It is hip to be square used to be at least. Lets check out u. S. Equity futures. Things are relatively flat and that isa good thing. A bit of a difference after the big swings weve seen. Right now dow futures up about 3, s p 500 up about 2, nasdaq up by 13. Of course this is after a done day for the m down day for the markets yesterday. Treasury yields are something to start paying attention to because we did see a pickup in treasury yields to the highest levels weve seen since june the ten year is yielding 0. 813 . And i know it doesnt seem like a lot, but it is the highest level weve seen in a while and there is so much that rides on that including mortgage pricing which has been a key part of what has been happening in the housing sector, a strong point in the economy so far. Lets get over to washington. Well talk about id call it a soap opera, but really it is a reality show and means a lot to so many millions before nancy pelosi says she is now optimistic that democrats may be able to reach a deal with the white house on a new covid19 relief package and get that aid out by early next month. But Senate Republicans she says arent on board. El eloi. Thats right. Senate republicans are ready to throw in the towel Mitch Mcconnell has reportedly encouraged the white house not to commit to a deal until after the election he is worried that this could affect the timing of a vote over the Supreme Court nominee sweass well as divide the gone caucus ahe gop caucus ahead of the election mitt romney said that he will not support a 1. 8 trillion price tag that the white house is offering and he is not sure that that would even pass the senate meanwhile his colleague kevin cramer said that he is not sure the president can change anybodys mind where he could get republican votes if they would come to some sort of an agreement, im not sure that there would be so still the treasury secretary and House Speaker nancy pelosi will be back on the phone again this afternoon as her office does say that they are moving closer to an agreement. Even though they blew past the deadline that she set yesterday, she did say that it shoeed that both sides are serious about finding compromise so here is the question id have for you and by the way, credit to becky because shes made this point over and over again, that even if the president comes up with a plan, that the republicans may not ultimately go along with it. What does that mean in terms of that disconnect for i hate to say it the politics of the next two weeks . I think that first we saw a division over dollars. Then we saw a division over policy right now what were seeing is a divide over politics and i think the calculus for a lot of vulnerable gop senators who are looking at whether they can even get reelected is, you know, do they go along with what the president wants, weve seen people like david perdue and kel Kelly Loffler sort of double down, but do they risk part of their base so, you know, this puts them in a really tough position. And that is why they just dont want to take this vote or have to make this decision before the election this is something that preliminarily could politically it could be better to kick it down the road and see how things shake out november 3 and then go from there becky which iis kind of the point ive been making why wouldnt pelosi say okay, cut a deal with the president who does want to get stimulus checks out to everyone with his name on it and then put pressure on the senate. I dont understand why they didnt take this tact sooner unless it is a situation where nancy pelosi cant 2r0control h own party either if you are playing politics, i dont understand why they didnt do this sooner and if you want to get money out, i dont know why they didnt do this sooner. It is stupid hard to say that nancy pelosi wouldnt have her party with her because they already passed they have made multipl sure thay pelosi doesnt have her party with her but if you dont do it now, right now you have a president who is going to put pressure on the republicans in the senate. And if you dont win the senate as the democrats, then you where going to have an even less likely have a chance of getting anything passed post the election that was the question i was going to ask ylan. And one more point too, becky, pelosi has been saying throughout this process that she is optimistic about finding a deal, but she says she is optimistic and then lists the 15 points of where they have disagreements and where she says that President Trump disrespects scien science, isnt willing to crush the virus, et cetera so by continuing the negotiations, she is actually able to keep a spotlight on the talking points that the democrats have been trying to hammer home, which is that President Trump doesnt have control of this. So perhaps by continuing to negotiate, she can continue to show the way that democrats and republicans are handling in differently and that becomes a political advantage. I think that youre right in that they waited almost too long and now that they are so close to the election, they simply cant bridge the political divide ylan, back to one point youve made over and over, that it very well may be that we didnt get a plan until after the election, but we really may not get within one until februay how do you handicap that you know, i dont know. I think it really depends on what the dynamic is after november 3 it is possible that all of the negotiating that were seeing right now is just laying the ground work if a defor a deal o december 11th when they have to pass a government funding bill that does provide . Vehicle toward getting something done but if the nation and if capitol hill is even more divided than we are right now, which is hard to imagine but certainly possible, then it could be not until after there isstration or readministration if you will so i think that it really will depend on what happens on november 3, but it could be