Lot of money when you die, youre doing it wrong according to the author of a new book. Power lunch starts right now we welcome you to power lunch. Stocks lower the dow is down less than 50 points right now 3m and mcdonalds are two of the biggest contributors to that decline. Both reported results this morning. Well have details a bit later in the meantime, bob gets us caught up on whats been happening on the market today. Robert hello, william. Good to see you. We have one third of the s p reporting. Two stories. One is the reopening story is not going that well. The other story is cheer up. The Second Quarter was the bottom which is it . Sherwin williams knocking the ball off everybody is painting their house. The Home Builders are billing it dr horton, great numbers orders were way above expectations then theres the other side, companies saying we are not providing any guidance xerox didnt either. Raytheon didnt give any Harley Davidson was way below expectations mcdonalds were light. They didnt provide guidance either they did try to find an optimistic note. Here is the ceo of mcdonalds. He says i believe the Second Quarter represents the trough in our performance as mcdonalds ha has learned to adjust our operations what is the story with earnings this season. Theres really two stories one is the kind of bearish one the reopening is slowing down. Were not sure whats going down it will impact us. Thats what xerox said another bullish option said Second Quarter is the bottom the trend is improving from here thats what the battle is now. The economy has the long road to recovery especially when it comes to Unemployment Rate. There is some good news. A new cnbc survey shows that most believe the number of unemployed has peaked. Steve is here with the results for us steve. People should put on their seat belts and may not be taking them off for a while if you look at the Unemployment Rate, we are a long way coming back take a look. 3. 5 is the number we went into this for the Unemployment Rate that came up to 11. 1 . Most in the survey believe it has beat it doesnt get back down it stays around 10 by the end of this year and even 7. 3 more than double at the end of next year when will the economy be fully restored the average response, q2 22 how about the recession declared to have begun in february. 33 think its pretty much gone now. Thats what that response indicates. Another 20 call it, think it will be ended by the end of this year 38 think the recession will go on some time into nec yext year. Recession is over says allen sinai. Recovery and expansion will be long and uneven. Fully restoring Economic Activity will require people to be comfortable with relaxing physical distancing and indoor spaces which will probably require a vaccine being widely available. Theres these two ideas here whether or not were back fully and whether or not the recession is over. Recession probably ends back toss it back to bill, if youre here someone needs a fourth griffith. Kelly has a burning question for you right now. I do. Okay. Its about the alphabet we heard about the u and the different kinds of vs, the square root symbol that could describe the recovery. People are talking about the k shape. Its what you were describing and what bob was talking about explain the k. I really like this way of thinking about it because it suggests the really divergent outcomes that are out there and leads you to better Economic Policy what the k tells us is that some folks are doing very well. People who are able to work at home such as ourselves all kinds of professionals who are able to work from home they have one experience with this recession those who cant, those whose jobs are gone have a different experience some Companies Like amazon, their issues bonds at the lowest rates ever other companies cant find financing. It leads you to two different experiences when it comes to recovery and recent downturn it focused policy where it should be is on that lower leg of the k kelly. As i said, my favorite letter although maybe not in this case given what it represents steve, i can only give you a six out of ten for your background at least should have your wifes book behind you there. You know that. It is theres two of them. I mean where martin is. Thats where your wifes book should be. There you go much better. Youre welcome thanks, bill. See you later as we mentioned the stocks are lower today as the market tries to handicap the outcome of the stimulus fight in d. C. Also wrestling with the true message coming out of Corporate America this earning season. Joining us with their trying the make sense of it all, ally the managing director with ubs private wealth management. Good to see you both i hesitate to give my own opinion before you even Start Talking about it what i keep hearing is its right now the market gains are all about the feds easy money policy i keep hearing about the wran l wrangling in washington over the stimulus package and race to get a vaccine. What is the primary motivation for the market right now thank you its good to be with you everything that was said prior is spot on todays purgatory the market moving or not moving is basically based on waiting for to see what the fed tone is tomorrow you can drive a truck between the 1 and 3 Million Dollar proposals out there. It needs to be targeted whether it goes to cities or states and tech, we have 6 to 7 stocks. One not even being