 I have to interrupt you, but we do have some breaking news and now breaking a key number here And we've got to go to the floor of the exchange. We won't bring you back very soon, but I want to go now to Susan Lee Susan Dow Jones industrial average up almost 500 points more than 2% Give us a give us the latest on this this leg of this rally today Okay, so I've been on the phones and talking to a few traders and volatility Of course part of this game now that we're in this algorithmic program trading world that we are So yes, we're bouncing back after the those sold-down levels that we saw Breaking some key technical levels and people saw that as a bargain Especially a lot of these as I said program trades I said, okay now it's time to kick in and pick up some of these big tech names in particular So take a look at the NASDAQ right now We're driving the gains here with those big technology names some of them reporting after hours That includes Amazon alphabets are better known as Google today And yeah, that's the talk right now on the trading floor is that we have bargains The growth story is still intact and you see a lot of cheap names out there to pick up Susan Lee, thank you very much. Let's go to the floor of the New York Stock Exchange and find out what the traders are talking about down there Jerry will yeah Charles. That's right So I'm on the floor of the New York Stock Exchange with the trading is really occurring today We are up 501 points on the Dow. That's 2% the S&P 500 up 65 points That's 2.48 percent but take a look at the NASDAQ up 3.4 per 747 percent 252 points. This is a big game for the NASDAQ. What are they talking about down here? Well, they're talking about bargain hunting They're talking about finding stocks that they think are doing very well indeed. It's interesting yesterday stocks were getting punished for good news today They're getting Trading higher on good news. You see what happened to Microsoft a good report. They're now up 5 percent. We're watching Intel They're gonna be reporting soon after the close that stock doing well. Here's what's leading the Dow higher Microsoft Intel We just talked about them VISA Cisco those stocks at the top. We're also looking at alphabet that company are having already Reported it's done very well. We're waiting for Amazon here Big news in the earnings. I gotta tell you the conversation down here is less focused on say trade less focused say on the comments coming out of the Fed today We're are we gonna get more rate hikes and more focused on what is that? What's gonna happen with the election in less than two weeks concerns about what happens with Trump's top priorities what happens with with taxes what happens with Healthcare will he be able to pursue those things or will it be stopped if the Democrats take the house? Of course, we've been looking at that for some time now, but good news here the Dow 494 points to the upside the S&P up 65 nasdaq composite up 251 as a 3.5 percent game coming into today Remember what we saw was that the nasdaq was in correction territory, right? And we saw that the Dow and the S&P had sold off to the point that all of the gains of the year were wiped out But this is improving at this point The question is will it hold and what I've been told here on the floor is that they want to see this market finish well above 250 points that would show some conviction in what's going on in the marketplace right now It would mean that buyers are really coming in at this point that they're committed to the market And there's certainly one of the questions that people are asking is this a dead cat bounce or is this real at 500 points? You really got to like it back to you Charles Thank you very very much want to bring in Kevin Kelly a metro shells back with us also joining us from stock solution Melissa Armo To pick up on what Jerry was saying one of the things I liked about this rally all day Is that it's being led by the one the names you want to lead it? Technology your top three weightings in technology apples 24 per 21 percent of it Microsoft 17 percent visa is 5 percent We know Microsoft and visa reported good numbers the market's responding well to it And of course buyers always seem a list of the flock back into Apple So you've got leadership there Intel reports after the clothes the semis have been hammered Maybe you're seeing some bottom fishing there But you've got the combination of things you got the leadership that you need and you've got some bottom fishing It's just the right kind of mix for you Really tonight and tomorrow is really important for the market There's two things that's happening in the next 24 hours for the market that are critical GDP number coming out tomorrow morning and two big tech names reporting tonight, which is Google and Amazon if one just one of those two big names reports well and Gaps up huge tonight and holds and rallies with a good GDP number tomorrow or both You could see a massive buying in the market tomorrow and a big rally that could almost a hundred percent trace The sell-off that we've seen for the last two weeks now I don't know if it's gonna play out that way, but I'm telling you're saying tomorrow one session could be And so almost the biggest session in the history of the stock market at least from a new miracle What's a good GDP number? At this point for the market anything that's not bad is good because we've had so much sell-off so anything close to four I don't want to say over for close to four would be good Mitch yeah, and I think on the GDP number you got to look to the consumer because consumers two-thirds or almost 70% of GDP and if the consumer strong in this print, I think that's gonna be the message that the market wants to hear Here's another thing that I'm seeing and by the way, I've seen this all week long I've been amazed every morning at the amount of upgrades Wall Street has been very aggressive telling people to buy weakness, which I don't see often today We just got an upgrade on the home builders the worst one of the worst hit second sectors out there They're doing it short nearly well. We just got an upgrade this morning a caterpillar We have three upgrades this morning. I'm bowing Wall Street is telling people telling people to put money to work I think that's good. In fact, I think it's a little unusual They usually wait till the top to tell people to buy. Yeah, I mean it we saw last week There were actually downgrades on the home builders So you're actually seeing different signals coming from Wall Street a lot since then Here's all investors need to do they need to focus on the companies that are Reinvesting in their business and you're seeing that time and time again, whether it's from Home Depot is doing it Right they're spending 1.2 billion dollars over supply Redo their supply chain. Listen Microsoft last night. They're Azure cloud computing was up 76% Because companies are reinvesting in their technology. That's the only way the market's gonna go higher here So if we have a short-term correction because margins are compressing because companies are reinvesting in their business So be it but longer term It's going to play out and you're seeing it play out with Microsoft Talk about the consumer for a moment because we you know you mentioned GDP I think this week one of the standouts have been retail. They were even the last segment to go down yesterday They've been holding up very very well. I think people are looking for an outright and outstanding us Holiday season