Yesterday, another record high how concerned should we be about our health and the health of the economy . And three full days until the president ial election. A live report from what could be a key county in the deciding of the election power lunch starts right now welcome to power lunch. Another down day for the market. It is the dow clearly outperforming the nasdaq three of the four tech giants reporting yesterday are lower right now. Apple, amazon, facebook, google in the green twitter off its low hitting a major roadblock today. Exxon and chevron under attack and underperforming. Are these stocks still worth investing in well get into all of that we begin with stocks closing out a bad week and a bad money bob pisani tracking the action for us good to see you its a tough end of the week and tough end to october look at these stats here were not closed yet but still pretty bad worst week since march 20th. Dows worst month since march. Its the second straight down much for stocks and fourth straight down october in an election year. Theres a macro problem and a valuation problem. The macro problem is weve got a Virus Outbreak that people werent anticipating even a few weeks ago surging cases and no stimulus on deck the valuation problem is related to tech and melissa referenced the fact that the big mega cap reported good numbers but the prices are really high look at amazons pe multiple s today amazon is 71 traders wont pay infinite amounts are money for these stocks there is point they will say no. The earnings having been dropping, the prices going up. Amazon 60, facebook 28, apple 47 keep an eye on the s p 500 3246 was the low we had a little while ago back last month. If we drop below that, the s p will be back at levels in july that we saw. Thats a down trend. Well keep an eye on that. Guys, back to you. Thank you so much, bob pisani there is an antisocial media trade today, facebook, twitter and snap being sold off as well. Julia facebook sinking nearly 7 despite the company reporting results that beat expectations on the top and bottom line whats dragging on facebook shares is the fact that the number of users in the u. S. And canada declooined from the secod quarter which saw a covid boost. Limits on its ability to target ads from privacy regulation could drag on its Revenue Growth next year. Ceo Mark Zuckerberg spoke about facebooks responsibility to mitigate the risk of civil unrest, which he says hes worried about by clearing you confusion and says theyre working to prevent manipulation around the election. Twitter shares plummet 21 despite, like facebook, beating the bottom line. Twitter adding just 1 million monetizabe ablable daily active in the quarter Ceo Jack Dorsey is making changes that should help grow their base in the future and theyre working to make sure twitter is a trusted place for election news and information. These two companies are under an immense amount of pressure right now. Julia, what is the primary concern here that the growth they just demonstrated in the past is slowing down and theyre being priced accordingly or is it that eventually because theyre not adding as many users, that advertisers will go elsewhere . Well, look, i think these are two very Different Companies its an important time to separate the conversation about twitter and Facebook Facebook is an enormous company, and the question of the growth in the u. S. And canada is one that weve been talking about for many years now the question of how saturated is the social media audience, especially in north america. North america being the most profitable users for facebook. So the fact that those users surged in the Second Quarter and now are declining just indicates that facebook is going to have to look elsewhere for growth those other places include making money from messenger and whats app twitter is a much Smaller Service and they are using to not just grow their user base but make more money off of them. They saw really meaningful growth in q2 and the question is if it was a fluke when it comes to user base julia boorstin, thank you its the fourth could be success tiff ti consecutive indices have dropped in an election year. Welcome to you both. Ron, why do you think were off worse than we were we basically erased octobers gains. Whats the big deal . I think the big deal is really covid even the uncertainty around the lebs a election and disappointment over tech earnings, when you have monthlong lockdowns in france and germany, not just in health terms but in economic terms to the united states, there are issues Going Forward so our Third Quarter gdp numbers in the rear view mirror, you look in the jobless claims, its still over a million so this notion of a vshaped recovery i think has been misguided from the start and, go, were looking at a w and a k Going Forward where its very choppy, very sluggish recovery and also those who do well do better and those not faring so well do worse. Thats really the order of the day and thats whats got the markets attention at this junctu juncture what an extraordinary week in terms of not just the selling pressure but the volatility up 38 or so on the week. How are you positioned going into the final couple months of the year seeing how the elections are in just days and presumably, hopefully well have a clear winner in a matter of days as well first of all, we expected the volatility that were seeing right now. When we looked back in september, we saw that the contracts ending october were selling a tt a premium. After the election, were going to see the vix come down and well see a more stable market and i think were seeing now mo tension potentially a rotation away from text and into other areas of the market that havent seen the same kind of runup. For instance, value stocks or even mid and Small Companies mid and Small Companies on the notion, ron, that perhaps there will be stimulus coming. Also were seeing a bid to banks, regional banks even in todays session, and up at 0. 