part of one of these benchmarks that is up 35 year to date versus s p thats flat to down. You have five companies that are accounting for about 22 of Market Movement and as one of our strategists said, you have to watch your weight that doesnt mean you have to watch your covid19 here you have to watch your weight in your portfolio those stocks, we need some more breadth to continue this rally for those to continue or for new leadership to take over then we need stimulus that feels okay to the market we need we need that to continue were going to get a binary reaction. Peter, what are you watching now and are you has the market gotten ahead of itself here are you still constructive on gains down the road . Thanks so much for that question thats what i really wanted to focus on i think the most important thing for all investors at this point is to establish a firm opinion whether or not the vaccines are going to be successful i think all the other thing thi with all respect, are secondary. We cant go on in band aid fashion. Earnings are week and they will continue to be week. Why is the market going up here i think theres some people that are on my side that are saying absolutely we will get a vaccine. Then the narrative will get upgra upgraded does it work how many viles are vials are out there. There are investors that are long like myself that believe over the 35 plus companies that are out there, driven byincenti get vaccines where does that leave you i think its tale of two cities where you have companies that are concerned about what they will see in the future. They are concerned about spending they are concerned about supply chain, the election and implications on their cost structure and that is definitely a problem in terms of continuing to invest in and support the market on the other side you have this massive stimulus its clear without its clear both from the perspective of medical data and the World Health Organization and what they have been putting forth and from what the ceos have been saying that the worst is behind us we bottomed to april the question is, whether its k, whether its a w, whether its a u. Thank god me and my kids are past Nursery School, but i think the fed and chair powell, hes going to talk about tomorrow i would assume, as well. Its going po be a slow and uneven path. The only thing i would say is that i agree theres going to be continued volatility i do not gagree that clients should be sitting in cash. Staying in the game is the name of long term wealth accumulation evaluate your weight rebalance your equity portfolio so you flatten out your growth exposure and make sure that you are diversified across your assets do be prepared for continued volatility very good, folks. Thank you. Thanks for joining us today. Havent even started Nursery School pfizer shares are higher and announcing phase three trial for its Covid Vaccine candidate. We sat down with the ceo just last hour. Meg has the key take aways pfizer enters the last phase of testing they join moderna who started their phase three trials yesterday. These are large trials in this case up to 30,000 participants its designed to look at safety and efficacy half the people will receive the vaccine. Half will receive placebo. Success means they follow the groups and see in going about their every day lives if the people that the vaccine get fewer infections than the people with the placebo the threshold is a 50 level. The more the efficacy the vaccine is, that could come even early. Even if they get the results that quickly, supply is going to be a problem at the beginning. Pfizer says it will have 100 million doses manufactured by the end of this year and 1. 3 billion by the end of 2021 if this is potentially getting some kind of regulatory thorgz as soon as late this fall or early in the winter, just 100 million dose will be available thats for the entire globe. Remember, this is probably a two shot vaccine thats enough for 50 Million People just to start back over to you i hadnt even thought through that you have to divide it by two every time hopeful time line. I watched the interview you did last hour with great interest i loved his line when you talked about doing the math theyve got six months of efficacy proven for this, it could be out by january. He said theres only so much he can control. He can control the manufacturing, he can control some of the other elements in the production of this, but he cannot control the results of that that is the big variable at this point, isnt it . Luabsolutely he said he was very optimistic based on the data they have seen he noted it has happened before. Even on very good early data, drugs and vaccines have failed to work in later stages. Hes trying to be realistic but saying hes still an optimist at this point all right thank you. Coming up, stimulus fears are growing. One top retail analyst is worried about what will happen to the sector without another shot in the arm for consumers. He joins us to share his top picks. Every day another one of his businesses is shut back down why he thinks the economy could be in serious trouble without more government aid. Stay with us 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. Welcome back retail one of the hardest hit sectors during the pandemic. Without another round of stimulus would the rebound be threatened joining us is a new note laying out some of the best bets in retail and some