Plus crisis in california as wildfires continue to burn nearly 350,000 acres we have a live report coming up. Why today could finally be the day tesla hold outs via share of 2,000 stock that turned out not to be 2,000 you are watching Worldwide Exchange here on cnbc good morning happy friday in for Brian Sullivan here is how futures are looking this morning can you see marginal moves implied at the opening bell. The dow jones lower by 25 points and the nasdaq up by about one all of these sit at or near record high levels the nasdaq coming off another record breaking session coming off the 40th intraterm high and record close of the year on pace for the first fourweek win streak since early january nasdaq 26 technology inking out a gain and hitting an alltime record high two stocks on our radar this morning. First, tesla closing up the 2,000 per share mark ever you can see that up another 2 2,041 apple surpassing the market cap closed out for the First Time Ever at 2. 722 trillion. Up trading today lets go worldwide in the lochb done news room from europe and asia good morning european equities starting higher but the steam quickly came out of the rally the pmi data not good. The Services Sector reading also missed on expectations germany data as well wasnt as bad both seen a record spike since t the lifting of the lockdown. Travel sector is a surprising area of strength shares of Companies Like easy jet and tui trading higher despite the uk adjusting his quarantine list. Travelers from croatia, trinidad and tobago join those from spain. Wrapping it all together, the european trading session as a whole, a little lack luster and directionless. Getting the travel stocks higher back to you. Thank you for that. President trump with a message to Companies Offshore of the united states. Contessa President Trump is talking tough about American Companies refusing to bring back jobs to the united states. At a rally in pennsylvania yesterday. The president promised if hes reelected, hes impose new tariffs on those Companies Overseas he offered no explanation of how that system would work it is not clear if the white house is developing such a policy pfizer and biontech says their vaccine is on tack for review in early october. The phase one data showed the vaccine was well tolerated with mild to moderate fever in fewer than 51 participants making the time line for the vaccine the fastest moving a California Appeals Court extended the length of time uber and lyft would have to reply to on order to reclassify drivers to employees they will continue operating the temporary reprieve gives uber and lyft until 5 00 p. M. Pacific time on tuesday to file a reprieve thank you well see you later on in the show back to the campaign trail and an historic night for joe biden. Speaking for the first time as now the democratic president ial candidate. Tracie potts has been on the ground all week with the bidens and joins us here. Good morning, tracy. Dom, good morning they are breaking down and launching into the Fall Campaign three clear messages we heard from the democrats make a plan to vote, donate, make an online record. Drawing distinctions, clear differences between donald trump and joe biden. Democrats closed this years convention with emotion. Without joe biden, i wouldnt be talking to you today. Urgency we must vote. Repeated attacks on donald trump. The coward and chief who wont stand up to putin. To family hell be a great president. Introducing joe biden as the nominee for president. If you will trust me, i will draw on the best of us, not the worst. Biden offering hope and justice. For those communities that have known the injustice of a neon the neck he promised a mask mandate framing this election as a battle for the heart and soul of america. Character is on the ballot, compassion the choice is not more clear. His donor turned postmaster testifying today still railing against mail ballots. Well grab it and put it in a pile there it is a disgrace even common sense tells us that. 3wballots will decide this election in 74 days. Democrats are done. Republicans start on monday. It will look and feel different especially given the fact that normally, you wait until the last day as we saw toffee tur the nominee. But republicans say President Trump will be their focus all week long. There is already some criticism on where the republicans are holding some of these events coming up what exactly is going to play out and how is it going to look given what weve seen from the dnc. Right, remember, the rnc has skipped around it was in charlotte and the idea that it was holding it in jacksonville theyll still have the roll call vote there a lot of these will be in washington at federal facilities and in the d. C. Area Vice President pence will speak from fort mchenry and President Trump speaking from the white house. The problem is the hatch act that says president s cant do Political Activities while on the job. There are questions about why they are using these federal facilities and conflicts ethical or legal about where these are held anybody who watched the west wing knows there is a separation between the election and the office itself. Back to the market, stocks trying to end a record breaking week for the nasdaq. The stock futures indicate modest moves at the opening bell our next guest says now is not the time to ride your index funds. It is time to get specific, pick stocks in sectors. Joining me now is allen boomer, good morning to you. Lets talk about what exactly you mean why is it now a stock pickers market with things at record highs . Caller good morning, dom the issue today is that the broad market is very, very rich. We are trading at a forward pe in the 20s there is so much disperson between the best and worst performers buying the index here is a mistake with all due respect, ive heard this idea well see a rotation and value coming back into play for several years now, yet it still doesnt play out this way it has been a better part of this decade. Why now does it make you think it is time to get specific i think the market is priced to perfection. There are so many things that present uncertainty. Whether you are talking school uncertainty, election, the next round of stimulus. The market today is priced as