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. 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