Offers a fiery review of his predecessor. Air b b filing the paperwork following a rough year for that industry intel announcing a 5 billion buy back as tech faces slumping shares it is thursday, august 20, here on cnbc. Good morning. Im dominic chu in for Brian Sullivan stock futures indicating some modest losses. The dow lower by 100 points. Thats an improvement over the last hour. S p off, the nasdaq off by about 20 points. These are losses now after chinas comments saying the country and the United States will hold trade talks in coming days after the talks fizzled. The Central Banks comments knocking the s p 500 from a new intraday high we hit the stock of the morning so far is apple, becoming the first u. S. Listed company to get a market cap of 2 trillion. Doubling valuation in just over two years. For those wondering, a 3 trillion value for apple would be at 761 per share that will happen right before the stock split. We have Geoff Cutmore in the london news room the color of the day seems to be red. Absolutely, the hand over from asia was a negative one the nikkei and the shanghai composite both coming from south korea and taiwan we shrank the trading day on the decline. That fed into our early european trading day here stocks are lower on the basic resources stock. We can metal these away with the feds grim view of recovery also hurting automakers oil and gas spot one bright spot coming in the hotel space. Suggesting that accor and intercontinental are looking at a tie up both companies not commenting yet on that. We are also waiting to see what news we get from alibaba and whether that has a baring on the shift in trading back to you for now. Thank you for the update there. The latest on washington, d. C. s push for new aid for millions of americans impacted by the coronavirus. Frank has more on that good Morning White HouseEconomic Advisor says a new round of checks may be sent out in a week or two calling for stimulus negotiations to resume now that democrats have returned to washington defending the Trump Administration that has not been able to strike a deal with lawmakers. We are providing assistance. Weve been trying to negotiate with the other side for several weeks, many weeks. We are in mid to late august we started this in midjuly. We are not going to give out 3. 5 trillion. The economy is in better shape than it was last winter. President trump is calling on colleges and universities to continue with reopenings as some schools face up ticks of cases this week, unc at chapel hill and more went to Online LearningPresident Trump says there is nothing like being in front of a teacher. Intel announces a 108 stock buyback. Until making the move saying stock is trading, quote, well below intrenzic valuation. Now tonight three highlights of the Democratic National convention, the dnc. Senator Kamala Harris officially becoming her partys Vice President ial nominee now from delaware with those highlights good morning to you. Reporter good morning. Here where senator harris reintroduced herself to america. Not everyone knows her background she took some time to walk people through her family. Her background as a prosecutor issues that are near and dear to her. Womens sufferage and civil rights and she talked about President Trump. Taking the stage where just a few hours ago, his running mate, Kamala Harris, stepped into history as the first black woman and Indian American on a Major Party Ticket the daughter of immigrants made the case against injustice there is no vaccine for racism we have to do the work and donald trump. Donald trumps failure of leadership has cost lives and livelihoods. A forceful review from president obama. President trump hasnt grown into the job because he cant. The consequences of that failure are severe do not let them take away your power. Hillary clinton urging americans to vote in overwhelming numbers dont forget, joe and kamala can win by 3 million votes and still loose. Gun violence, climate change, immigration, womens rights. He has never forgotten who he is fighting for. President trump lashing out did they do a go job, i wouldnt be here bidens final words we know President Trump was listening because he was tweeting in all caps during the speeching calling out the biden endorsement and miami debate where senator harris taking on biden on segregation questioning didnt she call him a racist we went back and looked that up and she in fact did not. We know in dell, there are physical aspects to this kind of convention i wonder if you can give us a sense of the energy there in wilmington given that we dont have massive crowds. What is the takeaway from this and what can we expect to see energy wise from the Republican Convention coming up it is a good question political campaigns feed off this energy. Not only the delegates on the floor but all the people crowded outside and in the city. It is not really here. I was at a hotel a few miles away they said it was twothirds empty. This is essentially a stage in other parts of the country like we saw with praesident obam from philadelphia last night more coming from the republican side next week. Stocks giving up gains late yesterday and could be under further pressure you can see there after the fed gave