Twitter, defending how they moderate content on their social media platforms. Some senators not buying it at all. Well bring you the latest details. Meantime, kelly. Tyler, thank you very much. Weve got all the big stories covered for you today. Bob pisani is watching this big down day for stocks. Meg is tracking the latest spikes in covid cases and ylan mui on this tech hearing on capitol hill today lets start with you, ylan reporter well, kelly, there was a lot of Political Drama during this hearing today but also an important discussion about election security. With all three ceos acknowledging that other countries are trying to interfere in our election, and theyre trying to do it on their own platforms. We do continue to see interference we recently disclosed actions we took on both russia and actions originating out of iran. We do continue to see coordinated influence operation items. Weve been very vigilant we appreciate the cooperation we get from the intelligence agencies and as companies, we are sharing information. Like jack and sundar, we continue to see attempts by iran and russia to run these Information Operations now, the companies are getting pulled in two Different Directions on this issue republicans are saying that if the platforms themselves that are doing the interfering by restricting or removing certain types of conservative content. Democrats pushing the ceos to do more to combat misinformation on their platforms. Guys, this is just an example of how explosive the Politics Around this issue have gotten. Back over to you ylan, thank you. Lets get more on todays big selloff from bob pisani. Bob, what do we know were just off the lous by just a bit germany closing bars and restaurants. France is talking about a onemonth lockdown take a look at the european markets. We closed a little over an hour ago. The word lockdown is not part of the narrative. Even if its just a partial lockdown, what do you want to call it, lockdown light maybe . Its a narrative the market is not used to. You see how its upset europe. Europe has been down for several days in a row, frankly, a lot indices down 4 , 5 , 6 . Heavy volume tech and industrials, cyclical stocks down notably. Even defensive names Like Health Care and Consumer Staples down almost the same amount that tells you people are just reducing their exposure overall. Another tell, energy here. Back to the lows we saw in march. By and large for the energy etf, the xle here you see occidental at new lows holly is at a new low. Most are just off the lows they saw in march another tell i use is just watch the reits, the Real Estate Investment trust companies, because when theyre weak, the reopening story is going low, we have new lows on a number of them boston property is a new low, sl green and vornado have been down in the last several days anything at all thats working yeah, mortgages are still great. No matter whos in office, the housing story is likely not going to change. There you go, folks. Theres your housing stocks as well as masco on the upside. With rising covid cases around the world and the election less than one week away, is volatility to stay for the next ten days or so . Laura cain and Rebecca Feltman from riverfront Investment Groups i forget, i think it was you, rebecca, who said no, maybe it was you, laura yeah, rebecca that said weve got the collision of uncertainty and high valuations, right absolutely. Thank you so much for having me. And i think that that is the Biggest Issue that weve got going on today appreciate the fact that the lockdown is a scare, but the uncertainty factor when you think about the fact that the polls have tightened, the virus cases are up, and we dont know when were going to get a stimulus regardless of how we are and certain about all those things, the one thing we can be certain about is the economy has been on a positive trend as well as the q3 earnings, by and large, have been solid. Do you worry that if covid reasserts itself, as it certainly appears to be doing right now, that some of that economic rebound may get some of that air may go out of the balloon, rebecca absolutely. We could see a slowing but we dont believe well see a stall. That is an important distinction here. How about you, laura, what do you see going on earlier when weve had some selloffs, generally technology has held up. Today not so much. Maybe because people are looking at washington and seeing a more rigorous regulatoryregime taking hold there. Maybe there are other reasons. What are you seeing today and why do you think the market is down as much as it is this week . I think whats driving the market is the trio, the rising cases combined with increased restrictions and lockdowns, particularly in europe its the fact that fiscal stimulus talks have stalled until we get past the election most likely. And we have the election coming in just less than one week so all of this is weighing on the markets. Combine that with a few earnings disappointments we got today within the tech segment. That makes for a riskoff day across the board looking forward, we believe these uncertainties will be relatively shortlived we are actually getting more cyclical in our positioning because regardless of who is going to be in the white house, we do believe that either candidate will focus on getting this economic recovery on track and that getting past the pandemic will be in focus. We also believe well have a vaccine widely available by the middle of next year. Putting it all together, we are encouraging our clients to take a bit of a longer term view as we get through the choppy