Transcripts For CNBC Squawk Box 20240712

Higher as well 20 points higher the nasdaq up about 100 points higher meanwhile, President Trump remaining at Walter Reed Medical Center entering his third day of treatment. He left to greet supporters from a distance inside his suv. White House Doctors say the president could return to the white house as early as today. Although others questioning conflicting comments around his health over the weekend. And all of this. Moment by moment throughout the weekend. He joins us this morning whats the latest. Good morning, andrew, we did not get a lot of clarity over the weekend. But meanwhile not providing Key Information here including when the president s last negative test was before thursday the White House Press secretary was asked about that yesterday heres what she said again, not giving a detailed read out of testing but safe to say the first positive test was upon return or at least after. The white house also initially suggested that it would provide numbers or details around how many white housed as contracted the coronavirus now though, the white house is no longer going to do that citing privacy concerns. So no information from the white house on an aggregated basis about how manied y aids contrac it at this point starting with thursday when the president said he was tested and awaiting results we do now know that the time line, the president had an initial positive test before he appeared thursday night before waiting for results. The president already knew at that point, according to the white house time line that he had at least one test z positive on an initial test on friday we saw the president tweeting at 12 54 a. M. That he tested positive. That was thursday night into friday morning meadows, the chief of staff, telling reporters that the president tweeted the result as soon as he got them. A white house doctor said they were 72 hours into the diagnosis and then later issued a clarification saying the president was, in fact, first diagnosed on october 1st theres some confusion over whether or not the president received oxygen on friday. The White House Medical Team ultimately admitting that the president did receive oxygen on friday after initially trying to dance around that subject. So some confusion around the president s Overall Health here and wait and see if they can, in fact, send him back to the white house later today. Go ahead. I just wanted to ask real quick, i apologize, its a work place issue inside of the white house in terms of memos and notes going out to others being told about who has it, who doesnt and how that works how is that working . Because we learned i think that notes were just sent out for the first time late yesterday. Thats right. Were familiar with whats going on inside of the compound now. Virtually no guidance once this began as to what they should do and where they should go and that squares with the white house that through the entire course of the summer it was really not engaging in protective measures to any great degree people inside of the white house where the cop finfines are real cramped. Theres a lot of people piled in there. They were just not Wearing Masks. Not social distancing. There was testing early on but even for the reporters who go into the compound they back that off during the course of the summer he writes in his newest oped about the trump Coronavirus Spread that it might be avoided. They arent victims of bad luck. Well get to that in a second but what do you know about the current state in your view because we have seen so many anectdotal stories about people saying i feel great and only to find out that the second week is when some of the really serious symptoms rise. Is it possible that thats what were seeing in terms of the president . We have heard he says i feel like i could walk out of here. Theres speculation that he might go back to the white house today, but knowing what we know, does that make sense did he get early enough intervention with some of that stuff . To where he may not experience that whats not a favorable outcome that we see . Well, we hope so. He is a moderate patient theres suggestions that he has pneumonia or some kind of inflammatory change on his ct scan its consistent with what you would xpect. And hopefully it will be in this case it is the case to the initial question that patients that do well this first week tend not to have that sort of second week that inflammatory reaction but there are exceptions there are patients that dont have a very serious course of the infection in that First Response phase that first week of the illness and theyll go on to have the post viral inflammatory phase that were worried about he hasnt had a very severe illness this week, does have a bad second week is lower i think, you know, we heard about friday and supplemental oxygen i read in different places that maybe there was a drop in oxygen levels on saturday as well which is closer. Also, as you said, they didnt say that it was normal they said it was what you might expect but they didnt say normal which means maybe it could be some more what about the dextamethazone. Thats not usually used. Its something in advance of things happening or what does that indicate as to whether theres some type of the more serious conditions that we have seen when steroids are called for. Yeah. So its consistent with he is sort of in that moderate category he has low o2 stat and he has inflammatory changes on his lungs. It would be indicated in that setting. So its indicated for hospitalized patients that are requiring oxygen so he might meet criteria based on that alone and the threshold for using it might be a little bit lower because the reason you dont use it, you want to give it to patients when theyre having that inflammatory response but you dont want to give it to them when theyre still fighting the virus theyre in that direct viral fighting phase of their response because they themselves could perhaps deminutish tish it and w youre having post viral inflammatory changes but given the fact that they introduce it early, and given the fact that they introduced the antibody early which will also act directly on the virus, they might have been a little bit more confident at pushing the steroids earlier because they dont need his immune system to do all the work fighting the virus because they have given him a lot of medicines that are going to do some of the work for them. Melissa these three treatments at the same time. Its a five day course typically. At the midpoint of this course of treatment and at the same time, hes getting it and its indicated and use it now and does it have less of an impact later on if he truly needs it, its truly on supplemental oxygen and has the inflammatory response if youre still mounting that immune response to the virus then by introducing steroids early you could inhibit the immune response. The steroids could suppress the ability. But given the fact that the treatments are going to directly target the virus, you could push it earlier that may be what they were thinking in terms of the drugs themselves, theres no reason to believe it would be there and we havent used them in combination but i dont think there isnt anything done here that looks risky. They gave the available therapy they had and were able to obtain that should be effective in helping him fight this infection. Go back to your article and think a little bit about it and not to say that the episode is over but so many people around the country are rooting for the president and also i think are starting to assume that he will get better the question is, what the American Public is going to think of covid when this episode is all over based a little bit on what you were writing which is to say that clearly mistakes were made but as he does get better and get better rapidly, it appears quickly, now theyre throwing every drug that they possibly at him. I dont know if all of those drugs are tichypically available most of the drugs are typically not available. At least some of them arent available to the public. How do you think the public is going to think about the dangers of this virus as a result of this situation well, i think its going to reinforce the dangers of the virus and reinforce the fact that people are at risk of contracting it they were taking steps to protect the president. Quite frankly i dont think they took enough steps to protect the president. I think theres a lot more that the white house staff could have done they had a system in place where they were basically depending on keeping the president safe because they werent taking adequate measures inside of the white house compound and so if they were relying on testing alone to keep the virus out of the west wing and out of the white house compound, they needed a zero fail testing machine. They didnt have it. It was told to people in the white house that there were problems with the way they were using testing as a toll to try to prevent virus from getting into the compound and in and around the president they didnt step that up they need to rethink the protocols around the president im pretty certain the president didnt want to get infected. He was not taking risks. And that was some peoples perceptions. He didnt want to get covid and thought he was being protected based on the testing that was being placed around him. Scott, there are questions about whether there were decisions made that were reckless by the white house over the past 72 if not more hours including the decision to go and to have that photo op yesterday where he drove in that car filled with other secret Service Agents who while Wearing Masks by default put themselves at risk how do you think about that and the message it sends i wouldnt have wanted a patient currently under my care and is in a serious condition to, you know, go outside of the hospital i dont know what went on between the president and his advisers around that episode yesterday. We assume the president is the one calling all the shots. I highly doubt he knew all the details around what was unfolding around hope hicks illness and the medical guidance and when he should get tested and when he should quarantine. These arent things that he would know unless hes being advised. So if we want to get to the bottom of how the decisions got made, we need to figure out who made these decisions this probably isnt the time to do that. Im not sure that theres direct relevance by trying to get him through and trying to get the nation through covid because were seeing resurgence all around the country right now we saw a rally overnight in asia investors are assuming the worst is behind the president. That his condition is improving. Do we have enough information to actually make that conclusion at this point i think well know by the end of the week certainly if the president is truly out of the woods and maybe by midweek he does seem to be improving or not getting worse and they said at the outset, in response to the question, if you do well in the first week theres a better chance that youre going to do well in the second week. I talked to a lot of doctors that care for Covid Patients and they talk about older patients and the president is an older patient that will be doing well and still have that post viral inflammatory response. Its predictive that he is likely to remain on a good curve as well. By the end of the week well have a very clear indication of where he is. Scott are you concerned at all about a backlash against testing as a result of how am i going to make this work. I wonder if it may very well be. I dont think so. They werent really using effective testing at the white house. They were relying on the testt try to screen people that Railroad Going to be around the president. They use testing as one piece of an overall approach to try to keep people safe so they still require distancing and masking. I think testing used as a layered response to try to keep covid out of the Work Environment especially when people can socially distance can be very effective but you cannot say that its going to be 100 effective unless you change the testing protocol so unless you require two tests. So maybe you require a test before people get to the white house compound and then you test them again it would have been a good test we have talked about that many times in this show about the fact that the white house should have been using it given the way they were deploying testing. They needed a more reliable device so there would be ways to use testing to get closer to a zero fail system and theres a lot of ways as part of a layered response. So if the president were to go back to the white house but theyre at risk and thats unfortunate. At the white house they have n95 masks and ppe im not really sure but, i mean, thats what they do. They would someone would have to drive them, right i dont know whether its a photo op is necessary but thats what these guys do theyd have to drive them back today. Do you think its likely he goes back there today i cant imagine. Do you i dont know. I have no insight. Its possible he can go back to the white house because the white house at the top, they have a lot of medical care they can deliver. They wouldnt bring him back to the white house. Or i would counsel him not to bring him back to the white house if theres any risk that he would bounce back to the hospital you wouldnt want to have to bring hm baim back to the white house and then bump him back to the hospital as far as people around the president , they can protect themselves theyre exposed to covid all the time in Emergency Departments and other areas. They wear proper protective equipment and theyre trained on how to use it. Its possible for people around the president to protect themselves and they need to be doing that and people around other principles now that may be at risk of contracting covid because of exposure, there might have been two introductions, they also need to be given proper protective equipment and be able to protect themselves if those principles arent going to be quarantined. Well see you again today hopefully and we have the regeneron ceo. So may have some questions yeah well see you in awhile. Thanks he will be with us and later the impact of the president s Covid Treatment on the 2020 campaign. Former white house chief of staff will join us at 6 30 a. M. Eastern time squawk box will be right back. A live bookkeeper is helping customize quickbooks for me. Okay, youre all set up. Thanks that was my business gi, this ones casual. Get set up right with a live bookkeeper with intuit quickbooks. The shutdowns means schools would be forced to close for more on the exact zip code that could be shutdown you could go to cnbc. Com to understand whats happening we are in a moment here back in new york city all over again. Yeah. Well Regal Cinemas is also pulling the plug, temporarily shutting down all of its u. S. And u. K. Locations after reopening in august. They decided to suspend operations after most major film releases were postponed. Most recently the latest james bond title no time to die. On friday the studio behind the bond film moved the release from november to next april he said were like a Grocery Store that doesnt have food or meat and cannot act without product. Other theater stocks feeling the pain this morning premarket down across the board here, joe thank you the nfl had the first major outbreak last week the League Postponed sundays game against the steelers until later in the season and the new England Patriots and Kansas City Chiefs game was postponed yesterday from today its on at 7 00 after star quarterback cam newton and a member of the chiefs received positive test results on saturday the league is rushing to respond to the outbreaks investigating the titans covid procedures and issuing a memo reminding teams to wear a mask and treat everyone as if theyre infectious and if we believe the president does his own tweets, i guess hes up and tweeting i do my own. Im voting for donald trump. 