First Vice President ial debate. What to expect, coming up. Markets are higher, take a look at futures, a gain in the triple digits this morning, the dow industrials up 129 points, nasdaq up 43, s p 500 higher by 13. This after markets fell yesterday after President Trump walked away from the stimulus talks with Speaker Nancy Pelosi. The president tweeting no more stimulus talks until after the election. Causing an afternoon reversal. The dow industrials down 376 points at the close, the nasdaq lower by 177 and the s p 500 down 47. Briefing bracing for impact, hurricane delta churning toward the gulf coast now, some Southern States declaring a state of emergency. Raining reining in big tech, lawmakers weighing whether or not top tech firms should be broken up. Getting away from it all during election week, the 5 underground adventure to get away from it all making a buzz this morning. Mornings with maria is live right now. European markets this morning look like this on the heels of gains on wall street, no followthrough in europe, the fq100 down 4 points, cac is down 8 and dax index lower by 37. In asia overnight, more of a mixed story, China Remains closed for a holiday. The other asian markets as you can see, hong kong was strong, up better than 1 . Some of the top stories this morning. President trump pulling the plug on talks for a new covid19 relief bill. The president blaming the decision on House Speaker nancy pelosi accusing her of not negotiating in good faith, saying that talks will resume after the election. In an overnight tweet the president called for congressional action on a standalone bill for a new round of 1,200 stimulus checks which he says hes ready to sign right now, calling for you approval on another 25 billion in aid for airlines and 135 billion for the Payroll Protection Program, saying both can be paid for with unused funds from the cares act. Jerome powell issuing his strongest warning about the countrys Economic Outlook. Hes warning that too little Government Intervention would lead to a weak recovery and cause unnecessary Economic Hardship and a more generous relief package would not be wasted. An update to a story i first broke here, President Trump has authorized the release of all documents of what he calls the, quote, single greatest political crime in American History, the russia hoax as well as the Hillary Clinton email scandal. Weve got it this morning. The director of National IntelligenceJohn Ratcliffe declassified John Brennans handwritten notes showing that he had briefed then president obama on Hillary Clintons plan to tie candidate donald trump to russia and collusion. This in an effort to distract from her own private email server scandal. Well continue to update you as the story unfolds. The documents are coming out. Markets this morning are rallying, take a look at futures indicating a gain of better than 150 points at the start of trading. Were off of the best levels of the session. But the dow up half a percent, 151 points, nasdaq up 46 and s p 500 higher by 15. May injurmajor averages retreatm one month highs after President Trump tweeted about halting the stimulus conversation until after the election. Joining me right now is ed yardeny. Joining the conversation all a morning long this morning, Dagen Mcdowell and political analyst, author of taking for granted, jianna caldwell is here. Here we are on the doorstep toro the Earnings Period for the Third Quarter. Give us your take on the backdrop of this economy as this market looks higher for the day today. Well, weve had almost kind of a Twilight Zone experience here. Weve never really been here. We had we had a two month recn that lasted march and april. The economy bottomed in april. Since may weve had a vshaped recovery through the september data. Its not a forecast, just a description of what weve actually seen. The economys done remarkably well making a comeback here. That doesnt mean that earnings are going to turn around right you away. The Third Quarter numbers are probably going to be Something Like down 30 of 30 but i think, again, thats probably the bottom and were going to see earnings recovering into next year. Maria so you are expecting then a vshaped recovery . Well, i think we have had a vshaped recovery so far and i think that theres enough stimulus still left from the first round of checks that were sent to people during the spring, combined with zero Interest Rates that have kept Mortgage Rates at historical lows so what were seeing here is a housingled boom thats offsetting the challenges faced by some of the Service Industry as a result of the pandemic. So i dont know that its going to continue to be straight up. It could start to swoosh kind of like the nike swoosh, but i think were still on a recovery path. Maria yeah, but what about fed chief jay powell said yesterday . He said the economy needs a more aggressive fiscal and monetary stimulus to recover, also said that the economy still has a long way to go, ed. I think he was pretty much suggesting that, yeah, get together in washington because we need more fiscal stimulus. Will the economy continue to grow even though these talks have now ended between the white house and Speaker Pelosi . Look, what the pandemic has done is gotten the fed very much involved in lobbying for fiscal stimulus. In the past, the fed rase end fed was independent, didnt make any comments on fiscal policy but you apparently theyre so concerned about the economy that they dont believe that even what theyve done and what they continue to do is going to be enough and i think we are going to get some another round of stimulus. I know the president broke off the negotiations yesterday but this is the guy who wrote the book, the art of the deal, and sometimes to make a deal you walk out of the room. Maria yeah, thats funny. Youre right. Lets talk handicap the next couple of weeks for us, ed. Were going to be getting Third Quarter earnings beginning next week. Well get a full picture of what the Third Quarter looked like in the coming weeks as well as hopefully get guidance for the Fourth Quarter from the s p 500. The bank is going to kick thinks off on the 13th when jp morgan reports. What are your expectations for earnings here . Again, the economy tanked in the second quarter. In the Third Quarter, real gdp is probably going to be up Something Like 30 . When you do year over year comparisons in earnings which is the way we look at it, gdp were not looking at year over year, were looking at kind of quarter over quarter and annualizing, on that basis the economy looks pretty good on a real gdp basis. On an earnings basis were probably going to be down 30 on a year over year basis. I think we basically bottomed on earnings in the middle of the year. Maria so you want to buy stocks here or of you want to hold on, on the sidelines . Well, you know, its hard for me to tell anybody at this point to jump in the market if theyre just if they just have totally missed. Ive been bullish for quite some time. Im still bullish. I think the markets up trend is intact and will continue. I dont see a recession in 2021 or 2022. If thats the case, i dont see another bear market anytime