period. You left off on just the point i was going to make. We have a lot of very sophisticated viewers, moss of whom are longterm investors we love to hear from traders as well laura, if you dont have the portfolio you want already this year, knowing whats happening and whats ahead, shame on you so, the question then becomes, what should i do at the margins of the portfolio i already have to profit into 2021 and protect against a Downside Risk . What should i do what should i make sure ive got . Sure. I would be adding to areas where you can get exposure to a cyclical recovery. Some of our preferred sectors within the u. S. Include consumer discretionary, industrials and financials all of those sectors give you that cyclical exposure you could also look at areas like u. S. Midcaps, which have lagged in the recovery again, have that exposure to afternoan economic recovery in the u. S you can look at certain pockets of International Stock that could benefit as this economic recovery gets under way. Keep in mind that the rebound weve seen in stocks so far has been pretty narrow mostly in the tech segment, focus on some of those digital names, some of those stayat home plays we think the next leg will be driven by the laggered im going to ask about the same actionable oriented question to you. If i have the portfolio i want and i repeat, shame on you if you dont by now, what should i be looking maybe to add for profit and maybe to add or subtract for protection . Well, great question. I agree with much of what laura said what we would also encourage is diversification, you know, appropriate to your risk tolerance and having a risk plan in place following your process, dont worry so much about the headlines but what you can accommodate from a risk standpoint having a process in place whereby you are willing to admit youre wrong and take money off the table and reposition were repositioned into growth were leaning into tech, health care, discretionary and infrastructure with industrials. Im so tired of admitting im wrong, rebecca darn it. Appreciate your help today k kelly . A big reason stocks are falling is the spike in the coronavirus. The average is 71,000 per day. Huge numbers in wisconsin. Well get a live report from the ground coming up and illinois, where chicago is putting restrictions back on bars and restaurants lets go to meg terrell for more on what were seeing in the u. S. And globally these numbers, of course, of new daily cases are record numbers for what weve seen in this country Scott Gottlieb this morning warning we could see 100,000 new daily cases as soon as this week take a look at what we are seeing across the country, according to the covid exit strategy this is a project essentially looking at a lot of different metrics from case numbers to test Positivity Rates. Theyre finding uncontrolled spread across all of those states there in red. 35 states at least seeing that metric in terms of case numbers going up and not having enough testing. So, their Positivity Rates getting very high. Now, gottlieb was saying, were about three to four weeks behind europe, potentially. Check out what cases are doing there. France really spiking. Youre seeing similar trends in the uk, spain, italy, germany, the netherlands, all heading upwards. We are seeing new restrictions being put in place germany closing bars and restaurants, other businesses in what they are calling, as bob mentioned earlier, lockdown light because its not as stringent as it was the previous time france already has much of its population under curfew but is considering stricter measures we should hear about potentially later today. Now, this as were getting news on therapeutics and vaccines eli lilly saying it struck a deal with the u. S. Government to supply 300,000 vials of its antibody drug for 350 million if it gets emergency use authorization from the fda, they say under the agreement patientses will have no outofpocket cost for the medicine wherever you get it administered, they might charge you for it so it might necessarily be free. Thats only if the fda gives the green light. Guys . Meg, weve talked a lot about whats going on in europe today, but what about here in the u. S. . Chicago is obviously being highlighted because of its size but theres a number of other places where it would seem to be the most likely candidates are those with very, very tight Hospital Capacity right now, right . Yeah. You are hearing in some of those places that they are doing things like restricting elective procedures, for example, trying to free up room in their hospitals. One thing thats so concerning, we talked last hour about pandemic fatigue among ourselves, but Health Care Workers are exhausted. There just arent enough of them once we get to the numbers where beds are getting filled up the issue is there arent enough doctors and nurses to take care of everybody naets why you hear warnings about rationing care, which is a nightmare scenario and nobody thought wed ever get here in this country. Yeah. Maybe i should look into a home birth after all, meg, what do you think . Maybe meg, i appreciate it. Meg tirrell with the latest. On the news, dr. Anthony fauci at 7 00 p. M. On cnbc a chance to ask him all of our latest questions. Coming up, well have more on the big selloff on wall street a lot of red there there are the 30 dow industrials. Only one of them, only one green stock. That is travelers. Not too many people traveling but theyre not in that business, of course. Boeing, one of the laggards after announcing more travel cuts to combat the traveling slump, that stock down 9 in the last week. Virus spears seeping into the travel space airlines, cruises, Hotels Getting slammed. Isuiow lchafr un te th qck break welcome back to power lunch. The dow is down 800 some points, nearly 900 boeing a big drag on that index after its report phil lebeau with the latest. Lets take a look at shares of boeing. Down 9 this week. Under pressure today after the Company Reported a loss of 1. 