They missed estimates by a wide margin the expectation was for over 800,000. And tech stocks are broadly underperforming to day, unwinding yesterdays gains. Amazon, apple, facebook, and microsoft all heading lower. 59 minutes after the session and were down 2 for those names. Power play. Pete . 5 for the s p 500 lets get to the president s diagnosis and impact it could have on a broad range of issues. Were looking at the potential impact on stimulus talks meg has the details on testing at the white house mike santoli tracking what it means for the market lets begin with what we know surrounding the president at this hour. Yeah. What we know is this diagnosis is now upended the president ial campaign a month out from election day the president s Campaign Team put out a statement earlier today saying that all previously scheduled events that involved the president of the United States have now been canceled. What theyre saying is that theyre going to maybe temporarily postpone some of those. There is the possibility of moving some of them virtual or having the Vice President step in hohn a case by case basis to handle some of the events. So all of that in terms of the president s campaign up in the air right now. Defending the decision by the White House Team to allow the president to travel to new jersey yesterday for a fundraiser even though they knew that hope hicks, a close president ial aide tested positive before that trip departed heres what she had to say it was deemed safe for the president to go. He socially distanced. It was an outdoor event and deemed safe by white house operations meanwhile, Vice President biden is continuing his campaign he ush youd a statement earlier today offering thoughts to the president and first lady on their positive diagnosis we saw the Vice President here on his way to grand rapids, michigan, to continue campaigning today, leaving wilmington, delaware the Vice President , its not clear how much of his schedule remains as normal. But clearly sending a message here that he intends to continue on the campaign trail even as the president of the United States has been side lined back to you. What is the latest about what we know about the president s condition . His symptoms and his risk factors . What white house officials are saying is the president is experiencing mild symptoms theyre painting a picture that is engaged in calls with his white house staffers, asking for updates on the economy, issuing orders, that sort of thing but they do say he has mild symptoms and theyre not revealing any specific details about whatever treatment he might be given. Were told that the White House Medical Team is monitoring him closely. Thank you so much for that. The president s diagnosis could present challenges to the on going stimulus negotiations. We have a look at the potential impact there there is new optimism on another round of Coronavirus Relief from congress the treasury secretary and the speaker of the house talked on the phone for more than an hour this afternoon Speaker Pelosi telling the caucus that theyre working on the text of a deal so they can move quickly even though substantive differences remain majority leader steny hoyer characterizing the nature of the talks as being filled with good will hopefully those negotiations will bear fruit sooner rather than later when i say sooner rather than later, i hope that this weekend, perhaps an agreement can be reached. Now even if there is no deal with the administration, pelosi said she still wants to send awed to the airlines she plans to do that either by bringing up a stand alone bill with bipartisan support to the house floor or if they can do it, including it as part of t t comprehensive relief package she is imploring the Airline Industry to hold off on what she called devastating layoffs to give congress more time to work this out whats the expectation if that would lower the unsentive for some opposing awe broad stimulus bill to then support something that has wider measures included . Yeah. Thats a good point. We dont know at this moment one thing that was surprising is that pelosi floated the idea of bringing a stand alone bill because she has been so opposed to tackling the items individually going big is the only way to do. This the fact she would even consider that just shows the kind of pressure shes under to make sure that these layoffs dont happen airlines all trading higher at the moment. Thank you. Lets get to meg now who slooking at how coronavirus testing at the white house plays into tow days developments. Meg . Yeah, sara, we know there is rue te routine testing for anyone at the white house or might come in contact with the president which test was used . The former Campaign Manager for the Trump Campaign was on the today show this morning saying he was there on saturday and heres the testing he got. When you go to the white house, you receive the abbott lab, a 15minute test. They notify you if you test positive i was at the white house on saturday, i was notified that i did not have covid19. Again on wednesday when i was with the president i was tested plied befo immediately before seeing him. I was notified you was negative. Out of caution, i think everybody who has been around the president and the senior staff will be self isolating now abbott has two different tests that can take about 15 minutes. There is the id now which is available back in the spring and there were issues cited with potential false negatives from that test. And there is the newer test, an antigen test it uses a small cardboard device they showed it off earlier this week in the rose garden. The issue with both of the tests is theyre great because they can he will it you the results right away i talked about the id now, this were questions about going back to may and they did specify that it has High Sensitivity and specificity if used seven days after on set of symptoms guys so is what youre saying, meg, i would assume that the white