Workers of an annual cost of a billion dollars and thats why the stock is down. Down 1. 6 . Tesla, the stock thats going straight up and it has nothing to do with the virus. Tesla, 500 index meaning a lot of Money Managers have to buy the stock so up it goes and by the way the gain of 53 13 makes elon musk the third richest person in the world. Overall, the market is in a mild selloff mode. Dow jones closing and 29950. Its retreating a bit. S p down about 25, nasdaq a slight gain. A big tech is doing okay. We are in creeping lockdown mode and thats the problem for the markets as many states and cities imposing new restrictions as virus cases arise. Wear a mask in north dakota, utah. No Indoor Dining in california, michigan and in philadelphia, no indoor football watching parties. My opinion, thanksgiving next week, confrontation is coming. Who will enforce limits on your thanksgiving celebration . Where does president elect joe biden the stand, lockdown joe, where does he stand . Hes not saying. He just blames trumpet on the show today you will hear the softball questions the media lobbed at biden. You will see Mark Zuckerberg endorsing facebook and twitter appeared to answer more questions on censoring conservative point of view and senator rick scott, florida versus new york in the covid era. A day and night. You will hear more about that. Varney co. Is about to begin. Stuart houseparty. All right. Joe biden gave remarks on the economy yesterday and took questions. We have allowed to unpack here and i will start with the president elect saying trump could be responsible for covid deaths. Thats what he said. Roll tape. We are going into a very dark winter. Things will get tougher before they get easier. More people may die if we dont coordinate. How to get the vaccine . How do we get over 300 million americans vaccinated . Whats the game plan . Its a huge huge undertaking. Stuart we will get into all of that throughout the show, but i also want to point out that president elect biden and his press conference yesterday really he rarely takes questions from reporters and when he does this is what it looks like. Watch this. With dc is the biggest threat to your transition right now given President Trumps unprecedented attempt to obstruct a smooth transfer of power to make it doesnt appear the president will come around any time soon and admit defeat so what will you do . What options do you have to ensure you are ready to go on day one . I want your thoughts on the president s tweet, how did you interpret that and at the end of the day do you want him to concede . What is your message to the republicans backing up the president . Stuart pathetic. Looks like we are getting a sneak preview of how the media will handle the biden presidency. We will have more on this throughout the program. On your screen, big number 133,000 and 45, a new virus case of the United States prompted a number of states to issue tougher restrictions. Ashley, you are on. View me the thumbs up again. Ashley its thumbs down, actually because we have minute by minute more restrictions with californias governor gavin newsom saying daily case numbers doubled in the last 10 days and hes going to quote pulled the handbrake which means in many states large counties Indoor Dining and other businesses will have to shut down again and have a huge impact. As we go around the country, in iowa starting today people will be required to wear masks when indoors and unable to social distance and the governor ordering restaurants and bars to close at 10 00 p. M. We also have sweeping stayathome advisories going out into chicago and philadelphia, banning indoor gatherings and closing Indoor Dining out restaurants. New mexico now under eight two week locked as you mentioned north dakota has imposed a mask mandate. New jersey announcing limits on gatherings Effective Date today and the new Jersey Supreme Court issuing an order suspending criminal and civil jury trials. In washington state, new restrictions including limits of 30 people for weddings and a ban on indoor receptions. Again, we have these restrictions coming out almost hourly, stu. I think as you said as thanksgiving rolls around, its a combination for confrontation, no doubt. Stuart we are in creeping lockdown mode is the way it seems to be. Thank you. Lets get to tesla, winners. 53 up a share. 13 . Its joining the s p 500. Susan finally on december 21, it will be official going from to mainstream with tesla finally getting inclusion after five straight quarters of profit. You cannot say no to to a 400 billiondollar company, the largest ever added, already the eighth largest on the s p 500 and tesla stocks surging. There is 12 trillion in index funds which mirrored exactly within the index so teslas inclusion means the funds will have to buy tesla. Teslas rally means elon musk is getting even richer adding 15 billion and now worth 115 billion over taking Mark Zuckerberg as the worlds third or just a man, not that he needs the money. Stuart did you see that on the screen now worth 115 billion and he said he was worth 113 billion . Susan 117 billion. Stuart what is a couple of billion between billionaires . Susan exactly. Stuart up 13 . Thank you. Look who is here, gary kaltbaum. Gary, went to put you on the show because you are florida got and as you may know i just took a quick trip to