The bell apple, facebook, amazon, and alphabet we will also get results from starbucks, twitter, act vision and many more names. We will bring you all the results as soon as they hit. Analysis as well to help you figure out how what to do with the stock. Speaking of earnings in joel we will speak with the brandnew ceo of tapestry, her first interview since taking the job that stock soaring after getting a beside on sales in china music mike tracking the broader markets, Steve Liesman, and meg tirrell has the latest on the covid emts troo and vaccines mike, talk to us about the comeback we are seeing. A respectable bounce. Coming into the day the market was stretched to the downside after the declines not just of yesterday but the past couple of weeks. We had lost 119 in the s p alone yesterday. We are regaining not quite half of that. 3,200ish is the level just about everybody is looking at. It isnd responding, but definitely not necessarily in a decisive way bond yields up today really, a little more of the idea that maybe the economy is not falling apart right away is in the market. Look at the nasdaq 100 etf all of those names that are reporting after the close huge influence on this. It is a little bit of a less constructive chart the declines off of the sent peak are moore dramatic. You can kind of draw one of these triangle deals where it is sort of compressing down and is has to make a decision one way or the other this little peak right there is 5 or 6 above where we are trading right now. That would be the first stop if you got any kind of a positive react. Look also at some measure of how we were a little bit oversold in the market this keeps this track. This is the number of percentage of s p stocks that come into towed technically oversold not as much as at the september lows but pretty close so you are in the ballpark of saying the market has been on the skids long enough that just for technical reasons you are going to get a little bit of a rebound impulse. But not everything was lining up and saying you absolutely were going to get a decisive rebound just yet but moving in the right direction at least so far. Can we talk about the fangs he wering setup. Faang minus netflix, i guess. Sure. What those stocks have done and what it tells you about what they might do. This is kind of a weird earnings season where some names are getting rewarded for better results. But a lot of the winners, microsoft and not. The only real pattern is overall been net negative or at least kind of a yawn in response to good earnings you have gotten some punishments on the real big misses faang in particular are well beyond their highs all of these stocks as much as they are bouncing right now are not riding on their highs. If you went back to their july quarter, at the enjuly all the companies were reporting again their numbers were strong and they took the nasdaq to melt up mode in august i dont think we are positioned the same way but these companies are phenomenally profitable in this environment and all environments the question is, are you going to have that history repeat within 90 days of what just happened i dont think anyone is going to be caught offsides by strong earnings from this collection of Companies Just now we look forward to those numbers crossing in about an hours time. Third quarter gdp smashing records at 33. 1 the fastest pace of growth ever. But that number needs context in light of the big drop in the Second Quarter or senior economics reporter Steve Liesman has the context. What does it mean it leaves growthbly the propandemic level but it sets the economy up for further growth depending on what happens with the virus and what government does to help or not two gdp measures webb look at here the way we normally do annualized 31. 4. Down in the second, 33 up. Obviously thats not enough to get you back where you were. You need about 35 there is the annualized number bottom line is, we are still 3. 5 below the level before the pandemic thats pretty much a pretty bad recession on its own Ian Jefferson were pantheon writes a record but nothing like enough of a record unfortunately here are the details, Consumer Spending didding ahead 41 help by the stimulus, helped by pent up demand business equipment doing well. Housing up, taking advantage of low Interest RatesGovernment Spending cutting back because they need to balance their budgets amid sharply falling revenues keys being inventory rebuilding, what happens with trade and the consumer and of course the virus and whether the government provides new relief money. I am glad you brought up the comparison to the level before the pandemic the year over Year Comparison to the same quarter q 3 last year. Sure. I mean down 3. 5 . You can lament about how big a decline that is or you could say only down 3. 5 compared to the same quarter before the pandemic and given what we have been through, is a 3. 5 coklein year over year for the same quarter actually decline year over year for the same quarter actually quite impressive . Thats a good question, wilf. I am i dont like to use the word impressive with a 3. 