investors a reality check policymakers are finding it hard to forecast the path of the economy, which will largely depend on what happens with the covid19 pandemic. Lets bring in managing editor from Global Advisors the fed doesnt know what is going to go on or what will happen how can we reconcile the two uncertainty always fuels the rally. Uncertainty seems to take on risk if there is too much uncertainty, the facts and Central Banks will respond and take action with more stimulus coming i think what happened yesterday and the days before, there is uncertainty about that stimulus. Making that spending bill from washington it is not entirely clear whether it comes to the inflation target that market took a step back here and sort of reassessed the idea of the economy recovering and the stimulus coming and i think thats a question in the market if there is a desire for more stimulus, the fed stands ready for more monetary accommodation. We know the fiscal side of things addressed by congress and the administration right now how much more continues the rally and how much does it see coming out of washington, d. C. So that the fed and congress will make the rally continue it is important two things. One, the markets will be sure well not go back to the scenario from june to july where we had the reopening and had to be rolled back we cannot control the virus. That is really important other aspect of the rally from here. If we are going to get the policy too much focus of trying to manage the virus, that is going to be an issue the other part is that we are needing more fiscal stimulus for the spending and to let that happen could hit hard in the Fourth Quarter that is the break the market is looking at to recover in the market that is what the market could focus on if it turns out to be too trunkated, too small looking at Rising Interest Rates as a reason to be optimistic the path of Interest Rates seem to be making a turn. Can we believe that turn are we going to see higher Interest Rates over time or do we still need to see new lows here there is an issue that started. A gradual one. The recovery is on its way that is something that derailed by the virus in such that we have fall b back in recession. Yields are low they are in a range here i would expect if we get through the third and Fourth Quarter, some amount of Interest Rates would happen and reach the 1 level again. I dont think well go all the way back to the rate that with imply an extra session. Economy has gotten stronger, so i dont think thats the risk from here. Thank you for your thoughts when we come back on the show, the stocks you need to watch including good year finding itself the latest corporate target of President Trump. And uber ceo on his latest fight with the state of california over the status of drivers there. And we hit the links to look at how the golf sector to look at its success amid continued coronavirus lockdown after this im still here, im not out on the golf course just yet hey, kids welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Welcome back lets check on some of the stocks on the move today nvidia with better than expected results. The Company Forecasting better forecasts on Third Quarter sales. Pressuring the shares. We are off by 1. 5 in the premarket then l brands reporting a surprise Second Quarter profit on stronger demand for bath and body works and sanitizers and samestore sales for victoria secrets. Sales soaring 63 that crushed estimates. Those shares up 4 percent e premarket shares of Goodyear Tire are up after the company drew the eye of President Trump on twitter. He called for a boycott after images when went public showing corporate training slide that said maga hats were not appropriate. Goodyear said they did not produce that picture as a company policy, they do not advice showing support of parties. And a push to go public Worldwide Exchange is back after this evony top five troops arab archers eagle guards dragon cavalries ninja warriors champion cavalries who will you choose . Make friends and conquer the world. Evony the kings return download now the wait is over air b b filing the paperwork necessary to have an initial Public Offering and ipo. They did not disclose any information or shares would be offered. It does come at a precarious time for the company and even industry before the crisis, people were staying in locations a month even longer. Almost a fifth of our business are people staying over a month. The day of oneyear leases will soon be over joining me now, partner of partners preipo companies. Transactions include post mates and airbnb lets talk about this. Is this a good idea now . Absolutely. This is a perfect time it makes strategic sense coming off the low expedia and booking. Com are seeing growth. There are signs of improvement people are looking for risk free lowrisk outings and drive to locations. All of that plays in to airbnb they are positioned to capture the upswing expected in coming months given what weve seen according to the data team, about half of the ipos, it is a brand name you could maybe price in do you feel like there is enough demand for massive gainers in the market absolutely. Unlike uber and lift that could be positive. It was in certain years. They