And on the campaign trail, just six days until the election, and hackers are now targeting the website for one candidate. Kayla tausche has the latest florida and call it a comeback five years in thin in the makinn d stewart reportedly seals the deal for a new streaming service. You are watching worldwide exk3e7e exchan exchange good morning, and welcome to the show im dominic chu in for Brian Sullivan first off, a hearty congra congratulations to the dodgers, beating the rays in last nights game six for their first title since 1988 this marks the second championship win for the city of l. A. With the lakers winning the nba championship last time this happened was also 1988 and it was the dodgers and the lakers, congratulations los angeles on that big win. Lets now begin this wednesday morning with a check on the stock futures picture. Were seeing implied opens for the dow of 422 to the down side, s p by roughly 42 and nasdaq by 113. This does represent right now at or near the lows of the overnight session for the futures picture, so well continue to watch that futures over the last six hours, you can see losses accelerating this morning just floating off the lows that we say maybe in the last hour or so, but the dow joins future certainly pointing what could be a sharply lower open for 24 particulthis partic. Dow coming off its third down day in a row the index is now more than 1 lower for the month and on pace for its second losing month in a row for the First Time Since its three month losing streak ending in march of this year. The dow is now down more than 7 from its alltime high so yes still close, but were moving lower and crude oil futures after a whip saw session yesterday, benchmark crude prices 38. 05, nearly a 4 decline there. 39. 96 for brent the last trade there. And this mornings Market Action coming as we find ourselves in the thick of earnings season with the busiest day of the week on tap tomorrow. 13 of the s p 500 set to report including the likes of apple, comcast, Parent Company of this network, facebook, amazon, you see them all on your screen there. Wall street is also bracing for a new reality when it comes to the fight against the coronavirus and a second wave surge. The 7 day average of new cases in the u. S. Topping 70,000 for the First Time Ever yesterday. Hospitalizations hitting their highest since mid august the states getting hit the hardest, texas, wisconsin, and florida. Around the world a mixed session for asia, south korea youtd perfo outperforming. And the nikkei down fra fractionally german dax off by nearly 3 , ftse 100 off by 2 and cac 3 as well reuters is reporting that Angela Merkel wants state premiers to close all sfrauntrestaurants ans starting november 4 in a bid to try to curb rising cases in that country. People would only be able to go out in public with members of their own household and one other house hold sticking with europe, and keeping our eyes on the shares of Deutsche Bank, you can see they are off about 3 . The bank did swing to a profit for its most recent quarter for the First Time Since 2019. Revenue topping estimates. Helping drive the results were its Investment Banking operations revenues there rising a staggering 43 on Deutsche Bank shares moving to the down side fending offs regulatory onslaught that were see, contessa is here with that and other top headlines. And im like a big huge head standing next to apple is developing its own Search Technology as antitrust officials threaten google. Apple has began to show its own search results and link directly to websites right from its home screen an advancement some Industry Experts say could form the foundation of the attack on googles search dominance. And jetblue ceo broke down where the airline is seeing positive trends. We continue to see a fair bit of interest for travel around the thanksgiving and holiday period you know, i think that youve got a lot of kids coming back from college, a lot of people sort of seeing friends and family, they havent seen them for a long time. So so far weve seen the booking curve go a little bit further out. Hayes added the company is yet to return to a cash break even point, still losing as much as 7 million a day. Call this a rocky start, backlash and glitches for the first day of facebook hes effo to halt new political ads on its platform during this final stretch. The Biden Campaign claims that the social Media Systems broke within seconds of watching and may have also caused pretrump pro trump ads to get sent to voters a week early so maybe the Trump Campaign got more than it paid for. Well, well see a lot more on this big tech story. They have a lot more to answer to senators later on this morning. Contessa, thank you very much. Back too t the markets as investors digest troubling covid numbers. Joining me is chief Investment Officer and cnbc contributor, peter, there are so many things happening with regard to why the market is moving lower right now you in just days ahead of the election with a exactly is the setup, why are stocks pricing in soome kind of volatility . Well, it was around 3 00 a. M. This morning eastern time when the futures which were already down about 20 took another leg lower because of the weakness in europe but i think behind the scenes is the markets reaction to earnings generally and particularly Technology Stocks you had microsoft reported a great quarter but modest expectations relative to what the estimates are. So that stock is down. I think the came narey kcamnaryl mine is when fastly reported and that was down sharply. Earnings were good but because of tiktok, not exceeding expectations by a sharp amount and that stock sold off. You saw netflix, s. A. P. , twilio, all high flying