7 . The conventional wisdom, ron, is that rising rates will benefit these banks and rising rates will come because were going to issue a lot more debt in order to spend more money in the coming years do you buy into that scenario. Well, to a point, sure. And i do think a rotation, which we tried several different times so far this year might stick at some juncture, particularly if we get stimulus. I do think with respond to next tuesday and beyond, certainly the end of this year, im not sure how stable the markets going to be. Im less worried about a contested election these days, im less worried about the outcome than i am about the federal governments inability to put a relief and stimulus package together and we even heard from Mitch Mcconnell today that that might not happen until the first of next year i think its a critical period in which peoples income and savings, which in april and may and june got as high as 35 , thats savings rate is now down to 14 without any more transfer payments from the government, they could buy that down going into the end of the year and then be stuck. The rotation makes sense, assuming we get stimulus and get our arms around the virus. If we dont, then i worry more about the economic outlook, not just the human toll but the economic toll that could be taken on the u. S that could make for a much more volatile market than were expecting right now. Lorine, it sounds like because youre anticipating volatility to flatten out that you dont see the scenario that ron is seeing, that there is worse to come when it comes to the pain consumers will feel out there in the economy when you look today, even when we saw personal income numbers greater than we expected and we saw personal spending higher than we expected, i think we continue to see good numbers, a strong consumer but those were september numbers, lorine. Thats before the virus started spiking again. Sure, absolutely. But what weve seen consistently are good Economic Data and certainly we do have a rise in cases that will impact us and it may take longer to recover weve certainly had an uneven recovery we know that that will continue with certain yaers of the market doing better than other areas you were mentioning financials we think the financials have a good opportunity, like you said, where eventually Interest Rates will increase, as well the financials have been keeping quite a bit of money for potential defaults those numbers may be too high and excess will fall to the bottom lien. Good to see you both. We are continuing to track this market selloff as we wrap up this week and month for the market tech earnings weighing heavily today. But the spike in covid cases have been dragging down stocks ekl we much more on that next on power lunch. You can go your own way its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. As covid cases spike around the world, governments and companies are work, faster than of to get a vaccine to markets but will Americans Trust it . Steve liesman joins us reporter the Economic Survey finding that only a small majority of Americans Trust big pharma to wait to deliver a vaccine when its safe and effective. The concerns of key demographics raise a potential roadblocks of the widespread vaccination only 1,500 say they will only make a vaccine available when its safe and effective. 39 think the companies will rush because theyre motivated by profit or political pressure and some say both. One split comes along party lines. 62 republicans versus 47 of democrats. Independents match the concern of democrats and another interesting split we have right here is women age 18 to 49,er that among the most skeptical groups we can find when it comes to a Coronavirus Vaccine that could be a Critical Group when it comes to a familys decision about whether to take a vaccine. The takeaway here when it comes to this vaccine, politicians, Government Agencies and industries have a lot of work to do in convincing a skeptical public about the safety of a vaccine. I think that matters, no matter who end up being president i think its a symptom of what ive described as the erosion of institutions in america over the past decade or more, where people just dont trust institutions the way they used to, steve i think thats right. I think what has to happen is the politicians have to back off the scientists here and let them run it scientists arent perfect but at least they have the capability of maybe getting the trust of the public when it comes to a vaccine. Steve liesman, thanks very. Have a great weekend here to weigh in on a race for the vaccine and concern over how Many Americans would actually take it is it dr. John torres. Dr. John, welcome. Good to have you with us do you think people will be willing to take this vaccine when they are told its ready . Tyler, i think thats the point that steve was making there that right now theres a lot of Vaccine Hesitancy out there. A lot of people save we dont necessarily trust the process going on here for a