started vesting other places they are coming back up and they are well sit waited in terms of financials. Continuing to execute. The market will see this is a good company in a good market. They operate a good position all things line up very well for airbnb how strong, airbnb is part of the story. How strong is the venture capital, private equity side of things is there still a good amount of financing demand deal making happening. Amid the pandemic, it seems like it would put a crimp on things maybe in the early stage, you are seeing some slowdown according to some data i have read later on, established companies with good traction, good activity there, it is pretty healthy. Before we let you go. Weve got a few months left for the rest of the year is this deal going to pick u for the fall and winter . We have an election year. Hopefully nothing will derail this risk on sentiment covid is a wildcard. We dont know when that will end. Hopefully that will be improving. We hope well see a good bit of deal making the rest of the year great to get your thoughts. Still ahead, google with widespread outages. More on that after this commercial break look here, its your very own allinone Entertainment 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. Futures under pressure word from beijing on u. S. china trade talks. An historic night at the dnc as Kamala Harris becomes the first woman of color to accept the partys nomination and apple hits 2 trillion stay with us you are watching cnbc. Welcome back to the show today. How your money and investments are looking half way through the hour stocks at a lower opening bell you can see there, the dow would start lower by 110 points, the s p by 12 and nasdaq lower by 20 points following losses by comments from chinas Commerce Industry saying they will hold trade talks in the coming days after the market rallies fizzled. Central bank comments knocked from the intraday high looking at the bond market where we are seeing a lower tick in yields the 10year benchmark note yield. 66 twoyear yield. 135 to the latest on ubers fight with california. Ubers ceo is speaking out on that dispute saying whatever the outcome of the fight, they dont think his company can make all of the drivers in california employees. They cannot go out and hire over 50,000 people overnight. House democrats are calling on the postal board of governors to immediately remove postmaster general. The move will be aimed at protecting the post office and halt costcutting moves that critics argue would impact mailin voting and Jp Morgan Chase talks of replacing atms in branches the goal here would have been to better serve some historically underserved communities. Thank you. In political news, Kamala Harris is making history. She did it last night accepting her partys nomination for Vice President. Eamon javers with us in d. C. Good morning good morning. Democrats continued their convention they are hammering away at this theme. This is a very personal campaign ultimately they are saying the president is not fit for office and that joe biden is a decent and empathetic man you kept hearing those phrases over and over. Former president obama was one of the key speakers. He continued to take that theme to donald trump. Here is what he said for close to four years now, he has shown no interest in putting in the work. No interest in finding Common Ground no interest in using the awesome power of his office to help anyone but himself and his friends. No interest in twreetieeting the presidency to get the attention he craves. Kamala harris used the opportunity of her acceptance speak for the Vice President ial nomination to layout her vision for the future of the country. A country where we look out for one another, where we rise and fall as one, where we face our challenges and celebrate our triumphs together. Today, that country feels distant. Donald trumps leadership has cost lives and livelihoods you heard president obama allude to it to ask whether there are any persuadable voters out there that are left. They are trying to energize their base they hammered out that their best needs to get out and vote right now ahead of this election thats what well see from republicans. A lot of voters Still Available might not be real but you do have to get both parties, the voters you have to get to the polls. Lets go to how different or similar the Republican Convention will be next week with what weve seen with the dnc. Former Vice President joe biden speaks that message will carry to next week how different or similar does the rnc look in the sense as you will see the white house as a kpocompone. We dont know how big of a line the audience will see. There is a small handful of people in the room reporters and secret Service Agents for Kamala Harris last night. Youll see Something Different for republicans. It will be largely virtual theyll have to muddle through the same way the democrats did this week. Thank you for the latest on that we appreciate it apple is making history becoming the first u. S. Listed company to be worth more than 2 trillion surging some 100 from the march 2020 low we saw during the pandemic it took apple two years since surpassing the 1 trillion mark to get where we are today. For those wondering, before the august 31st fourforone stock split, the 3 trillion market cap would work out to be 701. 