401k tripled under President Trump. Remember the stock market is getting ready to break its all time high. Next year will be the best ever, this is all vote, vote, vote anyway so that did come out five minutes ago. The futures up 154 points this morning. Coming up when we return, well get ready for the trading week ahead we have a run down of the events that could move markets the next five days. As we head to a break, hes era look at the biggest preMarket Movers in the s p 500. Squawk returns right after this. This is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Hmms and ahhs heard incall. Welcome back it is a light week for Economic Data but were going to get the minutes of the feds most recent meeting. Investors looking for more details on how fast the economy can recover. Its a slow week for earnings. Levis will be reporting on tuesday. Dominos pizza on thursday the main event is wednesdays Vice President ial debate Vice President mike pence and senator Kamala Harris will faceoff in Salt Lake City we should also mention whether they should be going to utah and whether they should be set up in washington d. C programming note, lester holt will hold the live town hall event tonight at 8 00 eastern time and you can watch it here on cnbc. Coming up, former white house chief of staff weighs in on the president s covid diagnosis and the impact on the election first after three days of headlines, dom takes a look at traditional safe havens and what e tion in the Asset Classes tells us about the Broader Market and Investor Sentiment right now. Squawk box will be right back. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Before we talk about taxsaudreys expecting. New . Twins wed be closer to the twins. Change in plans. At fidelity, a change in plans is always part of the plan. 93 points. Dow jones looking to be higher Bristol Meyers striking a multimillion dollar deal this morning. Its buying miocardia in cash. 13. 18 billion for irregular heart rhythm shares up more than 57 . In the meantime, digging into which headlines about President Trump and covid, he is looking into safe havens. He could tell us about the marketplace because they do tend to move but in this case here, with the covid headlines it may not be as market moving as other parts. This is what happened over the course of friday overnight into the friday regular session ten year treasury note yields right here you saw some of the tweets coming out from President Trump about him testing positive for covid. We saw yields lower. Look at how much bigger the move is here. This is right around when House Speaker nancy pelosi said stimulus talks could take a decent leg higher if President Trumps diagnosis plays in that moved markets a lot still let me show you what that looks like these moves put us at relative lows so far for the yields not moving very much a little up and down move and around the stimulus talks. You can see the dollar index moving and lets put it in context for you. Theres still a decent regime over the medium term you can see here over the course of the last several months the last thing that i will show you guys is whats happening with gold prices gold, the traditional safe haven did see a little bit of volatility you can see here, almost around 19 or 20 now its right there around the announcement for President Trump that said he was covid positive and general downward trend throughout the course of the day and to put it in context, gold has been big you can see all the way throughout the course of the year to date period were still in that upward regime right now. Only a little bit lower here in the last few months. Gold, dollars and of course treasuries back over to you. Andrew. Thanks melissa. In the meantime, President Trump just tweeting this morning, he says the biggest in the history of our country and one that will shut our economy and jobs down, tweeting political commentary from walter reed this morning. Joining us to talk about the entire last 72 hours, the former white house chief of staff and former omb director. Good morning to you. Thank you for joining us i have so many questions for you, but i want to talk about the work place of the white house given that you used to run it and maybe walk through some of the Decision Making that has taken place over these past several days lots of questions about what we have been hearing from the doctors and also just even the time line of whats happened we heard from the white house that quote, white house operations made the decision for the president to openly go to b bedminster question about that. You lived inside of the oval office who would make a decision like that i assume theres people who would make that decision sure, good morning, thank you for having me. Those are his tweets that time of the day. The doctor really drives the story here tremendous military officer. He was the one in charge and if it can come back positive he would then tell the person in charge of white house military operations again, a super star guy with a Career Secret Service guy who lead the president s detail and came back to run white house military operations, probably about the beginning of this year. But it wouldnt stop there it would go up on to the chief of staff and that information would take idaho, 35, 45 seconds. Keep in mind the white house we dont know so that information would flow very quickly so i dont think its likely that the decision was made by the operation. Some things changed that werent working properly but at the end of the day, i dont think that really matters i think the president s health is what matters. I do want to talk about that but one of the things as i said earlier, you know, were all rooting for him and at this point i hope that were all trying to assume the best and assume that he is going to make it through the other side of this my question is whether youre going to think this experience is going to change him at all. I think change him at all, obviously hes been somebody thats not pushed things like that historically. We can go through the list hes made fun of Hillary Clinton when she had pneumonia gone after reporters and i wonder if this moment will change the president or if he recovers as quickly as we hope he will, he doesnt change at all. Its a basic premise here when dealing with folks this successful and this advanced hes been doing this for a long type hes who he is for a long time its not likely to change him. Maybe they could have been a little bit more careful and doing things youre never going to keep this president locked in his basement that was never going to happen you could have put him in a bubble inside of the west wing you could have restricted him to where no one would come in contact with him but thats not this president he was always going to have contact with people and going to want to go out hes a true expert he likes interacting with people i think what the staff is trying to do is balance the demands of health versus the demands of the president s personality message to the American Public about covid changes. Yes you have to take health into consideration theres no question about that but theres other costs here and the shutdown, Domestic Abuse is up, divorce is up, theres costs to that as well and i think the president will continue to try to drive the message that theres more here than just health and i dont think thats going to change. How quickly do you anticipate in doing that and given the situation, do youexpect an example for the debate its a way to get out of the debate they did passively well. And its the first debate. And we flew back from Southeast Asia and stopped on the way back and three hours later a 2 hour 18 minute speech and he is a true expert. He draws energy from being in front of people and being out. To be on the campaign trail just as soon as the doctors say its safe for him to do so. The information about the president s condition will impact the election, the perception of voters at all. Saturday was sort of a turning point in terms of dr. Connolly coming out and putting a positive spin on the president s condition and mark meadows coming out saying that the president s condition was actually worse. Okay. Let me straighten this out myself which is why you saw him do the motorcade thing yesterday. Its not functioning 100 perfect. Keep in mind, the low single digits, people in this country are probably still undecided and whether or not the chief of staff did, its probably not going to change their vote at all. And go ahead. Go ahead. No, i thought you were done go ahead. No, i was just going to have we talked about it earlier but apparently staffers inside the white house and the lack of the communication that has gone on in terms of being able to identify people that have tested positive so that you can do the Contact Tracing and people in our audience are running offices around the country that are dealing with it. Im a big believer of transparency im a big believer in just being honest with people the president is really healthy, lets hear that. If the president is really sick. Lets hear that. I dont think they care about whether people are saying the same things or allies or enemies care that much they care about the fact, is the president healthy. And they want to know the same thing. Shoot straight with the people at work. The Vice President s office put out a lot of information and so forth and also keep in mind at the same time, i think meadows has probably been at walter reed since this all started so this is going to be its easy for the president to run the country from walter reed that contingency is taken into consideration and the facilities are there as they are any time the president moves out of the white house. Its harder to run the west wing from walter reed so the communication between the chief of staff and his staff is going to be more difficult when youre at walter reed for 72 hours nonstop so you expect there to be something up in the internal management of the west wing. Always good to see your perspective on all of this. Thanks. Nobel prize for medicine, awarded to three gentlemen, three doctors for the discovery, the identification of hepatitis c and the reason i bring this up guys is that even here at cnbc we used to talk about drugs for hepatitis and we called it nona, nonb hepatitis in our lifetime i remember when drugs were being developed. So this is on cnbc so eventually these guys said okay theres Something Else in the blood thats causing something different. And they quickly sequenced it and found a cure for it all in the last 10 to 15 years. Its really neat so theres good news for us. And this will be nobel week. Not that its worth much at this point. Coming up, the latest stories out of washington, including a shake up spot in a senate race details on the president and developments of another round of stimulus plus much more on the markets as futures are indicated positive ahead of the start of the trading week ta take a look at the biggest winners in the dow this morning. You can watch or listen to what is live at any time. Were coming right back. Everyone wakes up every morning to a world that must keep turning. Moving. Going. The world cant stop, so neither can we. Because the things we make, help make the world go round. We are builders, constantly creating things that make our world cleaner, healthier, and more connected. So that the small moments that help define who we are, and the big plans that make life wonderful can keep on rolling. Because while gravity may keep our planet on its axis, its what we build that keeps things moving forward. So with every turn, well keep building a world that works. Were waiting for the president to walk out of the white house after he tested positive for covid19. The Biden Campaign has made the decision to suspend all negative advertising. What might our adversaries in russia and china and japan be doing. Do i expect mischief right now . The facts, the news with Shepard Smith. Coming up, futures are in the green this morning but the volatility index, the vix is up more than 10in the last week we have a full market run down straight ahead my father always reminded me, a good education takes you many different horizons and that sticked to my mind. So, when 1 a day came out, i said, why not . Why not just utilize that resource. And walmart made that path open for me. Without the 1 a day program, i definitely dont think id be in school right now. Each week for me in school is just an accomplishment. I feel proud every step of the way. Pennsylvania, republican senator pat toomey plans to announce he wont seek reelection in 2022 thats according to an nbc report, elected to the senate in the 2010 Tea Party Movement on a platform that called for limited government spending. He sparred with the white house on tariffs from President Trump and has opposed another large spending package for coronavirus. A report says he doesnt plan to do anything else, at least run for governor of pennsylvania at least at this time meantime, the North Carolina senate race is in disarray incumbent senator thom tillis is quarantined after a positive covid19 test. He attended a crowded event at the white house for President Trumps nomination of a Supreme Court pick the senator has closed his charlotte Campaign Headquarters and cancelled all inperson events the same day senator tillis tested positive, his opponent, Cal Cunningham apologized for a sexting scandal. The married father of two texted with a democratic strategist calling her historically sexy, it says here, and making plans to meet with her, although, in case youre interested, its unclear whether they actually did meet so just put that in your, if you were wondering if you were wondering. These are all questions i didnt have, but sure. But sure theres so many questions, historically sexy . I mean, what does that mean. It sound like an insult. Maybe it means corsets or something. I dont know from what period of history . In the eye of the beholder 60s, prehistoric. We have a lot coming up. Huge interviews on tap. I didnt write it, they gave it to me to read, sorkin, its not my fault dont blame me go ahead some big interviews coming up this morning, you dont want to miss whats on top, we have regenerons ceo, hes going to be discussing of course the president s treatment this week for covid19, plus new Jersey Governor Phil Murphy on how his states economy is faring, how schools are planning for the winter weather, and so much more you dont want to miss any of that as we head for the break, we are in the green, dow up 183 points, nasdaq, 100 points higher, and the s 50p 0 opening 100 points higher youre watching squawk box on cnbc thank you sofi for a great experience and for helping me get my money right. Use a siwe use 11. Ftware . Nope. Eleven. 