couple reasons one, we keep hearing this is a record breaking time in developing a vaccine. The difference between record breaking times and taking shortcuts are two Different Things theyre not really taking short cuts but that message isnt get to people for a variety of reasons. And the erosion of the trust in science and our plut call leaders to tell us exactly whats going on there. I think the Vaccine Hesitancy will be huge, at least at the beginning. It might erode over time where more and more people get it, i think initially its going to be a tough sell how worried are you about the case counts now hitting records day after day . Ill tell what you im worried about and that would be thanksgiving when kids come home from colleges, when families gather in presumably larger groups indoors in many parts of the country. How worried are you . Tyler, i am very worried about this it like you said, thanksgiving is going to be a big bellwether as to whats going to happen the rest of the year and this part of the pandemic. Part of the reason because as one expert put it, were coming into six weeks to 12 weeks of what he called the darkest period of the pandemic so far. Look at numbers. Right now we have over 9 million cases, over 230,000 deaths yesterday we set a singleday record here in the u. S. , not something anybody wanted to see, over 90,000 cases in the u. S. And over 30 states are seeing a thousand cases, talking about Hospital Systems being overrun and were are not yet into our winter months. We know once people start traveling and getting together with family and friends, thats also going to cause spread of the virus. Right now the Human Behavior is showing us were having a hard time controlling the pandemic using the simple measures, masks, social distancing, hand washing. Thats going to become even bigger once people start getting together i think were going to get worse before we get better ant thats a huge concerning thing. We know these things are delayed by a couple weeks. Were seeing 09,000 case as day. A couple days well see more hospitalizations and a few weeks after that more deaths think think that toll will continue to be taken as the weeks and months go on before we start getting it better under control, unless reall step in and do those things i just talked about, tyler. Dr. John, thank you retch we appreciate your time today. Boy, melissa, it nice to see you. We were working out a few technical glitches its great to have you with us ill glad the gremlins are gone, at least for now with no covid19 vaccine ready, vacation is the last thing on anyones mind Michael Brown is president and ceo of windham destinations. Welcome to the show. Great to see you thank you you guys were completely shut down in the Second Quarter you noted improving guest flow every single month but the Third Quarter. What are you seeing now in the latest months of the Fourth Quarter in. Well, again, its great to be back 97 of our resorts have now reopened, and the Consumer Behavior is actually quite different than what we saw in july and august where we saw daily infections spiked, you saw cancellations to our resorts really spike as well 90 days have gone by as weve seen the spikes here in october, oddly enough cancellations have not risen with it. Whether thats a result of covid fatigue, people have learned how to travel and travel safely and chosen Companies Like ours until these last three weeks, we havent seen a change in Consumer Behavior as far as wanting to get on vacation into next year. So the kind of vacation is slightly different from lets say windham resorts where its a hotel model. This is different where you would have a time share. Its more like apartment living, at least for that period of time that youre on vacation. How does that contribute to what kind of traveler youre going to see and the risk of going on a vacation i think it lines up with the macro trends people want more space they want their own kitchen and leisure room and that is attracting vacation rentals. So that has been a big support and a good attraction to our business during covid. Additionally, the big trend that weve seen change is we traditionally get about 7 out of 10 customers arriving to our resorts by car during covid, its now 92 if you own a vacation, you paid for your vacation, you really only need to fill up the car with gas and get to your resort and know that you have space with a brand thats invested very tell and did their health and safety protocols what are the greatest values right now in terse shares. As you mentioned, people want to drive. Maybe hawaii is out of favor that might have been once a highly valued time share how has it changed i think to your point hawaii and the caribbean are always going to be great destinations and were excited about the reopening thats under way in hawaii the reality is in the short ter and treats i know tyler is from virginia and resorts like a Mountain Retreat have had higher occupancy than this had in 2019. What were looking for in 2021 is for bellwether locations look los angeles and orlando to return just 60 days ago, o are land owe was our number six demanded destinations and 60 days later it now our number one demanded destination for 2021 people are looking for 2021 to get back on the road and enjoy their personal time on a leisure vacation Michael Brown, good to hear from you i am from virginia and have been to the west side of the shenandoah mountains beautiful place. Highly recommend it. After the