Transcripts For CNBC Power Lunch 20240712

All right, welcome everybody to power lunch. Kevin is with us dominic too. Welcome, dom good to see you. Here is whats on tap. Stocks are at session highs right now after four weeks of losses the dow is up 500 points both the dow and s p on track for their biggest two day gains since june high stakes stimulus how Speaker Pelosi says she thinks, think, republicans and democrats can get a deal done before the election and tom lee says thats just one reason to buy stocks he will join us very shortly later, which president ial candidate could be better for the economy and the markets . Moodys is out with a new report that takes a look at those questions investors need to know power lunch starts right now welcome to power lunch. Looks look at the bigger wins today. You have fedex leading the industrials over at Deutsche Bank raising target price to 318 a share both those stocks up around 2 Virgin Galactic getting two more buy recommendations. Eight wall street analysts say the same thing buy this stock its up more than 20 just today. On the coronavirus front, vaccine maker plunging as the fda puts its trial on hold while it awaits answers on a number of key questions putting it even further behind the time line of other big rivals in the drug business well keep an eye on those shares kelly, ill send things over to you. Dom, thank you very much. Despite todays big rally the market is still on track for its first down month since march when we saw the pandemic lows. Bob has more on this action for us bob. Kelly, this has been a very difficult month for the market its not just because september is historically been the month this is true because were essentially hostage to the reopening story and the store has been very choppy and difficult to interpret and the markets are reflecting that. Lets look at the major sectors for the month here s p 500 big cap stocks down 4 for the mopts but so are mid cap stocks and the small caps which i consider proxies for the reopening stories. The small caps are down 5 in terms of sectors, were all over the place theres been poktckets of good news because industrials and materials have performed energy and banks are both in long term down trends. They reflect some concerns about the reopening story in general technology down 6 largely on valuations what do you do you dont know what to do about reopening. You buy megacaps if you look at apple and this reflects the confusion buy megacaps because they are beneficiaries that work from home but apple goes from 138 to 103 this month thats not valuation play. Thats a momentum play you see people confused over what to do its bouncing back in last couple of days but thats a huge move on a monthly basis. Look at all the reopening stuff. Look at delta, for example the reopening news was better in the earlier part of the month. Generally, the reopening name, the travel names like the deltas who did better this is a one month chart of delta. You see it moving up about 10, 11 days ago the reopening story got darker all the reopening names have travel names but industrial stocks ansz bank stocks all just sor sort of nose dive. Thats the problem the market has is the reopening story going well or is it not going well we are and still remain hostage to that reopening story and to a lesser extent to the stimulus story as well. Back to you. Thank you very much the other big question weighing on investors minds is where is the stimulus nancy pelosi saying a deal is still possible lets get to ylan reporter the negotiations appear to be picking up steam. The treasury secretary ri and nancy pelosi had a phone call on friday they followed that up with another brief conversation yesterday and pelosi signalled another conversation could happen today its unclear exactly when that will be. There is not much time left on the calendar the airlines Payroll Support Program runs out on wednesday. The house is scheduled to go on recess on friday and they are not supposed to come back until after the election currently democrats are working on their own 2. 4 trillion proposal pelosi is getting squeezed by some of her vulnerable lawmakers to try to get a vote in before they go to recess. A letter said they demand a vote on a clean relief package that has direct assistance for those in need regardless of the white house or senate agree. We must show the American People that the house of representatives is open to negotiations and clear in our resolve. Pelosi is in a tough spot as she tries to navigate the demands of the white house and the demands of her own caucus. Back over to you if she gets something done in the house, what is the possibility that bill could carry in the senate . Well, what passes in the house as a result of a compromised deal between mnuchin and med dose aadows and pelosi passing in the senate is quite high all right thank you very much. Ylan reporting and covering all of whats going on in d. C. With the possibility of more stimulus still on the table, even if just a little bit. Thats just one more reason, i suppose, to buy stocks that is what fund strats tom lee says he joins us to explain why he thinks investors are too bearish after a rough side in september. Its great to see you. You have several bricks in the wall i will use that analogy there of rising stocks. One of them is that you think investors have become too bearish. In other words, the net of the positive thinkers versus the negative thinkers tilts way to the negative yes id say thats pretty accurate since march. This rally has been strong the sell off since Early September has increased the resoever of people who dont like this market theres still 4. 