5 decline in gdp you know, off the top of my head, what is that, about a 600 billion of growth is gone from the economy . Somebody is hurting some because of that. Its on the level 4 that we had in the 0908 recession we had for a full year. Yes, it would have been much worse. You had reopenings you had a lot of government stimulus but its still pretty bad. I think we want to be krafl not to look at the levels of the stock market and come to the conclusion that everything is peachy keen out there. Brian sullivan is on the road finding people who are still in pain we have a number of people falling behind on their rents. It could have been a lot worse but it is still not good enough. Steve liesman thank you. We will turn now to the latest on the coronavirus and some updates from companies on the treatment and vaccine front. Meg tirrell with all the details for us. Moderna reporting earnings this morning and essentially giving an update on the time line for its covid19 vaks end it is one of the front runners reiterating it expects an interim analysis in november pfizer this week said it is interim analysis is expected soon many hoped for this week we are not going to see it this week dr. Fauci told us today in an interview with the director of the nih he expects availability of a vaccine by december early january. Then they would be deployed to the prioritized groups moderna and pfizer revealing this morning in their calls they have 1. 1 billion worth of vaccine supply agreements with various governments from around the world. Thats every from u. S. , canada, japan to negotiations currently happening with europe. So you are seeing that stock up today after they revealed that this of course as cases are rising around the globe. In the United StatesScott Gottlieb and modelers pointing out we are three or four weeks behind europe and the case numbers there are staggering the trajectory is vertical in the uk we are the green line here in the u. S. , 74,000 new cases per day over the last week what we worry about are hospitalizations and deaths. If you look at the number of new daily deaths in the u. S. We are trailing the eu and the uk aswell the eu is seeing numbers they havent seen since the springs we are seeing increasing numbers here in the u. S. As well it is worrying as Health Care Systems get for and more overwhelmed we will see that number unfortunately rise in terms of where in the u. S. They are being hit the hardest the fastest growth now in wisconsin two cities there in different parts of the state taking over in the top five in fastest case growth. El paso and an corpsage alaska it is spread all over this country, seeing this fast growth. At the same time we did get a positive update on regenerons treatment on the antibody front. I guess the concern is do we have enough of it . As it continues to show good results is there enough for people who need it it is interesting regeneron reporting last night their antibody drug, now in 800 patients reduced the risk of needing further medical attention going to the hospital or Doctors Office by 57 overall when given the people newly diagnosed with covid in people athigh high risk it reduced the need by 72 . Thats huge. The stock is down 72 . Why . People already knew it worked well it is also in short supply it is a heart breaking thing the drug looks like it works and we have to ration it. Meg, thanks for that. Meantime we have got breaking news on Netflix Julia boorstin has that for us hi, julia. Netflix announcing it is increasing the cost of its standard plan by 1. Shares popping 4. 5 higher on this news. The standard plan basketball 14 a monday up from 13 a month the premium tear plan will go from 16 to 18. New subscribers will pay this new price and existing customers will see their fees increasing over the coming weeks with with their billing cycles it is interesting also to note that disney shares are also moving higher on this news perhaps on the perception of pricing power. Shares up 3 . Quick question. Interesting to see netflix jump so much by increasing prices whats the difference between premium and standard what does the extra 4 got you premium standard is what most people have in the United States, wilf the premium plan is if you want to be able to watch in 4d. If you want to have additional family streams so the basic is good video quality. Its not the best video quality. The vast majority of people will see their prices go up by 1 a month. Julia, thanks very much netflix up almost 4 after the break, shares of tapestry moving higher today as well on the back of earnings, seeing strong Digital Sales and growth mainly in china the stock is up 7. 5 up next we will speak with the companys brandnew ceo about those results. Her first tv interview since taking the job this week you are watching closing bell here on cnbc dow is up 242. Any dow up 214 points, 45 minutes left of trade. Tapestry saw a strong rebound in china and up frommel digit ecommerce growth as well. Tapestrys ceo now joins us exclusively for her firstever tv enter have you. Joe yawn, thank you for joining us. Thank you govern, sara, its great to be here. I mentioned the Digital Sales growth and china as well which were both expressive talk about how you are turning this company around. We delivered a Strong Quarter exceeding expectations across coach, kate spade and Stewart Weitzman we exceeded expectations on the top and bottom line by getting focused on our Acceleration Program. We are shaerping our focus on the consumer and leaning into digital and analytics capabilities and strem lining our model to be more responsive. It is working in this environment as you can see in our First Quarter results. Up of it is nailing the fashion trends, joanne, versus nailing the way consume remembers spending right now going on line. It feels like all of those strategies need to come together for specialty retailers like tapestry talk about what you are doing on that front. As we get to know our customers and get closer to our consumers and learn about what they are looking for out of handbag products, out of footwear, we are delivering beautiful products of the. It is about creativity and understanding the insights and then delivering for them where they are and thats where our digital capabilities really come into play we were up triple digits this quarter on the heels of triple digits the quarter before. Two quarters in a row. We are also doing that as we are seeing the brick and mortar trends continue to improve we are