65 per share. Joining me now, founder at big tecora no tech technology. This is mind boggling. What is driving apple to be the most valuable traded company in the world . A number of things. Part to be market irrationality. People are looking for a place to put their money am i going to put it in hotels or cruise ships . No you look at services business. People have been valuing apple as hardware company. Now they are see egg growth and services and almost going completely the other way saying this is a Service Business company. With multiples above 30. Finally, there has been an uptick in device revenue for apple. Thats partly due to people working from homes and people have had to run out and buy devices. You see why investors are starting to value apple the way they are the question is, does it make a lot of sense and im scratching my head the reason im asking is it seems as though youve lifted all of these attributes. We know companies, they didnt win forever. What is apples down fall going to be valet valuation in the next months . That is a question for the company. They are putting all of the enthusiasm into services think about consumers. They get excited about that. Thats what they stand in line for. Nobody stands in line for apples other Services Like apple news or apple tv plus. Now they are shifting from device business to business that emphasizes services. They started asking, okay, there are some risk there. Do people realize how much money they are paying to devices saying do they want to go somewhere else can has worked out well under tim cook is this sustainable long term. We made a great point. We know companies dont stay on top forever. You look long into the future. I doubt it epic has removed fortnite, how important is that. Investors saw the fact that epic is the maker of fortnite and they took a shot at apple. We wont play by your rules anymore. If you suspend us, well sue you. Apple said, okay you are out. You saw netflix and tinder and others come out and say, yes, what they are doing is wrong this is the biggest challenge theyll ever see to date maybe something bigger will come down the road they stood strong and said, we are not going to deal with this for now, no one came epics defense either way so theyll be able to handle this nothing to shake a stick or sneeze at. Thank you. Coming up on the show, the original tiktok. Well tell you about the time management job youll want to watch. As we head out to break, some other top stories. Several Google Services such as g mail, google drive are experiencing disruptions they are following up on this. Facebook is removing hundreds of accounts associated with the qanon as it cracks down on the far right Conspiracy Group it has taken down more than 800 related accounts restricted more than 10,000 instagram accounts as well the Company Announced that it is embarking on the Share Buy Back program this is part of the plan announced in october to buy back 20 million in shares due to the march pandemic stay tuned to Worldwide Exchange on cnbc. It is 5 44 a. M. Eastern time in new york city you are seeing a live shot of times square billboards a lack of elmos and other superheroes. Time for this mornings top trending stories it looks like we have another job posting on hand and time management is a requirement. You are not the chief meme officer at bud light my application is in. If you dont see me back, you know what happened big bend is in need of a new clock watcher. The house of commons is willing to shell out 30,000 euros the candidate will be responsible for rebuilding, repairing and winding clocks and classified in herology that is the art of making clocks and watches. Amc theaters will open today. 15 cents playing older releases like black panther and greece reopening some locations alamo offering screenings of bill and ted face the music. And krispy kreme announcing it is opening a flagship location with a warm hot light and glazed water fall and streetside pick up expected to shell out 380 dozen doughnuts. Ive had it when it is hot. Just okay. What is your favorite doughnut im not a favorite. Dunkin is fine what would you rather have than a krispy kreme doughnut im from philadelphia water ice is better. Im not into really saturated sweet things it is not a doughnut. Im just not into doughnuts my dad drove 15 or 20 minutes to get fresh hot ones growing up i cant eat them anymore. To me, they are just okay thank you for that. Top golfers on the pga tour will hit the links on the first round of the playoffs will get underway today golf stocks have been strong performers amid the coronavirus rebound as more people try to keep themselves busy amid the outbreak more on this, the senior associate. The man cover callaway golf as a stock as well. Can we believe in the resurgence of golf. It has been in decline arguably for some years but this seems like the pandemic has put a renewed interest on the game thank you for having me it is a game that youve seen get younger in the past couple of months. People are getting back to the course looking for things to do golf is one of the few things open the sport thats been in a