break, our traders will tell us which is better will tell us which is better the xle is did you get realtime insights in your customized view of the market. Its smarter Trading Technology or why not power lunch is back in two its either the assurance of a 165point certification process. Or it isnt. Its either testing an array of advanced safety systems. Or it isnt. Its either the peace of mind of a standard unlimited mileage warranty. Or it isnt. For those who never settle, its either mercedesbenz certified preowned. Or it isnt. The mercedesbenz certified preowned sales event. Now through november 2nd. Shop online and build your deal today. But before we sign i gotta ask. Sure, anything. We searched you online and maybe you can explain this . I cant believe that garbage is still coming in. That is so false frustrated with your Online Search results . Call reputation defender today to join tens of thousands whove improved their online reputation. Get your free reputation report card at reputationdefender. Com or call 18778668555. Sofi made it so easy to pay off my student loan debt. They were able to give me a personal loan so i could pay off all of my credit cards. I got my mortgage through sofi and the whole process was so easy. Choosing sofi was literally one of the best decisions i could have ever made because it gave me peace of mind. Welcome back to power lunch. Wall street ending with another selloff, s p detracting for the month. T autopsy industry, under armour, all bucking the trends lets bring in the trading team. Danielle, ill start with you. Nl sector aiming toe positive on industrial cash flow on next year but youre still a believer in the stock tell us why. Primarily because its been very soft this year and it has rallied throughout october looking at the chart right now, can you see it just rallied directly into the 200 double period moving average. That looks like a great plate where i could sell some call credit spreads on this rally and, craig, you look at autopsy industr tapestry what does the chart tell you the chart looks quite bullish here i would stick with this trade into november. You had your beatandraise quarter, and from our per expectative, the next resistance comes in around 28. Again, nice 25, 30 up side from current levels id still be a buyer of this name in here all right craig and danielle, two names well watch into the new month can you believe it, done with october. Follow us on twitter we will coo monitor the selloff as you see here the dow just taking a leg lower moments ago. Were down by more that 400 points, s p 500 down almost two full Percentage Points crude oil down 10 fe closing numbers next now, the latest from trading nation on cnbc. Com and now a word from our sponsor. Before you reach for yield, be sure that the stock is also fundamentally sound. Stock slices. 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. This was the theater i came to quite often. The support weve had over the last few months has been amazing. I have a soft spot for local places. Its not just a work environment. Everyone here is family. Gonna go ahead and support him, get my hair cut, leave a big tip. If we focus on our local communities, we can find a way to get through this together. Thank you. If you are ready to open your heart and your home, check us out. Get out and about and support our local community. We thought for sure that we were done. And this town said not today. Welcome back, everybody. Here is your cnbc news update at this hour. Georgia governor breen kemp and his wife are going into quarantine after attending a protrump event with house representative Drew Ferguson who has tested positive for the coronavirus. And wisconsins governor says their covid19 numbers are, quote, alarming. He makes a blunt appeal for people tpr and stop it in its tracks, people have to wear a freaking mask simple as that and how can we convince people to do that we need to have our leaders wearing a mask and the Detroit Tigers have hired a. J. Hinch to be their new manager. He was fired from the Houston Astros and suspended by Major League Baseball for his part in the astros sign stealing scandal. His suspension ended after this years world series, which the dodgers won on tuesday you are up to date ty, back to you. Sue, thank you very much the dow is really going back to march kind of days where were down multiple days in a row. This is going to be the worst month since march if we close right where we are the temperature is like march. The dow industrials off 440 points thats 1 2 3 . S p is off more than 2 and nasdaq and some of the technical names slide today below 11,000 now, off 3 . Melissa. Oil markets are closing for the day, slipping further from that key 40 a barrel level. On the week wti is down more than 10 , settling at its lowest level since early june 36. 