. If they are turned over, theres grand jury secrecy in that case and none of it would become public unless theres an indictment or some sort of criminal prosecution moving forward. That could be many months or years from now the house democrats, the Supreme Court not entirely buying their argument they needed to get access to this data saying that case needed to go back to the lower courts for reconsideration. Sort of a punt there the president frustrated by all of this saying the courts in the past have given broad deference but not me the president frustrated by the outcome here today where does that leave us heading into this life you see the biden bet over take the trump bet. You see now that trump bet is negative 9 . Biden plus 7. 1 . The big switch june 23rd happening right after that tulsa president ial rally that was so disappointing in terms of turn out and the number of reports about a surge in virus cases throughout the american south. Back over to you uncertainty surrounding the november election becoming front of the mind. Great to have you with us. You heard the split decision but one set back for the president at least for now does that change, in your view, how you view what the potential outcome could be todays event doesnt change our view i cant make a comment on the political combo. What i can say is that we laid out four different scenarios that most probable scenarios for the election and policies that might come out of that the good news is that in none of the scenarios based on our analysis were seeing a significant Market Impact that is as big as covid19 has done that said, the elections have consequences and well see winners and losers within the equity sectors thats a low bar when you say that can you lay those out and give us some possibilities if you have them . Yes of course. I think the key distinction here is whether were going to have a unified government whether wooelg have a divided government if we have a divided government i think the number of changes that might come is limited its a lot harder the push forward any tax increases or the spending legislation if we do have a unified government, whether its a blue wave or a red wave, we do believe that the outcome, the impact on the market is going to be close to neutral or slightly positive you have shown that the probabilities toward a blue wave have risen significantly over the last month and from High Net Worth investors perspective, the conventional wisdom is that would be negative for the u. S. Equity market and maybe other risk assets on a lesser extent our Analysis Shows that there are very good reasons to think that might not be the case this time around given where we are in the economy im glad you touched on that because one would think a red wave would be better for markets because of less regulation, maybe lower taxes and the inverse for the blue wave but you dont believe the policy conventions will hold true for the republican or Democratic Party this time around a blue wave might bring negative impact from higher taxes our Analysis Shows it will be a need for several more rounds of fiscal stimulus in the Biden Administration as well we do believe that theres a very likely chance the Biden Administration will have to focus on prioritizing economic policies that do promote Economic Growth because when the new Administration Takes office regardless of which side, it will be the First Quarter of 2021, the economy would still need quite a bit of health we think that unemployment would still be around 9 levels. Its still a risk. The key question is whether the fiscal spending stimulate growth enough and will it be enough to compensate for the impact of the tax increases and the regulation i think there are good reasons to think that it is possible of course, with the red wave, you have the risk of the trade war escalating again in a bigger way. Great to speak with you thank you. Virus cases are surging across the u. S dr. Anthony fauci is warning more shutdowns may be needed in the trend continues. Lets get to meg with those details. More than 62,000 new cases were reported in the United States yesterday by states that is a new record concerningly hospitalizations nationally have also been rising now reaching a level we havent seen since midmay even more concerning than that, we are now seeing an up tick in the National Number of new daily deaths reported in the United States you can see in the chart here from the covid tracking project. For states facing the most new hospitalizations, youre looking at states like texas, nevada and georgia, which have seen more than 40 increases in the last week the dark yellow there are the states seeing the biggest increases. Texas now more than 8300 people currently hospitalized also concerningly some states are seeing rising number of deaths following that hospitalization rate as well in texas, the 7day average now up to 47 versus 2 is in midjune to put that into context, new york at its peak was at 764. These are lower numbers but they are rising kelly, you mentioned dr. Fauci making those comments on wall street Journal Podcast about shutdowns. He was asked about that at an event. He softened his comments rather than thinking of reverting back down to a complete shutdown, we need to get the states pausing in their opening process. Looking at what did not work well and try to mitigate that. Yorng i dont think we need to go back to an extreme of shuttingdown. Saying we dont need to go