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So go to carvana and enter your license plate, answer a few questions, and our technowizardry calculates your cars value and gives you a real offer in seconds. When youre ready, well come to you, pay you on the spot, and pick up your car. Thats it. So ditch the old way of selling your car, and say hello to the new way at carvana. President trump remains at Walter Reed Medical Center for a third day being treated for covid19 the president receiving a cocktail of treatments to fight the virus. One of the treatments regenerons antibody cocktail, well speak to the companys ceo first on cnbc. On capitol hill, the fight for stimulus continues, the president pushing lawmakers to get a deal done. Futures rising this morning, and optimism for another round of stimulus in what some see as reduced chances of a contested election the latest, the second hour of squawk box begins right now. Good morning, and welcome back to squawk box right here on cnbc, im andrew sorkin, along with major c along, about 192 points higher as we open for the dow, s p 500 looking to open 24 points higher and the nasdaq up about 108 points higher after a very eventful news weekend, joe thats very true, but that would be different, how this year, really it was last, when did rbg unfortunately pass away, i mean, its just amazing, isnt it . And then here we are, were not even talking about that. Well, we will. President trump remains at Walter Reed Medical Center now entering his third day of treatment. The president briefly leaving his suite over the weekend to greet supporters from a distance from inside his suv. Hello again, eamon. Reporter the president is expected to possibly leave the hospital as early as today he wouldnt be discharged in a sort of medical sense but would go back to the white house to continue his convalescence there. The president , were getting a little bit of conflicting information and confusing information about his contradictory statements by the president s medical team the through line was optimism about the president s health saying hes riding this out welwell and improving in his overall condition. Heres what doctor said yesterday. Today he feels well he has been up and around. Our plan is to have him eat and drink, be up out of bed as much as possible, to be mobile, and if he continues to look and feel as well as he does today, our hope is that we can plan for a discharge as early as tomorrow to the white house where he can continue his treatment course. Reporter so well see whether the president can in fact do that later on today. Meanwhile, the president is awake, apparently, tweeting in all caps he says this about attacks increase, he says if you want a massive tax increase, the biggest in the history of our country and one that will shut down our economy and jobs, vote democrat so the president apparently feeling well enough to do some Campaign Rhetoric here, some negative Campaign Rhetoric against the democrats. That would seem to be a good sign in terms of his health. Well see whether he can move down the street, wisconsin avenue, back down to the white house later on today meanwhile, lets go over to meg terrell for the latest on the president s medical condition. Thank you so much of course we know the president has been treated with three prescription drugs, one of which is not approved by the fda lets walk through the treatment protocol we learned on friday that the president had been given the experimental anti body cocktail from regeneron, and friday evening, his doctors said he started a fiveday course of remdesivir, an antiviral that does have an eua, emergency use authorization for treatment of covid19 saturday we got the news that he started the steroid dexamethasone, in response to two drops in his oxygen levels theres a lot of focus on the use of this medicine because it does imply he has more severe covid19 doctors i spoke with over the weekend point out an oxygen level of 94 or less which the president reached in the last two days does constitute severe covid19 what do the data say about how well the drugs work, lets start with the regeneron antibody cocktail we saw the results on tuesday of last week. Its been less than a week since we saw this. It did show in the trial of 275 people, it reduced viral levels in nonhospitalized patients and shortened the time to have symptoms now, remdesivir, gileads drug, shortened Recovery Time in hospitalized patients to eleven days from fifteen and is typically given when patients go to the hospital. In terms of dexamethasone, a steroid drug, showed in a trial in the uk, called the recovery trial, to reduce death bisy a third in patients on ventilators and a fifth for those on rocoxyn it is not recommended for patients early in the disease where it could actually potentially cause harm in this situation, dexamethasone, is what you would get in the hospital if your disease is severe enough, the addition of the regeneron antibody cocktail is unknown we havent seen data on three drugs together, and President Trump one of a handful of patients in the world probably to be treated this way. Thats saying something, isnt it, meg, not that hes part of an experiment or a group thats undergoing, you know, for those three together but essentially thats what were seeing, the president of the United States. Its kind of weird its got to be first time thats happened reporter i dont recall a president ial ever being given an experimental drug during a pandemic like this a lot of firsts happening right now, joe and there are a lot of questions, the president got this under compassionate use outside of a Clinical Trial, of course only a handful of patients have received this anti body drug that way there are limited supplies of it, so you can imagine the requests must just be pouring in to regeneron to try to get in drug as well, and the company is trying to finish its Clinical Trials, and they dont have unpliu unlimited supply of this medicine analysts im seeing this morning, its likely to get an emergency use authorization within days as the use on the president is a tacit endorsement by the federal medical group that this is a drug worth using. And youve reported again and again the ahow people say, i fel great, and i have heard that just in people that are in our community, they go from thinking that, wow, im getting better, its great, and it can get much worse quickly. Were still in that period i think at this point . Reporter we absolutely are seven days if you hear to be watching most closely. The thing that doctors were telling me over the weekend is that this is an unpredictable disease. You have to be careful, particularly when you see drops in oxygen like that, and people worry about patients declining fast. Right thats great, meg, and that is coming up first on cnbc. What time is that exactly, meg, for viewers . 7 45, joe all right and a little over a half hour, and we should be able to talk to him quite a bit about this anti body cocktail, thanks. Lets get a break down of what the developments mean for the markets this morning mike santoli joins us now, with more, up 229 on friday, it was stimulus, partly, and, you know, because we didnt know much about the president s health, what is it today . Is it still stimulus is it the president s health its not a huge move anyway . Its not a huge move, and i think the big take away is that markets are operating in an established range we have been in for a few weeks dramatic headlines but relatively controlled market action, and i think we have to be careful about attributing it to one thing the market was already trying to kind of chew through all of these probabilities, whether it be policy, politics, Everything Else that might come down the road heres the s p 500 year to date, for more than four weeks, we have been in this box, 3,200 to 3,400, nudging toward the upper end of it in the premarket action this is going to be a similar pattern that youre going to see in other Asset Classes, too. You have had this kind of sideways move through september, a little bit of a pull back. Things are more in balance right now, believe it or not take a look at the 30year treasury yield heres one thats nudging against the upper end of where its been for most of the last few months over a percent and a half right now, this perhaps is also establishing some kind of higher probability of stimulus. Who knows what it means on the political front, but i think its very important for people to recognize, the markets for months have been kind of bracing and clinched up in advance of the possibility of some kind of political change coming around the next few months. Thats why whatever the actual specifics going on in the news right now, thats going to change the process of figuring out the probabilities hasnt changed very much. Volatility index, similarly, up off the lows from august, and this is a little bit of a less dramatic chart because it has the springtime fight on it pushing toward the 30s, definitely kind of twoway risk perceived in the markets right now, very ompressed, coiling toward something i dont know that were going to wait for election day to have a little bit of an effort to break out of this range, guys. At the same time, mike, vix priced out through december. So after the election remains elevated the curve on the volatility index seems to tell a different story in terms of what were seeing of the box the markets have been. It tells a different story in terms of what protection traders are willing to pay for for months, you have seen the high premium investors are paying for protection against the volatility storm, october, november, maybe into december. The markets are positioned for Something Like that but what does it say that the market has been positioned for Something Like that for a few months thats the question you have to figure out, not that everything is priced in but nothing is necessarily going to blind side the market because we have been tensed up. Mike, thanks, mike santoli. Andrew a lot more to come on squawk box this morning. The President Trump pressuring congress to get a stimulus down. Before we head to the break, lets get a quick check on the markets right now. As we have been saying all morning, we have green arrows that have gotten a little bit better, dow up 231 points, nasdaq up about 115 points s p 500 looking to open about 27 points higher. We are back after isth this is decision tech. Find a stock based on your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Markets moving higher this morning on hopes that a stimulus bill will be completed before the election ylan mui joins us with more. Reporter we know that another Coronavirus Relief package has been on the president s mind, even from the hospital because he tweeted about it now he has been very active this morning, but this particular tweet came on saturday afternoon. It was one of the first written statements he put out from walter reed hospital, and it said our great usa wants and needs stimulus Work Together and get it done. Both sides have been signaling they are working closer toward a deal, with one top democrat saying the talks could bear fruit as soon as this weekend. House Speaker Nancy Pelosi has laid out five key areas of disagreement with the administration, and they include unemployment insurance, state and local funding, the child tax and earned income tax credits, language on testing and tracing, and other appropriations now there has been hope on friday that there could be aid to the Airline Industry, but the effort to expand the payroll support program, that effort flamed out very fast we are trying to finding out if the treasury secretary and pelosi had direct discussions over the weekend what i can tell you is lawmakers from both chambers have now gone home ylan, assuming they can resolve the roadblock issues, what could the time line be even on the most optimistic scenario. Reporter so the senate is not going to be back in full session until october 19th and thats assuming that senators are healthy enough, and that there isnt an expansion of the current outbreak to return to work, and thats going to be difficult because the full focus of the senate once they get back is going to be on confirming Supreme Court nominee amy coney barrett, and so that means the time line for actually negotiating and passing the legislative text of a deal becomes even shorter to get something done before the election ylan, thank you, ylan mui joe. Thanks, melissa. Chief executive adviser, mohammed elerian, his market commentary is coming and regeneron ceo will join us t ninheext half hour. Squawk box will be right back. This was an unexpected bill not covered by my health insurance. And this is the aflac duck who helped me cover it. Aflac. These are all the cab rides to my physical therapy. And aflac paid me