Help, food aid. Yes, they are still talking. Investors like the idea of many more trillions poured into the economy, but it aint a done deal yet. The political world really cant stop talking about the debate. The president says he won. He, quote, held joe accountable, thats what the president says. Biden says the debate was a national disgrace. The Electoral Commission seems to agree. I they run the debates, and theyre looking at new rules. They agree, they seem to believe and blame the president for the interruptions and insults. Theyre even considering a kill button for the moderator to cut the mic of any offending candidates. The numbers are in. Far fewer people watched than i expected, just 73 million tuned in. Down from 84 million who watched the first debate in 2016. And if you look inside the numbers, the audience dropped away as the chaotic debate kept going. They tuned out. Stay with us for the next three hours, i promise it will be worth it. Varney company is about to begin. Stuart all right. Now, were going to start with breaking Economic News. Doesnt e appear to have i affected the markets that much. Susan, we got a stream of numbers. Were look at a stalling out in terms of job growth. Jobless claims came in lower than anticipated for the week, 837,000. Claims, i thought, was a bright spot, now below 12 million, and these are the longterm unemployed, those who have been claiming Unemployment Benefits for weeks, 11. 7 million. Stuart thats a good mark. What about layoffs . Were also look at a stall pattern in layoffs as well, but i wonder about personal consumption since we saw its actually up since we know the consumer drives about 70 of the u. S. Economy, so better than anticipated in the month of august, up 1 , ands this is month if on month. Stuart okay, thats good. I picked out one nugget in all of these numbers yeah. Stuart the savings rate, 14 . I got that out of the income and consumption yeah, the personal consumption expenditure, thats the line we usually look at and also something the Federal Reserve looks at closely as well. I actually saw yearoveryear it looks like theres a lot of pentup consumer demand. Theyre spending 3. 6 1. 6 which is higher than a year ago a. Stuart that is astronomical, 14 savings, except during the pandemic when people are getting all this money in and not spending it. The dows going to be up not on that news, but its going to be up today. All right. I want to bring in market watcher ed car denny. Ed, youve been looking at the numbers. You say we still have a strong vshaped recovery. Right. Stuart let me go further than that. Does that mean were going to see new stock market highs . I think we might. Ive been rooting for the market just to consolidate for a while which is, i guess, what its been doing since Early September. But the news on the economy continues to be quite good, and the market is responding proportionally to the Economic News rather than to all the political chaos. Stuart well, Goldman Sachs is saying the best thing for the stock the market, at least the s p, would be a divided government. I guess that means a biden presidency, a republican senate. What do you say about that . Well, the market doesnt like gridlock. I guess when we studies civics many years ago, it was called checks and balances, and i think the market does have a penchant for gridlock. I dont think the market would do too well if theres a sweep and the democrats get both houses of congress. That would, obviously, not be gridlock. So if biden wins, i think the market can live with that. If trump wins and we continue to have gridlock, the market, i think, would be happy with that. Stuart but to repeat, if it was a clean sweep for the democrats, they get the presidency, the senate and the house, i cant see how that could be good news for investors. Well, i think it would certainly lead to some sort of selloff. Shouldnt use the word certainly when it comes to the market. Look at how the market has been rallying the past couple days despite the bad reviews about the debate. But i think looking ahead here the market is going to focus on the Economic News, and even if we get a clean sweep by the democrats, i dont think were going to get a recession next year. I think its going to take them a while before they do a lot of damage in terms of raising taxes, corporations, individuals, Green New Deals and the like. But, look, i think the market, you know, has lived with democrats and republicans, and i think even if you get a clean sweep, i think the markets going to figure out whos going to benefit from that. Companies benefit from Infrastructure Spending should do pretty well in a biden clean sweep scenario. Stuart im going to keep in my brain that sound bite from you from moments ago. Itll take em a while to see how much damage they can do. Ill always remember that one, ed, and thank you very much for delivering it this thursday morning. Thank you. Stuart youre welcome. Thanks very much. Next case, lets have a look at pal palantir and asana. Theyre about to begin their second trading day. How did the first one go . I thought it went decently because both were up around 30 from their reference prices. Palantir worth about 22 billion. Some technical glitches with its underwriter Morgan Stanleys software, and that wasnt fully resolved until the final half hour of trade in the session, so there were some palantir stock investors or that were, i guess, ramping up the selloff in the last 30 minutes of traigd, about the only time they could, but the stock price is down over the opening price of 10 for palantir, 9. 