back to stay at home orders across the board i was thinking about the discussion we had with tilman this week. Theres not a better standard for understanding when are we reopening. When might we close again. Right now it feels like every local authority is coming up with its own plan or calling it day by day i think that frustration you are out lining with a lack of clarity is something dr. Fauci has been expressing his frustration with as well saying there are guidelines that have been laid out at the federal level. These are guidelines that states and localities can choose to follow he said just follow the guidelines dont say open or closed go about it in staged manner and thats why hes so frustrated because he thinks states didnt do that. It could bebetter communicated and maybe harmonized thank you. Here is another shutdown leading the airlines as they n warn about layoffs well tell you what names are at most risk. The used car market is taking off. Thats sending shares of avid budget soaring well talk to the ceo later this hour chorstig aad experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. Experience amazing i am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. Shares of the airlines are getting crushed today on reopening fears. This comes as united plans to layoff up to 36,000 employees. Treasury secretary Stephen Mnuchin explaining how the federal government will help one of the hardest hit industries. There are certain requirements in the psp. There are different requirements in the loan agreements this was all negotiated with congress and again, we have seened loan agreements in many cases, i think many of the airlines arent going to use them and will finance them in the Capital Markets. We wanted to make sure the airlines had backstop so they had liquidity. Thats something we have been focused on between the payroll support and the loans we have created a lot of stability for that industry for more on the airlines, lets bring in phil. The treasury secretary usage of the term backstop implies the loans will never will tapped they have until the end of september to tap this latest round of loans delta is one Airline People are paying attention to. He says, were not doing that great in terms of what we expected in july still down 30 in terms of flight schedule compared to last year delta says its august and its july schedule, its being hurt by two things. One the spread of covid19 in the sun belt states. Those are its a double whammy thats hitting the airlines we hear from ed likely next week when the q2 results come out thats when we get an update in terms of where they are on liquidity. You have united. It announced it plans to cut up to 36,000 jobs some of that will be through furloughs. Some of that will be through people taking early retirements. Some people will take unpaid leaves of absence. Well find that out over the next six weeks its scheduled for august. They pulled it back further. Its now going to be down 65 . Focus for the airlines is all about daily cash burn. They are bringing it down as quickly as possible. They are long ways from where they are in april. They are burning through a lot of cash every day. These are figures at the end of june united at 40 . Southwest at 20 million. Well get an update and see if its come down any further in july passenger levels, as you look at the airline index, still down 72 to 75 the numbers yesterday, down 75 . Its really started to plateau phil, stick around. Lets diver a little deeper into the struggling Airline Industry. See if investors should expect more pain ahead on these beaten down stocks. Hunter, is there any differenttiation do you think its all going to rise and fall with covid thanks for having me. At this point theres so much money, liquidity available to these airlines the Balance Sheet stuff is taking a backseat to the other fundamentals theres so many stocks that have zero equity values as far as i can tell theres still four or five billion dollar market cap because the market is pricing in just unlimited access to cash. Thats enabled by the fed. At this point, you should probably expect them to rise and fall we like focus on costs out the most who can be the most nimble by getting costs out, were talking about employees and roots, all of those things that are macro negative it can help them stay financially viable this is incredible to hear you say. Theres zero equity value and only able to have a market cap of several billion dollars because they can access the market who are those airlines that can make right sizing moves . Yeah, i mean the network airlines, delta, united and american have cut costs because they add the most. Thats basically math in terms of how much cost they have added over the last few years. Its going to be about who has sort of the fortitude to go ahead and just do it who will have the best abilities to look forward and predict future business travels. I think delta and unite stand out. At this point really nothing else furloughed 45 of their work force. You think theres any appetite for that to happen theres face level in terms of service is the government going to come in and say we need to add further support. I dont believer theres enough of an appetite in washington to come up with a second round of bail outs for the Airline Industry in terms of service, were at that base level. They are adding back some servers now. Youre not going to see a lot of service in the fall. Fall is fra ditraditionally a