directly to help. Aflac. What he said. And this unexpected bill is from. The twothousanddollar specialist. Thanks. Aflac. When youre sick or injured, aflac is there. We can help with Expenses Health insurance doesnt cover. Get to know us at aflac dot com. Capitol there. Meantime, thousands of Airline Worker jobs are on the line. United and american have already started furloughs. Joining us is sarah nelson, International President of the association of flight attendants good morning to you, sarah i want to understand where you think the stimulus measures or a plan to help save the Airline Industry may be at this moment, and what youre hearing behind the scenes well, lets be clear that on october 1st aviation workers were actually furloughed and others are now going without a paycheck, so over 100,000, and theres also no backstop to those furloughs as well. While we are in a situation where Airline Industry revenues are down 85 on friday, Speaker Pelosi did put a stand alone bill on the floor showing, demonstrating absolute commitment to saving these jobs shes asked the airlines to hold off. Of course those furloughs have gone forward but the airlines have said that they can reverse if there is a package in place within the coming days. I believe Speaker Pelosi bought us a few days by doing that, and i want to thank her very much. But this is immediate and we have got to get this in place right away its an area of agreement where a larger package can be built from what she said is were either going to have a stand alone bill or were going to have a full covid relief bill that would get relief to the rest of the country, and that is what we have always been pushing for, so that is what we are fighting for right now, and we are hopeful that can get done. She called it imminent on friday, so were going to be engaging to see where we are, and what we need to do to make sure these jobs dont go away. Sara, just so were clear here, your sense is that the stand alone bill will pass, and will it pass through the senate as well . Or do you believe that were talking about returning to the larger bill, which of course has been complicated now for many weeks . The focus is on the larger bill, andrew, and that has been our focus forever. Theres no reason that we cant have a bill in place there is widespread agreement. Our issue happens to have the most agreement 96 senators on record now supporting our issue the full house, bipartisan support in the house, even though the republicans stopped the vote from Going Forward on friday our focus has been use our issue to then put together the other issues that are also in agreement. Small business support, including restaurants, child care and school support. We need to take careover o of o children and our parents who have children to be able to work, all of these issues, rental assistance, theres so much the country needs. Take us behind the scenes, though, you mentioned on friday that republicans, you know, stopped it from being voted on, why . Whats happening here . So there was an opposition, but what happened was there was an agreement, not to make this a wedge issue, this was a statement that made it very clear that everyone is committed to making sure that we have the continuation of the payroll support program. I believe this bought us a few more days, but ill tell you, this will start to unwind because as Airline Workers are furloughed, they start to lose their qualifications if we go very long, to be able to recall people makes it very very difficult, and theres no backstop now there are other airlines who are deciding what they need to be doing here we need to get this in place people dont have health care right now. These aviation workers dont have health care right now we have a mother and father who have been furloughed who are having a baby this week who need that health care we have people with coronavirus diseases and fighting terminal illnesses who need that health care so does the rest of the country. In terms of the timing issue, though, that youre talking about, and i am very much appreciative of the concerns about the employees who need health care, but im also interested in the Business Aspect for the airlines themselves, you know, you obviously want pilots and other workers who have to obviously be constantly tested and Everything Else, im not saying constantly tested for covid, tested for the work theyre doing, and training and Everything Else, how long can this go on for before it would have a Material Impact two weeks, three weeks, a month, six weeks, just so we understand sort of what were up against . Two weeks starts to have a Material Impact, and andrew, let me be clear, its difficult to people in their certification right now because of the covid requirements in the Training Facilities so training is slowed down anyway because of covid, so if you have to start getting people back and they have to get a longer training, because thats what happens when you furlough people, they start to fall out of those certifications and they actually have to have a longer training period to get those certifications back. When you have Training Centers in the middle of this crisis who are cut back because of the procedures of covid, that means that you can not return the operation to full steam. You cant get these employees back fast enough thats why were talking about a matter of days, and within a couple of weeks, were starting to talk act the situation i just described. Lets not forget, too, that this is also infrastructure, this is a jobs plan and infrastructure, so the airlines have already announced that theyre cutting service. This is going to be cut service to communities we need to get this in place so that we can restore that service to the communities as quickly as possible for the mail, for the connectivity to the rest of the country, jobs and infrastructure in in program, and so we only have a matter of days to get this done. And then finally you said there was bipartisan support but republicans blocked the bill on friday if the bill had to be voted on today, what do you think the answer would be . I think that as we look at this and we want to make sure that the things that we agree on are getting done, i think that there is still a possibility, but it doesnt make any sense because there are other issues where there is agreement we need a larger stimulus package, and let me just say, its not really a stimulus package, its a relief package, right, we need health care for the rest of the country. We need safe schools we need our restaurants to get help, and the other Small Businesses these are things people agree on, and theres no reason we cant have a full relief package right now. Sara, its good to see you. We wish you all the best, and all of the workers out there involved in the Airline Industry and everywhere else as well. Thank you so much, well talk to you soon. Andrew, thank you. Melissa. Allianz Mohamed Elerian will be here to talk about the markets this morning, and regeneron Ceo Leonard Schleifer talks abt outhe president s antibody cocktail last week. Well be right back. Ok, just keep coloring there. And sweetie can you just be. Gentle with the pens. Okey. Okey. I know. Gentle. Gentle new projects means new project managers. You need to hire. I need indeed. Indeed you do. The moment you sponsor a job on indeed you get a short list of quality candidates from our resume database so you can start hiring right away. Claim your seventy five dollar credit, when you post your first job at indeed. Com home. Shares of draft kings is under pressure in premarket trading, announcing this morning a public Stock Offering of 32 million class a shares half of those shares are being offered by the company itself, the other half by certain stockholders draftkings will use the proceeds it receives for general corporate purposes the stock down almost 7 this hour the fear of a second wave becoming a reality as the nation moves into the fall and winter in new york city, schools, restaurants and nonessentially businesses in covid hot spots will close wednesday it could put the fed in a precarious position in terms of tools they have if theres a wider outbreak or shut down. Steve liesman will join us now with more. Steve, good morning. Good morning, melissa the Federal Reserve and Economic Forecasters struggling with two major unknowns to the outlook, whether there will be additional federal government relief, and concern about a second wave of the virus in the fall and the winter Oxford Economics starts with covid19 infections once again rising and the federal top up to jobless benefits fading. Downside risks to growth are mounting economists at jeffrey say gdp can grow 10 without a relief deal in the 4th quarter. 2 1 2 without it when it comes to the Economic Impact of a second wave. Maybe theres no widespread government ordered shut downs, even in new york city, mayor bill de blasio is trying to hold the line in response to an outbreak imposing lock downs by zip code Ian Shepardson of pantheon says a covid case today is not like a case in march, less likely to result in hospitalization, and less likely to result in death what seasons reasonably constant, though, is the idea that people, especially middle age and older retreat from social interaction when cases spiked recently in wisconsin, High Frequency data showed open table restaurant reservations plunged after recovering strongly. Mark zandy of moodies. Com, every stained increase the unemployment by half a percent 40,000 to 80,000 cases could move a 2 boost to the unemployment raid. The fed has emphasized a risk of a second wave, so some of the policy included a scenario its going to be hard pressed to come up with policies that adequately address a new shut down and a lack of additional federal relief joe. All right, steve. I understand that youre naked, so we did not take a shot of you at you will the entire report, steve. Actually, your shot was down, so we did that. Did you notice that, steve your actual shot was down, so we left boards up the entire time i did maybe they could put up a picture of me with, you know, just a puicture of me there we go. Im back or im not back. Its totally frozen but we had boards up the whole time, so if our viewers were wondering why we had boards up, you actually are clothed you look great. But the people on the radio werent confused, joe. People on the radio didnt know anything about it until you said something. I know, but i wanted to explain it to everybody else people cant unsee what i said lets bring in another voice for analysis on the recent academic data Mohamed Elerian, fully closed and adviser of queens, you look great. I have used this so many times, but it made an impression on me. Back in the old days, the money supply, thats all anyone cared about. There was a cartoon that said the markets sold off after it was released an asteroid strike on the earth was imminent but rallied in the afternoon when the money supply was less than people thought that reminded me of friday, the leader of the free world has a deadly virus, but pelosi and schumer are talking about. We rebounded them. Hes getting better, and maybe that has something to do it, but stimulus, and a deal with congress, thats all the market cares about right now to the exclusion of these unbelievably scary headlines elsewhere. Does that indicate this is all about liquidity right now . Yes, i would say so, joe, and thank you for having me. But there are three arguments being put forward. I think the strongest one is the liquidity one. The first one is the market has gone to expect the unexpected so it doesnt matter. I dont buy that so much the second one is the market is looking through all of this, there will be a vaccine. We will have a president after november we will have stimulus. So forget about the shortterm i dont buy that either because the shortterm matters, especially when it comes to whether you have a stimulus or not. If you dont have a stimulus, you create significant damage thats harder to counter so i end up with the third argument, which is its all about liquidity, coming from central banks, and coming from the fiscal authority, and the market has embraced the notion that whenever there is weakness, there will be liquidity. Because, you know, we have been talking to you for so long about the disconnect and the wedge that weve seen again and again over the past ten years between the Underlying Health of the economy, and where the Financial Markets are based on something that the fed is doing, or based on Something Congress is doing it seems like were back in the same place again, which sets you up for, you know, disappointment, if the air pocket, forever disappointed by the fed or by congress, it seems like the markets dont have that underlying strength from the economy. Yeah, but remember, the markets are saying two things, one is even if i buy into what you said, i do, but even if i buy into what you said, the marketplace will say, say joe, but theres two things one is we dont know when thats going to happen. Two is the conditioning is so deep that the market will continue believing for much longer than it should, so therefore, i will stay on this wave, this wave will not wake. That argument i hear over and over again, and that is why the hope, the positive hope is that a better economy will validate the asset crisis, but in the shortterm, even if that doesnt happen, the people are willing to ride that wave, which makes the disconnect even bigger. It is selffulfilling to some extent, and its also, we have one of our guys on friday talking about how much money really is around, and it doesnt, its not going to sit under someones mattress that is kind of a support underneath everything, no matter what the news cycle is or no matter what you hear thats negative, right, about the virus or the economy or anything else. Yeah, i mean, you can describe the whole market act by three acronyms, tina, there is no alternative to equity, you want to go to bonds, look how repressed yields are so oneway risk there. Dont go there there is no alternative. Secondly, it has worked every single time, and then every time people have not bought the dip so far, they have missed out. These three conditions are so deep what they dont account for is two things, one, something that was applied in what steve just said, which is what i call human Counter Party risk, not financial, but human Counter Party risk notion that if we get a second wave, and i hope we dont, im living through one here in the uk, if we get a second wave in the u. S. , people