Battlegrounds to watch in washington, d. C. Is senate is set to vote on the confirmation of judge Amy Coney Barrett after clearing a key hurdle over the weekend. Time to make the donuts. A possible 9 billion deal topping this mornings news that is sure to get your coffee brewing. Its monday, october 26th, 2020. Youre watching Worldwide Exchange right here on cnbc good morning welcome to the show im dominic chu kicking off your monday morning with stock futures pointing towards losses right now. As you can see the implied open for the dow is roughly 308 points to the downside s p is implied lower by about 39 and the nasdaq down by 129 points if these futures holds into the opening bell for regular cash Equities Trading the major averages coming off their first down week in the last three the nasdaq taking it the hardest with more than 1 loss on that side of things on the flip side, youve got the russell 2,000 small caps continuing its run higher. Seeing third positive week in the last four. The dow transportation stocks, by the way, just 1 away from an alltime high. Crude oil also making a sharp move lower today as you can see here, ice brent crude, off 2. 5 . 40. 73 wti crude 38. 80 downside here. So those moves ones to watch as well on an otherwise down day happening overall. All of this as we brace for a very busy week ahead of earnings season starting in earnings busiest week of the quarter, about one third of the s p 500 reports including 10 dow components. The names you want to watch include caterpillar, apple, microsoft, amazon, alphabet, facebook, you get the idea about 170 Companies Reporting throughout the course of the week in the s p. This of course falls on the backdrop of rising covid19 cases in the u. S. And abroad while deaths are down, thats a key there, daily case counts are setting new record highs the u. S. Topping 83,000 new infections in a single day over the weekend. Europe also seeing spikes and implementing new restrictions on their own. More on that in just a moment here and then there is, of course, the election just over a week to go and the candidates crisscrossing really across the country in a battle really kind of to push those battleground states in play. We check in with Brian Sullivan on the key counties that could decide or make or break all of it thats coming up shortly around the world mostly down day for stocks overnight in assia were predominantly red. Sticking with our reds overseas and developing story in the fight against the coronavirus. Europe finding itself in the grip of a recordbreaking second wave the spike is forcing italys government to reduce operating hours for bars and restaurants, close entertainment venn use and Fitness Centers as well. Spain also approving a new National Curfew from 11 00 p. M. To 6 00 a. M. Both of these countries form the epicenters of the Virus Outbreak that happened back in the spring we are now joined now by cnbc Europe Claudia live in milan claudia, i guess the issue right now is how extensive is the problem in italy and what exactly is being done to tackle it is it perhaps as draconian or more than what happened in the spring yes, good morning, dom. Italians did wake up on this gloomy monday morning to face these new restrictions that have been put into place. Now, its being call adminny lockdown because theyre not as severe as they were in march and as you stated italy was one of the countries that led the way in the first lockdown. Now, these new restrictions are mostly to try to keep people at home but without stopping the economy, which is what happened in march so, the bars and the restaurants, the theaters, the movie theaters, the gyms and the swimming pools are all going to be closed. The high schools are going to be running at 75 online and 25 at school while the younger children are going to continue to go to school and this is to allow their parents to be able to continue to go to work so the intent is to try to keep the economy going and an economy thats going in a worst Case Scenario take a gdp pal of 10. 5 this year and grow little over 1 next year already this is an economy thats taken a big hit so italians are very nervous about what is going on now the government has also said they will be supportive of those sectors that are taking the hit in this second mini lockdown again. Bars and restaurants that will have to close at 6 00 p. M. And so of course thats when they get a lot of their business and some may not be able to open at all if they dont have the evening business, it may not be worth for them to even open. So it really will be a difficult next month, but this is to try to avoid a full lockdown and try to get to christmas in a situation where the numbers are a bit more contained dom . Yeah. Is the italian populous the citizenry there okay with whats happening . Is there perhaps a little bit of opposition to whats happening right now . Or is there an appreciation for the fact that with the surge in cases there could be an even worse winter to come so this is going to be the tradeoff, the price to pay to head off worse conditions in november and january well, dom, actually thats the most critical question thats really interesting because you get a mixed reaction on the one hand, since we did suffer the greatest number of deaths after the uk here in europe, italy has a very sort of an open scar with what happened in the First Tranche of this the first wave of the coronavirus. So italians are generally afraid of this virus. So they are not as, you know, opposed to staying home. But by the same token they