Announce the launch of its 5g. Power lunch starts right now tyler, thanks lets look at shares of apple. Remember, they were up 6 yesterday. They were down about 1 as the iphone event began last hour they are now down 3. 5 so you really took a turn lower in the last few minutes there. Josh lipton is standing by as the event continues. Josh the event did begin here. Four new models so far introduced so apple is saying the latest and greatest technology, billing it as the smallest, thinnest, lightest 5g phone in the world, thats at starts at 699 and then the next model will start at 799. Then there are those that want the most Cutting Edge Technology for them apple offers the iphon 12 probe and iphone probe max. Theyre powered by 814 bionic chip that should mean a real boost in performance. New camera system in these phones thats very important to consumers. New Wireless Charging system as well it not just iphones either they also did announce a smaller, less expensive version of their home pod, their smart speaker. That will cost 99 and start shipping in november there apple trying to compete more effectively with amazon and also google. Back to you. Lets get some more insight on what weve heard from apple so far tim higgins is the tech reporter with the wall street journal. Tim, good to have you with us. Thank you how dazzled are you or is it pretty much what you expected in. I think were getting to the most important part right now, the presentation, talking about what that 5g might mean to the customer tim cook started out talking about faster downloading and uploading speeds, better gaining, less Network Congestion here toward the end of the presentation, were hearing benefits of 5g, whether its an enterprise use or medical abilities to download medical scans quicker. Thats one of the questions that i have about this theres been a lot of talk about 5g its become a trade talk issue between the United States and china with respect to who is going to lead the way on 5g. But it does sound as if the greatest impact of 5g may be in the commercial setting as opposed to in the ordinary user like you and me. Right and thats really the challenge for the industry and for apple, right. This technologys been out there for a little while it been years and years of buildup. Right now it going to have its moment with tim cook on staenge the average customer will start to hear about it customers might have a disappointing experience up front. Those are some of the challenges for it but in some ways it might remind you of when 4g came out. It took a few years for developers to Start Playing with it to figure out what the cool next application was going to be whether it was going to be downloading pictures very quickly and the selfie generation emerged thats one thing we dont know what 5g is going to bring but investors are making a bet ift goi its going to be essentially laying the pipes for a whole new world. And those pipes are being supplied by the likes of at t and verizon. Well hear from verizon in a bit. Tmobile those pipes have not, so far as i know yet, really kept up with the technology built into these new phones like the samsung s20 and this new phone from apple. Yeah, right this is a big issue, too when 4g rolled out, it was widely out there and the issue was there wasnt enough phones to teak advantaake advantage of. This time the phone make verse bought into it and the bulk of 5g phones are being purchased in china where theyve been more aggressive in that regard. Its a thing that apple essentially has waited a little bit and now is getting into the party, kind of perhaps on the precipice of this becoming a real thing. Lets bottom line our viewers if we can. I want to buy this phone because. If youre an early adapter, youre going to want to get on the 5g network to be one of the cool kids. If youre an average, every day user, the reviewers and tech nerds are saying you might not be there yet is there anything else having to do with the home speakers, the ear pods, im not even sure if thats the word for them. The home pod is an attempt, the smaller home pod this year to try to catch up with amazon, a lower price point at 99 that hits at one of the issues thats been critical of the previous attempt by apple that was so expensive compared to what amazon was doing but still maybe playing a little bit of a catch up with amazon, just given the ubiquity of the offering it sounds like the higher model, the iphone 12 i dont know if its a pro is going to be a 999 price point, which is a little lower than the price point on some of these phones, correct . Thats thousand dollars price point has been out for years thats part of tim cooks point to get sales were not seeing the same levels as the market has matured. Apples been trying to squeeze more juice out of those lemons that was the first time that apple had moved into a bigger screen phone, which had been a real disadvantage for them visavis some of the other players. So that was the refresh supercycle and i guess theyre counting on this to be something of a similar magnitude absolutely. The big phone popular in the china market, really gave them some ammunition there. And the thinking is that 5g will then help them in a similar way, more focused on the innards of the phone, a better camera, like weve seen in the last few years. Tim, always great to see you. Youre always clear. Thank you. Thank you kelly and jpmorgan is weighing in on the dow today and despite beats for the bank stocks, jp and citi are down. Black rock hanging on to about a 4 gain. Its the only major name in the green. Lets bring in our guests. Its great to have you both here navid, ill begin with you there are some signs, i guess good signs with the economy and whats going on with the bank earnings, right . Thats right. I think what weve seen at