5 trillion of cash on the sidelines just sitting there. Thats about 20 of the s p. We know Retail Investor sentiment is now showing negative sentiment similar to where we are in march 2020 then some data on commit m to traders on the future side show nasdaq speculators are the most short in 14 years. Part of it is the back to school and flu season scaring people. Theres so many elements i think people have to realize the positioning of the marks already reflects a lot of negative thinking. I hear you there and read in a couple of newspapers about preparing yo preparing for the pandemic fall. No wonder people are scared. Why would stocks go higher i should have said were we likely exited this session because of the pmis. Its definitely not a recession. Unemployment rates match the Great Depression we were in a depression but i think we wont really feel its over until recovery in the labor market i think its safer to call it a depression even if the economy is on the mends. Tom, its dominic here. Im curious so much of the narrative of the market s around whats happening with the trajectory of covid19 infections, transmission rates it looks like that none of the upticks are having any effect on the market overall our Data Science Team does track this really carefully. Covid is shrinking or treating in 72 of the u. S. Theres 26 states that is about 27 of the population where covid is really expanding and thats mostly the midwest. On the colleges whats interesting is data scientists can look at this College Cases were about 12 of covid cases in sent. Now its down to about 8 . Colleges are seeing a retreat in new cases which is surprising given the criticism of being back on campus it looks like colleges are doing things let me close up with your thought now. We have an s p in the 3300 area. Where do you see it at year end and why . I think election day, the next 36 days maybe the market is going to do a lot of bobbing and weaving. Postelection, some certainty comes back and the cash had to get deployed and the economy has got itself on a decent footing i think 35. 25 which is 7 or 8 from here. Thats a big move over three months that is a sizable move. Great to have you with us. Kelly. Tyler, thank you so much coming up, we have more on the big market rally energy and financials leading the way right now with some big moves. Energy is up 3 . Moody eerks out with a new report revealing which president ial candidate could lead to bigger rebound for the economy. A u. S. Judge halting a ban on tiktok. Giving the chinese owned app an edge as it negotiates a deal to sell it u. S. Business. We have the latest from the Court Documents that were just ers ched themu more power lunch next not until im sure. Why dont you call Td Ameritrade for a strategy gut check . Whats that . You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. But a resilient business you cacan be ready for it. Re. A Digital Foundation from vmware helps you redefine whats possible. Now. From the hospital shifting to remote patient care in just 48 hours. To the university moving hundreds of apps quickly to the cloud. Or the City Government Going Digital to keep Critical Services running. You are creating the future on the fly. And we are helping you do it. Vmware. Realize whats possible. Welcome back moments ago the unsealed documents from the judges decision to halt the ban on tiktok showed why the chinese owned app may have an edge it is likely to succeed in provering the president cannot regulate personal communications and the government needs more info to prover its the app, not just china thats the Security Threat joining us to dig in sarah fisher is a media reporter at axios. Danny, ill start with you because i do want to delve into some of the issues that the judge raised i assume its true about the president not having authority over personal communications which is interesting the International Economic Emergency Powers act gives president s broad powers to do things or restrict Economic Activities in the interest of National Security but it contained some very narrow carve outs and some are that you cant ban just raw information coming in or personal communication you can ban communications that come in that have something of value attached to them but not purely based communications or just information its one of the few limitations on this federal law. This opinion was only just released it was sealed and the parties agreed to have it released its just been released in the last few minutes were just digesting it now. Thats the judges reasoning the federal law involved just contains some limitations. This fell within those limitations. Sarah, it also suggested the judge said the u. S. Would have to prove the app itself and not just the chinese were sort of the vulnerability or the problem here in other words, should we all expect for this to be continued to be drawn out . I would expect so they havent tied a concrete reason this app is sending information to china we havent seen any definitive proof that tiktok sends u. S. Data to china. Danny, what would you say is the next step. With the judges ruling does it become harder for the u. S. To proceed and more likely that tiktok continues to operate as is or does this mean the u. S. Could resort to different kinds of, perhaps more severe measures this is an injunction against the ban. It could start over fresh again