The u. S. Cases approaching seven million. A new round of stimulus remains a major question mark in washington weve got 59 minutes left of trade for this week. Were up 2 for the nasdaq its been a roller coaster of a day. Coming up, well ask the billionaire investor where he is finding opportunities amid the renewed volatility on wall street well get his thoughts on the red hot ipo market and, of course, the spac craze the plus, former National Security adviser mcmaster will join us to discuss the latest news on tiktok and simmering tech cold war with china well talk about the many battlegrounds for the United States and to mcmasters new book which is out this week. Lets get straight to the big stories. Mike santoli is tracking all of the market action. Julia has new developments in the tiktok saga. Josh lipton is covering more on the facebook fight mike, start us off on the Broader Market thank you very much we have a little bit of follow on rally here in the afternoon we have a little levitation after the morning and past couple of days tested out a very familiar part of this chart. Its a year to date break even level. It is minus 10 from the all time highs and it didnt really succumb in the very near term you also saw very heavy outflows from equity funds. That also shows if send. Turned more cautious and overconfident back in august a lot of things that a correction is supposed to do seems like have been accomplished so far. Where are we also . 3290ish. If that is significance to anybody, it was a big deal take a look at the nasdaq 100 versus the s p 500 this month. And obviously nasdaq was the leader on the upside it has been the leader on the down side this month however this week outperformed it is up more than 1 . Close to 2 with this afternoon rally. This shows you the stuff that got us way to the peak that got us off into the direction and bouncing first started to round into shape. One complicating factor has been the credit picture look at the high yield debt etf against the s p 500. This goes back to the start of the quarter. And what youll see is this is the price of high yield bonds. Did not at all rally along with stocks in august i would just dip lower right now. That sometimes happens toward the end of a correction. Stocks start to outperform high yield. We have to watch that to see if it is signs of further instances of credit stress or worries about the overall economy. So, mike, elaborate on that trend you just highlighted where the high yield is at that level tend of a correction how long before the end of the correction and what does that tell us about where we are right now . Its really a matter of to see if there is this Inflection Point in in essentially high yield used to be considered to be kind of a smart leading indicator. What actually happens though is if its not so much a matter of credit risk going up in a dramatic way and people getting really concerned about a crash in the economy, it often responds to the equity market and higher volatility in the equity market. It is sort of a lagging indicator. And so right now for seeing a little bit of an upturn in that relationship of stocks, its not that much of a negative. People look at weakness in high yield prices and say oh, no. Is that a warning sign of some bad macro stuff to come . Its a lot of back and forth in the relationships. I think that right now you cant absolutely say the softness in credit is decisive and means this rally in stocks is doomed mike, quickly on the macro fears, if you look at the week to date performance, not only are the major indices showing performance differentiation, but the sectors are as well. The you have energy down over 8 financials, materials both down close to 5 . The cyclical type stocks and sectors are really suffering this week. Youre right. T t the reflation trade has come back the idea that well get acceleration globally is more muted. So all those things play out in the sector work. Yeah so youre right. Its not necessarily the market saying the economy is in great shape. The dollar rallying is part of that story as well. We have to keep an eye on how it all fits together. Overall the s p 500 is down 0. 7 for the week as we stand. Mike, thank you. Jirm a germany and france is down 5 . Lets turn now to tiktok and some new developments ahead of sundays potential download ban. Julia has the details for us hi, julia. Wilf, just in time for the 2 30 p. M. Deadline set by a judge. The Trump Administration filed in opposition to tiktok requesting a stay. They are set to go into effect sunday night we dont know what it says but here are the next steps. Tomorrow is the deadline for tiktok to file response to the Trump Administrations filing today. Judge will hold a hearing to determine, to decide what to do about the Trump Administration suggested ban. Whether or not it will allow a shutdown of tiktok down loads sunday night and then, of course, if a deal is agreed upon for the sale of stakes in tiktok and oracle and walmart, the deadlines and threat of a shutdown would be mute julia, we expect those parts of the deal to be confirmed ahead of the sunday dead lun no not necessarily im hearing conflicting things from my sources. A lot of uncertainty right now of course, there is also the question of having the Chinese Government sign off on this. The Trump Administration did agree to this deal in principle a week ago, now there is a question of whether or not the description of the deal as being majority owned in the u. S. Is something that is accurate we have the last week in the Chinese Government say this 180 tiktok owned it will come down to what the u. S. Government feels comfortable with in terms of the definitions of u. S. Ownership. And were still awaiting a final word on that front im sure well come back to you