50 was the closing price. That was a bit concerning because that was lower e than what they were selling their stock back in funding rounds in 2015. As for asana, if we could bring that up again, i thought it was pretty good, you know . You had a reference rate of 21, opened up at 29. Stuart i was expecting palantir to just take off and do really, really well and just go straight up like some of the other yeah. Well, on average, 22 gains. Stuart they didnt get it. Well, yeah, 30 up from reference rate. Stuart not bad. Theyre not a good guide. Stuart were used to a whole lot m arent we . All right. President ial Debate Commission, theyre going to make some changes after tuesdays debate chaos, lets call it that. Lauren, what are the proposed new rules . Oh, good question, stuart. So i can tell you this, it comes from the commission on president ial debates, and i quote the debate made clear that additional structure should be added to the format of the remaining debates to insure a more orderly discussion of the issues. That could include allowing the moderator or someone backstage to mute or cut off trump or bidens mic when they interrupt. But, look, even Chris Wallace said a kill switch wont stop them from stepping on each other. It would just stop you from hearing what theyre saying. That is still an option. The next debate is october 15th in miami. Its going to have a dozen or so undecided voters asking questions. Could that change the temperament of the debaters . Will they be so unhinged talking to regular voter who are i trying to make up their minds who to vote for . Because if you were undecided on tuesday night, you were still undecided wednesday morning. Stuart thats true. I just cant see giving all that power to a moderator. Wait a second, before we go on, tell me about the numbers, the tv ratings. I know weve got them, what are they . You were wrong, stuart, im very sorry, but viewership did drop by 13 . 73. 1 Million People watching, that was down from the record 84 million which was back in 2016 when trump debated Hillary Clinton at that first debate. However, and i do think this is important, these nielsen numbers dont include those who streamed or watched online, and especially with the pandemic, thats a lot of people. Stuart yeah. That could have boosted the overall number. But i look inside the numbers, and you can break tv ratings numbers down quarter to quarter to quarter. Six quarters in a 90minute projection, the numbers went down with each quarter. Fox numbers started off at 17 million the First Quarter hour, ended up at just under 11 million. People just deserted. They walked away from it. Yeah. A Kindergarten Teacher would have been needed to moderate that debate because thats finish the reaction that it required is what i tell my 5yearold, dont call someone stupid, stop interrupting, let him finish. It was a brawl. Stuart yeah, it was. New rules are required, im just not sure about a kill button. All right, lauren, lets move on. Still got that rally, looking at the premarket action, up about 150 for the dow. Look at that, about 140 up for the nasdaq. Thats a rally. Remember when joe biden said this about the Green New Deal during the debate . Roll tape. No, i dont support the Green New Deal oh, you dont . Oh, thats a big statement. You just lost the radical left. I support the biden plan that i put forward. Stuart all right. Lets have a look at his own web site where it says he does support the Green New Deal. That kind of looks like a flipflop to me. Well discuss. Indoor dining returns to new york city but only at 25 capacity. And, look, with the weather turning cold, they wont do much by outside, will they . I dont see how businesses survive. Ed renzi here on that next. Thats what my dad does. Good job, michael ok, lindsey now tell the class what your mommy does. My mom has super powers. Its like she can see the future. What . its like she time travels in a rocket ship. Thats cool and then she comes back saying try this or try that. She helps everyone. She helps them feel less worried. Wow mommy, so what is it that you do . Im a financial advisor. She is aig proudly supports all the professionals taking care of our Financial Futures. Thats it. Im calling kohler about their walkin bath. [ sigh ] not gonna happen. My name is ken. How may i help you . Hi, im calling about kohlers walkin bath. Excellent happy to help. Huh . Hold one moment please. [ finger snaps ] hmm. The kohler walkin bath features an extrawide opening and a low stepin at three inches, which is 25 to 60 lower than some leading competitors. The bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. Kohler is an expert in bathing, so you can count on a deep soaking experience. Are you seeing this . The kohler walkin bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. Everything is installed in as little as a day by a kohlercertified installer. And its made by kohler americas leading plumbing brand. We need this bath. Yes. Yes you do. A kohler walkin bath provides independence with peace of mind. Ask about saving up to 1,500 on your installation. Virtual appointments now available. Stuart i see green, lots of it. Up 150 for the dow, up 147 for the nasdaq. That glean, thats a rally. All right. It was a rotten september, i think we can all agree on that, but today is october the 1st, so where are we going in october . Thats right. New month, new quarter. And despite the worst september in almost a decade for the s p 500, still the best six month performance for the Broader Market since 2009, the financial crisis. So taking a bit of a breather. September tends to be the weakest month of the year for stock markets going all the way back to 1950. October usually the second worse, so we have average losses in october just below 1 according to lpl research. Now, data does suggest when you have an ugly september, you could get a performance the month after. 