What hes expecting ahead of the 22 billion their ddollar debut week power lunch starts right now thank you its been another rough week for the market but the nasdaq is now on track to snap a threeweek losing streak. Dom is following the numbers for us assuming that leadership position again and trying to snap that multiweek winning or losing streak rather but if you take a look at the move higher were still in a position now where the dow industrials and the s p 500 could both be on the verge of four week losing streaks. First time thats happened since august of 2019. The nasdaq 11,000. Were watching as the key level. The trends that were happening educational where this year for the vast majority of this year have reasserted thelss this week. Watch what else happens in the marketplace with apple it may be the case to be made there. Well see if that sticks pm back over the you my son just bought apple in his virtual investment port gro portfolio as his starts his 9th grade investment class. You get to go first make your case for the unusual thought that instead of turning up ahead of a recession in the market, may not. The thesis behind the waiting is the hardest part spelled as in wni sgrks. With those megacap stocks so hefr heavily weighted, if we get a recovery they are bound to sell off sharply. It will look like we have a bear market well have an underlying bull market in other stuff even as the economy recovers but that may be the rotation that takes place and that could affect policy makers decisions. If they think were in bear market they may do things they dont need to do just as the economy is beginning to recover. It would pull the market down even as others might be in a bull market. Have i got it . Just as we saw the reverse in pandemic the big winners of the pandemic were the Megacap Technology stocks that brought us goods or services they accrue the lion share of the gains. Four days ago i was ready to declare the Recovery Market dead i guess reports of the death are widely exaggerated the materials names, billi b. I would suggest the economy is healing. It would suggest perhaps sell some of my profits in the negative names that they continue to out perform over the next week or so. We had a barbell strategy. The cleaning names they did extremely well but they simply dont have the market cap to really push the market in one direction or another the healthy market is the broadening market. If they dont have a underpinning of healing in the glob Global Economy then the names get a bid yet again. You know, ron, i dont know that it matters but im going to ask a kind of, maybe because im in my backyard a whacky question. Are we in a bull market or not i dont know. Thats a great question. For the broad majority of stocks i believe outside the megacaps, outside tech, the average stock is down 3 year to date. The unweighted s p has got up to the regular s p. There are elements of bull market activity. Its all restauranted and in the same place is the bull market going to be persistent or vulnerable. It is a bull market can we test the lows of march 23rd the scenario is the company collapses. You dont get any help from the fiscal side of the equation and the fed cant do enough and perhaps we go back and test the march 23rd low as long as theres liquidity in the market, this is a liquidity driven market. Most likely its going to be far more stock specific in those mega names think about the justice department. There are questions to whether or not things will continue the way they are i think quincy you get the line of the day. The bull market that nobody wants to talk about. I think that sums it up. Ron, have a great weekend. Thanks and quincy, thank you kelly. Lets get to the bond market where rick is tracking the action this afternoon. Good afternoon. A 30year bond gives you a lot of information theres a one week chart right now, its down a basis point on the day its down a handful of basis points on the week this is an important area. We traded below 140 were back at 140. Opened the chart up to midjuly. We have avoided a close under 140. We have been down there intraday several times. This is moving to be a consolidation support area to Pay Attention to which side we close on may be key. If you look to foreign exchange, the dollar index does a nice job this week. Its not only lower against the dollar, its lower against all the major currencies tyler, kelly, back to you. All right. Thank you very much. Coming up, tiktok in limbo as no deal has been made ahead of impending ban and were expected to hear from the Trump Administration in the next 15 minutes or so and we will bring you the details as soon as we get them robinhoods locking in an 11 billion valuation this week. Its chime, chime that is the most valuable consumer fintech worth more than 14 billion. Well talk to the ceo later this mo perneho reow, xt 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. Welcome back the clock is really ticking on the deal to save tiktok in the u. S. Theres another plan to shut down on sunday but well find out in next few minute where is this saga goes from here lets go to julia to explain 2 30 p. M. Eastern today, thats in 15 minutes is the deadline that a federal judge set for the Trump Administration to delay the ban on tiktok down loads that it set for sunday night or it could file legal papers defending the ban the government filed a motion requesting if they file something today that it is kept under seal if the administration doesnt respond to the judges orders or if the tiktok oracle walmart deal isnt approved then the judge will hold hearing sunday morning to determine whether to grant tiktoks request and halt the ban on the app the actions come in response to tiktoks request for an injunction to stop the ban it filed the request on wednesday. A source close to the situation says the two sides are negotiating and really focusing in on the National Security agreement that