least in the results thus far is credit costs are somewhat leveling off thats obviously a positive. As we look at the bank results, there is this bifurcation between trading businesses, Investment Banking businesses and loanrelated businesses, which i think the market is really weighting the performance of those alone businesses and really outspin the bank performance. As we look at banks, the key point here is credit still remains very, very strong and we arent seeing any kind of pick up in terms of potential losses there. There was some talk around the timing ofpotential realized losses the expectation is that could come toward the end of 2021. But in terms of the level itself, thats something that looks at least good initially. And stephen, i want to ask about whats going on with the major averages right now apple shares are selling off they were up 6 yesterday. What do you make of the reaction to the product event so far, its importance to the tech kind of investing world and also whether you think its time for investors to pivot and look for other ways to invest their money. I appreciate the question i as you love that quote from Bill Parcells that says you are what your record says you are. You have major indices a the at all time highs. That exciteme menment and optims better than its ever been in history. Theres this narrative that this next leg of growth in the market is likely going to be from this pivot from Growth Stocks to value stocks id argue that weve probably already seen that. Lets look at Big Industrial conglomerates i use as bellwethers. Caterpillar stock is almost at an alltime high, yet if you look at their earnings expectations for 2021 from the start of 2020 till today, those earnings expectations are 50 lower, yet the stock is up over 10 . Look at union pacific, the largest railroad in the country, just a great sort of canary in the coal mine for Economic Activity stock is at an alltime time yet earnings expectations for 2021 are actually lower i think investors need to be a little cautious on that move from growth to value and we continue to look for companies that can create their owe o own offense, and generate Earnings Growth no matter whats going on in the overall environment. Navid, similar question we just spoke about the big banks. What would you do with big tech right now . I think thats the question alluded to earlier youve seen a big pick up in the prices on tech and youve seen a commensurate move in earning potentials i do think technical is fairly valued as i look at the market, i think theres more attractive areas to play as i mentioned the Banking Sector, that looks much more attractive if you look at the way the market is looking at 12x to 27x on the s p, its being really priced in a perfect storm of problems with low interest rates, extremely high levels of capital and reserves and some of that will normalize as we work through the Current Crisis so i think the up side potential in the Banking Sector is largely underweighted if there is any kind of recovery as we continue through the volatile time, the trading and Investment Banking business should continue it lead in terms of earning potential and still provide value even in a volatile time period. All right i know Bank Investors have been frustrated a lot for a while well see if this is one of these turning points thank you. Tyler, back over to you. We have more on apples big event and verizons surprised nationwide 5g rollout with the veo of verizon himself, Hans Vestberg and the retail race. Well tell you wre pplheeoe are shopping muff more power lunch is coming up next you can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Amazon prime day is today s prime members will have two days to shop for deals. Walmart, target and best buy want to catch buyers for an unprecedented shopping season. Evan clark, its good to have you. A lot has been made of the fact that we might not have the normal kind of black friday dynamic already this year. Throw prime day on top of that and whats the whole season going to look like you think thats still the big question retail verse beers have been tr decades to have this kind of starting gun of the Holiday Season on black friday when the pandemic hit and it became clear this was not going to be anything like a normal Holiday Season that weve seen with crowded shopping malls and long lines to see santa, the industry started looking at how do we move the start date back to get more Holiday Shopping online they were looking there was an early buzz in the spring of how do we get people to start shopping in october and amazon stepped into the void. I think it really remains to be seen if this will be something that kind of solidifies in the future as the industry kind of pivots more damage tall aigital beyond but its one of those changes in the pandemic. You have target hosting deal days, you have retailers, kohls, jcpenney and bed, bath and beyond whats the game plan here . I think its a little bit of everything in some ways i think this shows amazon is a technological marvel its this tech power house, but also, remember, at its core, its a retailer, an online retailer and retailers love sales. And when amazon accounts for Something Like half of all online sales so when they have a big push, they really pull the market with them and so theres part of this, i think the rest of the industry doesnt want to secede anything else to amazon and if they see a good thing going, theyre not afraid to jump on. So that may be the case but amazon is kind of the big player and theyre able to basically create their own black friday on whatever day they pick out of the air. Do you think were still going to have the traditional pattern of that last fiveweek run up from christmas everything from the way fedex hires people and manages packages will be at