wr time of year theyre not going to add Service Beyond what we see in july and august if theres not an appetite for more bail outs, what ability do these airlines have to further tap the Capital Markets . We had united say they are aiming to get cash burned down by the end of the Third Quarter to about 30 million per day. If they arent able to do that or if for some reason they cant do that and got to raise more money, what else is there to collateralize in their portfolio . Theyve done everything. Some have, some havent they dont have much left. This industry, they keep taking money after money after money. They are never going to be able to restructure you look at what they did in 08 and 09. They didnt get a dime from the government they came out better than they were before. At some point this government stuff has to stop if they want any hope of being real businesses out there when you say who knows what happens after november, meaning what i just mean policy. In terms of Federal Reserve policy the fed is being extremely liberal in terms of politically liberal but both regard to pumping money into the markets theres a lot of debt issuance thank you we appreciate it thank you still ahead, tech, the only sector in the green today. Thats as the nasdaq hits another all time high. In the move in part due to semistocks holding up amid the sell off shares of nvidia hitting a record high. The traders will tell you which meth a sopg right after this when the world gets complicated, a lot goes through your mind. How long will this last . Am i prepared for this . Are we prepared for this . 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All of that has played into the hands of semistocks and that definite and the continued reliance on technology al helps. Those trends arent going to end. This is a broader trend that can last a long time you have been looking at the technicals is there a name that can out perform . The smh has done a very important move this past week. The Semiconductor Group has been a leader back in 2018 they gave us a nice Warning System in advance of the late year sell off there led the group higher in the first two months of the rebound in march however, it kind of slowed down. It slowed down and was under performing this week hast made a higher high thats key the low it made in march was higher than the low it made in 2019 a higher low now breaking to a new higher high thats very, very bullish. As you mentioned at the beginning of the segment, this is kind of showing the tech rally is starting to broaden out a bit. Maybe help the sense of piece start to play up with the nasdaq once again thank you for more trading nation, head to our website. Back to you. Ahead on power lunch, well continue to monitor these markets. The dow is down more than 500 points at the lows the nasdaq has clawed back to positive territory one bright spot is used cars the ceo of avis budget joins us to talk about why the stock is up more than 300 off its lows reopening roll backs slowing down the Restaurant Industry reopening the stocks most at risk, well dig into that when power lunch returns. I know that every single time that i suit up, there is a chance that thats the last time. 300 miles an hour, thats where i feel normal. I might be crazy but im not stupid. Having an annuity tells me that im protected. During turbulent times, consider protected Lifetime Income from an annuity as part of your retirement plan. This can help you cover your essential monthly expenses. Learn more at protectedincome. Org. Here is your cnbc news update the Supreme Court tossing Congress Fight to obtain President Trumps tax return back to the lower courts House Speaker nancy pelosi sees the decision as a positive step forward for democrats. So, here we are the Supreme Court including the president s appointees have declared hes not above the law. Prooefeviously unheard audio recordings from interviews relating to death of breonna tailor are raising questions about the approach police took when the officer who led the raid was being questioned, the investigator took a sympathetic approach suggesting the use of a battering ram was the most passive way in, end quote. South carolina becoming the second team to withdraw from major leagues soccer tournament after nine players tested positive for covid19 after arriving in orlando last week. That should be the national sc thats the news up date. Kelly, back to you lets check on markets the dow is down 320 points off the lows of the session today. It did turn positive right now were down 1. 2 . The nasdaq continues to climb. Its up 44 points now. Its over 10,500 not a pretty picture for the energy sector. The Oil Market Just closed up. Lets go to eric at the cnbc commodity desk oil price is sinking. You can see this red behind me wti even breaking below the 40 a barrel level ending a recent stretch of quiet sessions where wti and brent moved less than 1 a day in the past several sessions. Rising coronavirus cases domestically and the potential impact on fuel demand have analysts expecting a further drop in prices even as opec continues Cutting Supply thank you. With more people driving to destinations during this pandemic, the used car market is red hot. Rental cars are in high demand especially in metro areas like new york city. Avis is one company ben fiefittg with shares up 300 . Here is joe, the ceo and president of the avis budge group. Great to have you with us. Thank you here reare today and