Thats the worst performance in two weeks. The dow has been down. Nasdaq have been down five out of six the tech selloff was worst it continued down 3 led lower by stocks like apple the same old story big volatility coming. Those are really the tail thats been wagging the dog for a while. Youll see the nasdaq is lower once again the other two averages hanging in there the s p on the flat line nasdaq down another 50 points. Fur watching what is happening over the last two months they closed. Dow at the lowest level since the third. The 10year sitting at 0. 66 the story that seems to never end, tiktok. Here we go the owner bytedance applying for an export license in china as it pushes for a deal in oracle and walmart. They did not mention the pending deal and technology it was seeking to support calling the deal dirty and unfair they have no reason to approve it all of this raising questions about that prospect and what that would ultimately look like. What happened earlier in the week we were hearing that china loves this type of deal and the deal they are doing and think ever country should be doing. When they didnt have to export the algorithm they loved it when part of the deal was going to stay in the United States. They loved that. This exporting the algorithm is the line in the sand well see how much of that line is there. I dont think whats good for the goose is good for the gander in china i believe if we tried half the stuff that they pull over here, its no way it is flying im sure it is good for us everybody look out for number one. I dont know if we should say. You know, china is really fair about this, maybe we should be i dont know there is anyway these companies are going to be able to please both companies in this situation the Trump Administration and apiecing the chinese government. They want Different Things ultimately, they want the determination. Reaching the deal that is on both sides i read that they were asking, can we export this, it is better than being banned but i dont believe it either. Well move ahead with some tough news for movie goers disney is moving back the release of the slate the studio pushed back the release, a marvel movie black widow. Please dont remake that movie this is different. Must be a super villain. Black widow doesnt sound like a superhero. She useds to be a bad guy, now shes a good guy so you are hip to that . They postponed the remake of Westside Story for a year to december of 2021 trying to run a deal with that maybe that might be good timeless i bet it is updated. Im not sure how it would work but a really woke Westside Story. Shares of Movie Theater operators that had been counting on black widow what happened with mulan i watched it on disney plus you had to pay 29. 99 or something. 29. 95. Sorkin family also paid. Did you have like eight families over to amor ties that . No i was talking to andrew space it out in the backyard. All right, here is your 4 going to run a drive in thats a good idea. The driveway becomes a drive in this is another story the opera canceling its entire season that will not return into september next year. It wont resume until a vaccine is widely distributed, herd immunity and masks are no longer a medical requirement. The big implications is really not so much the metropolitan opera in it self there are issues for the met, the Lincoln Center it is broadway and the idea that broadway may follow suit. Everybody related to that entire industry in new york city may be impacted how do you possibly open the opera. They keep telling us one of the big issues is your in side voice. People who talk louder and project actually shoot off more virus. How do you have an opera singer or even People Like Us how do you control it . The hits keep on coming new years eve time square with no people there will be plenty of bathroom access. That was always a worry for me really what do you do especially if you are a little bit more advanced where an hour would be like a record foe me. The ball will still drop, the crowds wont be on hand to watch it there will be Live Entertainment and experiences. That could be a shot of it no thats too many people theyll have the music and the singing, mariah carey. Theyll broadcast to fewers but wont be anyone there, i guess impossible to do 25 and social distance. The same as sports weve gotten used to no crowds with baseball or basketball. You get used to it you deal with it so interesting. You point out to on broadway all of the Jobs Associated with that is what happened to Live Entertainment. Joining us to talk about what they are seeing and some of the devastating results when you shut down all Live Entertainment. Brutal. It is. I dont know what the answer is here. The journal has an interesting piece. An interesting piece about how great the news was yesterday from j j and how it is a model for a Public Private partnership and how it is really unfortunate it has been politicized by both sides. It has happened so quickly we were only supposed to get to phase one. And it is a 60,000 patient phase three. Cramer was saying this yesterday saying im going to take this a great news instead of saying, owe boy, cramming this stuff down our throats remember last time, one out of every Million People got the swine disease. Right before the jerry ford election look, companies have taken steps to say they are going to be very careful with this. That is something you can take to heart you are aware of this. J j is the Fifth Company to say, they are the fifth trial out there. There have been doubts. Democrats love government. I trust government taxes, government, government. I