50 a barrel right now october has been oils worst month since march. Meantime, earnings a bit better than expected for the two best energy producers, chevron and exxon mobil. Chevron stock a little higher today after reporting Third Quarter profit exxon mobil down after showing a loss for the Third Quarter in a row. Both stocks are down more than 40 this year. Should investors still believe in big oil lets ask paul sanke, lead analyst. Is this a case of we got to see demand pick up in order for any of these stocks to have hope certainly for exxon exxon is more exposed to end oil markets and thats where theyre suffering. Refining backs a jet fuel problem for that chevron is more an Oil Production company so the 40 oil prices is okay it doesnt help that oil is plummeting back down again but still less exposure to the really worst part of this whole environment, which is very much refining and selling jet fuel. I get what youre saying about chevron, paul. But the fact of the matter is this whole group trades along with the price of oil at this point. So what should investors be looking past when do you think that correlation will break for a name like chevron, which you seem to favor, even in this environment. I dont think its going to break. These are huge Oil Companies that produce huge amounts of oil. The question is when are we going to rationalize the industry that could come as soon as next tuesday. If we get a 3d, if we get a blue sweep, we could see significant reduction in u. S. Oil supply as a result of higher regulations on the environment exxon add chevron, particularly chevron, are very responsible in terms of flairing and methane emissions. Its really the tail of the u. S. Industry that has emissions. It could get shut down, which would tighten the market we need less u. S. Oil supply and more demand, which i think well get. I want to underscore that i think the assumption is that you see that blue sweep and thats negative for big oil but what youre actually saying is because of a blue sweep there will be less production for whatever reason, and therefore the price will go higher, which is ultimately the main thing these Companies Need right, melissa. Ill write that down and steal it from you. Thank you. Exxon mobil, how concerned should we be about the dividend . Everyone is concerned its 11 yield, which is normally a very bad sign i was watching earlier and there was a warning that you gave that 11 yield is not necessarily a good sign. What they said today is slightly odd. They said theyre not going to raise gross debt anymore theyre going to continue paying the dividend from cash on the balance sheet, but it really sounds as if that cash runs out, which it will over the next year, it sounds like the dividend is going to get cut so its imperative for them that we get back to flying, that refining comes back over the course of the next year. They cant make it another two years like this. The dividend will have to go in the Broader Energy space, and this may not necessarily be your area of expertise, but solar has been catching a bit on this notion there will be some sort of a blue sweep happening next tuesday solar, sun power really sitting a bid at the expense of big oil. Is that a trade in your view my web site will tell you, its an Energy Transition on wall street is what i do i was watching the sunrun ceo on wednesday in an interview shes very impressive, she had a great concept when she started out. Those stocks, as you know, have sold off recently in the past month or so, in fact as biden became more likely to win, which is interesting tesla is the same. But the mega theme here is interesting. The mark cap of the companies is so small that the investors are really struggling to deploy capital. So regardless of valuation, theres just so much money trying to ford its way into the sector that the outlook certainly for the beginning of the Biden Administration is extremely positive and basically these things are economic people wanting more so the panels more electric cars, more control over their own home energy thats a mega theme that i think the market is going to keep buying regardless of who wins the election all those fund are tripping over themselves to deploy all that money shout out for the friday night roll call. Than thanks paul, thank you tyler. Thank you still ahead, we are watching markets on this volatile day what else is there to watch other than the rain drops . The dow down over 400 points now. Right now 427. Well tell you about some of the days biggest movers next, on power lunch. You run it by an expert, you talk about the risk and potential profit and loss. Couldve used that before i hired my interior decorator. Voila maybe a couple throw pillows would help. Get a strategy gut check from our trade desk. The annual Enrollment Period is here. The time to choose your coverage. Ends december 7th. So talk to unitedhealthcare and take advantage of a wide choice of plans. Including an aarp Medicare Advantage plan from unitedhealthcare. It can combine your hospital and doctor coverage with Prescription Drug coverage, and more, all for a low monthly premium or in some areas, no plan premium at all. Take advantage of 0 copays on all primary care doctor visits, all virtual visits, and preventive dental care. Plus 0 copays on hundreds of prescriptions. And with renew active, enjoy a free gym membership. So call unitedhealthcare and take advantage of the range of plans we offer, including ppo plans that let you see any doctor who accepts medicare, without a referral. Enrollment ends december 7th. Call unitedhealthcare or go online today. [sfx mnemonic] welcome back as you see there, the market losses are steep ening as we hed into the final moments of trade for the week the s p is down by 73 points we should note apple as goes the market, pretty much close to session lows as well 108. 