Burlington Co factory up big today children's place has been up two or three sessions How critical is and do you think that the consumer will step up to the plate? Well, usually you do have retail rallying at the end of the year because Black Friday The holiday season is usually the bigger time when you see some of these stocks rally Although some of them rallied and made new highs like Target way earlier this year Which which they didn't have to do and you typically don't do but they did this year I think the market's gonna close strong in December I think one of the reasons we've had so much shelling is because we're coming into this election period And I think that people have been worried about really what's gonna happen in the upcoming week next week and a half I guess 10 days till the election. So you've seen that you see the worry about interest rates We've had selling but all the market needs is one reason for people to buy it back in and what the biggest risk Is that people will miss the next rally? What whenever that happens if they if they sell if they get out well Can I just bring up one of the most important things investors need to be conscientious of and the biggest buyers of stock have been removed from the market? And that's the companies themselves They've had a blackout period a month leading into their earnings So Microsoft now can buy as much stock as they want back now and then once Amazon does it So you're seeing the biggest companies can't buy their own stock and stock buybacks are healthy, right? They are tax-free dividends essentially Microsoft in their report last night said they spent 6.1 billion Returning money to shareholders either through buybacks and dividends to your point a trillion dollars possibly this year That means hundreds of billions still left in a pipeline once that goes off Mitch It will have a positive impact on the market. No question We still have money that's overseas that hasn't been repatriated and the taxes basically been paid on it So when that's money comes in it's gonna end up in the the capital markets either through buybacks or through dividends So I think we're gonna see that money come back Let's talk about Amazon for one second because that's the name everyone's looking at the Amazon alphabet Google But Amazon is the one that everyone is paying the most attention to it is the name that it's gonna sway everything What's the most important part here because their guidance is gonna be a little different the $15 minimum wage It's gonna be a multi-billion dollar hit to them next year and they do have some other higher cost Associated to How do you see this playing out? I mean I my instinctively a minute into my retirement account? I don't plan on selling it anytime soon, but do you think they'll overcome those hurdles? Yeah, they're gonna overcome those hurdles because one of the highest Profit centers for them is gonna be advertising going forward. They know your likes your clicks and and your habits So I think the most important thing is they've been expanding that over the last year and Wall Street's gonna be focused on that number They know the cloud is gonna do well their cloud grew 49% last quarter expect to beat this quarter on it given what Microsoft did last night That's why the stock is trading up today into the earnings over 5% I really think Google's a wonder watch and here's why Google has not looked at great compared to Amazon in the last few months Since July if Google is a surprise and actually has some buying coming into it tonight gapping up and running Then you really could see that whole sector no matter what Amazon does even if it even Amazon down but Google being the savior Amazon could gap down and then rally what I'm saying is Google has had so much Shelling if buying comes back into that stock one of the big stocks in that sector that has looked Really like crap since July even though it's in an uptrend It is has had so much shelling compared to Amazon Amazon's making new highs all the time It wouldn't be a surprise is what I'm saying if Amazon did it It would be a surprise if Google did you'd have all this buying come back into the stock and the key number is 1200 let's go back to Susan Lee for an update Susan Well, you know, I'm gonna cover Amazon earnings later on tonight after the bell and we're expecting it profit to gain Triple digits up a few hundred percent from last year revenues also expected to advance about thirty percent or so and I would say the key Number for Amazon. Yes, it's always about the cloud because it's probably the main revenue contributor and driver at this point But what about advertising that small line last quarter drove up a hundred and thirty percent That's a new business line that people are also closely watching as well And they're regular the regular business look really fantastic cloud gets all of the to your points is and cloud gets all of the hype And it should because it's growing really quickly and it was the reason they were profitable But the other parts of their business are really phenomenal and by the way many people think they're taking search away from Google right now Yeah, search advertising taking away from Facebook and Google and don't forget they're getting into pharmaceuticals They have an Amazon go bricks and mortar store that just opened up in San Francisco till long lines That's pretty much the base case everywhere that they opened their bricks and mortars Amazon go stores right now, so they're doing different things and when Amazon gets into your space. Yes, that is a new 800 pound gorilla It isn't a hundred pound gorilla, but I could tell you right now I've been shaken out of some of the names that initially went down and a few months later I kicked myself while there was in furniture I mean so you can compete companies can compete and we talked about retail But three even retailers that are learning omni channel They're learning how to use their brick and mortar locations for delivery spots and even now is distribution homes I think we're at the point where retail is finally figured it out We haven't added new stores on the real estate side their closing stores And they're figuring out how to coexist with e-commerce. What's interesting is we're talking about e-commerce being up And we're talking about brick and mortar as I like to call stick and brick real estate Based retail being up that's all about the consumer and that's the dividend from tax cuts this late in the in the counter Well, it's important to note that over 95% of retail sales are omni channel Meaning they're done with retailers that have a physical and a Digital presence the storefront is the gateway to the consumer You have to have a physical presence in order to increase your retail sales and that's going to be playing out Quarter after quarter after quarter for the retails That's why you're seeing Norsham do well as well as Walmart Don't forget if Trump comes out with a second tax cut thing before the election it comes out That's gonna boost sales going into the end of the year Keep the house real quick one more time folks, too We heard from the second most powerful man at the at the federal Federal Reserve And there were a few takeaways that I think this market is feeding off still room for unemployment rate to drop Wage group keeps picking up the tax cut tailwinds folks are still in the economy and business investment Productivity thanks to the tax that code changes continues a lot of good things. We've got great momentum right now