house tests members of the administration all the time that there were likely negative tests or false negative tests that misled people about the positive cases here zblr it. Its entirely possible. We were talking to the doctor last hour. Of he said the issue with these point of care tests, the ones you get results so quickly is there can be false negatives we dont know what happened yet. Hopefully that will be clear experts say that tests are really great tools but theyre not the only tools you can use to ensure youre not going to get infected you need to use masks and social distancing and all of those together help you have a stronger way of protecting yourself and others. Meg, thank you so much for that lets bring in mike santoli now with more on what this means for the market mike, its been a bumpy session. It has. It is pinball going between the different headlines. I think what is important though, look at the s p 500 over the year to date it is the context in which this is happening an agitated market trying to stabilize around this trading range. Really doesnt look like a lot right here the were up still 4 , 5 off last weeks lows were around flat for the week on the s p 500 maybe slightly negative at this point. And continue to say maybe it looks a little bit like Something Like that from june and july after did you have a significant peak and pullback. Take a closer look at the s p 500 futures this week to get the overnight action that really is what a lot of the moves occur. So this right here, of course, was the announcement that they had become infected. Hook at where it stopped going down similar to where it did the overnight after the debate on tuesday. So it sort of seems like the market is decided thats where its going to make an effort to have a stand around this 3300 level. And then more broadly, Election Year pacing of stock market performance. This is the typical Election Year in blue can you saw the current year is track ago long with it however, look at the magnitude the left hand scale is the average. That is plus 4 above or below where we started the year as opposed to this year where you went up 10 and down 35 , up 60. Its a very, very different tup of year even if the lesson here is that we often do get choppy in october ahead of the election and then usually there is a Fourth Quarter rally attempt, some tension release, something we got past all that you have to have it in the back of your mund in the terms of the way the market tries to digest this possibility of election area of volatility this week sums it up. We start flat but with lots of clear up and down days and also no clear theme over the course of the week about that rotation either in or out of tech and value no. Its been very noisy on that front. Actually day to day sometimes its been complete 180 i think the revelations or the reports today that it was maybe again soft bank buying aggressively in the Options Market for big tech stocks maybe that helped the come back in the last couple of days and selling off now. That creates just an extra level perhaps of extra energy in one direction. It seems not related to the news the market is trying to sort out what it might mean there as well also, if it is seeming there might be a more decisive election result sooner than feared, who knows what that means . What does it mean on the fiscal side for interest rauts and stimulus and all the rest of it . A lot of that stuff is trying to be processed in real time. Its a lot of questions that remain unanswered. And interesting to see the dow only down as little as it is about 20 points or so. Mike, thanks weve got a news alert right now here on air bnb. We have more according to a source familiar with the companys plans, air bnb is aiming to go public in december or even a little bit earlier reuters first reporting that development not long ago of course, much of the plans rest on market conditions. But notably, the aim is to not too long after the they fetched 18 billion and that was down from the previous funding round of more than 30 billion this is reflective of the recovery weve seen from air bnb this year. Of course, this business and bookings just fell through when the pandemic hit it has really benefited from travel in a post covid19 world. Back to you. Thats really interesting lots of money out there as we have seen with the spac craze. Raising a fresh 3 billion of the float will keep an eye on any more developments there. Thank you. Well have much more throughout the next two hours on the president s diagnosis. Up next, ed mills will join us and look at the policy implications later in the show, mark mohaney. Its time you make the rules. So join the two Million People whove switched to xfinity mobile. You can choose from the latest phones or bring your own devic, and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost all on the most reliable network. So choose a data option thats right for you. Get 5g included. And save up to 400 yr on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Snifrnlt. President trump tested positive for covid19. St this as three key issues hang in the balance stimulus nominations, the Supreme Court nomination and the election pe lose ji asking airlines to hold off on furloughs. House majority leader steny hoyer says the house would be available to vote on an aid package despite a scheduled break. Lets bring in ed mills from Raymond James. Good to see you. Clearly, hopefully and everyones base case expectation that president will make a full and swift recovery, in that scenario, is there any impact on the election of having gone through this thats been the question of the day. Some want to make the case that, you know, if the president recovers as would be the hopeful outcome and theres not a big impact, maybe this is yet the next thing that we have in 2020 where it seems like a big event but it does not really change the political calculus the flip side is that it is going to remind voters of his