The world. We will talk to the head of a major new jersey hospital that was on the frontier a few months ago and still are. Well find out what theyre seeing there and look at how covid has crushed urban real estate power lunch starts right now thank you, at thtyler. Markets are starting with a nice alley and broad base every sector is higher, except Energy Technology leading the way, up more than 2. 5 hi, bob. Seema, its a rally but look under the hood. Theres a very progrowth bias to this. A lot of the reopening stuff is not doing as well. Were getting what i call a big cap meltup here look at this, facebook, amazon, alphabet, microsoft and the volumes have been on the heavy side for this particular sector, mega caps. But only there lets take a look at some of the other stuff, some of the other what i might call workfromhome beneficiaries. Your costcos, your pay pals, and all of the chips are up here today. This is that pro growth bias you talk about look at stocks that used to benefit from the reopening story, oil stocks not doing anything today most of the industrial, not all, like 3m down, materials like freeport have been rallying. The airlines are not doing much. Most of the retailers are not doing much these stocks were doing very well in the last week and a half this suggests theres less faith in the stimulus story out there. Lets go back to Growth Stocks overall. Growth, mega cap beneficiaries from the work from home story. One thing thats curious, volume in the big trading etfs are up again. That volume is terrible today, only about 60 of normal but value in tech, qqq, the big proxy for growth in Technology Stocks is on the relatively heavy side the important thing is here, the beneficiaries, the work from home, the mega cap stocks, lets buy them, stuff the benefits maybe from the Stimulus Program, that suggests to me theres a little more concern about the Stimulus Program getting inactive bob pisani joining us this hour Speaker Pelosi says stimulus talks are at an impasse. Hi ylan. Democrats are using the fight over the Supreme Court to attack onstimulus democrats repeatedly accuse republicans of trying to ram through her nomination at the expense of Public Health heres Vice President ial nominee kamala harris. Senate republicans have made it Crystal Clear that rushing a Supreme Court nomination is more important than helping and supporting the American People who are suffering from a deadly pandemic and a devastating economic crisis. Harris even got into a sort of twitter beef with gop senator ted cruz who pointed the finger back at democrats who filibustered hundreds of billions in kocovid relief even President Trump said today republicans should speed through these confirmation hearings to focus instead on stimulus. Were not getting exactly the kind of unified message we need to get this over the finish line before the election. Back over to you it seems like the democratic side is focusing on health care, not merely the covid situation but also in some of the questioning what judge barrett would do on the Affordable Care act. Well, thats right. Were seeing that theyre using this confirmation hearing as sort of a proxy battle for the issues they think will help them at the ballot box in november. Whether that is health care, whetherthat that is roe v. Wad or the stimulus and saying why are you focusing on this and making this a priority, even though republicans also consider this to be an election winner. Thank you very much seema. For more on todays rally, how the markets are reacting to stimulus negotiations on the upcoming election, lets bring in our panel joining me is john lynch and Michael Jones. Gentlemen, its good to have you on today were looking at the s p 500, now less than 2 away from a d record high. John, why do you think the market is suddenly less concerned about a stimulus bilk reached before the election . Its kind of concerning youve seen the market today moving so quickly on the growth sector this market is rallying on free money, optimism for potential for the stimulus, but we really have to be concerned about valuations when were well above 3,500 on the s p 500 michael, just two weeks ago strategists were forecasting that a blue wave would be the worst outcome for the equity market, but with todays rally and that coinciding with the latest poll suggesting biden is widening his lead, why do you think the narrative has changed . For one thing, i think investors have looked back at the track record of what has happened historically when Capital Gains have gone up thats the obvious big down side for equity markets if there is a blue wave on increasing Capital Gains taxes. And historically the 87 and the 2013 increases in Capital Gains were associated with a big uptrend in equities. I think people have sort of lost some of their fear of the blue wave, but the challenge is, and i echo johns concerns, the challenge is that investors seem to have lost their fear of everything they seem to be pricing markets as if were going to get a big stimulus before the election, were going to get the fed cranking up the Printing Presses and the election is going to be smooth as silk without any