if none of these present any sort of down side because of the fact that we are now close to this record high we hit in february, well probably hit it by next week. We have to find value. I dont mean it is a sector rotation certain sectors that are low today will probably remain low in valuation today even within this market, youve got to find value. I still Like Technology stocks there is still value there what stocks do you like then . It seems technology is one of the more richly out there. What i mean when i say value is on a relative basis i look at a tesla, for example, which is trading at 1,000 times earnings people expect those earnings to jump thats an example of one of those overpriced situations or even a netflix, which is trading at 100 times earnings. Not to say it is a bad stock it makes a stock like google stand out. It is a cash machine theyve got high margins youve got every business you want to be in this environment what would you stay away from right now . Id stay away from the banks. I think theyll be hurt not just from real estate exposure but also the Interest Rate thank you when we come back, more time for a turnaround how ge and ceo are responding to the pandemic and why today may be the day for tesla hold outs to grab a share or two of the 2,000 stock the price tag viacom is putting on a 30 second spot for the 2020 super bowl and what advertisers are demanding in response. It has to do with covid. Well return after this commercial break you say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. Welcome back, lets get a check on some of the stocks on a move ross stores reporting a surprise Second Quarter profit. Off price retail chain began a staggered reopening of stores back in may and sales fell by 12 . The company says part of that decline is due to inventory. Ge extends ceo larry culps role he took the job in 2018 is working on a multiyear turn around and their aviation work has been halted due to travel restrictions today, the last day for investors to buy tesla shares if they want to be eligible for the five for one stock split since announcing that stock split on august 11, tesla shares are up more than 40 topping 370 billion more than the Worlds Largest two automakers, thats volkswagen and toyota combined still on the show, steve bannon after he was charged with defrauding donors and arrested on a chinese megayacht yesterday. And in california, wildfires continue to burn in the golden state with no end in sight we have a live report from the region thats coming up next. Announcer todays big number, 96 . Thats how much housing inventories in San Francisco have risen over the prior year, making it the biggest jump of any area in the u. S. According to zil owe me prices have fallen nearly 5 in that period. Welcome back a developing story we are following with regards to former trump chief strategist steve bannon pleading not guilty to charges he ripped off donors to an Online Fundraising scheme to build a border wall. Hours after he was pulled off a yacht owned by a chinese billionaire off the coast of connecticut and arrested a crazy number of personalities here floating around the latest of which is steve bannon with regard to some of the happenings in the Trump Administration right now. Elsewhere, dozens of wildfires burn in california forcing hundreds from their homes. Joining us now from vaccaville, california, not far from sacramento what can you tell us now dominic, sadly, we have sad news this morning. For civilian deaths, as fire crews have been able to go through the area in the last few days, there are some rough days also ahead Fire Fighting crews are losing ground as hundreds of fires fight against them our resources are stretched very far prisoner crews which normally work the front lines are unavailable. Those are the lowrisk prisoners that were furloughed it was loud you could hear trees falling fires turned deadly killing a wire line worker and pilot that it took down. It isnt going to be the same without him. He died protecting lives and property more on stand by as flames press on with no relief in the forecast until at least saturday joot moisture will kick up this weekend, it will bring more Tropical Weather on sunday that could mean more lightening strikes and more fires you mentioned 100,000 folks are on stand by for evacuation california is already one of the most hard hit stations with the pandemic, where would evacuaties go that is impossible to answer. Shelters are trying to space people out, they are already full they are encouraging people to expand and stay with friends and family people are resistant we are seeing more people in cars and rvs than ever before just parked in parking lots. Stay safe there lets check other top headlines with the latest there. Good morning, a critic of the kremlin is fighting for his life the most prominent critic of putin is in a coma it is suspected he was poisoned. Russia has denied poisoning and wishing him well and promised an investigation if it was poisoning. A judge is expected to decide the fate of actress lori lau laughlin it has been requested she serve two months in prison and her husband to serve five months this weekend, unhinged will test the appetite for theaters the First Release since the pandemic started back to you. Have a nice weekend, sir. Still on deck, breaking down a busy week for retail and the names on danas Shopping List when we return 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 a record setting week on wall street. Futures are pointing to possibly more green arrows at the opening bell the race for the white house character is on the ballot. Compassion is on the ballot. Decency. Science. Democracy. They are all on the ballot jo joe bid. Joe kernen accepts the nomination plus jayz and jack dorsey are hanging out together in the hamptons what are they up to . Think entrepreneur you are watching Worldwide Exchange here on cnbc welcome back happy friday here is how stock futures are looking the dow jones is implied higher not a lot but it is still green. Higher by 11 points at the opening bell remember all of these are at or near record high levels. The nasdaq itself coming off another record breaking session seeing the 40th recordbreaking alltime high and index of the year on pace for the first fourweek win streak overall inking out a gain after hitting an alltime high earlier. Now on pace for the win streak since december of last year. Weve got two stocks on the radar. Up another 42, 2 389 gains year to date. We have more on that story coming up. Apple, after surpassing 2 trillion mark this week, it closed out at a market cap over 2 trillion. 