demand is up what have you done as a company to right size your business to what the market is right now i know in the may investigation you indicated by june your police size will be about 20 smaller and you would be negotiating with airports when it comes to rent abatements. When i think about how we transitioned from january and february into this covid period, we had to make a lot of changes and we had to make a lot of changes quickly. Second was to have enough liquidity to make it through we announced that. People feel safe traveling or in this particular case, getting into a rental car. Its between our avis budget team and the team of medical experts. We partnered with rb, the makers of lysol well announce that tonight or tomorrow we have engaged the scientists of lysol on how to disinfect the vehicle. If you found a dirty car, few felt like it was dirty but now it could be a health hazard. We need experts to help us with protocols and products we found that with lysol. We have a five panel group of medical professionals led by dr. Williams who is the head of neurology over at Columbia University in the city and along with his team have given us the protocols of how we deal with behavioral change for our employees. Whether that be social distancing or proper personal equipment to keep them safe or hand watching or things of that nature we thought it was important to get the experts to tell us andpe hip hop public held. They are experts in taking training materials and making them fun which creates behavioral change. Its important to get people to learn and learn in an environment quickly especially during this period were good at teaching people how to Customer Service and manage through the daily rigors of the rental business and to fix car. When it comes the fighting disease, we need help. We sought the aid of these groups and were pretty proud and very positive about how that will affect our business joe, i want to go to your Financial Performance though since we are seeing your stock we have seen your stock rise tremendously on the one hand maybe you benefit because hertz could be closing down locations on the other hand, you could be facing a stronger competitor after they emerge from bankruptcy because they are able toget tr debt. How do you view it weall the competitors in our sector are strong and terrific companies in their own right i like to center in hoon how we deal with the situation. I think in the month of february, at least in the americas right siezing our business and getting ready for uncertainty that happened in early april and may. We do keep track of our internal metrics and the opportunities that are existing out there and we arent taking advantage of those. We will continue to do so over this next couple of months and the year all right well lever it there thanks appreciate it. Thank you to the bond market now some big headlines on the ten year this afternoon. Rick tracking all the action for us rick the tens, yes, indeed wp we traded under 60 basis points you wont see a lower yield. The reason i say it isnt only about tens today its for the following on deck means guns hot were about ready to make new all time low yields closes 14 basis points from the 29th and two year three year, right up under 17 basis points thats where it is now 5s and 7s, meaning their current yield is will be a new low close. Should they close there. Thats 45s for 7 what we really want to Pay Attention to on the 30s is which side 60 basis closes on. It was 54 basis points on the nineth of march. Here we hover a bit aways from it they had a great auction but still 31 basis points away back to you. Fears the economy will take longer than expected to get back to normal. Well explore the impact that could have on working mothers. Stay with us after my dvt blood clot. I wondered. Could another come around the corner . Or could it play out differently . I wanted to help protect myself. My doctor recommended eliquis. Eliquis is proven to treat and help prevent another dvt or pe blood clot. Almost 98 percent of patients on eliquis didnt experience another. And eliquis has significantly less major bleeding than the standard treatment. Eliquis is fdaapproved and has both. Dont stop eliquis unless your doctor tells you to. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. If you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. While taking eliquis, you may bruise more easily and it may take longer than usual for bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Whats around the corner could be your moment. Ask your doctor about eliquis. One of the biggest issues hanging over the whole economy is whether schools will reopen in fall. If not, many parents may have to choose between their jobs and their families that could have a big impact on women. Julia is following the story women have already been hit harder by the crisis 11. 