I will tell you about some of the stocks benefiting from all of this. Well revisit iposs that were launched in great fanfare last week. How they are holding up today. Well be monitoring what make as bear Market Correction as you know. Many market averages themselves are at or close to corrections from highs. Some of them reached a little more than a few weeks ago. So as stuart was pointing out some perspective is in order here. A lot of this has to do with, well a lot of things. Not only renewed spike in cases were seeing in the likes of the United Kingdom and france. In fact the uk theyre revisiting another possibility of another lockdown. That is what is going on in israel, they are in their second lockdown and theyre not very happy about it. Then we have cases here. Four states in the United States that have 15,000 or more deaths recorded. California joining the likes of new york and new jersey and texas. So were monitoring that. But the numbers here are actually stablizing even as theyre moving higher abroad. Then there is, as you know the death of Ruth Bader Ginsburg and the jostling to replace her right now, leaving the political back and forth aside it scooted down the bench if you will, that stimulus measure they want to see sooner rather than later. That is pushed back with the drama unfolding on the Supreme Court pick makes almost getting anything else down virtually impossible. That is where things stand right now. I should emphasize some of the high flying stocks it is interesting to point out some big ones that run up so far and so fast are the ones at or near bear market territory. If you were to pile up the losses in amazon, in alphabet, in microsoft, theyre down anywhere from 13 to 18 from their highs. Now, now, do not cry for them. Many of those issues are still up even with losses today in excess of at least 40 yeartodate. But again how you mark these things from the high where they stand, not yeartodate. Yeartodate, for example, the dow with todays losses is essentially even money on the year. The s p still nominally positive on the year and the nasdaq still up in excess of 18 on the year. So again, not everything i say matches what youre seeing but we will keep rifling through this, keep you abreast of this, keep you abreast of multiyear lows were seeing particularly a 10year note which is benefiting banks buying the hell out of them. Well get to what is behind that. Now to chad pergram with the drama unfolding on the hill. Chad, last week at this time when you were i talking sadly before Ruth Bader Ginsburgs death, stimulus, another measure to keep the government lights on and now with this move to hurriedly republicans want to hurriedly find a replacement for the former justice, now it moves all that other stuff down, right or is that the concern . Thats right. Einstein used to say time only exists so everything doesnt happen at once. Guess what . Were happening everything happening at once here on capitol hill. Democrats are girding for a battle. There is not a lot they can do to delay a confirmation vote. They are making this a political issue. They are taking it to voters. Listen to chuck schumer, democratic leader. Mitch mcconnell, blatant, nasty hypocrisy, call your senator and tell them not to listen to Mitch Mcconnell. Not to be afraid of Mitch Mcconnell. To do the right thing, stand up, and do just what is fair and right. Reporter it may be tough to confirm a justice. Over the weekend Republican Senators Lisa Murkowski and Susan Collins to wait until after the election. If youre 53 republicans youre down to 5yea votes. Everyone is focusing on gop senator mitt romney and republican cory gardner in colorado. Gardiner face as tough reelection bid. President trump believes supporting his nominee will help competitors in tough races. President trump i think Susan Collins is hurt in their race. Murkowski is badly hurt and doesnt run for two years but i think this will follow her. Reporter the family of Ruth Bader Ginsburg will sit shiva until saturday night and President Trump says the nomination will be coming soon. President trump i think it will be on friday or saturday. We want to pay respect. It looks like, it looks like we will have probably services on thursday or friday as i understand it. I think, you know due respect we should wait until the ises are over. Reporter think will be the closest toe an election they have ever considered a Supreme Court justice. As you say, this kind of puts off to the side any talk about government funding and also trying to get some sort of a covid19 bill through. They are probably going to move the Government Shutdown bill to keep the lights on until december. That will advance in the house of representatives this week. Back to you, neil. Neil chad, protocol question. I know where Lisa Murkowski and Susan Collins stand not wanting to entertain this before the election, if everyone is going through, the rest of the Republican Party, the president is pushing a nomination, then you have Mitch Mcconnell trying to get it through, do they sit idly by . Do they have to participate in that . Do they have to vote on that . What happens . Reporter dont forget a lot of senators they like to meet the with actual nominee. Sometimes they circulate the nominee through the entire senate. That takes weeks frankly. Why also a the love senators they