controversy. That seems to be setting us up for disappointment on one or more front john, do you think the market is becoming immune to higher taxes or is it this notion that the fed will be there to provide that support, whether a stimulus bill gets passed or not . Well, stock valuation is always about in our estimation earnings and interest rates. We certainly have confidence in a tail wind. We also have to factor in the Corporate Tax rate corporate profits next year are probab projected to be at record levels but if the Corporate Tax rate goes to 28 , as the biden camp has mentioned, that could make gains suspect. Have you made changes, perhaps going for more domestically focused stocks, if you will, looking at the small cap index, already up 8 so far this month so i think the big issue that in terms of concern about taxes and earnings and so forth, you kind of have to divide the world into preelection and post election as i look forward into 2021, i think johns points about Corporate Tax is absolutely valid, but i think those concerns can be overwhelmed when you get another covid19 stimulus bill, get the fed cranking up another trillion or 2 trillion, that is more powerful than the headwind of Corporate Tax increases. The challenge that i see is im not sure any of that happens until we get through the election and if we go into the election and both President Donald Trump and Vice President have said they will not necessarily just accept what happens on november 3rd. There could be a protracted legal dispute and if we dont have covid19 stimulus, if we dont have the fed cranking up the Printing Presses before that kind of political uncertainty, thats where i think were vulnerable for a pullback and potentially an ugly one if the controversy over the election is significant enough john, last question to you. Technology leading the way here today with facebook, apple, amazon up 5 to 6 this idea that if the democrats get more seats in the senate and this notion that the Tech Industry should brace for more regulation, how could that cloud the outlook for these Large Technology companies for the large tech companies, it certainly could cloud thats why i think youll have to separate within technology who are the beneficiaries of cyclicality or growth and if you think about separating, for example, semiconductors or software, you may have an opportunity there. But potential for an increased stimulus package an Infrastructure Structure package, rather, could broaden potential as well. Caterpillar less than 5 from its record high. Thats a good point there. Thank you for journiining us to jor john lynch and Michael Jones coming up, covid cases are spiking in the world fridays number of 350,000 new cases was the most ever for a single day we will get the latest numbers and talk to a Hospital Administrator about what they are seeing right now and shares of regeneron have soared this year as the Company Works on treatments for covid19 but insiders have sold millions of dollars of shares what the company says about that is next on power lunch. When i was in high school, this was the theater i came to quite often. The support weve had over the last few months has been amazing. Its not just a work environment. Everyone here is family. If you are ready to open your heart and your home, check us out. We thought for sure that we were done. And this town said not today. Before money, people and ttools, cattle, grain,day. Even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Seven months after the u. S. Shut down to stop the numbers of covid, the cases continue. Cases are increasing now just in the u. S. , but in the u. K. , colombia and in the netherlands even though cases of coming down in brazil and india. In the u. S. , cases of tracking up, hospitalizations are starting to tick up. Deaths are declining on a daytoday basis but that is a lagging indicator and follows behind the trend by a week or two. In terms of reej in a trend, you a are seeing cases tick up the midwest is the most pronounced and states like wisconsin, north and south dakota, nebraska, montana, among cases that are hitting peaks in their seven day averages, guys so these trends are really concerning all around the country. A few weeks into september, after folks might have gotten together for the big holiday weekend, were now seeing cases really spiking back over to you meg, thanks we also want to ask you about regeneron, whose name has been in the news very much lately because of the Monoclonal Antibody cocktail that the president receives a lot of insiders have sold their shares, selling shares after President Donald Trump praised the companys treatment. What do we know about these stock sales and even sales by the chairman of the company in. Two stock sales were reported from an executive and director, about a Million Dollars worth of proceeds these were preplanned stock sales that were specifically triggered by a stock hitting a certain price. October 5th, after the president talked about using this treatment for covid19 and it did lead to a stock spike. Now, the ceo was also reported earlier in the year back in may to have exercised options that