14 was the level 6 1 4 was the loss in apple amazon and facebook suffering as well you see there those among the biggest decliners. To the bond market we go. Mr. Santelli tracking the action, cme. Hi, tyler a lot of derisking going on in equities and very little safe harbor trading pushing yields down its exactly the opposite. Weve had good data this week. One week of 10s, up 2. Bunds down half a dozen basis charges. You can clearly see were going out at the best levels of october. Look at the bunds, exactly the opposite they are not only going out towards their lows, but in the grand scheme of things, the european markets are having a much bigger problem than the u. S. Look at one week of the dax, down close to 8. 5 even the s p is down a little over 6 . Im not saying thats a good comp but europe is in much worse shape. The way theyre dealing with the shutdowns is a little less than the way the u. S. Is dealing with it the dollar is down close to 2 , the dollar having a pretty good week back to you. Still ahead, two counties in minnesota have become emblematic of the race to the White House Well take you to rochester. And americans facing another potential virus surge and slow recovery well ask the ceo of Raymond James what he expects from the economy in the months ahead. This is the new iphone 12 pro with 5g and its on at t, the fastest nationwide 5g network. Now, new and existing customers can get our best deal. Really . mom at t has the deal for new and existing customers i will. So whatd she say . Its the wrong person. Its a guy named carl. But hes very excited and on his way. Wordofmouth advertising. Its what they did before commercials. Its not complicated. Everyone gets our best deal, like the amazing iphone 12 on us. Welcome back, everybody. Minnesota becoming a late stage battleground in fact, the president and mr. Biden will both be there later today with two counties in particular being targeted by the president and joe biden. Brian sullivan is live in rochester, minnesota with a look at where voters stand right now. Hey, bri reporter hey, thanks listen, in every state weve been on this election road trip, road map, whaef tever we call i theres only a couple of counties that matter olmsed county but here in rochester, it is all about health care. Bus this is the home of the Mayo Clinic Health care defines this economy, tyler health care really define, the American Economy we know its big but here are some stats that you might find dare i say random but interesting. 11 of the American Work force works in and around health care. It is about 18 of Government Spending its about 20 to 25 depending on your estimates of u. S. Total gdp and according to the Kaiser Family foundation, the average family Employer Sponsored Health care premium is now about 21,000 per year the Affordable Care act is a big deal when these voters in minnesota go to the polls. An overwhelming majority of democrats want to keep it, anovan overwhelming minority of republicans want to scrap it Health Care Going to be one of the defining issues of the state. Donald trump, our election calculus on the trip happened to work out because donald trump will be here in rochester in a couple of hours. Joe biden says hes not worried. But if youre making a late stage move to a state, it means youre maybe not worried but probably a little bit concerned, guys i can tell you a poll that says that bidens up by 10 but i can find you a poll that says statistically they may be tied Hillary Clinton won statistical tied in 2016250,000 swroets went to Third Party Candidates we will see what happens this year donald trump thinks he might win it it is goc to be a sail of two states in so many of these states which is rural versus more urban, health care at the home of the mayo clinic. A big time and big dollar issue as these voters go to the poll shhh health care huge, of course obviously, so there at the home of the marrow clinic, but Racial Justice and criminal justice really a part of the minnesota story this year with the killing of george floyd in minneapolis how is that being filtered into the campaigns being remembered by voters and what the candidates are saying . Of course it rings huge, tyler. And it rang huge in kenosha with the shooting of jacob blake. He survived, of course but the city we though went through a lot of unrest. The Small Business owners we talked to mostoff camera. Nobody wants to go on camera because they get lumped into some viewpoint is that they want stability. They all want stability. They want healing in this country, certainly in minneapolis, still reeling from may. It is going to be a major part of that. The president is trumpeting law and order. Biden calling for more peace and bringing people together we will see what ultimately wins out. The common core, health care, especially you are right here in minnesota and where we were before, in kenosha, wisconsin. Gough these huge issues of social and race Racial Injustice and unrest which are going to be on the minds i guarantee of every voter who goes to the ballot book in those two states in pennsylvania and probably florida are going really, five states are going to move this whole thing, and just a couple of counties in those five states we are here now. I will see you on closing bell. On monday we will be in michigan on the final stop this election road map road trip. A part of the country that know very well brian, thanks very much. Melissa . Growing uncertainty about the virus, election, and economy spooking investors just moments ago we got news that San Francisco is putting a pus on its planned reopening what are the bigst Asset Managers telling their clients right now is this we will ask ne ceo of Raymond James next. Dot forget you can always watch or listen to us live