that they take out of the work that they have done so far and just transfer that to december. It is an option. But well just have to see ylan, thank you so much for on helping us try to understand what seems like endless saga coming up, big dip for netflix shares if you look up pay it forward in the dictionary, there is a picture of netflix, what has happened in the last year to this company you couldnt possibility expect numbers not to this point, but earnings also fell women short well short of analyst estimates. Well dig through the report next and then on todays agenda, well hear from verizon, bio again and abbott labs. Well bring you interviews with the ceos of the nasdaq where i am i would put it onset, but maybe in the well stay separate. Also auto nation squawk box will be right back. Ah come on lets hide in the attic. No. In the basement. Why cant we just get in the running car . Are you crazy . Lets hide behind the chainsaws. Smart. Yeah. Ok. If youre in a horror movie, you make poor decisions. Its what you do. This was a good idea. Shhhh. Im being quiet. Youre breathing on me if you want to save fifteen percent or more on car insurance, you switch to geico. Its what you do. Lets go to the cemetery as amy first jober, is to care for derek. Everything i do is for him. When i moved to this apartment after six months, we need to connect with the world. I use the internet to keep him in the language, because thats the way to connect to my familys traditions. He has to know where he comes from. We need internet essentials. Theres no excuse to not get connected. Welcome back shares of snap are soaring after the snapchat parent reported a surprise profit for the Third Quarter. Earnings of one cent a share beat expectations of a five cent loss snaps he 249 million daily active users topped what the street anticipated i guess no surprise, you tell people that they are going to school virtually, they cant go anywhere, this is their outlet thats right. And this next story, netflix is an outlet for things kids and adults. For me for sure. Investors hammering the company, stock in premarket trading after Third Quarter earnings fell short of expectations beat slightly on revenue, but missed on earnings and also net Global Subscriber additions by what it says is a whooping 38 joining us now is an entertainment analyst. He has a buy rating. The whooping number we just used maybe would have been more appropriate for the previous two quarters and the type of subscriber growth that the company saw worldwide. In two quarters almost all of what the company had in 2019 things have been paid forward to the nth degree with netflix. And im not convinced necessarily that these numbers are that bad and you look at the stock, it was a third of where it was 80 million or 90 Million Company instead of a 230 billion company, excuse me, about 2 1 2 years ago. So it is reflected in the stock price. So this aseems like the normal course of business i think there is no question that the pandemic has accelerated the quarter volatility and subscriber growth but more importantly, i think that if you take a longer term view, i think the secular dynamics of Broadband Usage have been significantly enhanced as a result of the stayathome theme of which netflix has proven to be a major beneficiary you look in the first half of the year, 26 million net additions. We knew coming into q3 that there would be a forward impact for the robust guns and thains should likely continue beyond that, i do believe that significant number of these subscriber gains will be lasting and permanent and i heard you talking about before the break around the content, you know, offerings, we havent heard much about the content offerings coming off the shutdown of production of the company now resuming the film and Television Production globally on a very frantic pace we do believe that the content pipeline for next year will be significantly robust so the key indicators we look for, so much was made about the potential backlash from the cuties child movie in france but that didnt seem to be a factor and also coupler engagement has never really been at any higher level. So all these things that we like to see in the Free Cash Flow profile remains to be intax ta well i dont have a problem with the nuts and bolts, but i do have a problem with the content. And all the streaming services are struggling to come up with great content. And net flinex setting up a new leadership team, Nbc Universal reale lining operations for peacock. So it is still about content a couple of the new shows at netflix, i tried, but no thanks. And im thinking, i dont know, maybe they just are crappy developers or writers or something. But i need content and the other thing which i alluded to, there is a lot of streaming competition. Hbo max, disney wants to be a real player. So the competition is not going down indeed. It is a rat race out there and you know, i think that you will see significantly elevated levels of content spending and now you have live sports also coming back so the dynamics will be reset a little bit consumers will have more entertainment options. So that rat race will intensify. Netflix talked about shooting almost 200 productions around the world since their production restarted just a few months ago. So it gives you an idea of the very frantic pace of content investment that is out there, whether it is hbo max or disney plus or peacock, that is what should happen. They better ramp up their netflix movies better than that adam sandler or whatever i tried to watch their movies. They are mailing it in tuna, the question id ask is, you know, you just used the phrase rat race and joe talked about more competition coming. At some point, is there going to be some fallout meaning there are so many People Racing to do so much of the same thing, there is quality issues, joe is even talking about there is a Quality Control issue at this point already. Come