Transcripts For CNBC Worldwide Exchange 20240712

Youre watching Worldwide Exchange on cnbc top of the morning to you in for Brian Sullivan today kicking off this monday morning with stock futures indicating declines. The nasdaq up about 48 points as you can see but the nasdaq composite overall over the last two days has seen some of that positivity posting a 1. 5 gain with the help of blowout quarterly numbers from amazon. Com, facebook as well the latter coming off of a gain of 10 peculiar on friday for the best one day performance since march 13th of 2020 you can see apple shares over the last couple of days in the green. The major averages coming off their fourth straight months of gains. The s p 500 seeing its best july since 2010. You can see here 20 gains for the dow industrials. 26 gains for the s p and the nasdaq up 40 just over that span alone now in yields they continue to hover near historic lows ticking slightly higher to 54 basis points or. 54 ten year note yields around 11 basis points and the 30 yearlong bond on that trade and gold continuing its historic run coming off yet another all time settling high on friday up more than 9 just in july. Its best monthly gain since 2016 and seeing its first five month win streak since 2010. But that pales in comparison to whats happening in silver up 30 in its july the best month on record dating back to 1984 much more on those two Precious Metals coming up in a month. But first, europes largest bank by assets reporting a 65 year over year drop in profits in the first half of 2020 the Company Setting aside 7 billion from loan losses due to the virus pandemic those shares right now, hsbc down about 6 you can see here and hong kong down 4. 5 as well. Around the world a mixed picture in asia overnight after factory activity and china grew in the fastest pace since 2011. Europe is just getting things started a bit of a mixed picture coming off the european continent. Still out performing in asia and the dax in germany and the cac in france out performing in europe as well back home, were now warning, were hearing a warning from the white house. The Coronavirus Task force amid a surge in cases in the american midwest and she has some of those as well. The white house Coronavirus Task force says that the country is in a new phase of the covid19 pandemic. Speaking with cnn state of the union she had this to say. What were seeing today is different from marchand april. It is extraordinarily widespread its into the equal urban areas and to everybody that lives in a rural area youre not immune or protected from this virus. Her comments come as the u. S. Looks to bounce back from its worst month for infections since the outbreak began 1. 86 million new cases confirmed since the end of june. Amid the pandemic two more former u. S. Retail giants filed for bankruptcy protection late yesterday. First its lord and taylor the 194yearold retailer following jcpenney, neimanmarcus and j. Crew seeking protections and its not just lord and taylor in a separate filing the Parent Company that acquired the brand last year for 75 million also filed for bankruptcy protection. And then late last night the mens warehouse owner said that it filed for chapter 11 also entered a restructuring environment with 75 of the senior lenders that could produce its debt load by 630 million and the Company Listed assets and liabilities in the range of 1 to 10 billion and finally the online Prescription Drug has filed for u. S. Ipo. The company that has a valuation is in the process of hiring advisers for the offering. Good rx also came in at number 20 on the cnbc 2020 disruptor. Interesting to see the ipos in this time right now. You cant blame them with the nasdaq near record highs right now. Thank you very much back to the markets. Futures holding relatively flat as investors returned. Their focus to on going stimulus talks in washington d. C. They remain at a stand still investors preparing for more earnings this week disney, uber, Berkshire Hathaway and some of the names for the week that were all reporting. Im joined by the ceo of commerce Street Capital and im looking at all the potential catalysts. Were not even mentioning the Economic Data with the jobs number coming out at the end of the week what exactly in your mind will be driving markets. I think the markets are going to get a lot of bad news this month and youre going to have to pick and choose to really try to interpret and see whats going on theres several things that had me nervous were getting mixed messages from the market. I. T. Is doing really well. But as you brought up earlier, treasuries up 30 from the year. Gold up 27 for the year silver up 37 for the year you know, that normally doesnt happen in a bull market. Theres some underlying fundamental problems hsbc thats a big deal well continue to see bad news on our banks in europe if you look at jp morgan for example, theres 587ontheir capital level down from 702. Im calling him up and saying hey, slow down your dividends. Get your reserves up get your capital back up to 80 . It was at 7 last year i dont have the time and money to deal with a bank problem. You guys have to be part of the solution. So the economy is very much manifesting itself with the banks. The other place that we are seeing a lot of activity, we just had the big report about the number of retail bankruptcies because of the virus pandemic what does that mean then for an economy like the u. S. That is 70 driven by consumption and consumer spending. Its not good news. And the consumption is coming in different ways people are going to Amazon Online theres just this massive shift of mens warehouse. Who is buying suits right now . The most you need a sport coat but thats about it. So the Business