soon. Maria well leave it there. Optimistic note. Ed, great to see you this morning, sir, thanks very much. Thank you, always a pleasure. Maria and now your morning mover, lets check it out. Levi strauss soaring premarket after the Company Reported a surprise profit, largely due to online sales. They surged 52 in the Third Quarter. Levi strauss says the Company Plans to expand its retail footprint. It expects strong sales headed into the holidays. Shares up almost 11 right now. All right, quick break. We are just getting started. We are previewing this evening Vice President ial debate, the strategy both sites plan to use when they face off. Next hour well have the top market moves investors are watching with the word on wall street coming up. Mark penn is here on the 2020 race and what he expects for tonights debate. Then trump 2020 president ial Campaign Senior advisor jason miller talks the president s Election Strategy with the november decision now just 25 plus days away, in the 8 00 a. M. Hour, whole foods ceo jim mackie is here talking about the state of his business amid the pandemic. And then trey gowdy discusses the president s move to declassify all the documents related to the biggest political scandal of our time. Well be right back. Dont miss a moment of it. Rests or whats trending. Get realtime insights in your customized view of the market. 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Get started for free at ancestry. Com maria welcome back. Stimulus talks called off, President Trump announced that he is pulling the plug on negotiations for another coronavirus aid bill until after the election day at the earliest. He says House Democrats are looking for billions of dollars in aid to bail out high crime cities with little money related to covid19. The move comes after months of talks between treasury secretary Steven Mnuchin and House Speaker nancy pelosi. Pelosi slammed the president s announcement, even reportedly blaming the president s decision on side effects from the Covid Treatment drugs hes recently received during a call with other democrats. Meanwhile, the wall street journal this morning Editorial Board slams pelosi calling her demands for 2 trillion a ransom on taxpayers. Joining me right now is the editor in chief of the hill, bob cusak. Thank i for joining us. Your reaction . This is like groundhog of day. President trump tweeted last night that maybe he wants a more narrow bill for the airlines. I dont think theres going to be a deal, maria, just because they cant agree on a topline number. Republicans in the senate dont want to spend 2 trillion. I think the only thing that could get really the parties to get serious is if the market drops significantly and unless that happens, i mean, were just so close to the election, even if they get a deal, getting it through the senate is going to be very difficult. It doesnt seem like Mitch Mcconnell wants a big deal. So im not optimistic on a deal right now. Maria yeah. I mean, the journal Editorial Board writes that nancy pelosi continues to come back with lots of items in a bill like money for the cities and locals that have not governed very responsibly. Also cannabis is one of the main features in her bill. Whats your take on is she politicking, just trying to taunt the president with all of this stuff . I think theres a lot of finger pointing right now. I mean, certainly whether its the big 3. 4 trillion bill that the House Democrats passed in may or even more when they scaled it down to a little bit over 2 trillion, there were parts of those bills that are just unacceptable to republicans and nancy pelosi knows that. Thats part of the negotiation. But you know, there have been endless talks between mark meadows, the chief of staff, Steven Mnuchin, the trishly secretary andtreasury secretary and pelosi. No matter how much they talk theyre not going to agree on state funding or election funding. I cant see them getting over the hump especially when the political temperature is so hot right now. Maria yeah. Dagen mcdowell, jump in. Dagen just want to point out that the Sticking Point was nancy pelosi wanted about a half a trillion dollars to bail out the blue states. Those states versus the red states have already gotten an outsized portion of the rescue money that went out earlier this year. The Trump Administration was willing to come up to a quarter of a trillion dollars. That was really the issue. I dont believe, my opinion, that nancy pelosi was ever going to move a stimulus package, another rescue bill before the election. She literally stood by and watched all of those Airline Workers on the cusp of getting laid off. However, the way that President Trump yesterday walked away from the stimulus negotiations, he now owns the fact that no more money is going to go out and theres still nearly 12 million americans collecting state unemployment benefits. Yeah. And listen, Nancy Pelosis been pushed by some of her vulnerable members, her democrats in trump districts who have pushed her to get a deal that see this kind of this fighting, infighting among democrats and republicans and the part themselves and it looks a bit childish. So that did move her to at least i think pass another bill but did it really do anything . No, it didnt. Were still stuck in this basically impasse and thats not going to change anytime soon. I do think maybe they could pass a narrow bill on airlines because both the president and the speaker have said that but a big bill, im doubtful. Maria the president says hes going to do that by executive order of. Lets turn of to the Vice President ial debate tonight, bob. The candidates getting ready to face off. Mike pence and Kamala Harris will face off during the seasons only 2020 Vice President ial debate tonight. Its happening in Salt Lake City. The two candidates will be 12 feet apart, separated by plexiglass. Give us your take on what will be discussed tonight and what strategy will come to foreon each side. Mike pence did well in his debate against tim cane four years ago. He was widely seen as the winner of that debate. And the pressure is on the Vice President to pick up this ticket. It has been a rocky couple of weeksing certainly with the president getting covid19. I do think from a strategy perspective, were going to see mike pence go after senator harris for liberal policies. Youre going to hear raising taxes a lot. Remember, the Biden Campaign has said it wants to raise taxes roughly 4 trillion, mostly on wealthy individuals but at the same time thats going to be, hey, we cant raise taxes especially in the middle of a pandemic and as weve had a recession. And from harris perspective, i think shes going to remind everybody about covid and keep going back to that and not going too personal. I think the debate is going to be a lot more civil than the president ial one, thats for sure. Maria yeah. Well, thats a good bet. Bob, good to see you this morning. Thanks very much. Coming up, intel bombshell. Once again, President Trump finally authorizing the declassification of the materials related to the biggest political scandal of our time. Were going to get into it when we come back. How much will this sway