2 of woman over age 20 are unemployed thats a full percentage point higher than men. Thats in part because women hold jobs in the sectors that have been hit especially hard by covid. Now throughout the pandemic, women have said theyare more likely than men to be concerned about running out of money within three months. Whether their employed or not. This is according to a study from usc now working mothers are bearing the brunts of child care as well during the stay at home orders they are spending 15 more hours a week on Domestic Labor than men. Women are twice as likely as men to be responsible for home schooling. Harvard economist tells us there could be real long term damage to womens careers if offices open brefore child care and schools start fp men could be more likely to return to work. That could lead to growing pay and promotion gaps not just now but for years to come catalyst, a firm that advises companies on how to best work with women it says now is the time for companies to make major changes in the workplace to help level the play r fieing field. What kind of changes are they talking about . I think theres a number of things you have people working at home and theres a lot of concerns about how women could be dealing with so much more of the work at home with their children but at the same time, if you make Flexible Work possible for every one, the ability to work on your own schedule im hearing a lot from companies about the importance of really judging employees and measuring whether or not they are ready for promotion on mump more standardized scales and trying to make sure you take bias, sort of all different kinds of bias both implicit outside of that proses cess thank you we appreciate it stocks selling off today for a number of reasons. Not the least of which is the latest threat for the roping of the economy. You can see that and the shares of the sit down restaurant chains the companies behind olive garden, chilis and out back all down much more on the restaurant msg opor nckoinupn weluh. Experience the joy of a bigger world in a highlyconnected lexus vehicle at the golden opportunity sales event. Lease the 2020 es 350 for 359 a month for 36 months. Experience amazing at your lexus dealer. phone ringing a phones offers big button,ecialized phones. And volumeenhanced phones. , get details on this state program. Call or visit and accessoriesphones for your mobile phone. Like this device to increase volume on your cell phone. phone ringing get details on this state program call or visit with coronavirus cases rising, another shutdown in hot spot states could be possible. That could prevent another roadblock on the road to recovery for the economy kate rogers is looking at how the restaurants are fairing. Restaurant transaction data had been improving but over the past two weeks we have seen that reverse course new data from the npd group shows that overall transactions at major restaurant chains declined by 14 for the weekendsed june 28th compared to a year ago nationwide full Service Restaurants transactions fell by 25 and Quick Service transactions beclined by 13 full service is most aligned with sitting down and eating in dining rooms well seeing states pause reopening or ral baoll back plad restaurants like mcdonalds hitting pause on reopening plans for several weeks. Papa johns, dominos, chipotle and wing stop thanks to their carry out. Back to you. Stick around. Well talk about which restaurant stocks are most at risk during the pandemic bob, we learned a lot in this first part of this downturn about who is most at risk. Could the next phase be different unless we start to see widespread shutdowns again theres that risk the full Service Restaurant chains are trying to do everyth it safe for their customers. I think all the major chains are really putting safety protocols in place but i think ultimately the consumer is the one making the decision are they comfortable leaving the house and actually going and sitting in a restaurant . Or should they go to curb side or just stay at home and have dinner, you know, coming out of the oven right and you know, its a difficult calculation for a lot of people to make. We saw, for example, that the drive through oriented fast food chains did very well during this period of time would you continue to expect them to outperform i absolutely would. You know, consumers have a greater degree of confidence and going through a drive through and keeping themselves safe as opposed to sitting dmoun a restaurant, i think curb side to go for the full Service Chains is important but not as nearly as important as being able to go inside and safely eat within the restaurants. I think consumers ultimately want to do that. But i think these recent hot spots that weve seen really develop i think it really, you know, given pause to a lot of consumers reconsidering, you know, where are they going to get the next meal. Is there anyone, bob, in the it isdown space, i know you said your cautious on cheesecake, crack barrel and chuys. What are these places supposed to do at this point . Do they have options over the next 6 to 12 months to make our dining more attractive for these consumers . You know, its interesting you ask that question. One company especially brinker international, they operate the chilis brand, magianos, they outperformed most of the peers they recently developed this ghost kitchen concept called its just wings. It operates within the chilis restaurants t completely separate you know, from the chilis operations and its a pure delivery brand so that certainly adds an interesting element of potential upside we see to sales for that brand over the next 12 months. Are there certain restaurant chains that are more exposed to the areas that are facing closings, reclosings or flareups in covid19 cases, sunbelt states, arizona, et cetera yeah. You know, i think, you know, certainly the southeast has been really hard hit with a lot of flareups. Cracker barrel, they do a terrific job keeping customers comfortable and safe within the restaurants. However, they