will step back from economic activity, and secondly, bankruptcies so thats the two things that are out there. Lets hope they dont materialize, but that could grade the conditioning if they do i mentioned one of your guys, melissa. I was trying to get a fast money play. I appreciate that. I do that a lot its almost as if i pay you, which i dont. By coming on, you do. Were all compensated. In spades, im sure very nice to say, joe. Getting to the human part of it, i think thats very important. Theres a second lock down, more restrictions, the human impulse would be im going to pull back even more. We dont know how long this is going to last. Im wondering what impact that is, and at what point do you get concerned that this is a solvency issue you mentioned the bankruptcy issue, that has been the argument do we have enough stimulus, enough liquidity to get us across the bridge so we dont have that solvency issue at what point do you get concerned its a solvency issue . Europe is your leading indicator here because europe is in a second wave today we got the pmi numbers, they flew under the radar screen, but theyre important. They tell you that the recovery is stolen, and within that stalled recovery, youre getting two speeds, Manufacturing Service is doing really badly, and then some countries like germany are doing well, but other countries like spain really starting to contract. And all of that ultimately relates to the dynamics of a second wave, and its important to understand that its the Service Industry, and it is countries that depend on the Service Industry more than anything else that would be hit hard the second thing, melissa, i want to stress because you brought it up, is look at the volatility space, youre getting two Significant Developments there. One is people are paying attention to the curve, as you pointed out, and secondly, people are paying attention to the balance. And as you know, its been all about the put buying that has driven and the coal buying as actually spot some of the impact we would have seen otherwise the volatile space is getting ready for more uncertainty, but the cash market has been able and willing so simply brush off right now. Mohamed, thank you. And joe, i must tell you, i am so happy im here because of my 014 jets, and congratulations on the bengals. I was just answering someone, a Famous Hedge Fund guy that the Long National nightmare might be over because of joe burrows, its possible. I can fall back on the reds, 22 scoreless innings in the postseason, an all time record, no one has ever been close to 22 scoreless innings, and you know what, i saw all 22, and i want my hours back after seeing that. Anyway, i still like darnold, i dont know what to tell you, mohamed, but there is hope im not back on the bengals band wagon completely yet are you still on the patriots one . I dont have anyone i go, on any given bet, may take the team one time, bet against them the next time its all about me. Youre on the jets band wagon. Lots of room thanks, mohamed when we come back, a lot more, joe, as you know, we have the regeneron ceo, who else could we want to have as one of the great guests, especially right now to discuss the antibody cocktail that the president was given over the weeke weekend. And then at the stop of the hour, senator John Barrasso talking about the battle for stimulus squawk box returns after this. Everyone wakes up every morning to a world that must keep turning. Moving. Going. The world cant stop, so neither can we. Because the things we make, help make the world go round. We are builders, constantly creating things that make our world cleaner, healthier, and more connected. So that the small moments that help define who we are, and the big plans that make life wonderful can keep on rolling. Because while gravity may keep our planet on its axis, its what we build that keeps things moving forward. So with every turn, well keep building a world that works. Hey frank, our workers comp insurance is expiring, should we just renew it . Yeah, sure. Hey there, Small Business owner. Pie insurance here with some sweet advice to stop you from overpaying on workers comp. Try pie instead and save up to 30 . Thirty percent . Really . Get a quote in 3 minutes at easyaspie. Com. Wow, that is easy. So, need another reminder . No, no no, im good. Uh, yes please. Oh. Ho ho ho, yeah need workers comp insurance . Get a quote in 3 minutes at easyaspie. Com. When disaster strikes to one, we all get together and support each other. Thats the nature of humanity. It has encouraged other people to take the time for each other. Welcome back to squawk box, were just minutes away from our special interview with regeneron ceo, the futures up right now 216 points on the dow, the nasdaq up about 93 the s p indicated up about 24. Remember friday we had been indicated premarket down more than 400 points for most of the session, maybe even worse than that, and ended down 100 and change after actually getting all the way up to even and i think positive at one point. But on the stimulus news, today, for whatever reason, were back up about 216 points, as i said Amc Entertainment is under pressure after a rival Movie Theater operator, in this case, cineworld, announced the closure of more than 500 regal theaters in the u. S. , as well as theaters in the u. K. , as movie studios continue to delay major releases and thats, you know, someone said at one point, its like a Grocery Store without food why stay open . And at t was downgraded from under weight to sector weight from key bank which points to expectations of declining direct tv, and a drop per average revenue per user, andrew joe, weve got a big interview, as you know, right after this break, and were going to break down exactly whats happened with the drug treatment for the president , with the ceo of regeneron right after this break the president of course given the companys experimental antibody cocktail, and were going to talk all about it and deta me tethunrsndorafr is our Retirement Plan with voya gives us confidence. They help us with achievable steps along the way. So we can spend a bit today, knowing were prepared for tomorrow. Wow dad, do you think you overdid it maybe . I dont think so. What do you think, peanut . Nope honey, do you think we overdid it . Overdid what . See . We dont think so, son. Technically, grandparents cant overdo it. Its impossible. Well planned, well invested, well protected. Voya. Be confident to and through retirement. Dose of regenerons experimental antibody cocktail. Meg tirrell joins us now with a special guest, meg, and should be interesting whether mr. Leonard schleifer would attribute some of the president s good reaction, going better today, i wonder if that has in lens view, something to do with the cocktail maybe we should ask him. Perhaps we should, joe, doctor, thank you for being with us this morning. Joe asks a good question can you tell us how the antibody drug aims to help the virus, and given what we have heard about the president over the weekend, do you think its work something. Thanks, meg, joe, for having me on. Before i start, let me say how proud, team regeneron, all of our employees are to have worked so hard to get to a point where we can help the president and hopefully many other people, and that hard work was done right in the epicenter of the pandemic in the early going, where our main headquarters are in new york look, we think that this is nothing particularly earth shattering in its perspective. That is were just trying to imitate and help an individual, help their immune system win this battle, win this race against this virus, and what happens normally, is it is a race that virus gets going, starts replicating, lots of virus is floating around and the immune system tries to get in there and knock it down. By the way, thats what vaccines are supposed to do theyre supposed to give the immune system a head start in that race. We dont have vaccines yet early on in the course of the disease, the virus can get ahead of the immune system and we think that giving that antibody makes a lot of sense because its just doing what the immune system is supposed to do but hasnt quite done yet, and thats what we hope happened with the president you ask me, did we help him, i like to think so its impossible to know with one patient but the evidence we have from hundreds of patients thus far is if you give this drug early in the course of the disease, particularly in people who might have a high virus or maybe they dont have enough of an immune response or the appropriate immune response, you can really helpthem clear that virus, and this disease is really all about the virus if you look at hospitalized patients, they have a lot of virus, they have a bad outcome or theyre at risk of a bad outcome. If you knock that virus down naturally or with antibodies, we hope to change that. If you can, walk us through what the last few days, the last week has been like for you, i mean, to our knowledge, this is something thats never happened in history that a president would receive an experimental drug just three days after we saw the first results on it. What was it like to get that call were you hesitant at all did it wake you up what can you tell us. I would like to say it was another day at the office, it wasnt we have done this before hes not the first person to get the drug under the so called compassionate use. A lot of people said why would you do it, its so risky, you have to protect the company, what if things go bad, as a physician and leaders of a health care company, we dont view that as our job to protect ourselves. Our job is to protect patients and the patients we serve and when we got the call, the white house physician and staff seemed pretty informed. They obviously had role played scenarios what might happen if somebody got sick and needed treatment. They asked if we would be involved we told them if the fda was on board, we would be pleased to try and help, and we thought it made sense. And what was that process like can you help us understand the time line for when you got the call and then the fda gave the green light to administer this yeah, id like to get into the details, but, you know, one of the things about protecting patients is we protect their privacy. Im not at liberty to talk about the details of the president s case that information is owned by the president and his medical team im sure they would be happy to tell you about it. Our role was to provide information, provide understanding. I have spoken with their physicians george has spoken with them. They have a team of experts where available, and when they wanted the product, we made it available, and were glad to see who hes doing so well. One more question on that, latest that we heard from the president s team of physicians is that the antibody was administered, you know, they were on day two, essentially on saturday that implies very early at least friday morning is that consistent with your time line . Its a nice way of asking a question i cant get into the particulars of when, the hows, the details of the president s treatment its better left for the president and his medical staff. I was going to follow up on that, but ill switch gears since it doesnt seem to be that were getting through to you in terms o. Tif the time line questions, dr. Schleifer. Its sort of, did you get the phone call at 2 00 a. M. , the president tweets at 1 00 a. M. , that he is diagnosed ill let it go there theres some assumption at least in the Analyst Community that the president s use of the cocktail is tacit approval by the fda for emergency use authorization, is that a correct assumption is that the way you view it, if you do get ua, are you able to ramp up production quickly let me break that question down into several parts. First of all, whether the president got it or didnt get it, i dont think really is the question here. That may be a question that he wants to address, but as far as the fda goes, they have a set of standards, so lets parse out what are those standards first of all, it has to be an emergency declared under the food and drug act, and obviously, this pandemic was certainly an emergency there has to be inadequate treatments its sort of qed, youve got several hundred thousand people have died in the United States we dont have adequate treatments, nor do we have adequate prevention for this virus. Thats for sure, and then the evidence has to suggest that the drug may improve the outcome or help prevent bad complications, and i think that that standard of may or might is quite different than the evidentiary standard that the fda normally uses, that its proven 1,000 , you know we havent proven anything 1,000 there are more trials going on, but i think the evidence that virus problem in this disease, more virus is bad for you, and we can lower that virus. Thats a powerful and compelling argument that we would fit that standard that our drug may or might be beneficial. And then the last consideration, i think, by the fda is what the the risk benefit reward. We know it may be beneficial, but are the risks too great. Do we know enough information that its safe, and i have to say, we have lots of information. First of all monoclonal antibiotics have been given to hundreds of thousands of people, one of the safest classes of drugs out there because theyre very specific in what they do. And they have been used in infectious diseases, in passive transfer, convalescent plasma, and our own breakthrough in the treatment of ebola is an example of using monoclonal antibodies to attack a virus that can kill you. We have cell data, primate data in monkeys that you can give this antibody cocktail before somebody gets the disease and prevents it, and we should talk a little bit about that, and you can give it after the monkeys get the disease and have a very important beneficial on their effect and finally, we have the human data from our trials so if you add it all up, theres quite a robust package of information to suggest that this may well be beneficial, and i think the risks are very low so i think it makes sense. Len, the proof of concept is pretty exciting too. Its a cocktail, so you worry that part of the spike protein mutates if you give one antibody, so youve got two. Could you use three if you needed it . Could that be better, and why cant we do this with the normal coronavirus, the common cold or Something Like that, as a proof of concept as usual, you ask great questions. We use three for ebola, and its a little bit of a tour deforce, because