on that apples App Store Battle taking a new turn today. Josh lipton has the details. What do we know . A break for some businesses the so heres the story. Facebook now allows users to host paid Online Events through the app. That would mean apple can step in and take a 30 cut. Facebook says they ask for an exemption and didnt get it. Now they reversed the decision they will not take that 30 cut. Apple recognizes the perfect you are that businesses are under and they give businesses time now to adapt to new digital models o apple maintains a clear consistent set of guidelines that are equal to everyone facebook is not pleased saying that apple agreed to have businesses they pay apple the full 30 app store tax. Tension between apple will and facebook sin tense fig in an interview on cnbc earlier this moshgs apple has in his words an immense amount of power over the app store theyre also boeing to fortnight games. Back to you. So what do we think, josh do you think some of the app thats are going to get that commission break are going to make this a volume game and try to get as many down loads as many transactions as they can through the end of this year yeah. Well have to see how quickly they can make that transition. Its interesting what apple is saying here is okay, facebook, can you use your own Payment System skip our fee that, of course, is not usually how it works apple is saying well give the businesses time to make this transition from physical to digital. Once you go digit although, youre going to be subject, of course, to that commission that is in line all you need for that commission is running this big powerful site hosting it, running it, providing service whats it comes to user privacy he and security obviously, seeing pushback here from facebook, epic match and spotify, well see. Josh lipton thank you. Much helping the nasdaq lead the charge after the break, Airline Stocks getting a boost along with the Broader Market today up next, we ask the ceo of Hawaiian Airlines about a new program to help customers avoid a quarantine in hawaii and what that could mean for travel demand. Youre watching closing bell on cnbc introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Welcome back were up 400 points moments ago. The high is 398. Nasdaq up 3. 3 the tests will be next month travellers who participate drive through testing has the option to pay 90 to get results within 9 hours. Joining us now for more, peter ingraham, president and ceo for Hawaiian Airlines and Hawaiian Holdings pete, thank you so much for joining us this sounds pretty impressive in terms of the turn around times available. How big an endeavor is it to get to this point and talk us through why you decided to go for the type of test that you picked thank you for having me on. Its great to be with you today. Were really excited about this. Weve been working on it for a while. The beginning of august we were expecting to have the ability for people to be exempted from the quarantine that has devastated demand for travel to and from hawaii. It was time to announce this so weve been working on it. The testing being done here is pcr test that is really the Gold Standard of testing and we know it add heres to the testing standards that the state of hawaii has established we want to make sure since we know since the beginning of april the defor travel is limited by the quarantine. Just making it unrealistic for people to accept that as a burden to travel we want to make sure there is an opportunity to test out of the quarantine and access the testing does not become a limiter. Do you think it will be a game changer for demand . Because i get that the quarantine and limits of testing were something that hurt demand. But there are a lot of other factors that apply here too. Hawaii is not a short flight well, i dont think it brings us back to 100 of demand. Theyre the number one limiter on peoples desire to travel its much its an incredible pedestria impediment to demand this is a step function change in terms of expanding the market again. Ttz awe step function that moves us forward and in a really important step for us to try and revitalize travel. It afegfects all the people tha lost employment. Peter, of course, its not surprising that businesses are tring do everything they can to try to get people engaged in the economy again. And taking some of the trips i am wondering though how you get comfortable with perhaps the margin of error on the test or the fact that people dont always perfectly self isolate after they take one of these tests if theyre choosing the 72 hour version do you think that margin of error here is something that will give people pause one of the lowest margin of error tests available. But frankly with the other test thats are coming available in the marketplace, its still a significant reduction in any of the risk that are out there. I think that will make it more easy for people to think about traveling again. Obviously, nothing is going to be 100 perfect. But i think if we can keep that margin of error low enough, then we can create an environment where people are comfortable traveling again and where our community is comfortable accepting more visitors into hawaii and allow us to get back into a better balance of economic activity. While still importantly protecting the Health Care Infrastructure of the state of hawaii and rest of the country so i think this is going to be something that were going to see more of, not just here in hawaii but also to begin to open up International Travel which is globally shut down almost entirely there are border restrictions and quarantinelaws we have been able to raise money from the cares act and also through the private markets. Weve done over 600 million of financing in the private markets. And that