delivering beautiful product at a great value for our consumers. And you can see that through the product we are delivering. The coach i dont know if you have been in our stores, but we have a coach collection beautiful product that the customers are responding to. Like the flower jacquard in kate spade and the white boot in weitzman, which is on trend and on consumers mind and showing how our organization is responding to what consume remembers interested in these days. I havent been in a store in so long, any store thats part of the problem also relates to handbags how tough of a category is that to be in right now when people around going about their daily business, going to work as they normally would, going out to bars and restaurants and parties and concerts as they normally would . How do you sell handbags in this environment . We love the category we are in you know, this is a category that had mid to high single digit growth for a number of years. We have seen consumers engage with the category precovid even in covid we have done a lot of Consumer Research consumers continue to engage with this category and tell us that they intend to purchase in the handbag and small leather good categories in the months to come even in the midst of covid. What we hear from them is a happen bag purchase is an emotional purchase they are really emotionally tied to the product and to our brands as we deliver this beautiful product the customers are responding where and how they are responding is definitely changing these days. And we are making sure that we are there for our customers wherever they choose to shop our organization and our Sales Associates have been incredibly innovative in how we reef them we are running zoom shopping parties and virtual appointments for consumers. Even if they are not coming into stores, but we are seeing them come back to stores gradually. Even if they are not coming into stores we are engaging them on digital platforms on social media platforms. As you can see from our results they are increasingly buying on line. Joanne, tell bus the geographic breakdown it looks like china was particularly strong. Do you think they are back to their best again good afternoon wilfred. China was a bright spot in our business it is nice the see that recovery continuing we flipped to positive growth last quarter, and this quarter, strong double digit growth including nearly 40 on Mainland China in the coach brand we have been in that market over a couple of decades now. And really understanding and delivering for that consumer is what is working. We are designing product for that consumer and we are reaching that consumer on Digital Channels it is a consumer that is incredibly digitally engaged we are reaching that consumer on Digital Channels coach last cher was the number one handbag brand on the t mall platform. We talked about the rising covid caseloads, joanne, before the break. It is in europe, in the u. S. How concerned are you about the second wave impacting the economy and the consumer into the all important Holiday Spending season. What we can expect is the situation will continue to be dynamic. As it has been all year. I have been incredibly proud of the way our organization has responded to the changes we have seen in the environment. Everything from closing all of our Stores Worldwide to reopening our stores and serving demand in new and different ways as we mentioned on Digital Channels but also engaging consumers in new ways. That innovation has really come from our field you know, as we go into the Holiday Quarter and we are facing holiday, we are very well prepared and ready to adjust and flex as we see demand changes happen financially, just a leadership question, joanne, since you were just named the new ceo. It has been a turbulent period, after your predecessor was investigated for misconduct, and some bizarre allegations and he was only around for less than a year after an abrupt resignation by the previous ceo. How much has this been a distraction and help contribute to the fact that tapestry underperformed going into covid. What are you telling investors about that now that you have taken the reins as ceo. We are focused on delivering for consumers and behind this Acceleration Program which i mentioned we spent the last year creating the Acceleration Program identifying the areas of focus for us and for our organization and we are executing behind that. There is a lot of passion in the Organization Behind our brands and for the company. And we are a Competitive Group and we love to win it is a real privilege to be leading the company. It is a Great Company with great brands, particularly at this important time in history. And we are writing the next chapter of growth at cap strtapy i think the First Quarter shows we are just getting started. You have also got jlo in your court, which doesnt hurt thank you for joining us we have just 36 minutes left of the session we are nicely higher a big rebound today following some sharp declines so far this week the dow is up 237 points coming up, we have got another ceo interview coming your way. The ceo of new mont will join us after his Company Reported results this mniorng we will talk about the moves we have seen in gold and other commodities. Closing bell will be right back this is totally customizable, so you focus only on what you want. Okay, its got screeners and watchlists. And you can even see how your predictions might affect the value of the stocks youre interested in. Now this is what im talking about. Yeah, itll free up more time for your. Uh, true crime shows . British baking competitions. Hm. Didnt peg you for a crumpet guy. Focus on what matters to you with thinkorswim. But before we sign i gotta ask. Sure, anything. 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