performance related to covid19 and will there be a view that as commander in chief, your first job is to keep folks safe. If he hasnt kept himself safe, is the job he did in response to covid19 bringing that back up a month before the election . Does the change the likelihood of a stimulus deal . It went from being deaddead to just slightly dead. So the calculus is in politics whenever you want to change your mind, you need an excuse and so you dont want to view yourself as having caved and so is this the catalyst that provides that excuse is this the deal that gets done because the white house needs a victory . What we saw this afternoon as nancy pelosi sent a lower to all her colleagues outlining five areas where there is still disagreement theyre not huge does it show that republicans are going to have to come probably more to where she is for her to sign off on a deal. And with members headed home, there is no real pressure on getting a deal near term so were back to the point where in d. C. Things are impossible. Were still hoping we can flip that switch and still get a deal done its not looking good. I dont get that, ed. I feel like this provided a huge sense of urgency the president of the United States contracting covid19 is a pretty stark reminder that this pandemic is still with us and still threatens us we got a jobs report today that was a big miss it showed the number of permanent job losers up to 3. 8 Million People continue to deteriorate. All sorts of other troubling signs behind the hood like people leaving the labor force how can they not take this moment to pass trillions of dollars in relief right now on both sides i dont understand the excuse, the urgency. It is really frustrating. This is a debate that i follow that has more twists and turns and false starts and kind of premature declarations of death. What you look at is as i take a step back, theres a deal to be had here do we have individuals who want to get that deal done . What is the normal political calculus those cat lusalysts are gone. You think you have more pressure from the white house to kind of cut that deal. The president has taken a lot of executive action which took some of that pressure away. As well as how to campaign that is largely been based upon we have turned the corner economically and from a health care perspective, but with the president s diagnosis today, it really does remind us that, you know, that health and Economic Impacts are still here the problem is now were almost a month away from an election s the time is just not there and the policy differences are bigger than the money differences which makes it more difficult to get that deal done. Theres a chance but its hard ed, how important are larng large in person rallies for turnout for Trump Supporters i dont think its a huge impact on turnout. It does help in local media markets. I think its problbl probably mt important to the president , frankly. He feeds off the energy from the rallies. He is looking to project he is picking up momentum. The polls and we can debate the polls, do show him in a position where he is behind so having those rallies, having certain events and a view in this country that it is safer to be out may be despite some of the evidence contrary was going to be helpful to the political brand that hes trying to build. The without that, its a reminder of how much further that we still have to go before v covid19 is over he also has not tweeted in 14 hours which a lot of people are paying attention to. That is another way he gets his message out. Ed mills, thank you for joining us thank you we appreciate it. From Raymond James we have just under 40 minutes to go before the closing bell take a look at the markets were down across the board. The s p 500 is down. 5 . The nasdaq down 2 the nasdaq is down as much as 3 the dow is down more than 400 points earlier we definitely have come off the lows were seeing rallies in groups like energy and industrials and materials. Some of the value cyclical groups doing better. Technology weaker. Coming up, amazon detailing exactly how many employees have tested positive for the coronavirus there. Sending a message to other mega employers as well. 34 minutes left of trade the dow is down 38 points. Lets dmecheck innen the bigges market movers. The Cloud ComputingCompany Forecast 30 or higher annual growth over the next four years. Its been a huge winner this year, up 13 right now amazon says 19,000 of the workers have tested positive for vud ov covid19 over the past six months, less than they expected to see theyre continuing to ramp up testing and plans to be at 50,000 tests per day by next month. Amazon urging other companies to be more transparent as well about their testing data and a quick check on shares of palantir, losing steam after making the wall street debut on wednesday afternoon. Still below the first trade price of 10 per share yeah. And we Broader Markets at the moment are lower across the screen, all three of the index nasdaq the lagger down 2 . Still ahead, former fda commissioner will join us to give thoughts on the president s coronavirus diagnosis. And how long a president ial quarantine could last. Plus, well ask the ceo of Diagnostics Company quidel if the news will lead to a spike in testing demand hmms and ahhs heard incall. Hmms and ahhs heard incall. With this seal, this restaurant is committing to higher levels of cleanliness. The expertise that helps keep hospitals clean, is helping keep businesses clean too. Look for the ecolab science certified seal. Taking california for a ride. Companies like uber, lyft, doordash. Breaking state employment laws for years. Now these multibilliondollar companies wrote deceptive prop 22 to buy themselves a new law. To deny drivers the rights they deserve. No sick leave. No workers comp. No unemployment benefits. Vote no on the deceptive uber, lyft, doordash prop 22. One ride california doesnt want to take. President trump announcing that he and t