good place the pga tour has brought a lot of people in to watch it we know it is a socially distanced sport. You can be outside you dont have to wear a mask. You can be six feet away what does that, then say about the golf industrys economic prospect what part of the industry does well weve seen consumables do really well at first, which is golf balls in particular once people get into the sport, selling golf clubs theyve seen an up tick in club purchases. New golfers are going to purchase them and in the following here, hopefully theyll buy balls and other expensive things they can get to boost their game balls first followed by clubs. In that ee equipment data where weve come in stronger up 52 clubs are up about 48 it shows people are buying more right now. What type of product does callaway sell more of right now . Ironically, the apparel side for them is the best margins the equipment, they dont break it out but we believe clubs are the highest point big news there. We appreciate it the playoffs start this afternoon on the golf channel in boston some must watch golf there stocks continuing to check out more we layout what it will take to get back to those record hhsig after this cnbc is back in a moment you should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. I keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. Theyre on the job 24 7 so staff they sleep when they can. Cdw services can help. Our experts will design orchestrate and manage your most complex technology. So your it people have more time to innovate and get some shut eye. That sounds great. I got malware on my shirt. Should we wake him . Probably should but lets wait until the updates complete. To free up your it staff you need managed services by cdw. People who get it. Welcome back, stocks are posed for a lower open this morning as the fed reality check continue on the investor sentiment. Founder of delancy Wealth Management i think we are pulling back because weve reached certain levels if we are looking at recovery in stock markets that has been downgraded by very few stocks. Microsoft, google, facebook. The fed has helped the stock market but has not fixed the economy and has not affected the systemic economy you can make the argument the argument has been made that with us reclaiming the market, seeing things back in february when the market was last at highs. Nothing could be further from the truth. We know the paean has hit hard how much optimism is being priced into the market now if you look the market doesnt reflect what is happening in the economy, as i was mentioning, because 45 of people dont even own stocks not only are they not participating in recovery. They dont care that nasdaq is up 30 now you have the dollar at threeyear lows. Now food prices are going up they have the double whammy of not being in the market but food prices are also going up we still have 20 of the company that are zombie companies. They are not a business model. They are just able to borrow more and more money. Because of the reopening and the fed has stepped in, we can get a bridge until the economy can recover. We are realizing many jobs are gone many may never come back we dont know what will happen when the stimulus money runs out and we dont know what has happened with people who may not have lost their job but certainly have taken a pay cut youve mentioned higher inflation, prospects for lower growth what do you do you know, look, wealth never disappears, it just shifts you want to have a portfolio that reflects the circumstance the reason that is so bad for the market is that youve got the corporate margins going down while expenses are going up. You want things that reflect that forget about what people like me say, what is the market telling you . Markets are going low. You may want to own some of the bonds. That has been reflected in gold and bonds, cryptocurrency, Real Estate Investment trust in the right space. You dont want to own d grade apartment complexes. Utilities can increase technology is still a very good place. I mentioned a few names earlier because of this environment where people are telecommuting and working from home, it becomes a bigger foot print. Ivory johnson, always great to get your thoughts take a look at whats happening, we are going to pull back from those record highs the dow lower around 100 points, the s p down by nine implied that does it for us and Worldwide Exchange. Squawk box picks up the coverage coming up after this break. Pass hey, kids welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. Good morning stock futures. Preparing for trade talks in a couple of days senator Kamala Harris making history officially the first black woman to be the partys Vice President ial nominee. And apple becoming the First Company to reach a 2 trillion market value one bank says the china iphone upgrade could drive the stock even higher. Thursday, august 20. Squawk box begins right now. Good morning im becky quick with joe kernen. Andrew is off this morning yesterday, we had an early rally that fizzled after the fed released worry about the support. The fed is taking extreme actions. Theyve been doing it because they are worried about what they see out there. The dow has been down three sessions in