next fall, come the fall after, who is the loser in all of this . It cant be that everybody wins. Undoubtedly, andrew i think you hit a key point that there is inevitably going to be a fallout or shake jut out or whatever you want to call it but i think the pandemic in our you view has expanded the Addressable Market of streaming. As i said earlier, a lot of these gains arent expected to be lasting the pie has grown bigger and there will be opportunities for more winners we think and inevitably a consolidation one of the things that struck us that netflix mentioned yesterday, they are still hitting double digit penetration broad band households just last quarter. So it gives you the potentially significant wave that we have for this streaming growth especially internationally before we get close to sat saturation so there will be a lot of opportunities. I wonder if there is so much money that the mediocre developers and writers are getting a shot or something. I would think that more money would mean better stuff. I think the pandemic is affecting it too but im hopeful, tuna. But i havent seen it. Im looking all over i looked at things that people are watching this, i go on t the they are a isz ma amazin terms of this is what you watched, this is the top ten, and im aware of what netflix is offering me, but im just not buying most of these things. So lets get our nose to the gli grind stone, get them working on good creative content. You got a good one for me . Im like back on the tuners, which was 2012011 or something. I can only watch so much about the popes. Popes were really different back then, they had families, mistresses anyway, thank you. Andrew, you got anything for me . Friday night is going to be huge on apple plus i dont have apple plus hold on and then your favorite and beckys favorite, bill murray in a movie with sophia compaapola s dropping friday night. So my wife and i havewill be watching it. I watched the extended preview for it i want in. Friday night it is. Bill murray, apple plus. When we return, Jpmorgan Chase taking on Fintech Companies like square and paypal with its own card reader and app. Well have a lot more on that service. And as we head to the break, check out shares of texas instruments, the companys Third Quarter beating on the top and bottom line driven by a rebound in automotive chip and personal electronic sales 5g just got real. Iphone 12 and iphone 12 pro are here on verizon 5g. Whoo this new iphone, plus verizon 5g. Game changer. announcer with the coverage of 5g nationwide, and, in more and more cities, the performance of 5g ultra wideband, the fastest 5g in the world. Whoa. I downloaded a whole movie in under 30 seconds. How is that possible . announcer preorder today, and when you switch, get iphone 12 on us. I want this phone. announcer this is the 5g phone Everyone Wants on the 5g americas been waiting for. Only on verizon. To a world that must keep turning. The world cant stop, so neither can we. Because the things we make, help make the world go round. They make it cleaner, healthier, and more connected. Its what we build that keeps things moving forward. So with every turn, well keep building a world that works. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Welcome back Fintech Companies have begun moving into traditional banking and jpmorgan is retaliating today unveiling its new fintech inspired Service Called quick accept aimed at its more than 3 billion Small Business companies. Jpmorgan is pitsi inpitting itsf against the likes of paypal and square joining us now is our banking reporter for cnbc. Com. Hugh, this is a move, the question is how successful it can be andrew, shots fired in too fintech land for sure. When you think about it, they actually have 3 million plus accounts, they have roughly 10 of the wholedeposit base for Small Businesses in this country. And so for the most part, when they flip this on, they are set to do that this week, their customers will have access to something that people who use square or paypal or clover have mad for years which is this ability to do point of sale credit Card Transactions through a little hardware device so i think the story of this is really ton square and fintech, square and jack dorsey invested this category a decade ago and now jpmorgans clients will have access to it and your sense though in terms of square and paypals ability to fight jpmorgan, i mean jpmorgan say they are hamstrung to begin with because they are regulated entity and they say that paypal and square are getting away with murder eventually with no regulations certainly the bank lobby would argue that the fintech and square for instance has its own bank i believe in utah now so basically they are all competing on all grounds in all areas both Small Business and consumer, and for the most part, if you look at this from jpmorgans perspective, they are actually the differentiator. If you cant be first, you have to be a little bit better. So jpmorgan is offering this with essentially same day funding. So for instance if youre a merchant, you sell something at 10 00 a. M. , that money hits your chase business account that same day. And if you are working with square or the others because they dont have integrated the same offerings, they dont have the Checking Account necessarily as well as the fintech offering, they take at least a day or more. And on top of that, if you want instant payments with square or other, they typically charge an additional 1. 5 . So this is a wedge that jpmorgan thinks they have, they basically say if you work for us, you will get same day payments and it is for free hugh son, thank you for bringing us this story they will start tying these things together. Im worried if they have any success, well have the department of justice doing what they are doing to google at conversation another conversation unto itself hugh son, thank you so much thanks and when we come back, r