World changed on demand for not only what theyre buying but who theyre buying from and were going to see probably now that its august 1st, you know, all of these restaurants and script centers are going to have tons of problems and thats going to show up in big bank and cnbs negotiating is one thing but you cant do that. You get a trustee a set of rules and it either works or it doesnt. Sure. That commercial Mortgage Backed Security Market is certainly one hot spot to watch. Always great to get your thoughts thank you for joining us glad to be here. Back on the show here, an insiders take on the future of tick to be as the white house looks to hold off on an all out ban for that app for now at least. A report from washington d. C. As lawmakers look to restart talks amid a stalemate last week and do gold and silver have what it takes for another record breaking month find out more when Worldwide Exchange returnsig aer th is rhtft welcome back to Worldwide Exchange a fast moving story we are following this morning President Trump is giving them 45 days to negotiate the sell of its Popular Video sharing app tiktok to microsoft. This after the white house said the app under its chinese Parent Company poses a National Security risk to the United States now this latest turn comes after the president threatened to ban the application after speaking with top aids and microsoft ceo. Eunice joins us. Good morning or evening to you well, china has responded to the talk that President Trump said could possibly be a ban of tiktok and responded to mike pompeo so the Foreign Ministry today said that beijing opposes any measures against Chinese Software firms and says the u. S. Should stop what it described as the u. S. s discriminatory policies now separately, they also described what its called unimaginable difficulties. It says that its going through of course a very difficult political environment overseas and it believes that its egged on by what its described as a fear effort by its u. S. Rival facebook now the founder confirmed to his staff that a u. S. Review does dictate a sale of tiktoks u. S. Operation is in talks with a certain Technology Company but that the letter also says that its still exploring other possibilities. So of course we have already heard from microsoft that they are already in discussions with tiktok but at the same time theres been plenty of reports out here that they prefer to have an independent sale. Eunice, im curious right now, based upon your reporting and the sources that you talked to, there has to be some kind of a feeling of maybe not retaliation but a little bit of a situation brewing with businesses, American Businesses in china there are a lot of them that do business there is there a sense that we could see some kind of a Ripple Effect across Financial Services or other Technology Companies other u. S. Companies that operate in china there is a fear about that. Some in the American Business community said that perhaps an American Company here could be a target of the u. S. State but of course if you were to look at it being targeted versus a Technology Company in the United States its also been pointed out to me that facebook, twitter, you know, a lot of social Media Companies not only in the u. S. But internationally are blocked already in china so thats been one discussion going on but what has also been interesting is the state media reaction has been pointing to what is described as hypocracy but also a lot of anger on social media here. So unlike the up swell of, you know, nationalism toward huawei, theres been plenty of people calling the founder a traitor and the reason is that nit past hes made some comments about how the u. S. Is a great place because you could have open discussion unlike discussions here in china and so unfortunately there are a lot of people that are saying that, you know, asking him rhetorically if hes happy with the situation now that hes facing in the u. S. A very complex cultural situation for sure thank you for the report on the latest with tiktok so joining me now is the managing partner at msa capital. A chinese based Venture Capital firm that manages 1. 5 billion it also counts uber, airbnb and others as past and Current Investments right now. I wonder if you have been listening to the report that eunice just gave it seems to me that there has to be some kind of a cultural issue developing between u. S. An american governments and the companies as well. What exactly is the future for business between these two countries. This is a Consumer Internet company and many describe it as a Company Global in its core and is chinese by happenstance so the fact that this company is facing massive headwinds. We can separate companies and people from Government Action so as a result it will be a test for others around the world. You may not feel a perception changes unless that system of govern m changes im wondering what this does for businesses Going Forward are u. S. Businesses going to be blocked from doing business in china Going Forward because of this or are there going to be dive divestures from technology Going Forward because of this . What happened with google happened with facebook very similar to offering to selfsanction on the side. And instead they stayed out of the Chinese Market whats incumbent in this situation is to set a clear frame work for all foreign built businesses that want to enter the American Market to give them a clear predictable frame work for which theyll be assessed and data and store that data and also how that storage across multiple different levels. Youre very entrenched with the companies. You do a lot of investments with them what are the conversations like between you and Chinese Companies that you invest in