operate a lot of restaurants within those areas where weve really seen a lot of hot spots. Thats one brand, especially because they skew to an older consumer who is a little bit more thoughtful about using the masks. I think they may be they may have headwinds ahead the big publicly traded restaurants are back to being back to year ago levels than mom and Pop Restaurants that dont have the Financial Resources we talk about the publicly traded names because theyre tradable but are all of the names winning share at the dispense of the much smaller players, do you think . I wouldnt say theyre all you have to imagine gakate, go ahead i wouldnt say theyre taking all of the share they definitely have more exposure and can afford to team up with these delivery aggregators and work with all of them its more expensive to work with grub hub and door dash they have taken that on themselves to avoid paying for the fees you know, the two different types of restaurants and the consumer that theyre serving, you know, tend to be different its about who can afford it really i think thats what were going to see moving forward is the ones that can afford it will stay afloat. Bob, i think youre on to something. Maybe you can come up with a concept like that. It wouldnt surprise if he many we see others do. That its a very creative way to get additional leverage on your business i think brinker, you know, has really surprised us with this and potentially it could add a lot more to top and bottom line for the company and potentially for other companies as well. All right thank you both bob darington and kate rogers talking through the restaurants this morning the losses on the dow seem big. Were down 300 points. The nasdaq is positive for much of the afternoon if the composite can stay green, this will be the seventh up day in eight sessions. Remember, you can always watch or listen to us live on the go on the cnbc app come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Welcome back lets get the technical take katie, great to have you with us we really paired our losses on the s p 500 and in particular in what weve seen today is a continuation of what weve seen before and that is strength in technology how strong does Technology Look since it does look like the markets are dependent on tech to keep the rally going well, Large Cap Technology and specifically the faang stocks have been the consistent long term and short term source of upside leadership the momentum is still behind them and the relative strength is still behind them. And that can certainly help the major indices forge higher irrespective of whether or not they have strong breadth or participation behind them. Do you see significant gains in the s p 500 from now to year end . You know, i see in the near term significant gains in store for the s p 500 based on the facts that its managed to break out from the consolidation phase from june which was in the shape of a little triangle those triangles tend to be pretty high probability setups where they see immediate upside followthrough we got ideas of that recently and then short term momentum turned positive. The so those are bullish take aways. Theyre near term in the applications the next major resistance is also final resistance for the s p 500 is that february high. And there is still a good deal of upside to that level. But that is where i think we might see sent catch up with the market in a negative way what were seeing here recently is really a skiddishness or what i consider to be a healthy level of skepticism. But i have a feeling if we get closer to those highs, sentiment is at risk of becoming too bullish. And that tends to be contrarian negative take away from a technical perspective. Okay. So just the bottom line that could go up to february highs or close to them but at that point sentiment can change and we could see a pullback in the markets . Thats right. So im not looking for significant pullback between here and there but i also wouldnt say that new high is seeing a guarantee even with that leadership in the Large Cap Technology stocks. Okay. And quickly, katie, we enter a big week for Bank Earnings next week, banks look broken. You know, if you just look at their stocks yeah. You know, the featured bank stocks in our research this morning and theyve certainly pulled back in absolute and relative terms in my work, theyre at a proving ground theyre testing support levels for some it means the 50day moving averages and for others, it means previous lows but as long as they get a bounce here in the near term and oversold bounce and absolute in relative terms, that will preserve that support which is so important however, if they dont get going in the next week or two, then i think the bank stocks have a real problem for the momentum perspective. Katie, thank you. Of course melissa, i was going to ask how you feel about chicken wings but were out of time. I say yeah. Im in want to split an order well havethem tomorrow ill see you then. Thanks for watching power lunch. Closing bell starts now. Welcome to closing bell. Im wilfred frost along with sasa sara eisen were well off the lows as you can see. Lets have a look at what is driving the action the nasdaq leading once again. The only major index in the green today. Up 17 year to date. Tech continues to carry the market intraday turn around for the tech index as well florida reported a Record Number of coronavirus related hospitalizations cyclical s