90 a share. This is a company that burned through 5 billion in cash in the Third Quarter. Is not expected to be cash flow positive until 2022. It also announced it will be cutting more jobs over the next 12 to 15 months. By the end of 2021, it will be cutting an additional 11,000 jobs thats in addition to the 19,000 its eliminating this year add it all up and the workforce will be down about 18 since the beginning of 2020. This morning on squawk on the street we talked with Ceo Dave Calhoun and we asked him, is this the last of the major job cuts im very close to being right about that i will never just draw a floor on the other hand, you know, weve got to make the adjustments that weve got to make our production rates will hit their low, the same production rates weve described previously, will hit the low midpoint next year. What about the 737 max . As weve reported and others have reported, it is close to being ungrounded by the faa. Look for that to happen likely within the next month to six weeks. They have 450 planes built but not yet delivered. Half of them are expected to be delivered next year and the other half in 2022 as you take a look at the airline stocks, theyre all under pressure today this is at the heart of the problems for boeing. The fact that the Global Airline industry as covid cases surge, tyler, you see the airlines once again under pressure as people say, okay, how much further will these guys have to go before they finally see this thing bottom out in terms of demand . Two questions first, will it be two years soon that the 737 max will have been grounded its almost two years, right march 13th, march 13th of 2019 is when is when the airplane was grounded. So, it will be two years next march. When you look at the 30,000 cumulative jobs lost at boeing into 2021, bring us up to date where the airlines stand with their job cuts and furloughs because they did not get the bailout they sought and they kept saying they were going to lay people off october 1st. Of the cuts announced starting on october 1st, youre looking at more than 32,000. Probably around somewhere around 34,000, 35,000. Its possible that as arldz look at whats going on with demand and that it remains weak, we could see more cuts added onto that as of right now again, thats at the heart of the c. A. R. E. S. Act and whether or not congress is going to give them money to keep jobs in place its about 32,000 to 35,000 jobs. These are real people with real families. We think of them as we talk the news here today. Kelly . Phil, thanks. Always. Ty, thank you. As covid continues to crush demand for travel, its not just the Airlines Getting hit see see seema mody is here. They are parsing through the new lockdowns in germany chancellor merkel calling on citizens to cancel nonessential travel and hotels will be open for essential workers and nontourism reasons you look at marriott, hilton and hyatt, they are trading down about 3 the Hotel Occupancy rate drops in europe as covid cases surge now in the low 30s in the u. S. , 50 thursday, results from Royal Caribbean where investors will be keen to hear from the ceo and bookings for cruises out of florida and December Next year, the cruise lines are down today and lower by 10 for the week. Kelly and tyler . As the outlook for them darkens, you have to wonder if more aid is going to be on the way. Right seven months of no sailing, that cdc no sail order set to expire this saturday. Theyre supposed to get that green light from health officials. But theyre still taking a cautious approach because it takes a lot of time to bring back all their crew from overseas back to the u. S so, theyre still aiming for a december 1t start date in the meantime, certainly looking for ways to raise more capital. Theyve been very successful in doing so Royal Caribbean recently raising money in the debt and equity market. Seema, thank you very much. Good point. Still ahead, check out one market bright spot General Electric having its best day in a month after reporting better than expected earnings amid the pandemic. Plus, tech ceos warn about the dangers of potentially removing section 230 that protects the social media platforms. Well bring you the latest comments right after this. To se . 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. 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Would you tie these declines to what we saw today . Twitter did sell off after that exchange with senator cruz. It might have something to do with that. To be honest, this hearing was such a political and partisan affair, i dont think most investors or folks on capitol hill or those elsewhere for that matter think any exchanges lead to immediate regulation or immediate threats for these companies. So, the reason we had this gathering today, obviously, was to look at federal laws that spare Tech Companies from being held liable for the decisions they make on the content to allow or to take down. There are some lawmakers who would like to see those laws amended. Frankly, what we got today was a fight between democrats and republicans between allegations of conservative bias, which plenty of experts say isnt real its unclear if you can tie that to the numbers were seein