is essential to this deal and the expectation is that the deadline will likely be delayed again. Well see what happens in next 15 minutes if the ted lideadline is not de, the user base would stagnant and decline harming the company. The Congress Department says it could ban ticket for all users, not just new downloads on november 12th. That could be date to watch for in there is an extension this might sound a bit strange to ask but what happens if 2 30 comes and nothing is, no defense is filed, for instance and the administration wanted to still go ahead and ban it or block it or something to that effect are these Legal Proceedings binding . Thats a very good question im not a lawyer the fact the president , the Trump Administration did file a couple moments ago requesting to have their filings be kept under seal indicating they are planning to file something today. Maybe theres flexibility if they file something after 2 30 i think that the real deadline is really sunday morning sunday morning is when the judge would be having that hearing and making the decision about whether or not to allow tiktok to keep operating despite whateverthe government says or whether or not they would allow the government to shut it down sunday morning is really the crucial moment 2 30 p. M. Would be interesting julia, is sunday really the moment at which the app would be shut down in the United States or is that a point where people could not update the app theres another app, what is it wechat, where does that fit in how big is the shutdown deadline and what will be shut down youre right. Theres multiple deadlines here. The deadline that the Trump Administration said it would shut down any new down loads of the app and any updates to the a. You wouldnt get the down loads to make bitter, smoother, updates, fix different security buttons. The second deadline is november 12th thats the deadline in which the Trump Administration said it would shut down all access to tiktok including people who had already down loaded it before sunday night and thats the deadline thats really the most important one although tiktok has said that if new people cant download the app then they would be a bad move for the business as well a of moving pieces all right strangest deal ive ever heard of thanks very much kelly. I agree with you there. Still ahead, the next big tech debut is on deck. Its set for a 22 billion drekt listing next week. Well talk to early investor about what to expect the ceo of chime says hes ready to take the Fin Tech Company public in next year. Eae ceo joins us right after the much more power lunch next [ thunder rumbles ] [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. Some fintech unicorns like Rob Robinhood and chime have done nicely well talk to chime ceo in a minute lets go do kate rooney for more on chime after raising just under 500 million last week, the company is now valued at 14. 5 billion. Thats double what it was worth on paper in december and in just 18 months chimes valuation soared 900 . Big investors in the latest round include General Atlantic and dragon that puts chimes price tag above robinhoods which just this week announced another cash injection that values it at 11. 7 billion. Strike still tos the list at 36 billion. These are companies are weathering the pandemic well the challenger banks arent banks. They are software platforms. They handle the front end. Stay right there. We want to bring in the ceo of chime. Its great to have you here. What accounts for your abilities to jump at the head of the pack when fin tech valuations have never been more popular. Theres a huge portion of americans that are trying to make things work we seen as much as 10 of chime members we seen receive unploim b unemployment benefits. Theres a lot of challenges people have in america. Were thrilled with this new injection of financing from some of the Growth Investors in the world like tiger global and iconic and our close partners. Let me ask what you plan on doing with funds you had some issues a couple of months ago i know that technology is a big reason why youre able to offer some differentiating products and services tell me about kind of the need to invest there and what else youll do with the funds wetized and this financing was opportunistic. We have a service that allows you to get your paycheck a few days early we have a service could called spot me that doesnt charge you a 35 overdraft fee. In june we announced the launch of our credit card products. Thats had amazing results the average consumer has increased their credit score by 30 points. I think that trifecta of products has served us well. We invest in people and team to build that additional products to serve this segment and stay aggressive on the acquisition side and make sure were returning a type ship here chris, one quick question and one maybe longer one first quick question is who is the custodian of your customers money. Is it you or your bank partner who is are fdic insured . Its our bank partners. We dont hold the money. The money resides at one of two partner banks that we have we have partnership with the bank and stride bank were in very close connection with them. We have multiple calls with them every week they offer the fdic insurance. Were regulated through them okay. My second question is who is your target customer i ask because theres millions, maybe tens of millions people who are unbanked in the United States and they are mostly the people you might expect would be unbanked they are people who are working paycheck to paycheck they may live in parts of the country where banks just arent doing business tell me who is your target customer i think theres a misconception that only the unbanked are the ones living paycheck the paycheck. Its somewhere between 50 and 75 of americans that are before that next pay period comes they are struggling the make ends meet the suite of services that we offer help