florida and i have to tell you, the difference between new york and florida is like day and night. Is that the way you see it . Big time. Restaurants are here 100 , jims 100 . Of the only thing i have seen is that bars that are not in compliance are getting talked to, but we are open. People are being smart about it. When you go to supermarkets, people are Wearing Masks staying enough away from each other. People get it. Im not sure they need government taking the mallet out and putting them on the head for every little thing. I get the idea that viruses meaningful and the numbers are going up , but for the life of me being here what its doing across the us kind of weird if you ask me. Stuart i also want your market outlook. We have been quoting all times a big Investment Firms who see next year is a very strong positive year for stocks do you . I think initially, yes. I think everything has it changed, stuart. Started last monday dial up about 1600 points since then. The vaccine has over taking at least in the market any negativity on the virus and you see it on the opening up of the economy trade i call it. The best way to explain it is yesterday, 883,000 people went through the tsa checkpoint. A year ago yesterday was 2. 3 million, so we are only about 38, 39 of the norm. If we even go back to 70 , that means hotels are filling up. You want to own hotels. Energy demand is picking up, you want to own energy stocks. Some cruise lines are not going out yet. You want to own cruise lines so i believe everything has changed the market and the opening up a trade is going and i think there is a bunch more to go in the next couple of quarters. Stuart gary, thank you for joining us. Here is whats coming up at 10 00 a. M. , facebook Mark Zuckerberg and twitters jack dorsey will testify on capitol hill. Of this surely is all about censoring conservatives. Susan republican senators will likely be on the attack accusing the social media giant of unfairly silencing gop members including President Trump, the second congressional appearance in a month for twitter jack dorsey and facebook Mark Zuckerberg with the hearing and motivated by the limiting and sharing of the New York Post article on hunter biden but the questioning will likely include question surrounding the labeling of President Trumps and tweets especially on the election process and also expect questions around section 230 where social Media Companies are shielded from being liable for what users post. In Opening Statements you will hear both jack dorsey and Mark Zuckerberg say they both had changes in tweets when it comes to section 230, but not a full repeal. Looks like the Research Media center said both twitter and facebook censored President Trump 65 times compared to zero four president elect joe biden took cnn reports a twitter warning label on more than a third of President Trumps tweets since it pulls a closed in november. Stuart sounds like same old same old, repeat performance from last time. Checking futures, about 18 minutes till the opening of the market, down 200 for the dow jones. Major retailers reporting this morning with the numbers, home depot, walmart on the downside. Californias governor gavin newsom breaks his own virus restrictions and then offers what i call a reek weak excuse. Roll tape. A few weeks ago, i was asked to go to a friend to 50th birthday. We are all human and fall short sometimes. Stuart well, we all fall short sometimes and along similar lines chicago mayoral light but responding to criticism as a she was a crowd celebrating bidens win. Spoiler alert, shes not taking any blame or responsibility. 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Gains of 1. 1 , slightly better than economists forecast and it definitely better from september when he saw a decline of the. 4 . Stuart got it. Adding to our view of the recovery. Susan manufacturing a. Stuart no difference to futures as i see. Retail earnings with a slew this morning. Walmart, home depot and coles. Susan walmart is the biggest retailers in america with online sales encouraging. Ecommerce up almost 80 walmart customers are shifting to their home instead of going into the stores and using grocery pickup instead. The stock is slightly down one and a 3 . They did have to shell out 600 million more, but that was pretty much offset and that stock was a record high yesterday. Lets talk about home depot. Wiese on incredible 24 surge in sales in the quarter i mean unbelievable. Lock lockdowns met more time for Home Improvement. Stock is down because home depots pain out a billion dollars more to make temporary pay raises permanent but still may say strong sales. The underperformer is khols reporting more than 13 decline in current sales with customers buying less apparel, footwear and shares are down close to my 50 this year and some are questioning whether or not they will survive. Stuart i dont think these retail earning support have much impact on the market. Susan its been pretty much priced in and todays a prophet taking day after that monday session with record stock market. Stuart still down 250 on the dow jones. I want to bring in our retell guy, gerald storch. Gerald or jerry i have known you for three years, can i call you jerry . Much preferred, stu. Stuart what stands out from all these reports is the extraordinary growth in online sales. Something we have talked about, but i never thought we would see this percentage gain that we see now. Is phenomenal and you see it with walmart reporting the 79 increase and then you see amazon growth tremendous. Prime day was the month of october, so that helped a bit 29 growth yearoveryear in ecommerce sales reported today in the Commerce Department was phenomenal the whole report was good. I had to say this, anyone who say i dont know sometimes i went to conduct they met with. 3. 