2. 002 trillion right now. Up 477. 22. Headlines including up beat news on the global fight against the coronavirus, contessa has those details. Chinese Authorities Say beijing residents can now go mask free outdoors after the city reported 13 Straight Days with no new covid cases. It is the second time authorities relaxed the rule the first was in april but the next one after an outbreak in june fda is granting an Emergency Operation antigen test is the third such test authorized by the fda. Though it is fast, the real issue with these antigen tests is that they tend to miss more infections than the slower tests. Facebook ceo was reportedly requested in an antitrust case it doesnt mean the industry will start a case against the giant. Now to todays top political story. Democratic president ial hopeful joe biden accepting his nomination elon moi now with what investors should take away from bidens speech given what weve seen good morning, joe biden did accept the nomination in a passionate speech digging into his own personal life and laying out a policy his positions all were inspired by his father who bounced between jobs when he was a kid he said, joey, a job is about a lot more than a paycheck it is about dignity. It is about looking your kid in the eye and saying, honey, it will be okay and mean it ive never forgotten those lessons. Biden slammed President Trumps recent actions to payroll taxes. Calling it an assault on medicare biden gave his own proposal to roll back cuts and raise rates on richest households. We dont need a tax code that rewards wealth more than it rewards work im not looking to punish anyone it is long pastime the wealthiest people and biggest corporations in this country paid their fair share. The final night of the Democratic National convention was an emotional and direct appeal to voters to chose a path of hope and light instead of anger and division he said this would be a lifechanging election and democracy itself would be on the ballot is the biden camp eyeing any kind of a post convention bounce given the emotion and direct appeal to voters that is traditionally what youd see. I will say, tweeting yesterday setting an Online Fundraising for the party. So seeing a bounce in fundraising dollars. We had seen biden gaining in the poles, well be heading out back into the field to conduct surveys over the weekend well let you know what we see all eyes now coming on the Republican Convention next week. Uber and lyft wont be pulling the plug in california an Appeals Court to allow the companies to classify the drivers under the gig workers law but must report plans of how theyll comply within 30 days. If the court holds the previous exception if the law fails in november lets talk about this and other topics with dan ives lets talk about the uber and lyft story how big of a deal is this if hy hypothetically uber and lyft have to have employees it is a massive deal. The worry is the affect it could have across the world for the gig economy. This could add significant cost and could be a nightmare scenario depending on what happens with prop 22 it is a highstakes deal for lyft and uber. It comes down to what will happen in the courts and at the ballot box in california if you look at the stocks for each of these, they are not terrible but certainly underperform a lot of these being priced in right now. How much do you worry of other states following the lead on this you see other states and countries when p it comes to uber thats why i say this is a fort sumner moment thats why lyft threatened to pull the plug. This continues to be with investors with a covid back drop, eb 5 continues to be a back drop. What does it mean to focus on other parts of the business now in terms of food delivery. How key will that be for Companies Going forward . Uber, thats about 10 or 12 per share. At one point, an anchor in the ship and now it is a huge asset and doubling down with post mates. We continue to see that as a big part Going Forward not as much for lyft but for uber, thats a big part. A gamechanging environment for overall feud delivery across the board. Dan, always great to get your thoughts have a nice weekend. Coming up, find out what jayz and jack dorsey were doing in the hamptons this week. Other top headlines this morning. The white house has designated teachers as essential workers which means they could continue to work even after testing positive as long as they remain asymptomatic. A top official says he would resign if they rubber stamp a vaccine before it is proven to be safe and effective. And two tropical storms that could hit the country the same day. One could impact puerto rico and the virgin islands, the other headed to florida. Forecasted to merge in the western gulf of mexico both could impact the u. S. Next week stay tuned with a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. Welcome back, lets find out what else youll be talking about today. Todays trending stories are you ready for some football we are getting an ad will cost big bucks. Viacom seeking 5. 