youve got to get this spike protein sticking out there, and youve got to get two antibodies to be able to find this thing at the same time. Otherwise theres no point, and they have to bind them in different places, and we work very hard, we could have taken what would have been maybe a shorter cut, if you will, by doing one antibody, but you do raise the point that art our scientists were concerned if you use one antibody, that virus could mutate, and you would have a problem. Not only would your antibody not work before, you may change the whole dynamic of how a vaccine would work having two, you minimize the chance of what one would call viral escape that is whole different an pal, which we dont have time to get into to in terms of the regular cold viruss and, how rapidly they can change. This approach might not work as well here, the spike protein is really the essential part because if that spike protein doesnt mind to the so called ace receptor on the cell surface, then this virus is really not going to do much damage, if any at all. A little bit different biology we know a lot about this still learning but we do know a lot about it two antibodies make sense. If we could squeeze a third one on there, it might be good, but im not sure technically whether that can be done. Dr. Schleifer, its meg tirrell again. I want to talk to you about this access to passionate use i talked to your chief scientific officer on friday you said you have given it in a handful of situations that convway but the priority is to have Clinical Trials to prove how the drug works, and the prevention setting is another area youre testing this but over the weekend, you know, about 90,000 people in the United States were diagnosed with covid19, all of the people heard the president was treated with your drug first i can only imagine the compassionate use requests youre receiving what can you tell us about that . Its a tough situation. We have tried to take a principled approach until there is a broader authorization, basically, if you can get into a Clinical Trials, we have tried to encourage people to go into wellcontrolled, wellmonitored, carefully collected data in a Clinical Trial setting of course the downside of that is you have a one in three chance of getting a pla scebo giving that to the president , asking somebody like the president to go into a Clinical Trial just wasnt practical, so giving it to him or to others who might not be able or dont qualify for Clinical Trial is the right use of compassionate use. Thats for a small number of people we want everybody to potentially be able to benefit we understand we dont make that decision this is a decision that the fda has to make. We hope theyll follow the regs. We think we meet a lot of those standards. It might work. The risk benefit is right, its truly an emergency, and we can continue the Clinical Trials, even under an emergency use authorization as we have done in other jurisdictions outside the United States and so forth this is all very complicated because its real lives at stake. If its my loved one, your loved one, a family members you know very well. Maybe not joe, hes always mean to me. If its somebody you care about, yes, we want to give in if we can and help them. Of course we want definitive evidence so its a tough act to balance. To that tend, have you gotten requests for compassionate use from the white house for others who have been diagnosed with covid in the white house or those diagnosed with covid in congress im not going to talk about individual requests, technically were not allowed to talk about. We would never have mentioned the president if they hadnt decided to make his treatment known. I will say we have gotten other requests, and were dealing with them on a case by case basis, trying to do this in a principled way if youre an essential member of government and you have to conduct the peoples business and the continuity of government, and you cant get to a Clinical Trial, well take that into account. I think this is a tough course to affluenza ga to navigate. Were trying to do our best. Were going to work with the fda as well. It takes both the approval of the fda and of the company to allow compassionate use to be conducted. Doctor schleifer, thank you for being with us in a historic situation. Thanks for plaexplaining it to u thank you, meg, thank you, dr. Schleifer. Futures point to go a higher opening this morning as investors continue to monitor President Trumps health which we just were talking about quite a bit. And the prospects for stimulus talks on capitol hill. Eamon javers, joins us now we did sort of talk about that friday what are the chances, and earlier i said schumer and pelosi were talking, i meant mnuchin and pelosi those are the two players that seem to at least take each others phone calls, where are we on that reporter it seemed like earlier in the week last week, there might be some progress there as treasury secretary mnuchin and the speaker of the house were meeting and talking the president seemed to be behind the effort, but this covid diagnosis has up ended everythingment n everything not sure if the president has been able to be on the phone with lawmakers and convince Senate Republicans that a stimulus is where they need to be politically well wait and see whether the white house can give us any guidance on that meanwhile, this morning, joe, the president has been tweeting up a storm take a look at some of his missives campaigns in effect, from his hospital room at Walter Reed Medical Center, urging supporters to vote in he did it of health conditions, doctors said yesterday its possible hell leave the hospital today and head back to the white house where he can continue to receive treatment. Ultimately, though, they said that although he is improving, there were some scary moments during the course of the weekend. Heres what they said. Over the course of his illness, the president has experienced two episodes of transient drop in oxygen saturation we debated the reasons and whether we would intervene it was a determination of the team, based on the time line from the initial diagnosis that initiate dexamethasone and joe, in terms of the Vice President , im told that Vice President pence is at the naval observatory, the Vice President ial residence hes not expected to go to the white house today. Hell leave this afternoon and head to utah where hes going to be participating in the Vice President ial debate on wednesday against Kamala Harris. More politics to watch this week in what has already been a crazy couple of days, guys, back over to you thank you well kmcheck back with you, and obviously if you find anything out, just let us know. Well be right back to you with more on the latest on the president s health, and if well see a stimulus package before the election senator, dr. John barrasso, hes the third ranking republican in the senate, and the republican conference chair you should be a cnbc contributor, youve got the doctor, youre there for the stimulus talks, so, you know, maybe dont need to have two guests, we just have you, senator barrasso so lets start with before we get to the stimulus, just talk about what you know about, you know, physiology, and Everything Else, what do you think is happening now with the president and his health given that hes had a pretty solid regimen of these drugs that seem to work or seem to have been proven to have some efficacy. Where do you think he stands now . Do you think hes out of the woods or are we still worried for the next week . The president is a fighter, and i know all of us are looking forward to a quick and complete recovery for the president it sure sounds like things are heading in the right direction as a doctor, i can say that what it tells us if the president of the United States can get coronavirus, any of us can testing is certainly much more available. A million tests will be done today. Theres still no replacement for the things we need to do with socially distancing, hygiene, and with masks i know everyone wishes the president well, and i bet hes going to be back on the campaign trail as quickly as the doctors allow him to do it. The latest on the stimulus, senator . There continue to be discussions, and i hope we can get a to au solution. There are people that need help. Republicans have put on the floor, and 52 of us voted in the senate for something targeted to getting people back to work with paycheck protection loans and to get kids back to School Safely so they dont fall further behind and specifically with fighting the virus and the vaccine, there are things that we should do, and i hope that we can. You know, however, that what nancy pelosi and the democrats are proposing goes way beyond what we need to do to fight coronavirus. One of the big sticking points in theics sku in the discussion is she wants to bring back the 600 a week, they call them enhanced unemployment benefits. I call them basically bonus checks on top of unemployment. We need to get people back working. Im in wyoming, theres help wanted signs all around. We cant go back to paying people more to stay at home than they can make at work. Senator, you made a comment about the president , and its a take away that im concerned some people are taking away, which is if the president can get covid, anybody can take politics out of this, and put your doctor hat on for a second clearly the president has suggested people dont have to wear masks, irrespective of the testing bubble we know Wearing Masks and being indoors without masks is considered otherwise irresponsible. Can you speak to that . Because the reason that the president , it appears, and so many others caught this disease was because of practices that otherwise would not be encouraged around the country . The president is running the country and running for reelection, so its not surprise that hes out and about with people as a doctor, i couldnt to say as i have from the beginning we need to do the things of social distancing, hand washing and of Wearing Masks. I have mine with me right now, so what we also need to know, and i believe we are putting this disease behind us were doing a million tests today. The medicines that people have and the treatment is much better two of the medicines that the president has gotten, the dexamethasone, and the remdesivir, if people showed up at the wyoming Medical Center today with the same symptoms, they would get those medications. The president is receiving that plus the regeneron that you talked about hes getting top level care. We can all do more to protect ourselves against the disease. Just having the test alone is not enough were hearing, doctor, that the president still, according to chief of staff meadows, were optimistic hes going to be able to return to the white house today. Reports that he did well overnight from chief of staff meadows. At this point, do you think that mark meadows and the medical team at walter reed could have gotten more on the same page on how to present things . That was not the finest moment, was it i mean, you dont want happy talk you want to put on a positive face, but, you know, when you hear evasive answers oh, hes not on oxygen this morning he after, you know, everybody worrying about whether there would be transparency for that happen makes me wonder why they didnt get their story straight and get the real scoop right from the beginning i think youre right, joe, in addition to people wanting a quick and complete recovery of the president , they also want clear, candid and complete information and transparency about the president s health thats only natural. Certainly members of Congress Want it, and the American Public wants it so im expecting to get that and hope to get that today. Do you think he should go back to the white house . I mean, they do have obviously its not like going back to your own house from the hospital, im sure they have some, you know, they have equipment and staff that wouldnt be that different in the hospital setting, if he goes back to the white house and has to be readmitted, that wouldnt be great. Would you, as a doctor, would you suggest that he leaves walter reed today . Im not going to second guess the doctors who are taking care of him i have been to the unit where the president is, it is the Perfect Place for a president in it did of their recovery they can certainly work. Theres a great office set up to work theres a place to rest. And theres opportunity to be monitored. Once the president and the doctors determine its okay to go back to the white house, hes going to do that ive traveled overseas with the president , and he has more energy than most humans. You can see it with the tweets this morning he wants to get back he wants to get the Great American comeback, continuing with the momentum we have with the economy. As you mentioned, futures are up again today, heading to high numbers. The president is hands on with this recovery, and he does the contrast of whats happening with joe biden, with the 4 trillion tax increase and new regulation, all of the things, e li eliminating fossil fuels were looking at two versions of america, and thats why the president is energized to go back to work and make his case to the American People as were four weeks and one day away from election day. Senator, doctor, thank you. Senator barrasso of wyoming, well see you. Melissa. Thanks coming up, dr. Scott gottlieb on the various treatments the president is receiving right now. Futures right now are point to go a higher open dow looking to open solidly higher, by 278 points, nasdaq up t the open stay tuned, youre watching squawk box on cnbc early on in the course of this disease, the virus can get ahead of the immune system, and we think giving that anti body makes a lot of sense because its just doing what the immune system is supposed to do but hasnt quite done yet, and thats what we hope happened with the president youre asking me did we help him, id like to think so. That was regeneron ceo talking to us last hour. Joining us right now is dr. Scott gottlieb, a former fda commissioner, and cnbc contributor, serves on the boards of ilumina and pfizer. Im curious about your reaction, and specifically your reaction to the use of this as early as it is being used on the president , and whether you think it can and will be used that way more broadly in the future well, if the drug is safe and effective, thrshould work better the earlier you use it very early in the course of the disease. So this drug should work better when you use it, introduces it early in the