have taken a very big hit as far as the economy goes remember, 13 of gdp in italy relies on tourism and hospitality. There is once again once the mixed reaction from italians but hopefully they will be able to contain these numbers that have been growing and in a month be able to sort of pull back on these restrictions. Cnbc claudia in italy with the latest on lock jouns and covid19 thank you very much. Back here on the home front, new progress from oxford in its development for a covid19 vaccine. Good morning, bertha good morning, dom yeah thats right the Financial Times reporting that the vaccine being developed by oxford and as tra zen ka produced a robust immune response the latest results do not guarantee the vaccine will prove safe and effective until full trial data for this age group has been analyzed but researchers are encouraged by the latest development meantime, duncan brands says it has held preliminary talks to be acquired by private equity backed Restaurant Group inspire brands the deal being discussed would take dunkin private at a reported price of 106. 50 a share a near 20 premium to dunkins Closing Price on friday Neither Company is commenting on the terms of the deal, but you can see dunkin there not yet moving here in the premarket and ant group has set a price for its ipo in shanghai setting the stage for a huge sale that could give the alibaba backed fin tech valuation larger of that than jp morgan chase. Speaking at a conference over the weekend, alibaba founder di not disclose the price but said it will be the largest listing in, quote, Human History ever the salesman, dom jack ma. Human history. Thats a pretty big price tag. That is a very big deal and price tag, but the man did run and create the biggest ecommerce platform in china, so sales is part of his job bertha, i guess. Thank you very much for that back to the markets overall and stocks under pressure over these rising covid19 cases in the u. S. And overseas. All of this with the busiest week of earning season this week here coming up in just one week to go until the election in 2020 for more now im joined by chief Market Strategist at sun market. I wonder at the catalysts at play here in the next two weeks what has your attention and focus the most well, i think on the nearterm just with the headlines and the covid will get the markets attention and as we go into the election we thought it would be pretty sloppy into the election, but i think investors shouldnt lose sight of the big picture and the big picture in our view is that were in the beginning stages of an economic expansion, likely a multiyear economic expansion. And for stocks that also means were likely in the early stages of a multiyear bull market. If we think about this market over the last few months in september, markets sold off based on the market getting more certainty about the election and then the market rebounded as biden started to pull away a bit. I think the election may be tightening so i expect it to be choppy, but again the primary trend in our view is still one that is positive and several of our market indicators suggest that all right so if its generally positive, how exactly would you then be committing capital to the market is right now a place to go right into do you find strategic points i know you watch the charts. Are people waiting for dips and buying those how do you strategize that type of deployment . The first thing we did during the correction in september we increased equitis. Now bebounced back off those lows so we wouldnt be as aggressive if you have cash on the sidelines we would work some of that money in. Everybody is waiting for clarity. As far as position and big picture goeblly we like the u. S. Relative to other markets overseas we are still allocated towards large cap as a whole small caps are acting better but waiting for more confirmation and more from a sector strategy a barbell approach we still have a growth bias as far as technology and Consumer Discretionary with those covid numbers moving higher, i think those will still be well bid as we move past this eventually and get a vaccine and past the elections, we think materials and industrials are the best sectors on the economically sensitive side i think more of a barbell approach makes sense i would say for investors to focus less on the next 5 to 10 and focus more on the Bigger Picture the next 50 or 60 if we are truefully a bull market which is our base case. Thank you very much we appreciate it great thank you. When we come back on the show, gauging the impact of the u. S. Election on the global trade scene and esg invest. Plus the 2020 Hurricane Season is getting ready to set another record as new orleans once again prepares for the worst. Weve got much more on that. And later more, much more on this mornings Market Action with dow futures right now pointing to almost 300 point losses at the opening bell chief Investment Officer of uvs Global Wealth management mark haefele is here when Worldwide Exchange returns after this ready to take your immune support to the next level . Natures bounty is here for you. The number one herbal supplement brand has everything you need to help keep your immune system strong. Immune support comes naturally with natures bounty. Welcome back to Worldwide Exchange. With the election just over one week away, the wall street journal taking a closer look at the president s 3. 