which its done in the past with imgrigs bans or executive orders and just redraft a new executive order or a new directive and take their chances with the courts the government has quite a few options here it can appeal this decision. Its only an injunction. Its a temporary fix but the court did conclude that the plaintiffs here, tiktok, are likely to prevail on the merits of the case. Sarah, its dom here. I want to speak in a hypothetical here. How exactly the social media industry, the landscape changes in a world where this tiktok ban, so to speak, kind of goes into play. How does everybody else fair and what changes a lot changes youve seen instagram come out and say this ban would be terrible for us and all social media apps what it could do is it would broadly divide the internet between china and the u. S. The u. S. Always had an open and free internet. We welcomed Chinese Companies to invest if this ban were to go into effect, you would minimize those deals and the ability for u. S. Consumers to experience new products yes, tiktok is owned by a Chinese Company but 100 million americans use it it could be a stark divide moving forward for the internet, dom. How oracle and walmart will say well own 20 of a Company Called Tiktok Global and bite dance can say were going to own 80 and oracle can say bite dance will have no ownership stake in this new entity i do not understand the question of control of what ever Company Emerges to try and save tiktoks operating ability in the United States i dont get it thats been heavily contested. Thats part of the issue leading up to this november 12th deadline which would have further restrictions on the app. Tiktoks new bidders oracle and walmart arent going it alone. Theres some private equity firms that will go in on the deal i think this is the major discrepancy holding up a lot of this process china does not want to allow u. S. Companies to own this thing. Obviously donald trump says the ban on the app will go into play if the the u. S. Companies dont own it i think the confusion youre speaking to is due to the fact we vice presidenhavent negotia. The deadline is coming theres a few more weeks until the november 12th deadline thank you both for now. Well leave it there sarah and danny with the latest. Kelly, still ahead on show, a first look at President Trumps tax returns. Putting a stunning 73 million tax refund and an audit by the irs in the spotlight we have the details on those stories coming up. Talk about a moon shot shares of Virgin Galactic are soaring. Two more analysts on wall street say you have to buy this stock do traders agree well find out after this break. Thats what my dad does. Good job, michael ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our financial futures. I was just fighting an uphill battle in my career. So when i heard about the applied Digital Skills courses, im thinking i can become more marketable. You dont need to be a computer expert to be great at this. These are skills lots of people can learn. I feel hopeful about the future now. The company is being called an innovator and space tech. The Growth Potential is unparalleled Space Tourism has the potential to be a 3 billion market by 2030 seems like demand is there tickets, 600 have been sold so far for Virgin Galactic. Your thoughts on the stock id like to see people return to commercial air flights before we spend too much time thinking about it were back to the level that the stock was offered at the secondary in august. Youll have time if you want to take the risk. We do not own this stock i understand why people are excited about it 200 to 250,000 a ticket limits the potential clients. I think we need to see them begin operations and that happens in the First Quarter of 2021 and see where we go from there and how this catches on. Ill say quickly, i flew the concord back in the 90s it was luxurious the seats werent terribly comfortable but the whole experience was awesome it took one crash for people to say, yeah, thats okay ill spend the extra four hours going across the ocean i would love to see that come back i would too it was a blast what do you make of Virgin Galactic clearly kpie lly exciting. Its been public about 11 months a and now up 23 on the day. A trip in space sounds great right now. Were looking at speculative natures as nancy said of whats going on with Virgin Galactic. The out of Home Experience is what they are targeting, the nigh Network Individuals even people in this time are tightening the belt and making sure they assess every cost and everything they do we have to see if this plays out when they are looking at beginning operations of the good time and people will jump on board for that all waiting to see. Thank you. For more trading nation head to our website. Tyler, i got to ask you. Could you, would you take a Virgin Galactic aircraft up to space, if you could . I dont know. I dont think i would yet. Im a little bit of a chicken. Im with you. Two chickens two chickens. Bawk rjts t new reports showing years of financial losses and tax avoidance from President Trump we will take a deep dive into the numbers and question whether what he did was what anyone would have done given the state of the tax code. Jack maw heading for a long awatsed record breaking ipo. Here come the ants chip stock surging in popularity among young investors. Well ask which are the best names in that space right now. 