theres frustrations today. I think today theyll seek more lower hanging fruit and theyll have to find a way to work with regulators in the markets to ensure it. Thank you for those thoughts on that relationship complex as it is between the u. S. And china on the business front. We appreciate it still on deck for the show, taking charge, how ceos and u. S. Companies are taking the lead to keep their customers and the u. S. Population safe amid the pandemic marketing and leadership expert will weigh in coming up after this my name is christine payne, im an associate here at amazon. Step onto the blue line, sir. This device is giving us an Accurate Temperature check. Youre good to go. I have to take care of my coworkers. Thats how i am. I have a son, and he said, one day im gonna be like you, im gonna help people. Youre good to go, maam. I hope so. This is my passion. If i can take of everyone who is sick out there, i would do it in a heartbeat. I yeah, everything is runningis smoothly with the now platform. bling see, incident resolved. How did you. Gotta enjoy the small wins. You keep being you, derek. Keep being you. Drop the taco, get in the car. Does this sentra feel like a compromise to you . Wait what . The handling, its good right . No compromise there. Nope. Watch this. Brie brie. sfx rab beeps rear automatic braking. So if this Nissan Sentra isnt gonna compromise why should you . Youre right that a girl. The all new Nissan Sentra. With more standard safety features than any other car in its class. Futures right now. A mixed open the dow jones lower by 45 and the nasdaq by 45 the real outperformer and check out these premarket outperformers in the nasdaq right now. Microsoft up 2 and up 1. 5 and tesla up one and a quarter percent premarket. Worldwide exchange is back right after this businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver. In new ways. To new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back. But bounce forward. Thats why were helping you stay ahead and adapt with a network you can count on, 24 7 support and Flexible Solutions that work wherever you are. Call or go online today. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Stocks set to kick off a new month as investors brace for more virus aid talks and another busy week of earnings. Back on, microsoft says its resuming talks to buy tiktok following a weekend of pressure by President Trump on the potential deal for the app and the historic landing as spacex brings a pair of nasa astronauts safely back to earth following their trip to the stars. Its monday august 3rd youre watching Worldwide Exchange right here on cnbc. Welcome back to the show, in for Brian Sullivan lets get to how your investors are shaping up this morning. The nasdaq up by just around 46 points continuing its out performance. The major averages coming off their modest gains from friday but the nasdaq once again the outperformer a 1. 5 gain with the help of blowout quarterly numbers from amazon facebook and apple. The latter apple coming off of a more than 10 gain on friday for the best one day performance since march 13th of this year. Together the major averages are coming off of their fourth straight months of gains the s p 500 seeing its first since 2010 in bonds yields continue to hover near historic lows 54 basis points or. 54 . Or. 11 . In the long bond the 30 year. 1. 22 . Also shares of marathon petroleum. To the owner of 711 chains the deal is the Largest Energy related one in the u. S. So far this year. You can see it there, movement there. About 15 premarket. Were also watching a major deal in health care germanys announcing it will buy systems for 16. 5 billion. The agreement values the u. S. Maker of devices and software for cancer treatments at about 24 above its Closing Price just on friday were also of course watching historic gold trade. That run is still continuing coming off of yet another big record all time high on friday and up more than 9 just in july alone. Thats its best monthly gain since 2016 its also seeing its first five month winning streak since 2010 up another quarter of a percent and trading this morning, 1991. 90 the last trade there but that pales in comparison to whats happening in silver 30 for its best month on record going back to 1984 for more now im joined by Vice President global com. D. Ty strategy and research over at Rbc Capital Markets and the idea here that gold can keep going higher like this is perhaps a little hard to believe but is there still potential upside left for the precious medal. Theres still upside left for gold the record gains that we are seeing some of the longest rise in low prices in many years came to set new records. Its still possible because were in this heightened uncertainty and the Global Health pandemic. What exactly is driving it. Is it Institutional Investors . Sophisticated investors . Hedge funds, Retail Investors going out there and buying physical gold. What is the primary driving force . Thats the interesting part its basically all of the above. Were seeing investors of all stripes participating in some of the large platform funds some Pension Funds are also doing a lot but what is really important to understand is that this appetite is very widespread investors no matter sort of what perspective theyre coming from are looking at the market. Theyre appreciating the uncertainty. Even though were getting a lot of public markets. Investors do appreciate the type of uncertainty right now they are looking at low rates. They do see a weaker dollar. All of these things are coming together against the backdrop of the pandemic and the easiest Monetary Policy that we have seen in a very long time and thats really adding up to positive prices and were seeing appreciation