dont like to feel pressure on a lifetime appointment. That is where you look at some of these senators who have not weighed in yet, maybe some we not even thought about. It is the senate. These guys keep their own counsel. They sometimes do surprise you that is why it could be a problem. We dont know that this universe will start to formulator this afternoon. Senate comes in 3 00. There will be meeting of Republican Leaders in the senate late this afternoon, over next couple days, especially senate phone lines line up, people call in. Weve had protest this is morning at the home of Lindsey Graham here in washington, d. C. , not far from the u. S. Capitol. The u. S. Capitol police went down there to make sure everything was okay this will get intense very fast. That may influence how senators think about the roll call vote on this. Neil chad pergram on capitol hill on this. Markets abhor uncertainty. This added a another element of uncertainty on top of the virus cases. Concerns if stimulus doesnt come soon. The economy risks falling into esession. That might be a bit of a leap here. Pounce upon the fears, think about the fears a later. Ed mills joins us the Raymond James policy analyst. Ed, youve seen gyrations in your illustrious career. Wonder if you make of the latest hiccup. I dont want to minimize it. What you make of what is happening right now . Yeah, neil, this is going to be one of the hardestfought battles you and i have ever seen, polly, political market impacts of this are potentially huge. I do think the battle for the replacement is one story but really i think that the Market Reaction today is squarely on the idea if republicans do push forward with this nomination and democrats are able to sweep in november, the likelihood of a filibuster change increases, likelihood of an aggressive agenda based upon that legislative change also increases. So markets dont like uncertainty and uncertainty that could see real change. Neil you know, ed, weve been looking at technology. It really led entire runup in the market if you think about it. Right now theyre the most pronounced issues in the red. A lot of premier names, amazons, apples, microsofts, facebooks, theyre very close to bear market territory. I must stress, there are highs that were rich ad little more than couple weeks ago. Having said that what do you make of what is going on with technology . It has happened before. You pointed it out before but those who sell have learned in past cases at least, to regret that. What do you think now . Yes. I think its a great question, neil. What we have said, Technology Regulations antitrust regulation, is certainly moving up the agenda in d. C. It would be more likely under a democratic presidency in a democratic sweep but we have consistently advised clients that is only one small part of the conversation. Anything that would happen in d. C. Would take a long time. There is questions that even if they were to be successful, would you up lock value in large Cap Tech Companies through parts analysis. That kind of thing the truth of the matter is what you are seeing here based upon weve been putting out in Raymond James is bit of rotation into cyclicals, a rotation into industrial names. Which does make some sense that if we do have democratic sweep, if we do have a next fiscal stimulus package, infrastructure bill would largely be part of that. Inventories are historically low within industrial companies. So what we have seen here is kind of a somewhat reasonable reaction, even if it comes across as immediate and severe in the near term. Neil you know, i did want to get your take on whats buffeting banking financials shares, hsbc for example, down, 5 , lowest levels i think in more than two decades. All on, you know, indications there might have been some curious shuffling of funds going on over decades. We dont know really much about the details. The banks are saying there is no foul play going on here. But it was sort of like, you know, a black Swan Development that no one saw coming. Are you worried about that or details that could emerge . That is a group we need to see healthy. Im not talking cheerleader for their stocks but they have been buying a lot of Treasury Bonds . They have been supporting a lot of mortgage activity. Is this a worry . Yeah i think it is something on my radar screen. One thing that we will have a conversation about is that coming out of the financial crisis there was a sense, not only for certain institutions too big to fail, certain institutions were too big to jail. And i think if you have any democratic sweep, having a justice department, having a Bank Regulators who would be more aggressive in Enforcement Actions certainly does elevate that risk. However when i have conversations with banking experts here in d. C. , they think that the prospect of robust regulation and legislation is relatively low for the banking sector. We did a lot of that coming out of the financial crisis. If there is anything that will Impact Financial Services it is probably more in the nonbank space. I could make an argument that if you do that, market share will come back to some of the largest domestic banks. I think its a different question when you start thinking about other International Banks that operate here in the United States from a china trade fight or other kind of multilateral