yielded a gross proceed of about 86 million. Thats a lot of money. The Company Tells me that was a tranche of options granted almost a decade ago and would have expired if he hadnt exercised they will. They say he typically hold his options as long as possible. He is a founder of the company but when you see performance like youve seen for a lot of these Companies Involved in making drugs and vaccines for covid19, theres going to be a lot of questions about stock sales, something weve seen from moderna as well. Thank you for following that up, meg. We appreciate it coronavirus cases also spiking. Nearly 17 in new jersey in just the past week, but this as testing is up over 700 . Lets get an update now from someone who runs a Major Hospital in the state. Michael marin is the ceo of holy center in new jersey what are you seeing in terms of case counts and icu and so forth . Like everybody else, we are seeing a slight uptick most it have is what i would consider incidental findings the hospitals have all increased their prescreening processes any patient now coming back in that were reopen, before they have a procedure done. So were finding people who are asymptomatic testing positive on those tests and weve had a very small number in Critical Care the mashlgts of these people are held for observation for several days and then sent home. So these are not people who are coming in complaining of symptoms of koef individual, they are people that you are finding as you screen them for surgeries or other procedures, right . Correct correct. We have seen very few symptomatic people now, that said, just in the past week weve seen a slight uptick of people presenting with symptoms most of them are coming from the tristate area. People are coming to holy name because of our robust Clinical Trials that we have and the reputation that weve generated around this. Theyre not from the northern new jersey market per se were watching it very closely have you been using in any of the cases that youve seen the cocktail that President Donald Trump received of remdesivir, dexametho slt dexamethosone . What is your experience with those . Regeneron, we were the first u. S. Hospital to enroll someone in the regeneron study beep have about 30 patients that have gone through the study at various points its a blinded, randomized study. We dont know who is getting the placebo and who is getting the drugs. The physicians feel it very prol is to draw conclusions just yet with remdesivir. Timing on giving these drugs is most critical. I see in my notes that you remarked that the virus itself seems to be maybe a mutation but it seems to be more diejocontags than the earlier versions you saw but less lethal is that decline in lethality because the virus is different or because of the modes of treatment we know that the virus itself has mutated. Its at the 614 gene mark there was a transition that mutation belongs very strongly has made it more infectious so we see that being infectious. Everybody is still a little hesitant to opine on whether its less lethal because the science lags what we see i can tell you what we see in our e. R. , while testing is up and were see the same right rus virus, its not the same as we were seeing in march and april im curious what changes youve made to your infrastructure, icu beds, to see how you can accommodate patients we added over a hundred Critical Care beds, all negative pressure rooms, high visibility for staff, preservation of ppe we still have those rooms in tact were finishing up renovations that we started hastily in the middle of vo reasonable doubt and for negative pressure, higher ability and to preserve ppe. All of that is pretty much intact weve been stockpiling ppe we continue to monitor all of our studies and we keep these eight Clinical Trials quite active michael, i had forgotten until you just mentioned it that you had the illness early in its run, lets call it are you experiencing any aftereffects, any fatigue, any mental effects, any loss of taste or smell anything no. So im one of the rarer findings ive manage today to people who have i have no symptoms whatsoever i have no lagging effects. My Energy Levels are greater now than they ever with. My elt is probably one so right now im doing okay well, were glad to hear that all good to see you. Checking ba Michael Marin of holy name, a place where they fixed my knee a few years ago. And tune in later for an interview with dr. Anthony faufy. Coming up, one of the best performers on the down are take a look at fab, am and apple, all posting big gains. Power lunch will be right back hmms and ahhs heard incall. That selling carsarvana, 100 online wouldnt work. Hmms and ahhs heard incall. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. 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Im a little cautious on betting on a full democratic sweep on a state level but if you were to sort of forecast that, yes, you get a big blue wave, biden wins and you get a big democratic sweep, then i think its actually not bad for the Health Care Sector because the ultimate end goal here is there will be more people having health care and there will be a bi