for gold really change its not just the environment but we have seen a measured change in how investors have thought about gold specifically. Is there a in previous years of talking gold and gold prices with what analysts and investors, one thing that often comes up is this idea that gold buyers, precious medal buyers tend to buy and hold it longer because thats a mentality that you have is it fair to say that its the same this time around or more High Frequency shorter term traffickers looking to make a buck in gold. Were definitely seeing some participation in the gold market really for the shortterm price appreciation however, the reasoning behind a lot of the gold purchases that are happening right now, really does lend itself to this type of investor behavior. Thats not to say that it cant unwind at some point when the environment becomes a little bit more certain and economic performances are a little bit more even but what were seeing right now is definitely a pretty sticky investor environment for people theyre buying it because they want to hold on to it. Really quickly, before we let you leave, is there a target price in the next 12 to 18 months we revised our price forecast this morning low prices past like 2,000 in the next couple of quarters, however slightly lower probability exceeds 3,000 and the way we get there. Thats a pretty good price there for gold christopher thank you for joining us this morning. We appreciate it. Coming up on the show, the white house and lawmakers once again at odds over the latest virus aid package to help millions of americans. The latest on the talks coming out of washington d. C. Plus contessa is standing by with how some private Bus Companies are facing the end of their run if d. C. Does not step in to help them out. Contessa. The lights are on at this bus station in new york but boy is it slow going and if congress doesnt act to help these Bus Companies, they say theyll go belly up their workers, many of them still layed off. He more right after this break. Still ahead on Worldwide Exchange welcome back to the show that developing story surrounding tiktok microsoft held talks with the popular Parent Company to buy its u. S. Division also confirming a call between its ceo and President Trump after he expressed opposition to the potential deal he was looking to ban the application entirely in the United States. Good morning, the treasury secretary over the weekend on television talking about what the Administration Opposition is here to this idea of tiktok continuing as it has heres what he said. I did chair the committee on Foreign Investment on the United States ive said publicly that its under review i will say publicly that the entire committee agrees that tiktok cannot stay in the current format at risk sending back information on 100 million americans. Now meanwhile we know that the Parent Company they proposed over the weekend exiting tiktok completely microsoft under this proposal would take over tiktok in the United States and continue to own the chinese entity as well as other entities around the world. A number of republican senators embraced this idea a purchase by u. S. Company is a winwin. The company, microsoft did confirm the conversation between Satya Nadella and President Trump over the weekend on the phone. Among other methods microsoft will make sure that all private data is transferred to and remains in the United States that is the concern here from the u. S. Government perspective. This is interesting to me now. Microsoft already owns the social media platform in linked in more professional oriented it gets into full blown social media. What does that say going after social media it looked like a target of opportunity for microsoft perspective. We have to break up the company or sell it off or do something to stop chinese access to the data its not likely the u. S. Government for antitrust reasons would allow one of the big social media giants to acquire this so Microsoft Might be the only big buyer out there this is a different acquisition for them they also own mine craft this would give them a minecraft and thats maybe what theyll get but ultimately this is not their core competency. Come a long way from windows and excel on Everything Else stick with us here i want to switch gears for a moment we want to get to washington and the latest on the division over the next coronavirus aid packages as well House Speaker nancy pelosi set to resume talks today on the versions of a bill after millions of americans lost critical Unemployment Benefits on friday. Contessa also standing by with how private Bus Companies are hoping but lets start with you. What is the latest is there a deal that can happen to give aid to all of these millions of americans. Well, the latest is they continue to negotiate through the weekend and on saturday, the rhetoric was relatively positive you did hear some politicians saying things like were making progress, were getting there and then on sunday the tone changed from both sides. Nancy pelosi came out on tv and said were not closed on a deal until we have a deal obviously they dont have one yet. You have to focus on the incentives here. Both sides have an incentive to get a deal the democrats feel they have a stronger hand here theyre pushing for a much bigger deal. The president already abandoned the republican negotiating position on unemployment insurance. They had argued that that was causing people not to want to go back to work employers were having a tough time hiring and unemployment was that generous. They backed off of that all together and pushed a one time only one week extension of that 600 democrats want the whole package including all the state aid and Everything Else they have been