on the go on the cnbc app well be right back. Hey, dad hey, son no dad, its a video call. You got to move the phone in front of you like. Like its a mirror, dad. You know . Alright, okay. Hows that . Is that how you hold a mirror . [ding] power e trade gives you an awardwinning mobile app with powerful, easytouse tools and interactive charts to give you an edge, 24 7 support when you need it the most plus 0 commissions for online u. S. Listed stocks. Dont get mad. Get e trade and start trading today. Stocks continuing to sell off. They were flirting with being off again by 500 just a few minutes ago. Now 438 on the dow wall street wrapping up a week the close out the month of october. Not very good month. Worst months month since march a slew of Companies Reported earnings this week Raymond James reported a record profit how are they advising clients given the current Market Conditions now joined by ceo paw riley. Great to see you again great to see you tyler and melissa. Great to be here. Fantastic why dont we go through your results, which were very, very nice based on the quarter and based on the full year im assuming that a lot of that performance came from assets under management and expansion there. It is interesting certainly we had a great record capital mark this quarter if you expect with the volatility certainly, m a, underwriting net equities, it was a great quarter. What is really kind of shocking as you think of the pandemic and the march, everyone going and working from home overnight. Social unrest, upcoming elections, all the economic uncertainty, that we could end the quarter with record assets, client assets under administration is really kind of remarkable it is really a result of our advisers their clients really need them in this period of time with all this uncertain and their advice in keeping them invested and doing well has really been the difference the other surprise is that we had our so im sorry go ahead, im sorry. We had our third best year recruiting thats after closing all the brarchs, you know, for branches, you know for a number of months. We are off to a great start for this coming fiscal year. Give the pandemic, surprising results from where i sat in march. Yeah. I would like to spend sort of the rest of our time today talking about what you just mentioned. That is the relationship between the Financial Advisers and the clients at this particular time, where there is covid, where there is an election, where there is a recovering economy, how fast, how much, we dont really know. And you look at all the job losses what are clients asking . And what are the f. A. S telling them i assume they are telling them, if you have got a portfolio you like, let it ride, dont ut touch it i think first investing as woe all know is a long term game Elections Come up every four years and the world seems to survive them if you are investing for the long term you dont let shortterm uncertainties thats the same with portfolios. Now you could say i am really afraid of covid and wave two so you may get out of covidsensitive Industries Like people did early in airlines or restaurants or theaters and into the consumables. A lot of people investing in those types of consumer goods because they felt they could ride through it. The Important Message is stay invested if you are afraid of some segments thats okay you can adjust through this period of uncertainty. Certainly we dont know what is going to happen over the next six months with covid long term. I think we all feel comfortable we will be able to live with the virus and defeat it in some ways but go ahead and make some adjustments through the uncertainty but content run away from the markets long term two quickies. Are you seeing any increase in Cash Holdings . Quick, please. Yeah. Slichlt our Cash Holdings are up to over 6 they were almost 11 in 09. They are lower than our long term average but they are certainly up from premarch any time you have a lot of volatility like this week we will see next week that they send to go up as people, you know l sit on the sidelines a little bit more when they are nervous. Again, still under our long term average. All right home of the stanley cup, tampa and a real Good Football Team this year, paul riley, thank very much. We appreciate your time today. And a good Baseball Team as well and a pretty good Baseball Team you got that right melissa. Of course tyler as we go into the closing hour of trade for the week we are watching very carefully the markets. What really stood out to me tyler on the week is that gold and bonds didnt get too much of a bid despite the market turmoil. Thats something i am watching going into next yooek. Thats right. It doesnt look like the money is going out and repatriating into the traditional safe havens melissa great to see you great to see you. Thank for watching power lunch, every. Have a good weekend, folks closing bell right now thank you very much and welcome to closing bell, im Sarah Huckabee sanders here with wilfred frost. Stocks are sharp will he other on this final trading day of the month. The major averages on pace to post their worst week since back in march lets look at what is driving the action right now big tech names are seeing sharply dines on the back of earnings of a. M. Apple, facebook, amazon all down. Shaving billions of dollars of market cap from those names and from the major afternoons. Alphabet is a bright shot moving higher after smashing earnings estimates, seeing strong gro