stake whether we experience that traditional seasonal pattern or not. I think its going to be a bit of a muddle. I think the muscle memory of the American Consumer and Retail Sector is too strong plaq black friday is just something etched in the holiday. Theres usually a lot of Online Shopping period. I think there are constraints. Well probably have less of that extreme procrastination of ordering on december 22nd, but i city think well still get a black friday a bunch of things in the caymans might change. As we get closer to the holidays, the weekends become more important shopping times and that might level out some with more people clicking. But amazon is kind of jumping in early, everybodys jumping in early. Well see how that plays out its a big question mark still yeah. Evan, we appreciate it today thank you, sir great, thank you so managing editor of womens wear daily. Ty . Canopy growth announcing a new deal for its beverage line as hopes for legalization grow across the country the ceo will be here plus disney going all in on streaming. That is sending the stock climbing by far the best perform are today. The traders will tell us how much more room is is to run. More power lunch next. I have an idea for a trade. Oh yeah, you going to place it . 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. We did it c crowd cheering [narrator] wherever you start, snhu is where you can finish. crowd clapping crowd cheering here we go. [narrator] and its it. [group] yay [narrator] you did it, high five Southern New Hampshire university. [man] that gets a hug. laughing look at that masters degree, i did it i did this for my children. I am very proud of myself. [narrator] finish your degree at snhu. Edu. With two new haunted houses, the screams are just getting started. Wear your favorite costumes and the fun never ends. Come get your halloween on, happening now at universal orlando resort. Welcome back to power lunch. Im seema mody disney is sending prices up by 3. 5 mark, do you think disney can beat netflix at its own game no. I dont like this at all i dont own it, i definitely would not be buying this thing at 130. Maybe id get interested under 110 i understand the need to pivot obviously the parks for them are running on fumes, but this completely kills the allure of disney plus for investors. The value prop was that disney wouldnt have to spend a ton of money on content obviously that would help margins and now it seems like theyre going to be headed in the opposite direction ive always thought of disney as a company that rolls out maybe five blockbusters a year, very highquality content now i think theyre going to have to dilute quality so they can increase quantity. So the margin potential is no longer there and i think for this to work theyre going to have to roll out like one mandalorian series every month i think the quality will be diluted. I think youre seeing a shortterm pop in the stock. Milan did well. Stock still down about 10 this year i have to put it straight forward. Mickey and mini mouse never go out of style weve reversed a longer term trend here in the stock. The recent price action has come back and rechecked that down trend resistance line. Were starting to rally off that level. From our perspective, we close above the 136 level will open the share for another leg higher i wouldnt rule out disney yet yes, theres a transformation going on that can get a little bit messy but if anything can do it, disney can do it, theyve got the content and i wouldnt rule out mickey and mini mouse here for more trading nation, head to our web site or follow us on twitter. Kelly, back to you thank you very much, seema. Up next, apple announcing its new 5g enabled iphone. The ceo of verizon jones us first. We have a lot of questions for mr. Vestberg right after this. Announcer and now the latest from trading nation. Cnbc. Com and a word from our sponsor. If youre an active trader, sitting on the sideline can be difficult. Its important to resist the temptation to overtrade. And wh you may want to reduce and when things al grelyet crazy, sometimes the best trade to make is no trade at all im joanna payne and schwab is the better place for traders hmms and ahhs heard incall. Mr. Wonderful here. Welcome back, everybody. Im sue herera heres your cnbc news update at this hour. President donald trump is going back to the Supreme Court to try and block access to his tax returns. This after a Lower Court Ordered him to give a new york prosecutor access to years of his tax filings. You can go to cnbc. Com for more on why the case is making a return to the Supreme Court. Yet another performing Arts Institution going dark because of the pandemic. The new York Philharmonic has cancelled its entire 2021 season, the first such cancellation in its 178year history. The netherlands is returning to a partial lockdown tomorrow to slow the spread of covid19. Bars and restaurants will be closed and public gatherings of more than four people will be banned here at home in west texas, a successful test launch for blue origins new rocket it is designed to bring american astronauts back to the moon. After hitting a peak attitude of 66 miles, the flight made a controlled landing ten minutes later. Very cool. Thats the new update, kel ill send it back to you. The video almost doesnt look real, sue. Im so used to those kind of grainy, nasa its amazing, though. The technology alone is so fascinating you know, theyve had a lot of success with blue origin so well see where it goes the space race is on in earnest. Yes, pandemic or not. Sue, thank you very. We appreciate it lets get a check on the market right now. Apples turn to session lows has dragged others with it the s p is just about 3,500 and the dow is down 214. Oil prices are rebounding from yesterdays slum. Wti crude settl