course of the infection. I dont think its initially going to be used that way because were probably not going to have enough supply. We have been talking about this a long time on the show, back to may, that we should be investing more in the capacity to mass produce antibody, and its not just the regeneron product, the lily product, and one in development by amjen these can be an effective bridge to a vaccine, thinking a vaccine may take longer to develop unfortunately were going to be supply constrained the ability to use it early in the course of the infection is probably going to be limited. What does that time line look at those therapeutics relative to the vaccine and the scale it may get to if you look at the supply were going to have for the antibodies in advanced development, one or more products should be available at some point this fall or winter, and we have long said that i believe there will be an emergency use authorization for one of more or of these products, will be effective against covid based on what we know from the early data, as well as the antibodies in the viral illness like this, and other proxies, for example, regeneron development a successful anti body against mrmr infection. We should have enough supply for people at seriously high risk of a bad outcome, might be introduced earlier in that foundation were not going to have the lot of supply to use as a bridge to vaccine to prevent infection as well as to treat patients. What its likely to be is reserved for higher risk patients, perhaps introducing it early in the course of illness for certain high risk patients for most patients, probably get int introduced later in the course of the illness this is a drug that theoretically, the earlier you introduce it, the more benefit youre going to have derive. We have a proxy in how the drug performed with ebola infection doctor, i also wanted to talk about the wall street journal column that you wrote today and specifically about the president and my question to you is do you think, and youve known the president now for quite some time as well do you think that he changes his public approach around covid as a result of this, and do you think there are lessons for him personally in this that he may or may not take on theres no way to answer that, and i dont know the president well enough to understand him personally. I hope the whole white house takes a different approach i dont think there were good precautions at the white house they werent modeling good precautions. Equally important they werent taking good precautions to protect the president , and they need to model better precautions by the nation, so people see a better example set for leaders, and also assume better precautions for themselves as well theres a lot of senior officials coming through the white house on a daily basis that need to be protected and the people there need to be protected. We need to protect the president and Vice President , and senior stach a staff and dignitaries. They were relying on a testing system alone that was inadequate there were a lot of holes in the way they were deploying tests to keep the virus off the compound, and theyre going to need to tighten that up, need something closer to a zero fail testing system, as close as you can get. Youre never going to have a truly zero fail testing system, and layer with protections social distancing, using masks, they have a lot of young people running around the white house compound some of them could probably telecommute, they could shift people on days, in certain offices and meetings they have to take precautions to protect people inside the white house compound. Doctor, you know, my sons at school goes to school so he comes home, i dont know whats going to happen, as far as that goes notre dame had 18 players. Cam newton has it. Were seeing it all over the place. I ate inside at a restaurant in new york on saturday night i guess i could get it from that do we need to pull in our horns, and shut it down its going to happen people are going to get it what is your suggestion in terms of the line we walk between trying to live as normal as possible, the best you can do is wash your hands, wear a mask and live your life or are we all to blame when we get covid . Look, this isnt an endless epidemic we thought there was going to be a resurgence this fall and winter, there appears to be a resurgent this fall and winter were going to get through this and get to the other side of it. The question is how much death and suffering we endure along the way, as well as economic hardship, and allow as much business the fact to go forward as possible, while trying to stay safe. Universal masks, trying to close when you truly have an epidemic and a city closing temporarily congregant settings, bars, practicing good hygiene. We dont need to play football, do we . Things that were doing that are bringing i think things that were doing that are bringing people together in higher risk settings, that are pu purely recreational, those are things we can put off for two or three months, until we get to the other side of a wave of infections the entire pacific rim, thailand, malaysia, vietnam, hong kong, singapore, china, japan, south korea, australia, new zealand, the entire pacific rim has less than a thousand infections a day having a raging epidemic is not inevitable people want to say china is lying about the two dozen cases theyre reporting a day, which i dont believe they are, certainly the entire pacific rim is in on the conspiracy. It isnt inevitable that were having a raging epidemic, western democracies, where things like masks have become a part of a political debate over individual liberty, and we cant bring ourselves to wear them. We always knew that the United States was not going to be able to enforce shut downs like communist china its not shut downs, joe. Were obviously doing things here in this country were not doing them in other places. But its not a question of just enforcing them. Its a question of whether or not as a population, we want to take simple collective action to preserve the things that are important to us. If people want to open schools, people talk about the importance of opening schools, and then they argue against masks if you watch fox news at night, they say the school should be open, but nobody should be wearing a mask you would not have allowed any sports or football to be done then, is what youre saying they made a decision here. We made a decision to do that. I think if you keep the players safe i think you can create a protective bubble around the environment. I think there are ways to do this. There are 18 players at notre dame, cam newton, the titans didnt play this weekend because they got it, so thats not happening, but we havent shut down football yet. Well, the nba took a better approach i think if youre willing to invest the resources, there are ways to creative protective environment around certain pu bubbles, if you want to. If its worth the money. If its going to be costly there are a lot of universities open that are testing students three days a week, and were not hearing reports of outbreaks there are a lot of schools open that are not having outbreaks. My kids go to school, masks during the day, classes are deintensified. There are ways to create protective environments, that arent zero risk nothing is zero risk if dwe do it on a large scale, there are ways to allow important activities to continue if you say, we dont want to wear masks, we dont want to close bars and have this thing spread, thats not going to add up we have to make some sacrifices, that masks were the simplest sacrifice we can make. Theyre not full proof, theyre one player of protection i would be leaning heavily on the things that allow us to continue to do whats important to us, and then if we have to do the more significant mitigation, were going to have to do it do it on a targeted basis when you have an epidemic in the city the south managed to do that at the end of the day, the cities did take targeted mitigation when they had epidemic, they suspended suspended elective surgeries, and it wasnt because of herd immunity, it was a combination of yes, there was more infection, and people also reacted to the infection dr. Gottlieb, i mean, what new york city is doing right now, closing or imposing new lock down restrictions in certain zip codes is that effective or not realistic given the mobility between neighborhoods in new york, and public transportation, et cetera i think its reasonable to try to take targeted steps before you do broad mitigation we have seen that targeted mitigation can work. I think its reasonable new york city give that a try well see which way this goes. New york city i think has been effective in what they have done so far to try to keep this at bay, but their cases are going to go up too i dont think theyll have a dense epidemic like they did in the spring case numbers will go up as we enter the fall and winter. We should expect that. Dr. Scott gottlieb, i want to thank you this morning for your candor, and for your perspective. Appreciate it very very much thanks a lot. Coming up, this mornings biggest Market Movers and in the next half hour, were going to hear from new Jersey Governor Phil Murphy. His state dealing with an uptick in covid cases look how young he is there the governor, getting an updated shot some day. Stay tedyoreatun, u wching squawk box on cnbc you cant predict the future. But a resilient business can be ready for it. A Digital Foundation from vmware helps you redefine whats possible. Now. From the hospital shifting to remote patient care in just 48 hours. To the university moving hundreds of apps quickly to the cloud. Or the City Government Going Digital to keep Critical Services running. You are creating the future on the fly. And we are helping you do it. Vmware. Realize whats possible. Everyone wakes up every morning to a world that must keep turning. Moving. Going. The world cant stop, so neither can we. Because the things we make, help make the world go round. 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Breaking state employment laws for years. Now these multibilliondollar companies wrote deceptive prop 22 to buy themselves a new law. To deny drivers the rights they deserve. No sick leave. No workers comp. No unemployment benefits. Vote no on the deceptive uber, lyft, doordash prop 22. One ride california doesnt want to take. Squawk box this morning, want to get straight over to cnbcs headquarters right now where our good friend jim cramer joins us so many things to talk about i want to talk about the markets. We have the president , and hope he gets better, hopefully on the mend that would take risk off the table, i would imagine i dont know whether you think this helps or hurts efforts on stimulus, and on the other end, we have the crosscurrent of more covid cases we talked to dr. Scott gottlieb, concerned about those not only in new york but alelsewhere arod the country. We have talked about sadly, what a disgrace we have become on a relative basis to so many r countries around the world how do you see the market and cross currents playing against each other. I think theres more of a chance for a stimulus. I know the president is adamant that the states get some money, which is something Speaker Pelosi wants there did not seem to be a lot of rancor this weekend if theres a moment that the president shows strength, and we do wish him well, i do believe that his supporters will feel heartened and other people might say, you know what, hes more of a champion than i thought. Is that what im saying . No, im busy just watching, trying to figure out the time line, like dr. Gottlieb is but i know theres a lot of people who say, what right does he have to go outside the hospital, and i come back and say, look, hes the president , he will do what he wants i care that they can have some sort of camaraderie between the democrats and the republicans. Thats what the people need given the fact that theres another wave of covid, and dr. Gottlieb is basically saying its going to happen, so how can we not have more stimulus, particularly where a lot of things that were open are closing. Jim, when you just real quick on the markets themselves, though, you look at them moving higher. Market is fine. Does that make sense to you it does, i think the president is somewhat conciliatory that market wants stimulus, if they can get stimulus, then i think what would happen is that the consumer would stay strong and this is the small and medium sized business good for everybody we dont reallimey want to say listen, other side failed, and its their fault im hoping for camaraderie, i dont think thats too much to ask at this point. Jim cramer, thank you so much new Jersey Governor Phil Murphy is calling on anyone who attended President Trumps fundraiser to t stgeteed for covid. The governor will join us live next incomparable design makes it beautiful. State of the Art Technology makes it brilliant. The visionary lexus nx. Lease the 2021 nx 300 for 359 a month for 36 months. Experience amazing. At your lexus dealer. For 36 months. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Welcome back to squawk box, as we continue to follow President Trumps health, new jersey officials are trying to do Contact Tracing to determine if new cases can be linked back to the president s fundraiser in bedminster last week Frank Holland joins us with the latest. Good morning, Contact Tracing of 200 attendees underway, those names provided by the white house. Five we spoke with received Contact Tracing emails from the state of new jersey over the weekend. Heres a picture of the event, face coverings were not mandatory, attendees said they were allowed off in a smaller groups, including a large donor sit down and photo ops with the president , both were held inside where attendees said they were kept 6 feet away from the president and given a minute to chat here you can see the president s chopper leaving the event. The majority of attendees we spoke with said they were covid tested to get in the new jersey Contact Tracing letter cnbc obtained describes close contact with a covid positive person is within 6 feet for ten minutes. None of the attendees we spoke with said they were concerned about their health because they were not within 6 feet of President Trump. They said he added he appeared healthy and energetic. Some say they understand the controversy. I think the speculation is justified as to whether the president knew or not. I didnt feel unsafe based on the procedures they were taking chlgt wheth chl attendees are being advised to get tested between tomorrow and thursday the state says a negative test result before then does not fully rule out a positive test later. Joe, back to you. Joining us now, new Jersey Governor Phil Murphy, governor, great to have you on this morning. I know you have an ifbn, obviously youre listening to me in your ear piece. So the event at bedminster, from what i could glean from what frank said, a lot of Safety Measures seemed like they were enforced there what is your view of what happened and where are we in the Contact Tracing for some of the participants good to be with you, joe. Listen, first of all, let me say unequivocally, we wish the president , the first lady, anyone else who has been infected, including my predecessor, governor christie, we wish them well. They are in our prayers, and we wish them a speedy, and quick and full recovery. From the report your colleague just gave, thats largely consistent with what we have heard. But this should never have taken place. With all due respect, if they knew that, you know, listen, our rules are if youre in touch with anyone knowingly whos covid positive, you got to take yourself off the field youve got to selfquarantine, and they flew in the face of that, literally and figuratively, by the way and you and i have talked about this, we paid an enormous toll in new jersey to bring this thing under control. We have had our own challenges of late in spikes. For folks to come in from out of state and infect, potentially infect others, is unacceptable. Are you saying the president knew he had covid at bedminster or what were you saying . No, im not saying that because i dont know that thats knowable according to everybody, including the chief of staff of the white house, that hope hicks was positive, at least that she was positive that she had been and they they all had been in close proximity. They knew she had been, what was, that, the previous day or same day and went to bedminster, so you assume someone may have gotten it from hope hicks. Thats the rules of the road, joe. This virus doesnt care who you are. By the way, new jersey doesnt care who you are if you have been exposed, first of all, if youve got symptoms obviously, but even if you dont, and youve been exposed and knowingly, you got to take ourself off the field, and so to the folks that attended that event, i hope theyre all right, that they feel like they were socially distanced and they feel good your colleague said it right, and our Health Department has made this point strenuously, which i will underscore, a positive, rather a negative test immediately thereafter doesnt mean anything because it takes a while for this virus to incubate my advice, if you were there at the event, selfquarantine, and take a test as your colleague said, beginning, say, tomorrow but still stay selfquarantined after that. So were in new jersey, 1. 24. Thats not a horrific number it did go up for, what, the 6th straight day, 957 positive tests. What needs when do you get to the point where some of the reopenings we have seen are reversed or are you slowing down at this point . What are you considering doing right now . Because there have been some reopenings in new jersey that are in progress, and some schools, a lot of schools still arent open. My son goes one day a week, so what do we need to do . What would it have to get to before youd reverse something so joe, all options are on the table, but if i had to predict, it is a minimum, it is a suspension of any further openings schools, by the way, knocking on wood here, have largely gone well in terms of inschool transmission we have only as of late last week, eleven instances in over 3,000 billions most School Districts or the majority are a hybrid model. We have some that are completely remote, some that are completely in person. I think what you could expect if we still see the numbers like we have seen over the past number of days, as opposed to a blanket set of decisions or moves would probably use a scalpel in particular communities weve got a challenge right now, for instance, in higher education. A number of outbreaks in universities so were sending hot spot teams into some of our colleges, but i think you can expect to see something more along the lines of a scalpel, a particular community, a particular step, a particular type of gathering. Right in protecting the vulnerable, i mean, weve heard so much about that, especially in new york, and new jersey and you know, thats what i guess you mean by a scalpel to some extent. Yeah. Yes. Longterm care is a lot better than it was, but we got clobbered as you know, the whole country got clobbered, new jersey is no exception, and there are some outbreaks in longterm care which were obviously taken very seriously the stimulus that would help states, youve taken some matters into your own hands in terms of the millionaire tax, do you is that in lieu of stimulus coming to help the states and local municipalities out or in addition to or its just something that you think makes sense to help income inequality or because we got bills to pay in new jersey, whats your rationale . It is not in lieu of. This is something i have thought from day one made sense, and by the way, i dont begrudge people succeeding, whether youre an individual or big company, god bless you, we want more of you, we thought from moment one, we rise and fall based on our middle class, so were literally taking the proceeds of the millionaires tax, and driving every penny of it into the middle class we think that is a good idea in any circumstance its an even better idea given the fact that middle class has been crushed by covid. We still need that federal stimulus, joe. Ive said it every time i have been on with you it sounds like its getting closer i spoke with the speaker, end of week we still need that, not just new jersey, not just blue states, but every state. Melissa. We are out oftime, governor where individuals and corporations are reevaluates where they are located they have a little bit of freedom on this work from home, a Freedom Companies looking to adopt or are using more longer term, so im wondering in terms of higher taxes for millionaires, for corporations, which is signed into the budget how you think that will play out . Wont that make it that much more difficult to convince companies, to convince high income individuals to stay in the state or attract new corporations to new jersey yeah, melissa, i dont think thats the case. There are reasons why Companies Either come or go or individuals come or go income tax as it relates to an individual based on all the research we have done is not one of them. Ill tell you what drives people in new jersey, retirees that own a home and pay property taxes that have been exorbitant and building for decades thats why this budget has a ton of Property Tax Relief in it were actually benefitting right now, and we wish nothing but the very best for our urban neighbors, but new jersey is from the entire workfromhome reality is actually a beneficiary right now. Listen, weve got the number one Public Education system in america, one of the Top Health Care systems, a location second to none. Thats where our investments are, and we believe that attracts people and companies. What about a transaction tax . Still considering that in the financial transaction tax . Yeah, still considering it, joe, but we didnt score a penny of it in the budget because theres so much uncertainty around it. We have had good, constructive conversations with some of the Major Players that have expressed their viewpoint and concerns, we have ours, and weve got a good amount of analysis underway and discussion underway, but nothing to report there. The travel ban makes it tough, and i dont know how long its going to not travel ban, but th theres so many states on it from new york and new jersey how long does that last, governor if i go south, i drive through certain states if i stop for gas, do i have to quarantine when i come back here to new jersey for 14 days and then im stuck down in my basement and i cant come to the nasdaq and i cant leave im stuck. We need you in new jersey thats the bottom line we cant let you leave listen, i cant tell you how long it lasts. We, ourselves, as i said, even without folks traveling here whether its the president and his team or others, weve got our own challenges within our state even within the tristate area i cant tell you how long it lasts, but we do need folks to take this seriously. The requirement to selfquarantine. Listen, its kind of fairly straightforward. I know its not fun. If you have symptoms and certainly if you tested positive and around someone who tested positive or come back in to jersey or youre visiting from a hot spot, you need to take yourself off the field is this a forever and always no but i cant tell you but, look, what were doing in new york theres nine county or hot spots or zip codes or whatever it is its not the state of new york that theyre talking about so if i go somewhere down south i might be on an island somewhere no where near a county that has the hot spot and i cant come back. And, you know, its not monolithic none of the states is monolithic and its usually the areas where youre seeing a spread just a blunt instrument. This is just a personal complaint. But i dont know how go ahead, governor. It is a blunt instrument, but in the realm of practicality, you know, were focused 1,000 on new jersey. We just dont have the man power to assess a particular county in a particular state from one day to the next. It is a blunt instrument but i think its directionally the right thing. Weve got to make sure that were clear with folks about where the risks are. And, by the way, no therapeutic. No vaccine i hope we have them both sooner rather than later. But basic stuff, social distancing, cover your face, wash your hands with soap and water and stay home for the reasons we just discussed and get tested thats what we got and thats the hand we have to play david is back and maybe do you have to do the whole millionaire tax you talk about or maybe shave a couple points off of there that makes a difference. I heard the same that he is back we welcome him back to the great state of new jersey. He couldnt stay away whats that he couldnt stay away all great golf courses and great people, great governor right. Couldnt stay away listen, bless you i cant speak for david, but i can say, again, quality of life, schools, location, transportation, quality of health care. New jersey, the way we think about it is it is the number one state in america to raise a family this is it. This is it dont screw it up. This is it for your tax dollars. Were going to double down on what were good on eventually youll drive people away. Okay this is it can you promise me this is it . Joe, if you want to get your kids educated, if you care about their health care. You want to be in the best located state in the nation. But new jersey were investing in all of that there is something to it. When people, i dont know what will happen in california. You see when you go too far you drive some people away and they can move so, just planting the seed, governor we take that very seriously and i mean that sincerely. We want people to believe that its a fair deal in new jersey and that as the middle class goes, everybody does well and thats our strongly held belief. All right, governor, i still dont have my own ex paz pass l. Just think about it, the joe lane thanks for your time today good to see you checks in the mail thanks, governor well see you again. Thank you, joe. Andrew. You were here. You know there is some nice real estate out here for you. You know im what is the phrase new york or no where new york or no where you went to the jersey shore. What inesthavers should make out of all the headlines coming out of washington today and then, tonight, dont miss the news Shepard Smith will bring you all the days headlines. And lester holt will hold a live town hall event with president ial hopeful joe biden thats tonight at 8 00 p. M. Eastern time and you can catch it all right here on cnbc. Stay tuned sales are down from last quarter but we are hoping things will pick up by q3. Yeah. Uh. Boss doug . Sorry about that. Umm. What. Its. Um. Boss you alright . [sigh] [ding] never settle with power e trade. It has powerful, easytouse tools to help you find opportunities, 24 7 support when you need answers plus some of the lowest options and futures Contract Prices around. Dont get mad. Get e trade and start trading today. Welcome back to squawk box cofounder of blue print Capital Advisors jacob, great to have you with us you sound very bullish equities and very bullish on the potential of a Trump Victory what happens if he doesnt win i tell you, im very bullish and i think that the current scenario that we are in for those of us who are looking to invest in equities is a win win scenario lets say, for example, that the economy closes down. I think weve been in this for nine months and we know what stocks exercise leadership during that time period. And we can focus on those names again and we would be pretty ensured that those names would continue to do well. And those two sectors are primarily health care and technology if the economy opens back up, i think we have another scenario where we have a broader based roorve recovery now, like you, i follow the news throughout the weekend and my heart and my prayers go out to the president , the first lady and all of those who contracted the coronavirus and i hope they have speedy recovery but i look at that as noise. I think were in the month of october. Traditionally one of the most voltile months of the year for the u. S. Stock market. Weve got talk of a vaccine. Weve got an argument going over on whether or not we feel Ruth Bader Ginsburg left. Just a whole lot of noise in the market and what i would like to see investors do is just focus on the real economy. Right and those companies that are doing well in the real economy great to get your thoughts, thank you. And it looks like a positive open here pointing to the futures. Great to be with you, andrew and joe. Make sure you tune in tomorrow great to be with you. Squawk on the street is up next good monday morning, im carl quinatnill. The fiveweek high today as stimulus hopes stay alive. Our road map begins with the president still hospitalized his treatment, condition and prognosis still somewhat unclear with 29 days untilelection day plus stocks are looking to start