5 million for every 30 second spot considering the current pandemic, ad buyers are asking for assurance theyll be let out of the commitment should the nfl halt the season. A lot of uncertainty here. The Kansas City Chiefs will no longer allow native american head dresses looking at other practices as other teams are facing fierce criticism for the way they use native american traditions jayz spotted hanging out with jack dorsey in the hamptons tmz calls it the multimillionaire man march. Pointing out that dorsey donated 10 million to the Reform Alliance which jayz founded you had him mentioned in the rappers track with pharrell called entrepreneur. Like twitter with jack like everyone to gucci. Did you get that . If you are old, dom, you might have missed the lyrics i am old but i did catch some of the lyrics in there are you a hamptons person, contessa im in the woods. I would have preferred the beach but being married means you have to make sacrifices i do have some friends out there. Megan and mike, maybe ill see you out there this summer. Walmart, target and lowes are among retailers that absolutely destroyed earnings this week largely due to a surge in digital, e commerce sales reflecting a shift in spending towards essentials, home and electronic goods away from apparel. Several ceos did speak out and talk about those type of things. In a pandemic, we are not going to restaurants or movies, those traditional summer trips have been canceled we are not on planes many of those dollars have been redirected into retail on one end, there is a tremendous amount of businesses that we are forced to close. Sectors were essentially shut down, your heart goes out to them basically shifting to the other end. Outpacing and drew by a Consumer Mindset heavily focused on the home and shifts to other activities like dining out, vacations and purchasing apparel. Joining me now, deign dana. I looked at the numbers. The numbers for walmart and target were astonishing. Walmart essentially doubles online sales and target nearly triples it is this the look of things to come it certainly is the look of things to come, when you have every other type of store closed except for the essential retailers. This accelerated Business Online by two to three years. You are siege stores reopen. Consumers today realize what they can do with their time and seeing that they can get everything under one roof. In this world today where safety means a lot. Healthy hygiene is there you are seeing these offer goods under one roof in one trip we are seeing conversion of high traffic. First thing i did when i watched walmart numbers come out and target after that. And even home depot and lowes in those as well. I looked at those and thought, the question that came across my mind, what was that versus amazon did they lose ground markedly to walmart and target this time around i think they are all winners and what i think for the Holiday Season retailers will be shut down, retailers as Department Stores and off pricers and anything online i think amazon provided the essentials too all of the other items of the must haves and need to haves in the time period. Consumers in the selection winners and discounters and winners of amazon too. You saw the losers, off price was shut down during this threemonth time period. It is hard to get ramped back up because the supply chain distribution you have to ramp back up in a shortened time period. Talking about the investment piece for this sector. What does that mean for the winners and who they will be the consumer is focused on essentials spending more time in their home so renovation is taking place. Youll see amazon, walmart, target continue. Apparel is losing share given work from home, you dont need as many outfits. And basically top up in this zoom environment, so we are not going to have as an exciting apparel season for 2020. Watch it for 2021. Target, walmart, amazon, some of the concerns are about apparel the new handbags out there, do you need as many of them overall, the capris and tapestries it will be until 2021 estima este lauder numbers have gone up it will work thank you have a nice weekend. Coming up, the nasdaq on track for the first fourweek winning streak since january well get you ready for the ats mi uney ahead. Th icongp xt they get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Welcome back to Worldwide Exchange. Futures showing a slight tick to the upside joining us, lindsay bell looking at the headlines weve gone through this past week. Im still in a little bit of disbelief are we justified at these levels it is a good question looking at the Economic Data and jobless claims there are concerns about where the future of the economy lies you look at the stock market so far, the s p 500 is up 3. 5 . What i will say is what is nice is that we are starting to see a bit of a broadening out in the stock market the number of Companies Trading above the 200day average is up to 61 compared to 41 at the start of july you are seeing companies in some of the value sectors actually start to overperform we are seeing more of that to help support the continuation of this rally we cant continue to rely on this not that technology cant continue to do well. Wed like to see more of a broadening out at this time. The valuing sectors. Apples market cap over 2 trillion what gets investors excited about things like energy, the banks and underperformers over the last several years i think there is a lot of growth in the market right now for a vaccine or a treatment to nip the coronavirus in the bud we have seen the recovery. What is great about the earnings is about 20 to the upside you are seeing upgrades across the board. The 2021 outlook remains in tact to get us back to early 19 estimates. Well see an estimate of that with third and Fourth Quarter results. Well see a return from the investor perspective well continue on the trajectory we currently have. Lets talk strategy what do you do, how do you allocate. How good are bonds . What is the strategy there is a lot to think about when you are vesting in this day and age. Still a lot of uncertainty out there in the marketplace what weve been looking at really is the success of technology and growth. I think once we do get a vaccine, that could be a game changer you dont want to be left behind when that happens. We need a little barbell approach and remain with some of the winners that have done well. Thank you have a nice weekend. That does it for Worldwide Exchange on this friday squawk box is coming up after this hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Good morning. Relatively calm. A full run down still ahead. Uber and lyft avoid a shutdown and joe biden officially accepting his partys nomination well show you what he said about taxes last night you are watching Worldwide Exchange squawk box beginning right now. Good morning. Welcome to squawk box. Joe, what am i doing here . You are actually in Englewood Cliffs you both made the effort to do this me and wolff. We like it here. Did we buy you something, kelly
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