1 versus last month compared to. 5. Its ridiculous. In yearoveryear retail sales were up 5. 7 versus last october prepandemic 8. 5 just for retail trade. The only thing really doing poorly is apparel, Department Stores, susan mentioned khols and restaurants and bars. Everything else is off the charts. Stuart tell me about home depot because that has nothing to do with you know its really it has nothing to do with online sales. That has everything to do surely with the pandemic. I know the stock was down but their report was spectacular. Its down because its been up so months much. 26 more sales from last year in october. Thats phenomenal. We just go crazy with numbers like this and retell. Whats a great growth story and the reason why is because people are in their homes, not buying apparel. They are fixing up their homes they are spending on home depot sales. A pretty good online operation but thats not really where its coming from. Increase traffic, increase, unlike walmart who did not see increased traffic. It was all increased tickets where the sales are coming from an online. Stuart what worries me is impending future restrictions that the big guys, target, walmart will be essential retailers and stay open. If the smaller retells retell that will have to close. Huge in the lockdown situation becoming little and big. You are right. Large retailers are adapting. Walmart is the nations largest Grocery Company and groceries are up 10 in the month of october yearoveryear. They will thrive and stay open and how the online operations, complex on the channel paradigm with all the technology, they will do great. Massive kind consolidation, not by someone buying someone else but the people that survived this capture and share of those going out of business. A lot of people we saw the rumors about francescas yesterday, one after the other dominoes will fall very heavily in the apparel and Department Store space. Stuart july to get back to running a big retailer . For the right time for the right challenge its always fun to be in the game. Stuart gerald storch, thank you. Back to futures. Futures indicate a downside move before the dow jones and s p, but upside for nasdaq up a quarter of a percent. Back after this. Your journey requires liberty mutual. They customize your Car Insurance so you only pay for what you need. Wow. That will save me lots of money. This games boring. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Stuart we are going down on the opening bell, down by about 200 points. Looking off camera on the righthand side of the screen is famed market watcher who is back with us. Sim. I was looking to see the retell sales number they dont look too bad. Stuart thats a good way to start. Whats this about the recovery looks less like a v and more like a nike swoosh. What is that . Well, thats like the symbol where it goes down and looks like a v and then starts to continue to recover, but at a slower pace. Its only natural. We have had under mark remarkable v shaped recovery from the pits of this recession in april right through october and i would argue that there still is enough stimulus left from the first round of cares act and all of the fiscal stimulus at all the monetary stimulus to keep the economy growing through the holidays. My wife went to the mall and she said she has never seen it more tact and her thesis is that people are running to the malls in advance of what they perceive another wave of the pandemic. Stuart you are still bullish . I mean, everyone else seems to be bullish about next year with these big Investment Firm saying we are going eight, 9 on the s p next year. Do you still feel that way . Yeah, dont fight the fed and continues to keep Interest Rate near zero. Again, looking at retell sales report everything that is housing related is at an alltime record high, so low Mortgage Rates have been able to have people move with a lot of de urbanization because of the pandemic and i think people will be moving to houses. Houses lead to a lot of spending and also housing related items and we see that for sure stuart we see a lot of these extra restrictions piled on all over the country just as we approach the holidays. Surely that will slow things down. You are absolutely right. Of the question is, will the restrictions be as severe as we had a march april. In new york, the governor basically shutting things down at 10 00 p. M. I dont know that it will really hurt the economy here in new york it all depends on how bad the restrictions get, but on the other hand i think we can look forward to a vaccine. Vaccine users have been upbeat and i think the stock market will continue to have this rotation between the stocks that get hurt the longer the pandemic last into the winter and stocks the very same stocks may benefit when we get more good news on the vaccine. Stuart i will be selling if the republ