pushing for here ultimately the insen the tifs we incentives were to get a deal. Thank you for the update on the discussions on washington d. C. On the aid front. Now to the story involving the private bus industry the on going Virus Outbreak hammered these companies and with no aid from washington. Thus far leaders are hoping the situation will be different. Contessa is live with the latest there. Im about 90 miles north of new york city. Normally this bus station says 26 buses a stay to the big apple. Right now its running five with maybe 5 or 10 passengers on board. The buses noah come date more than 50. This is a Third Generation Family Owned Company like a lot of the 3,000 private owned Bus Companies around america and decimated demand for commuter bus rides for city to city trips. Charter reservations to new york or new orleans, San Francisco or las vegas is practically nonexistent schools cancelled their contracts and what was a more than 15 billion a year industry is on track this year to do about 4 billion in business. The situation is a dire situation. The companies are literally dead in the water most of them have not had any business since before the first of the year and certainly since march. And without a financial lifeline from the federal government the motorcoach industry estimates as many as 40 of these Small Businesses will go belly up that could have long lasting consequences for the nation since motorcoaches are chartered by the military to move troops to training exercises or to bring workers to remote locations. By Emergency Management officials to bring in First Responders in the event of a hurricane or to move evacuees out. You might see some of that along the coastline today. Theyre mass transit from middle america. Theyre asking lawmakers for 10,000,005 billion in loans to help ride out the pandemic the reasons why they got so much aid including the Strategic Value of transportation and air travel can the bus industry make that same argument and if so, why havent they gotten have they even gotten any aid so far like the airlines have. They didnt get anything in the cares act when the airlines were getting money, when amtrak was getting money and they say those are our direct competitors and in many of these towns across america, what connects these towns to cities is not amtrak, its not the airline, its the motorcoaches. They didnt get anything some of these businesses got ppp. About 10 of them got loans of more than 150,000 but they havent been able to bring back employees the way they wanted to because business hasnt returned right now theres a bill pending in the Senate Introduced by main senator collins and that would provide 10 billion for the bus industry but that includes school buses which is much larger they are hoping it all gets wrapped up. Thank you for that update on the bus industry sticking with the outbreak and its Ripple Effects a growing number of Companies Continue to make changes when it comes to qualities focused on safety and the coronaVirus Outbreaks. Joining the likes of starbucks, apple and walmart as Corporate America tries its best to navigate through this virus pandemic joining me now is the ceo of Douglas Alexandra agency it seems like a no brainer to take steps to preserve the health and safety of not just their customers but employees as well who is doing it right these days you mentioned just a few doing a really great job right now with trying to balance Business Operations and also manage health and wellbeing of their employees so you look at requiring those things starbucks also has instituted tools for their employees to get help around Mental Health issues you look at at t that shifted about 130,000 of their employees to a work from home situation. Being very agile and looking at how they can be flexible and make these things work so when we look at everything that happened they made sure that they were taken care of and child care issues and wait for them to take advantage of services that would help their employees with child care and maybe extending some other benefits that they had, increasing pay, especially for some of the First Responders and people on the front lines and so the response was really good from several companies and then we have the reopening and now companies are trying to figure out how do we do this right . How do we do this the right way . Making sure that the health and safety and welfare of their employees are paramount. Theyre also saying how are you taking care of the community and with all the back and forth with republicans and democrats trying to figure out what is next, consumers, people are looking at corporations and Corporate Leaders to step in and figure out ways to help make this pandemic to help get through this pandemic. Shelly action lets talk about that, though, right . The reason why these companies maybe can and should do this is because they are able to you brought up the republicans and democrats cant agree to anything it doesnt seem like the government can come out with any definitive action plan for how exactly you tackle these types of concerns so does that leave it only to the companies and their ceos to take these types of actions to make this virus pandemic plan a little bit more effective . Unfortunately if theres no help coming from washington then ceo and leaders are going to have to step in. Theyll have to step in and use what they can in their influence. So we think about any crisis we need ceos to be visible we know that everyone doesnt have the answers i dont think employees and consumers are looking for this is what were going to do. People understand that its going to be flexibility but community ka communication is so important. Transparency is so important letting them know