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, everybody. Here is your cnbc news update at this hour. A cyber attack has disabled some computers at one of the largest Hospital Systems in country. United Health Systems has more than 400 hospitals this is believed to be one of the largest medical Cyber Attacks in u. S. History. New york is extending its moratorium on residential evictions until january 1st. The ban covers eviction warrants issued before the pandemic shopping in crowded stores is considered a high risk activity according to updated guidelines from the cdc. You can go to cnbc. Com to see how the retailers are changing their holiday Sales Strategies take a look at this. In norway some fresh footage of melting glaciers shows a chunk falling into the sea another glacier has suffered its largest annual loss of ice in the 54 years since the records began. Youre up to date. Thats the news update ill send it to you. Markets are very much in the green. Positive territory here are the highs of the session. If you look at the moves, were down about 4 on the month for the s p 500 but every single sector so far today behind me is very much in green territory you can see they are led by financials and energy. Health care, communications and utilities are the laggards in trading today. Only up about a percent. Check out whats happening with the dow movers you have boeing leading that up about 6 or so. Chevron, also up 3 as energy helps lead the market Higher Oil Prices also in focus today tyler, ill send things back over the you speaking of energy, the oil market closing now for the day lets go to eric for some numbers. Hey, eric. Thats right. Oil prices edging slightly higher to start the week with both wti and brent up about 1 prices supported by how congress can put together another stimulus package but rising virus numbers are causing traders to worry about a lack of demand Russias Energy minister warned of the risk of a second wave wti is down 5 this month which would snap a four month winning streak heavy clashing between armenia broke out over the weekend reigniting concerns about stability. Thank you very mump. The New York Times is giving u. S. Voters the first look at President Trumps tax returns over the past two decades. Revealing quite a few twists and turns in his financial foot prints robert frank, who knows all things well has the details. Robert, this is a big story. Its a big story and some big numbers. The president paying no federal income taxes for 10 of the last 15 years and only 750 in 2016 and 2017 that according to the New York Times account of his tax returns. The reason for that low tax bill is business losses offsetting his income the president earned over 600 million in income after 2005 most of that from his star turn on the apprentice which earned him over 400 million during that time. He used that cash along with a lot of borrowing to buy a number of golf clubs and lease the washington, d. C. Hotel those investments generated tax losses of hundreds of millions o of dollars which helped to raise his tax bill doral losing 162 million through 2018 and the Washington Hotel losing 56 million. One bright spot here is his club in palm beach paid the president 26 million before 2018. That is three times his previous pay. President today calling the story fake newsand saying he paid many millions in taxes but was entitled to tax credits. Thats common in the reality industry what the times says he has 421 million in personally guaranteed debt, the president saying i have very little debt compared to the value of his assets back to you. Robert, ive heard a number of arguments on this front i would just point out that a Business School professor at a noted top Business School wrote in saying theres a 1935 Supreme Court ruling that gregory versus helverling the legal right to decrease or avoid them by means which the law permits cannot be doubted. Is the president being chided for doing something that was his legal right to do . The basic strategy of using business losses to offset income is widely used among owners of private companies and wealthy taxpayers. Thats undeniablundeniable the question is whether he did anything that violates the tax code which is why he has been under audit for this huge deduction that he took in 2008, 2009 that he got back from the government of 78 million in the past few years the questions around that rebate that he got from the government and the use of that, thats going to be the result of this audit and only then will we know whether what he did was proper the basic strategy, youre right, its quite common all right robert frank with the latest on the trump taxes. Thank you for that tyler, over the you. Thank you its been about six months since the start of the pandemic. While early stock market losses have been reversed, the economy is still trying to recover and get on firm footing. 35 days away now from the president ial election. Recent report by moodys analytics chief Economist Says a biden win would be better for the economy and could bring as many as 7. 4 million jobs, more jobs than a trump win would. Joining us now to discuss those findings is mark welcome to the show. You were an add visor to john mccain, a gop guy. Indeed. Lets get to what you did and why you came to the conclusions you did. What were the various scenarios you looked at and why did you end upcoming to the conclusion that a biden win along with a democratic sweep of the house and senate would be the best outcome for the economy. We looked at four different political election outcomes. Biden wins, congress split, sna Senate Remains republican. Trump wins, kind of the sta ktu quo. Biden wins with the congress being democratic trump wins with the congress being republican if you take the two bookends, the democratic sweep and the republican sweep, thats where we get to a very different kind of economy at the end of the next president s term. Thats the 7. 