expensive stocks that didnt meet expectations. So maybe with respect to technology, valuations now matter and if valuations now matter, the bar is high as we get earnings particularly tomorrow and over the next couple weeks that is so interesting to hear because what many people have been focusing on as of late has been the notion that it is the election uncertainty that is causing volatility but youre saying that it is the companys specific stories and the market overall that could be due for this pull back and that is the reason why you are seeing it well, it is probably a combination, but i cant discount this reaction to technology again, we had very rich valuations we have particularly Software Stocks trading at 20, 30, 40 times sales. These are extraordinary levels and fastly in particular going into their earnings report, stock trading at about 45 times sales so there is no room for error here and that is with technology being obviously such a dominant driver of the market gains this year, that if technology slips up, it will be really tough for another group to offset that about a month and a half ago, maybe a little longer, we were talking bts idea about the idea great rotation happening, that value type sectors like industrials and materials, beaten up names in energy, start to lead the way higher it sure doesnt seem like that is playing out what do you think will happen . It did play out when we had the steepening of the yield curve banks showing tines s curve banks showing tines igns life and until we know who will be president , the virus, but i think that the stage is set to have tech underperformance at least maybe through the rest of the cycle and that maybe tech relative to the rest of the market has topped out all right a big focus there for sure peter, thank you when we come back, a whip saw session premarket and plus tech back on the hill today at least virtually as mvps of facebook, alpha bets abet an twitter defend a decades old law. And the mystery chart, the sector to watch. Welcome back to Worldwide Exchange dow futures imply a 400 point drop for that index. S p 500 down by about 37 points and nasdaq implied lower by 98 that is a slight improvement over the last 10 or 15 minutes here stocks on the move, chubb reporting Third Quarter profits that missed analyst forecasts but revenues did beat. Chubb is higher in the premarket, but shares still down about 20 so far this year. But 4 gain in early action Juniper Networks is soaring, reporting preliminary Third Quarter results roughly in line with forecasts juniper says it saw better than expected demand for the quarter including with business or enterprise customers, though shares up nearly 4 as well. And shares of microsoft are falli falling, there is Strong Demand for Cloud Services and gaming during the pandemic, but microsoft is underwhelming with its Second Quarter outlook it expects revenues of between 39. 5 to 44 billion and a trio of big ceos on the tech side are testifying before a Senate Committee hearing today. Facebooks Mark Zuckerberg and twitter and alphabet will make their case republicans say that there is a bias against conservatives online while democrats counter that social media does not do enough to rein in hate speech and misinformation lets talk more about this now with sarah fisher, media reporter at axios. Sarah, first of all, take us through section 230, what is the gist of what section 230 says that facebook, to wit wittertwie can and cannot do in. It is part of a broader law that was passed many years ago in 1996, which essentially shields these companies from being liable for things posted on their sites we talk about this law in terms of how it impamgcts big compani rp but this law also shields news websites with comments sections as well. So that is an important thing to keep in mind today what you will hear from lawmakers is whether or not these Big Tech Companies should continue to be shielded by this law or whether we should make amends to it through congress or some other bodies at the fcc that want to make changes so that Tech Companies no longer have the legal provisions. I wonder right now, that is what lawmakers will be debating and trying to question what are these ceos going to say . Because we have an idea right now, prepared remarks that they will deliver, what will they say about the case for keeping those protections . They say that if we got rid of them, it would fundamentally change the internet as we know it, users wouldnt be allowed to upload things at the same speed and scale that they are able to now. And one of the things that they will note is that most users use these platforms for good sure, there are a lot of bad actors throughout that are trying to put bad things on the internet, but if you were to over regulregular late, you wou handle per the ability of everyday users to post things that they think elevates free speech and could potentially help them connect with the world around them, whether posting in a comment section, uploading a photo or video and sharing it with friends so the big pitch here right ahead of election day really is to not just lawmakers but to consumers broadly, do you want your internet to be fundamentally different than it is now some might say yes, but a lot might say no so we know that these social media and Big Tech Companies have been under fire because of this idea that their platforms are being used to promote bad things if you do have a regime hypothetically where you have to then overregulate or perhaps regulate even further these companies, doesnt that suggest that you take away some of those free speech freedoms isnt that what the case is going to be here it is and expect by the way conservatives to also