5 year trade war with china, concluding it did not boost u. S. Manufacturing despite many of the tariffs on hundreds of billions of dollars worth of chinese goods the Trump Administration says the impact of the trade war will be felt over time, but according to data analyzed by the wall street journal, the spike in u. S. Manufacturing jobs back in 2018 took effect even before the tariffs took effect. So what can investors expect in the next four years regardless of who wins . Joining me now is sherry moderna. Thank you very much for joining us this morning. The wall street journal is not exactly a liberal publication. Yet the story there is that perhaps the Manufacturing Health may be a bit overstated. What exactly can we say about the trade war with china under President Trump and where it goes hypothetically if he takes another four years in office right, thanks very much for having me. Incredible topical to think domestic and International Policy and practically the eve to the election. I think this week we need to think about what china is doing. China at the moment is involved in five days worth of leadership talks thinking about their plans Going Forward. So right now the u. S. And shy that have a first degree trade agreement. Always seen as a steppingstone Going Forward. So i think that we need to think about what it is that china is considering for the u. S. Relationship and its not only about access to markets. Its also about access to finance and capital. Thats one of the things with should be thinking about how it is that both the u. S. And china fair Going Forward and where any trade agreements might include access to Financial Capital. So the access to Financial Capital aside, im going to get to that in just a moment here. Lets talk about whether or not the election is going to be a big deal when it comes to that trade negotiation thats currently happening between the u. S. And china is there a candidate, the president of the united states, President Trump right now or candidate joe biden, which do you think produces a better outcome for the u. S. In terms of overall trade policy right now when you think about china it is a bipartisan issue. When you look at a trump win or a biden win, both are going to be tough on china. So if were looking at what the ramifications are, i think all right sherry, i think were having some technical difficulties with your feed there but we will try to get you back on to talk more about the elections and china and the u. S. Trade negotiations. Thank you very much for that still on deck for the show, call it a license to stream. Why james bond and daniel craig are topping this mornings trending stories but first announcer todays big number 35 , thats how much deloitte expects ecommerce sales to grow in the november to january Holiday Shopping season. The firm estimates online sales will generate between 182 and 196 billion ith pion aterd. All right. That was a check on the dow laggard so far premarket lets check on the other top stories outside the world of business Francis Rivera has the latest this morning good morning, francis. Dom, good morning to you. Once again coronavirus is casting a shadow over the Trump Administration with five of Vice President mike pences top aides testing positive that includes his chief of staff, mark short and his longtime adviser marty. Spokesman says the Vice President and his wife have tested negative, so he is staying on the campaign trail with eight days to go until the election the gulf coast is on alert for another Tropical Storm and could become a hurricane by late today. The gulf is still dealing with the aftermath of previous deadly storms it was an allimportant night in game five the world series the dodgers came up firing with petersons home run in the second making it 3 0. The rays made it a game. Randys hit in the third set the post season hits record, 24th of the playoff but key defensive plays and extra run kept los angeles ahead. The rest of the game there, dodgers win, 42 game six, of course, is tomorrow, dom. Those are your monday headlines. Dodgers looking to close things up with a 32 lead in the series thank you very much, Francis Rivera. Straight ahead on the show, stock futures under pressure to kick off the week here what ubs mark haefele says about the selloff and busy week ahead for wall street when Worldwide Exchange returns after this what if you could have the perspective to see more . At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. United states cant easily get to a doctor or afford the treatment they need. Thats why goodrx has built a leading consumerfocused Digital Healthcare platform. We wanted to make shopping for healthcare as easy as it is to shop for travel or electronics. As a public company, we hope to provide even more services that help people get the healthcare they need at a price they can afford. Stocks set to kick the new trading week off with steeper losses amid mounting concerns over the coronaVirus Outbreak. The senate set to vote on Amy Coney Barrett to the highest court in the land kicking off a busy week leading up to the 2020 election. Speaking of the election, Brian Sullivan, is traversing the countryto the key counties that could decide the president ial contest it is monday, october 26th, youre watching Worldwide Exchange on cnbc. Welcome back to the show im dominic chu in for Brian Sullivan today here is how stock futures are shaping up as were hatchway through the 5 00 a. M. Eastern time hour. We can see pretty steep declines relatively speaking. 290 points lower the dow joens s p 36 implied and nasdaq off 111 off the lows of the session. Were bouncing a little bit here in the course of the last Hour Crude