that on a regular basis, acknowledging what they may be feeling with the pandemic and remember, we have this as a backdrop on the whole pandemic, this whole conversation about racial injustice. So you have a lot of employees, a lot of your black and brown employees coming to work trying to do the best they can, managing a pandemic but also with these feelings that theyre having about whats going on in the world in the United States around racism, systemic racism and how theyre just making it through the day regarding that so also employers need to look at and revisit diversity and inclusion issues and look at their goals for the next quarter but these companies probably dont have their strategic plan. We have to take a look at what can we do differently. I get it companies have to operate. They have to do what they have to do but how do you do that and balance the needs of your employees at the same time. Nobody has the answer. Of course not we could spend probably the next 10, to 12 hours talking about everything we need to get done on this. Thank you for bringing us those topics certainly ones for discussion down the line as well. On deck for the show, investors bracing for another busy trading week ahead with stimulus talks and more corporate earnings in focus. The best moves to make with your money coming up after this and as a reminder watch or listen to us live on the cnbc app. Cnbc is back in just a moment. Check out whats happening in times square in new york city. Welcome back to Worldwide Exchange nasa and spacex celebrating a historic weekend the companys grew returning two of the agencies astronauts to earth from the International Space station yesterday splashing down in the gulf of mexico the mission marked the first time elon musks company sent astronauts to space making it the first private company to do so it also saw nasa resume its capability to launch its own astronauts its also the first water landing since get this, 1975 back to the markets now, new to the head of the opening bell as investors await developments out of the washington d. C. Area and fresh batch of corporate earnings as well also set to get the monthly jobs report at the end of the week. Ceo and portfolio manager. Shes also a cnbc contributor. What do we make of the markets what are the catalysts that youre watching this week. Good morning. So what im looking for is more of the same from what we saw last week. Its Companies Beating expectations i thought all along it was about expectations and not about the actual numbers so far we have 60 of the companies in the report and of those, 84 would be on estimates and by about 17 that being said, earnings are still down 34 year over year. Its about what the outlook they can get. Its about looking forward its more from last week all of thesecatalysts are intertwined. Theres a couple of big themes in the market right now. How much more are you paying attention to the covid19 and coronavirus headlines and the fundamentals coming out of earnings season knowing that businesses are impacted by covid19 at this point im paying way more attention to the corporate earnings and what theyre saying versus the covid pandemic. Some push back that we got is we didnt want to wait until after a vaccine is announced no, that would be way too late and really looking for the companys language you kind of know where we stand and we kind of know where we stand with the coronavirus we know that we had another spike. We know that a vaccine is coming we dont know if its going to be here in november or march, right . But we know that its coming so were learning to live with the Economic Data thats with economic fall out as a result of it and were learning how to move on from it. So i watch you on Halftime Report i see some of the trades that youre making. Im curious, what do you feel about or how do you feel about the covid stocks the run up in Companies Like peleton and does that trade still have legs as we get more headlines going upward i dont think it does i think they start to plateau. They keep their Covid Recovery they have a recovery basket and beneficiary basket the covid beneficiary outperformed the market by 35 the recovery stocks underperformed by 25 . Theres a 60 divide that makes sense on an episodic basis only looking out over the next 12 to 18 months that no longer makes sense. So what i think is those beneficiaries, at best, they plateau. Maybe they give a little back and then the recovery stocks start to move up and close that 60 gap. A big gap for sure. Thank you very much. Always great to get your thoughts well that does it for us on Worldwide Exchange this morning. Squawk box picks up the coverage coming up next what happens when a wireless carrier puts its customers in charge . Well, the good news gets shared. And it gets rated 1 for customer satisfaction. But dont just take our word for it. Take theirs. Its your wireless. Your rules. Only with xfinity mobile. Call, click or visit a store today. Good morning, everybody. Stimulus stalemate negotiations set to resume today on a new relief package. Well tell you whats holding up talks in washington. A wild weekend for tik tok starting with a threat from President Trump to ban the social Media Service and ending with talks by microsoft to buy it we have details straight ahead and spacex splash down the private Space Company successfully bringing two astronauts back to earth its monday august 3rd, 2020 and squawk box begins right now. Good morning, everybody welcome to squawk box here on cnbc im becky quick along with Andrew Ross Sorkin joe is out today but were thrilled to have you with us how are you doing . Im doing well. Its good to be with you this morning. Thank you for having me. Welcome to the gang. Lets check out the