70 of the time if you judge the pattern from the past ten periods using dow jones data. That happened in 2011. But you have some distortions when it comes to election years when things sell off through october, i awaiting the november vote. And you may get some late into the year end with the traditional santa claus rally, so well see which side that it goes towards. Stuart i remember world war ii and the aftermath. I remember food rationing. I remember to bombedout buildings in my hometown in england. I was a milk deliverer back in the day. That was my teenage job. How much did you get paid . I made 8 pounds a week which was the equivalent9 of about 15 at the time. A week . Stuart yes. I was in poverty. Oh, wow. Stuart nice digressioning there, susanful were done. Indoor dining has returned to new york city but only at 25 capacity. Former mcdonalds chief ed renzi is with us. All right, ed. Its chilly outside. Outdoor dining doesnt mistake it. Youre not going to be make it. Youre not going to be doing much outside, and i say you cant survive. What do you saysome. You can not survive. I estimate somewhere around 2530 of all restaurants are going to go bankrupt if this goes on very much longer. Your costs continue. Your rent continues, your utilities continue, you try to take care of your employees, your food costs. Those costs stay the same. With 25 capacity youre saying youre limiting your volume to 25 of precovid, you cant make money doing that when your occupancy costs are 30 of sales, it just wont work. And the landlords are suffering because a theyre not getting the rent they deserve or are contracted for. Businesses will likely shut down in some cases, but they cant because they have Continuous Operation clauses in their leases. It is a fiasco, and de blasio doesnt understand these restaurants, they cant live without people. Tell em what the goals are. Tell em to social distance, wear masks, wash your hands, sanitize, but let the restauranteur decide how hes going to set up his seating. 25 of 1,000 seats is one thing, 25 of 10 seats is something else. These people are so ignorant of what we need. Cuomo is absolutely right, the cure cant be worse than the disease. Stuart its more than just money, economics. This is culture. The restaurant culture. You go to a restaurant to socialize. You want to be in the company not just at your tabling, but you want to be where stuffs happening. Weve got these capacity limits and all these ore restrictions on you other restrictions on you. It aint the same, is it . Youre absolutely right. People dont eat because theyre hungry, we eat to get together. My wife and i went out to dinner last night to a really nice steakhouse, the first time in three months. I was exhilarated to be out and about and seeing friends and saying hello. Its all about socialization. And ill tell you, it plays on the mind. Psychologically its dangerous. Stuart yeah. Ive got another one for you with. Look at the trash thats piling up in big i cities and especially new york city. Im going to show you a video from a bakery owner in the city. Listen to what shes got to say about the trash. Watch this. This is what we have to contend with. This is the lower east side. Its not bad enough that you have to figure out go ahead you have to figure out how to make your rent, how to pay your staff, how to keep it going, but youve got to contend with this [bleep] when you come in. Stuart that lady sounds like shes at the end of the line. Well, she you can tell shes highly stressed, and i understand why. My goodness gracious, shes worked hard all her life to build a business, and the city doesnt help her in any way, shape or form. In fact, its the an obstacle. How can you not provide basic services to the citizens of new york . Its criminal. Stuart last one. I think its the white table cloth restaurants that are going to suffer the most. What say you . Yeah, i agree with that, because ive been in the Quick ServiceRestaurant Industry most of my life, but ive done some fine dining, and i can tell you, you have the option of delivery and you have the option of drivethroughs and things like that, but the fine dining folks are all about socialization, entertainment and a really great, wonderful, uplifting experience. Boy, if you cant do that, fine dinings going to suffer terribly. Stuart ed renzi, always a pleasure. Come back soon, please. Thanks very much. Good stuff. All right. Airlines, thousands of workers face layoffs. Government help is i think its now actually expired. However, talks about new help are still going on. In the meantime, 32,000 job cuts being announced after washington stalled on a new round of stimulus for the entire industry after they received around 25 billion earlier on. American, united say they will bring back these workers, at least a portion of them, if a new deal is reached. United cutting nearly 3,500 13,500, american cutting 19,000, so that adds to a really tough 24 hours of job cuts. Think about the 28,000 from disney, 9,000 from shell, allstate cutting 3,800, and continental cutting 30,000 jobs around the world. And Goldman Sachs reportedly also shedding backing jobs, 400 of them, and that add adds to the 70,000 global banker job cuts we have seen so far this year. This is a long list, and it shows if we dont get extra money from d. C. , there might be some permanent damage to american lives and the american economy. Stuart and not all of those jobs would come back. Shell oil, for heaven sake. End help is needed badly. Stuart a look at the markets, were going up. Weve cut the gains a little bit. We now show a gain of, what, 10 for the dow 130 for the dow. About an hour ago we were up 200. The nasdaq is a standout, that means big techs doing well, thats for sure. Were up 140 on the nasdaq. As we usually do, were going to take a look at the empty times square on a chilly thursday now, that is empty. Well be back. I have an idea for a trade. Oh yeah, you going to place it . Not until im sure. Why dont you call Td Ameritrade for a strategy gut check . Whats that . 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. Keeping your oysters growing while keeping your business growing has you swamped. you need to hire i need indeed indeed you do. The moment you sponsor a job on indeed you get a shortlist of quality candidates from a resume data base so you can start hiring right away. Claim your seventyfivedollar credit when you post your first job at indeed. Com promo stuart weve still got a rally in progress, but the scope has been cut a little bit. The dow is going to be u