has fortified the cash balance on our Balance Sheet weve been managing our cash flow our cash outflow down to a pace of right around 3 million per day. That is something we have to bring lower and can eventually bring tozero that will help us on the cash flow statement and will will flow through to the Balance Sheet. So we think were in a more stable place than we were. Im feeling optimistic about where we would go from here. But it is obviously been a very, very difficult period. And we had had to borrow a lot of money and well be digging out of this hole for years to come we still dont know what the winter holds for the virus there appear to be some movement in washington. Now has all gone silent on that front. We definitely support an extension of the Payroll Support Program for another six months Payroll Support Program is arguably the most successful job protection firm. They kept them from going on the unemployment role. Its been a good outcome for our employees. Its been a good outcome for the government we all hoped at the time that there is more of an economic recovery by now. And unfortunately, i think the ip pact of the virus has been deep eastern the economic recovery has been slower and there is bipartisan support for this law we see it across the aisle weve seen positive words from the white house. The real problem has been that there is not a legislative vehicle in terms of an Overall Economic stimulus package to attach this particular program to we do know that there has been a stand alone proposal that is presented in the senate. And that is gaining some support. You still have time by october 1st. So were hopeful that legislature and the administration can do the right thing. October 1st is one week away. Well see if they do get that vehicle. For now, peter, our thanks to you for joining us peter is the ceo of Hawaiian Holdings thank you with 39 minutes before the bell, the dow is rallying into the close. Up more than 400 points in the s p 500 it is up nearly 2 as well after the break, financials are higher today but its been rough sledding for bank stocks this year. Kbw bank index down 40 in 2020. Up next, well discuss whether an upcoming rule change can provide a boost to the sector. Stay tuned well be right back. Some of very optimistic investors hope so, they certainly cheered the move by send bank stocks up when the rule change was announced in june banking regulators are easing restrictions related to what is known as the voluntariker rule it was passed in an effort to prevent another financial crisis by controlling the risks that banks can take it sought to thwart them from moonlighting and using insured deposits to make big bets. Over the last decade, banks have utilized work arounds like the exemption from banking activities however, beginning next week on october 1st, some regulations will be removed. Notably banks will be allowed to participate in Venture Capital and credit funds now the bank seems to not be wasting in i time here Goldman Sachs is reportedly planning a new venture and growth fund and it is citi star impact fund this year. St. If this rollback had come in the early part of the last decade, i think it would have made a really big difference theyve already, as you said, found their own work arounds, Goldman Sachs depending exactly how you call it, for example, has its own private equity type businesses and on the other side of it, on the hedge fund side, i dont think that were rushing to invest and buying the equity of hedge Fund Companies now anyway. Theyre not as attractive as they were. Theyre not as sexy as they were at the start of 2010, 11, 12 wait it was a punishment to not get exposure to the business models. Its more a reflection on Venture Capital and ability to get certain exemptions in it washington vc made the case as well with regard to the treatment of Capital Gains. Of course, they have not made Much Movement on that in terms of taxation. But they have argued fiercely that they are the engines of innovation and job creation the way that other assets are not. Namely, hedge funds, at least thats according to those who are lobbying for vcs in washington so thr seems to be a way vcs can found a work around from certain restrictions that were put in place at least a decade ago. That is based on what is happening with the volker rule and the continued evolution of all of the regulations definitely keeping this compliance teams in business leslie, thank you. Thank you and well have much more on the overall investing landscape at next weeks delivering alpha conference on september 30th speakers include the treasury secretary Stephen Mnuchin, blackstone founder schwartzman and much more. Register now at deliveringalpha. Com. Still ahead, billionaire investor Mario Gabelli joins us with his take on the volatile market and everything from electronic vehicles to the election as we head to break, heres a check on bonds time now for the coronavirus tracker. The u. S. Is seeing cases tick higher again rashgsdiecording a average of 43 new cases per day. That is up 9 from the week prior. Texas, california, florida, have added the most on average. The Florida Governor announced to day the state is entering phase three of reopening meaning restaurants and bars can operate at full capacity he is also saying that local governments can no longer collect fines from people who are not wearing a mask the passengers will be required to sinned a selfie wearing a mask in order to ride with an uber driver if that driver reports the person did not wear one on a previous ride thats pretty good addition. Something possible these days. Seems sensible enough yeah, exactly and for a driver, i would imagine, there is a level of comfort that you would want before stranger gets in your car. So perhaps the leas