people with short term liquidity its very broadly appealing. We target mainstream, middle income consumers its Something Like 90 of americans make less than 100,000 a year. Anyone in that segment is a great target for us. We dont necessarily target the unbanked but if someone who doesnt have a bank account wants to sign up with chime, we would love to have them. Chris, its kate. Good to see you. Last time you and i kacaught up, we talked about the boons. You said you were getting calls weekly or every other week in terms of people asking if you were interested in a spak. Is that you would consider when it comes to chimes ipo . We have no plans to go public within the next 12 months. We have a number of initiatives we want to work on and bring to fruition before we feel like were ready to take on that next chapts chapter. We believe that long term this would be large, independent publicly traded company. When we get closer to that time frame, i think well look at every option traditional listing, process, direct listing and potentially spak as well at this point its not something that were focused on. I think they do a really good job for companies that maybe have more complex, longer term stories to tell that require you to sort of think further down the line if for us, were hitsing the ball down the middle and have a highly recurring and profitable business well see. Any of those options are on the table once that gets closer. All right chris, thank you so much for joining us today hes the ceo of chime bank now the most valuable fin tech out there. Kate, thank you for the reporting. Very much appreciate it. Tyler, over the you. All right. Ahead, ipos and direct Listing Companies racing to go public with more options than ever. We will speak to an early investor about the push to go public next and how they are doing it why latino home own erpship could be the driving force behind the Housing Market boom a bad year for banks the group being hammered by low Interest Rates we will take a look at the stocks being most basiced when power luh tus cc. Ncrernonnb ing. Yeah . So what do you see . I see an unbelievable opportunity. I see bestinclass platforms and education. I see awardwinning service, and a trade desk full of experts, available to answer your toughest questions. And i see it with zero commissions on online trades. I like what youre seeing. Its beautiful, isnt it . Yeah. Td ameritrade now offers zero commissions on online trades. I got it all from you im always pushing through i know well make it to the finish line i know youre waiting on the other side im like you ondemand glucose monitoring. Because theyre always on. Another lifechanging technology from abbott. So you dont wait for life. You live it. New york citys expansion of out door dining onto sidewalks and streets are becoming year round and permanent. More than 10,000 restaurants are taking part in the program googles parent alphabet settling a lawsuit over the mishandling of Sexual Harassment charges. You can go to cnbc. Com to see how alphabet is changing severance payments in france, new infections are down slightly today to just under 16,000 cases that is still up more than 50 from the highs of early september. Some local leaders say the new restrictions go too far and will devastate the economy. Israel beginning its second nationwide lockdown. Nonessential businesses have been ordered to close and people must stay within six tenths of a mile within their homes for the next two weeks back to you. Markets are near the high offense the session. Lets check on the dow, the s p and the nasdaq approxima all in the green its the under performer its mounting a 1 gain here the nasdaq is up 1. 7 to help it struggle try maybe succeed in turning positive on the week tyler. All right. Coming up, were going a Covid Vaccine and a court ruling on gambling well explain what all that means as we head to a break. Take a look inside the nasdaq. Up today trying to snap a ureelongtrk. Well be right back. A wave of companies hitsing the public markets, some traditional ipos namely snow flake and good rx but others using alternative method like palanters direct listing on open door acquisition. Our next guest is general partner at Founders Firm which invested early in facebook hes the founder of open door with a background at paypal. Leez lee, welcome in ill let you kick it off. Tyler, thank you so much. Keith, really excited to have you here because as tyler mentioned, its been a very big year for you especially as it per tapes to public listings you have open door, door dash which is seeking the traditional method of going public air bnb process still a bit up in the air at this point im sure youre aware of the debate amongst your peers in Silicon Valley about the draw backs of various methods, the benefits of various methods. Which camp do you fall i dont believe theres a one size fits all solution for all companies. Some Companies Need capital as part of the process. Some companies have it on speed. Some Companies Care about the pricing versus shareholder base. Theres a different solution that may be more appropriate for each company you may have seen the sec chairman spoke on squawk box where he said the regulator will be taking a closer look at spacs. What do you make of this whole spac frenzy and are you concerned this could end badly next year . I dont believe so. I think its wise to have transparency in compensation and transparency to sponsors banking fees have been sort of a pseudo monopoly shareholders should understand complete transaction and compensation to everybody involved its no secret that big tech has caught the ire of washington both in terms of content as well as competition do you believe the scrutiny is warranted . I believe theres different concerns that different parts of spac terms have. On the conservative side, people are concerned theres a look of value. On the left you hear these big is bad kind of argume