4 million jobs. Just in a nutshell and you can read the report, its online you take a look. Its there in detail with the assumptions that three things drive that result. One is biden has a much more expansion nar fiscal policy. Thats lots of spending on infrastructure, on health care, education, housing, other social programs he raise taxes on upper income and households and corporations help pay for it but he also boar r borrows money to do it he wouldnt pursue trumps trade war. He has been talking about rejoining an adjusted Transpacific Partnership thats the trade deal between the u. S. That excludes china because they dont play fair finally, immigration policy. Very different President Trump has been very restrictive on both legal and illegal immigration. Biden would normalize that and that would lead to bigger Labor Force Growth and more importantly in the long run, stronger productivity growth because immigrants tend to be risk takers. They innovate. I can go on but thats in a nutshell the difference between the two scenarios. It boils down to a biden and a democratic sweep being more prone to stimulate the economy you raise the question of bidens plan to raise taxes on the wealthy, to raise the Corporate Tax rate back to 28 what kind of nonstimlative effect would that have on the economy . Would it low the economy or would it really just slow the stock market you say im going to raise taxes, on that will be negative. You got to take that into context of the broader play. Hes using the money to help pay for the other things that he plans to do. Even under biden, when hes out spending that money and helping the economy, the stock market still doesnt really go that far and doesnt go anywhere because it has to contend with higher marginal rates on corporations for stock investors, the biden plan isnt going to land you in a better place it lands you in the same place in the long run. Right just google my name youll go right to one of my sites. Okay. Thats how to get there. What happens to dhar powe s ts n a trump second term. Do either fail to renominate him . Do both renominate him thats another big difference biden is much more traditional we do our work in the fed. Were not trying to influence each other obviously President Trump has take an different perspective on that hes work really hard to gain control over the fed through his various appointments very different approach. Interesting mark, always good to see you thank you for your help. We appreciate it sure. Thanks for having me kelly. Thank you very much. Deals at alibabas investor day. Well talk about both of them. Were back in coa uple with much more power lunch. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Welcome back its time for todays power movers up first, devon energy and wpx jumping on news the companies will move forward in a merger of equals the deal expected to close in the First Quarter of 2021. Shares of alibaba are higher the founder gets ready for what could be the biggest ipo ever. Baba has a 33 stake in ant financial which could be worth more than 200 billion mobile Payment Company is expected to start trading in october. Shares of Cleveland Cliffs higher today on news it will acquire the u. S. Operations of Arcelor Mittal for 1. 4 billion in car and stock that deal expected to close in the Fourth Quarter the ceo of Cleveland Cliffswil appear today it will be in the 3 00 p. M. Hour to discuss you dont want to miss that. Hell be there on the closing bell always a lot to say. Still ahead, thousands of Small Businesses shuddering due to the pandemic, succession plans have never been more important. What Business Owners need to know thats coming up, next you cant predict the future. But a resilient business can be ready for it. A Digital Foundation from vmware helps you redefine whats possible. Now. From the hospital shifting to remote patient care in just 48 hours. To the university moving hundreds of apps quickly to the cloud. Or the City Government Going Digital to keep Critical Services running. You are creating the future on the fly. And we are helping you do it. Vmware. Realize whats possible. Hmms and ahhs heard incall. 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. Welcome back many small Business Owners are not sure how the pandemic will impact businesses and also the family finances. We have a look at why succession plans are so important and under threat right now sharon kelly, this crisis has create md unknowns for small Business Owners, who would run the business if you were sick . How will you be able to sell your business in the middle of a pandemic here is how one Business Owner is managing through the issues reporter adrians Small Business serves food to those in need were catering and provide meals for Senior Citizens and disabled vets throughout new jersey reporter but losing a loved one made her think more about her future and the future of her business with, you know, the passing of my father, things are brought home very quickly. And i realize, like, not only do i need to do things in place for myself, i need to put things in place for my employees because life is short. Reporter she says working with a Nonprofit Organization that connects entrepreneurs with Financial Advisors