negotiations. Neil got it. Always good talking to you, ed. Thanks for taking the time in the middle of all this. Ed mills following all of this very closely at Raymond James. The footnote on the banking shares and bludgeoning theyre getting and others happening like deutsche bank, hsbc, citigroup, bank of america for a while, less so but the fact of the matter theyre looking into curious transfers of funds worldwide among Banking Institutions that seems to link them. But again even the investigators seeing to link them, but this is not expected, got a lot of coverage in barrons and other Wire Services that picked on this. Might be a big deal. Might not be a big deal. There is a lot of explaining to do as they say, until the then better part of valor is to sell. With that uncertainty on the Supreme Court pick. The president said earlier will have a name friday or saturday. Want to katy walsh shields on this, former White House Deputy chief of staff under donald trump, Senior Advisor to the rnc. Katy, thanks for taking the time. How do you see the process going. Democrats say dont even think about doing it now, finding a replacement now, republicans say well do it now. Where is this going . Precedent shows they are not, the president will put up a nominee and senate will confirm them. There has been 29 vacancies during Election Years in the past. 19 of those 29 when the same party controlled the white house and the senate. 1of those 19 ended up confirming Supreme Court justice that year. Precedent would tell you that the president will put up a nominee and the senate will do their business. Neil katy what happens . I mentioned it before to our capitol hill correspondent chad pergram, if you have aLisa Murkowski, Susan Collins not keen on getting process going now, but if the president is going gungho on it, party going gungho on it, even democrats not keen going gungho on it, they cant sit it out so what happens . Well look i think theres two ways to look at this. One is, there is a period before the election. Senator collins, senator murkowski made it clear that they dont think a Supreme Court justice should be voted on before the election and there is lameduck session after the election. It will be interesting to see what their positions are after there after that. There is argument control of the senate runs through a number of states on republican leaning. On november 3rd or new elections for senators in georgia, in montana, in also in, excuse me in montana and iowa, all states that lean republican. In 2018 we saw during the kavanaugh hearings that we have republican leaning states with senators up. That helped us in the election. Will be interesting to see what the electorate does in the senate now that this conversation has been brought up. Neil i would think that Susan Collins, she is having the race of her life because she was a crucial vote finally brett kavanaugh. That has come back to bite her in new hampshire. It could cut both ways, can it . Yeah, it can cut both ways i think ultimately Susan Collins made the vote for Justice Kavanaugh. I think one of the other things that is important is the nominee that the president puts forward matters this is all an abstract conversation until the president puts a name behind who the nominee is. Once the public has opportunity, senate has opportunity to vet and interview the nominee i think dynamics change. A lot of base republicans but also soft republicans see how Justice Kavanaugh was treated during the confirmation process and were outraged by it. They were outraged what the democrats put Justice Kavanaugh through during the process. That changed the dynamic and conversation in d. C. And battleground states what was reasonable and how should these senators act. I think once you see the process start you will see some dynamics change. Neil i think youre probably right. More than, once or device, katy. Thank you very, very much. By the way we are learning a little bit more about the plans for services for Justice Ginsburg. She will lie in repose in the Supreme Court this week for public viewing giving mourners at least two days to pay their respects. Then buried in a private family ceremony at Arlington National ceremony. The president already made clear only after all of that is complete will he submit his name for her replacement. Then the fireworks no doubt begin. We should also let you know, and i guess our guests have been commenting on this, 25 times president s have named Supreme Court picks during Election Years. 21 times the senate has gone on to confirm those nominees including six that were presented by lame duck president s, waiting a new successor. Three of them defeated by that successor. So there is plenty of precedent for this. The battle is on. Im hector. Im a delivery Operations Manager in san diego, california. Weve had a ton of obstacles in finding ways to be more sustainable for a big company. We were one of the first stations to pilot a fleet of zero emissions electric vehicles. The amazon vans have a decal that says, shipment zero. Were striving to deliver a package with zero emissions in to the air. I feel really proud of the impact that has on the environment. But were always striving to be better. I love being outdoors, running in nature. We have two daughters. 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