make this case one of the things that conservative lawmakers have said is, look, we actually think section 230 is good for free speech, but we dont want to be applied to companies that dont prove to us that they are neutral. Weve been hearing for the past two years that conservative lawmakers think these big tech platforms are byiased are agains them how they determine whether it is neutral is hard. That is why the laws are written so broadly and we do see other places europe in particular that pass more broad sweep reguling regul and they have way less innovation than we have here in the United States. Asara, thank you very much. Still on deck, how one countrys Tourism Department is taking a cue from saw sborat. In a few moments, Rackspace Technology will enter a new and exciting chapter. Across muticloud, apps, data and security, we focus on solving the business problems of our customers with technology we are a type of company the market has not seen before. Going public will further invigorate our mission to embrace technology, empower customers, and deliver the future. Right now you see the dow jones implied lower about 124 points, zap by 42, nasdaq would i by about 109 taking a look at the laggard, we are seeing movement in illumina, starbucks and microsoft shares coming up on how hacker sees the campaign of website donald trump with just six days to go until the election the details and fallout from that hacking when we return after this the slide by stocks set to continue this morning as nfuture point to another down day amid mounting covid worries and president Trumps Campaign site subject of a hack attack as authorities investigate what appears to be a cryptocurrency scam. And some of the Big Technology leaders out there, the biggest one, heading back to the hill as they prepare for the latest grilling by congress over how they operate it is wednesday, october 28th. You are watching Worldwide Exchange on cnbc. Welcome back we are halfway through the 5 00 a. M. Eastern time hour and you can see here the dow is implied lower by roughly 420 points, s p by about 41 and nasdaq by about 108. We have seen these levels hold fairly stable over the course of the last half hour or so, so that trade again to the down side implied at the opening bell futures over the past six hours or so have bounced a little bit off the lows, but you can see here, still a pretty market done side here and we were fairly stable until just around kind of the 3 00 to 4 00 a. M. Eastern time hour here now, this is after a mostly low her session for the major averages just yesterday. The s p 500 seeing two Straight Days of losses, the dowcoming off its third down day in a row. Indexes now more than 1 lower for the month and on pace for its second losing month in a row for the First Time Since its three month slide back in march of this year the dow is now more than 7 off its alltime highs that we saw earlier on all of this as wall street is bracing for a new reality when it comes to the fight against the covid19 and a second wave surge that we could see. The seven day average of new cases in the u. S. Is topping 70,000 not First Time Ever hospitalizations hit their highest level since mid august and hardest hit states are texas, wisconsin and florida but it is not just about the United States. Reuters is reporting that german chancellor Angela Merkel wants all bars and restaurants to be closed starting november 4 under the proposed restrictions, people would only be allowed to go out in public with members of their own household and one other household, violators would be published karen cho joining us from london with the reaction. The reactions come because of the covid cases. Are we seeing that volatility to the down side driven by merkels proposals . We are seeing volatility, and were trying to climbing off some of the lows of the session. At one point, we saw selling at more than 3. 5 dax down slightly less than 3 and the level we got to just below 56,000 points at within stage. About 2,000 points off where we started out the year so you have to question where the recovery trade has been in europe, but we are at much lower levels than what youve got in the United States on the stock market but later on today, there were reports swirling that the french president Emmanuel Macron may announce a new National Lockdown that would be among some of the strictest measures across europe at this stage. Uk also has some restrictions across different regions so battling concerns about the Economic Impact and also impact on profits if there are new restrictions many dont have visibility into year end karen tso, thank you very much in addition to the covid headlines, Market Action comes as we find ourselves in the thick of earnings season with the busiest day of the week on tap tomorrow 13 of the s p 500 is set to report including the likes of apple, comcast, the Parent Company of this network, facebook, amazon and more for more, lets get to delano. Thank you very much for your thoughts here. What exactly is the primary focus for you just six days before a big election here in the u. S. Thank you, dominic. Great to be here that primary measure for us and for what im looking for is understanding the new market sentiment. Were seeing rotation back to the names that benefit from the stay at home place we saw that momentum early on which is tough for a lot of people across the nation and so were seeing a big driver is the rise in covid cases as you mentioned and hospitalizations so that rise is coming back, what are we going to see as far as restrictive measures that could be imposed and how are investors handling that. We saw that when investors are kind of betting to go back at the stay at home play