has helped. Youre putting your livelihood and often for people their largest or second larges asset at risk by not thinking about all of the what ifs. Reporter many shall Business Owners never plan for who could own or manage their business if theyre unable to do so. And a recentsurvey found that only about half of those that do have those plans in place are highly confident that their business will be able to survive. Is your plan documented somewhere . Have you expressed your plan to other people specifically those that are named in the plan. Are you taking the time to prepare them and have you revisited your plan to make sure its still meets your current circumstances reporter she also has answers to some of those questions. She wants her sister to run her Catering Company if she is unable to do so and shell bring her small team up to speed on her plan soon. But first, she wants to review intentions with her Financial Adviser and put it in writing. Kelly . Sharon, thank you very much cnbc and acorn is teaming up with the Kaufman Foundation for a virtual town hall for small Business Owners on september 30th to register go, to townhall. Cnbc. Com. All right still ahead on the show, the chips etf, smh is up nearly 70 since the march lows according to new data, those names are popular with genz, millennials and boomers alike. Well dig into the numbers aer isreakft when i was laid off. It was absolutely terrifying. I felt like i was just fighting an uphill battle in my career. As a little kid i knew that i wanted to work with computers. So when i heard about the applied Digital Skills courses, that definitely appealed to me. Youre learning how to create spreadsheets, documents, forms and surveys. Im thinking i can become more marketable. I got to about the third course and im like, you know, i probably could do this for a living. You dont need to be a computer expert to be great at this. These are skills lots and lots of people can learn. I feel hopeful about the future now. Its empowering to have that knowledge that nobody can take away from you. That nobody can take away 20 associate cart pusher. Urly the different positions ive had taught me how to be there for others. I started out as a cashier. I mean, the skys the limit with walmart. Its all up to you. Welcome back a new report Shows Millennial investors betting big on chips, the semiconductors, spacs, electric vehicles and stay at home trade kate rooney has the full details. Kate hey, kelly. Millennials were big on a few sectors in the Third Quarter starting with electric vehicles. According to a new report from apex clearing, younger traders made, aggressive moves into those stocks. For example, tesla dethroned apple as the top traded name among millennials. Am nio moved up 34 spots on the list of the top 100 picks. And work horse also got a boost. They got in on the buzz around spacs or special purpose acquisition companies. They saw two electric vehicles spacs going to the top 5 the outlier is nikola. It made the list but drop 40 spots. Stocks benefit from the pandemic continue to make a splash as well peloton dropped 41 points in popularity across generations, its still all about big tech though. The report which looked at more than 1. 3 investment 1. 3 Million Investment accounts showed apple, amazon, tesla and microsoft in the top five for every generation and finally, chip stocks nvidia and amd joined the Party Jumping multiple spots across genz and millennial and boomers top holdings its not just the millennial thats love chip stocks. Etf sicker smh is up 19 this year with names like nvidia and amd leading the way higher but with the u. S. Setting new restrictions on the top chip makers, could the sector be heading for trouble . Joining us is analyst at mizho securities we just heard the report what part of semiconductors, they go into everything these days which theme is the biggest one 5g . Autonomous driving cloud . Et cetera . Is. Thank you for having me on. Like kate mentioned, if you look what secondors ators are immune be auto industrial they should be strong as well. There is strong growth on the software side. Definitely nvidia and the gaming side is a standout in terms of what were seeing in gaming. Retracing and driving, there is also ai just for all aspects of industries all right we just got a few moments left here im curious, v. J. , what parts of the Semiconductor Space you would stay away from given the bullish trends for all the other ones we think at this point most of the industrial and gaming seems strong i think there is obviously some worry. And some of those sectors that are exposed to the china supply chain. So thats where youre staying away youre seeing some impact in this sector and taking down the risk in some of the names. If you look at this, it looks good especially because across the board supply chains riare impacted thank you, we appreciate it. Thanks for watching power lunch. Closing bell is going to start right now. Thank you so much welcome to the closing bell. Stocks surging to kick off a new week of trading. Looking to close out a sluggish september on a high note lets have a look at what is driving the action potential optimism for a new round of stimulus giving a boost to sentiment House Speaker nancy pelosi says another plan from House Democrats is still possible. M a activity heating up in steel and Energy Spaces and talks of casino combinations too. And every dow stock is higher as we enter this final hour of trade with boeing and the banks leading the charge he would have