dont like it. You know what i mean, andrew i understand why i dont think anybody is upset about how companies are moving the concern is simply about whether these things are going to be approved there is ample evidence with evidence of this administration worked to undermine this process to direct the information. Youve heard Scott Gottlieb say thats not going to happen these people are not going to allow the pressure to do it. If you believe they are ready to stabilize that pressure. We have evidence of that happening and doing things repeatedly unfortunately if the fda has done that to cut corners. They have evidence theyve been map ip u lated different than rushing a drug that would be harmful and cutting corners in terms of safety let me say this, joe, joe yesterday, as you may know at least, i believe, four different officials were in front of congress yesterday talking about these issues and said that they wanted to have an Additional Panel of experts to lend credibility to the fda or the process so the public would believe in it which would make as much sense to me as anybody right after they said that, the president said that they shouldnt do that. Why would that be . It plays into the antivaxxers hands that now we are requesting whether the fda is going to succumb to political pressure. They had to write a letter and all sign it saying we are not going to rush it how much times are they going to say we are not going to rush it. I understand. Part of the problem. I hate to make it political but part of the problem is that the president he has repeatedly since when i hate to do it i dont want to get into a debate about it but it is the truth i dont. I dont want to. You dont i dont want to then lets not. Coming up, investment ideas from paul son with his election policy buy on the cannon, sell on the trumpets check out the shares of tesla. A decline set to continue after the stock fell more than 10 after yesterdays session after the battery day event failed to impress investors. Well be back. Financials and small caps are just a couple of the sectors our next guest would like to highlight. Joining us now, chief strategist for the leuthold some of the assumptions you are making and sectors you like, there is a macro back drop we should start with. That is a lot of reasons to think the economy is above stall speed. You think it was a vshaped recovery and as a result of it, that leadership would change. Im not saying well slow down we are going 30 in the Fourth Quarter. I think we are still going to grow maybe 5 to 10 in the fourth weve got strong momentum coming in a come of things are really good the stimulus that would already be introduced here, this is unprecedented. It takes about a year to start working. Maybe well start to see some of that work here as well we could have vaccine or treatment news coming out in the fourth or even First Quarter i think we are not going to shut this recovery down we are going to turn out to alleviate some fears if we do that, i think some of the leadership shift going on towards broader play small caps and broadening as we move to the Fourth Quarter and beyond. You like emerging markets if you back out china theyll be some residual bad feelings towards that entire market you like emerging markets. The small caps are totallier n valued is your favorite financials . A different play. I like industrials for the cyclicality play the problem with shorting the bond market is a lot of difficulties doing that. You can go long the financials the market, they trace out the 10year yield. As you look into next year, those yields will go higher. If im right on the macro story and growth will continue to improve. The Federal Reserve and others will have to back away from keeping bond yields low. There is already yield curve youve got a 10year yield which is 1 of the tip youve got 60 to 70 basis. 10year normally, that is at or above that expectation if the fed has to back away, not necessarily tightening but just stop easing that much, the bond yield can hurry a bit over the course of 2021 this crazy thing you figured out, you must overlay charts constantly when you figure out the savings rate the multiple rate, you could have a secular strong economy. You even go back to 1969 where it was big the labor market was so tight. It generated that 21 Interest Rates and 15 inflation. We have slac with the inflation rate youve got five or 10 years economic rate. I brought this up over a the relationship where the high savings rate says there is great demand Going Forward we had a high Unemployment Rate which says there is supply capacity to keep up with that. If you put that together, we look at the unspent buying power with slac resources, that will do better than people think. This also happened in the late 60s where we had a relatively high rate. Good growth and inflation. We have a record high untapped savings rate with a low output gap in this country. No one thinks we are going to grow well. Im suggesting some indicators that suggest maybe well be surprised and get a decade of solid growth we wont be japan we can get to that 2 level or above, hopefully not 10 a lot of people think we cant get contraction. That would maybe indicate we could. What time is it where you are . Far too early for us old people. Speak for yourself. Im up this time ever day. You cant sleep that great anyway, you might as well get up all right thank you for the update always interesting i dont know when you figure this stuff out you need a life. Anyway thanks an y andrew a new survey found most google employees dont want to return to work on a daily basis. How the company is responding. At the top of the hour, dont miss an exclusive interview with bank of America Brian moynihan talking to him about the state of the economy im hector. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. I want to do everything i can to protect the environment to make sure they see the same beauty ive seen in nature. My goal is to lead projects that affect the world. I know that to be great requires hard work. Welcome back to squawk box, google is rethinking after a survey that says most dont want to come back to the office full time. 62 want to return at some point but not every day. Telling time magazine, the company is working on a hybrid work model some dont want to come back to the office at all and some is only for particular events the world of work may be changing so interesting how different ceos look at this so differently and thats what drives every companys approach some say, look, we need the people there it makes sense when you look at the big banks and it is a training ground. Other places, maybe you dont need to be in person as much that problem in its own will lead people to forget about it we are doing it now because of coronavirus and kids are at home youve got to figure out what to do if schools are closed interesting that this is going to be a company by company and usually driven by the person at the top. Very much so. New york without mass transit will be bad. Right what do you do even now, ive seen traffic around thanks are picking up not here. You can still get in ond out of here much easier if no one did come back. No one was taking buses or subways. This is all wed need. It would be gridlocked here do you want to get in a cab . I guess. I dont know. Uber . Again. Waiting on that vaccine. When we come back, the doj looking to eliminate Legal Protection for some big Tech Companies. Later, senator pat toomey weighing in on the fight to replace Justice Ginsburg and getting ready to deliver alpha next week back for the 10th year. You can visit delivering alpha to learn more and register as we head to break, lets look at yesterdays s p winners and losers as business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Hold the phone in front of you. Hows that . Get. Get mom. Power e trade gives you an awardwinning app with 24 7 support when you need it the most. Dont get mad. Get e trade and start trading today. U. S. Equity futures are now in the black the nasdaq the red there has improved a little bit. Down a little bit after a tough session. The battle continued to heat up. Doj proposes to congress to curve the Legal Protection for Tech Companies joining us now, former sec commissioner and partner and senior fellow at the hudson institute. This is one of the tools i think that is it practical to try and do Something Like that in your view thanks for having me on bright and early this proposal by the doj in that report then the executive order from the president to file additional filing from the sec and this legislation isnt going to go anywhere in this congress. Weve seen this discussion for a while. Section 230 is 25 years old. Part of the Telecommunications Decency act in title two it has seen reforms from both sides of the aisle even former Vice President biden said earlier this year, scrap section 230. I dont think anybody is in favor of that. It is very hard to pass legislation and especially one that will affect as many people. I am bearish on whether or not there will be reform even in the next two years it depends what will happen with the election that will be even more difficult. I dont know the single investment analysts that would think it affects the valuation of the Tech Companies, et cetera, et cetera. Well see what happens it will be an interesting run. Well see if the companies dont do this themselves, there could be some pretty draconian solutions. Anything clearly hate speed. N nobody it should be clear it should be easy for facebook to deal with that. I get into a discussion about how subjective that get skeptical when the government tries to thread a needle like this by the way, im not speaking for anyone at my law form. Whenever you invite the government into your neighborhood, that usually doesnt work out that well when it comes to content issues. That is the First Amendment as well like the New York Times and wall street journal it will be right that some in section 230 are subject to the Supreme Court from a few years ago. That is an irony there it is difficult. Whatever the congress does or the sec may do could be appealed and probably would be appealed through the appellate court. You draw the line when you have the First Amendment of the constitution doesnt matter if you are a linear channel or the times or social media platform, everyone has the responsibility to make sure your content is appropriate and a First Amendment right to do so. That will possess a problem for congress i dont know. It is user generated youd have to have some pretty fancy ai to do that. Im inclined to say, ill take my chances, wild, wild west. I dont care how crazy it is space aliens i dont believe that i understand that. If you are using social media to oregonize violence or anything then that is just unacceptable is there an answer a lot of people say section 2 22 230 would work well. More for managing destructive content. There are folks when it comes to social media lean towards one slant. There is no easy solution here if you are going to be amending section 230. It will be difficult for congress to pass anything or the sec to come out with any rules that would be sustained in cou