of your concerns its good to have you with us. Welcome. We are talking about another round of checks to households in the stimulus package something were really worried about the be savings rate could be a helpful driver if this doesnt happen it will be caution that does lead into the stocks that we like its huge ideas in curb side thats why we like walmart and target were a cautious consumer environment. Consumers are looking for value and safe experience. They also need necessity that will benefit walmart. That will benefit target as well asking for a friend, does costco do that kind of curb side pick up . I know they partner with instacart but they seem to be pretty store centric they do you curb side i use it regularly they have a very fixed mark up you cannot get a better deal on those diamonds, the kirkland private label brand is very powerful another value play we like is Planet Fitness as well as we think about the future of he tail, we really believe in recommerce less is more retail. People need less stuff and everybody is identifying that in their lives. We should be in back to School Shopping season right now. Is there such a thing this year . Will there be a Holiday Shopping season this year although thats an eternity down the road but what about the seasons that we normally talk about when it comes to retail . Buying things you need thats changed a lot. The reality of school and all the uncertainty is presenting a lot of big challenges. The number one trend is really comfort and comfort in clothing and versatile. Youre realizing you only need a few shirts and items thats really becoming the new norm assortments are having to change Everybody Loves newness. We expect malls to contract by 40 to 600 some retailers are clearly going back ru bankrupt and liquidating others have an opportunity to gain market share. Black friday is to be determined too given the changing nature of physical retail and how important safety is. Maybe cyber monday wins its now become what we dofor retail thanks so much for being here. We appreciate it great being with you. Thank you for having me. Coming up, boeing results are on deck. Wall street is expecting some pretty ugly numbers but does that negative sentiment make now the time to buy . Our traders will debate that coming up next plus, growing covid cases in the mlb. More games cancelled will the restart of sports be short lived. The owner of the houston rockets. What do you look for when you trade . I want free access to research. Yep, td ameritrades got that. Free access to every platform. Mhm, yeah, that too. I dont want any trade minimums. Yeah, i totally agree, they dont have any of those. I want to know what im paying upfront. Yes, absolutely. Do you just say yes to everything . Hm. Well i say no to kale. Mm. Yeah, they say if you blanch it its better, but that seems like a lot of work. Now offering zero commissions on online trades. We charge you less so you have more to invest. Were committed to making college more affordable. , thats why were keeping our tuition the same through the year 2021. [student] i knew snhu was the place for me when i saw how affordable it was. [narrator] find your degree at snhu. Edu. Welcome back air travel on the decline, investors are keeping close eye on boeing ahead of its Earnings Report the stock has lost half of its value in 2020 as the Company Struggles to recover lets debate with the trading nation team. I lot of pain the Aerospace Industry is under. Im curious if you think the bad news is priced into boeing stock or have room for the downside . For now, no we discussed the Airline Industry last week on this show. We think its still a no touch on top of the 737 issues we saw the recertification delayed. Resurgence in covid that will impact Corporate Travel thats a significant Revenue Source for the airlines and this work at home environment. 40 hopefully we get a return to normalcy here. Its still a Great American company. Its got a lot of assets the air travel industry is having some issues you had bit of recovery after the depths of the shutdown that progress got stunted. You had the quarantines. These mandatory kwarns and travel restrictions in the United States and restrictions for u. S. Travelers going over seas no company within the travel and leisure space is a winner right now. What were trying to do is separate survivors from companies that wont look boeing is likely to be survivor but in the short run, its really challenging environment. For instant analysis, check out our website. Just ahead, time for our weekly special tilman tuesdays. Landrys chairman and ceo will join us to talk about sports, reopening roll backs, government stimulus hes not in a very good mood again this week. Well find out why, coming up. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. Wow. Jim could you ipop the hood for us . . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . 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The dreamers program, according to a Senior Administration official that appears to conflict with a federal judges order to accept new applications asked if the administration expect a court challenge, the official said yes, of course end quote. Attorney general barr says he does not believe the november elections will be rigged though he has concerned about the sharp i crease of the use of mail ins ballots. Researchers have taken a big step of developing a blood f