Good morning it is 8 00 a. M. At tesla headquarters in palo alto, california it its 11 00 a. M. On wall street squawk alley is live good Tuesday Morning im jon fortt with Carl Quintanilla back again it is a busy day on wall street with the dow hitting an all time high making another run at 30 k. That comes as president elect joe biden is reporting tapping former fed chair janet yellen to run the treasury department. Tesla is continuing the record run now topping half a trillion dollars in market cap. Making elon musk the worlds second richest person on paper and apple making another concession, carl on App Store Fees a lot going on yeah. We talked about that early moving being the small crack that starts to widen as for tesla, i mean, whether its some of the reports about a hatch back in europe or longer range vehicles or just enthusiasm over the ev space as we gheet into a Biden Administration on top of the gm news yesterday, jon. So there is a lot happening in the ev space and then more bullish News Headlines regarding the chip cycle for apple. We have thanksgiving and black friday which will be a big deal for retail. We talked yesterday about the big box retailers. Today well do a little bit more folk us in on online retailers as well. Not just amazon but names like etsy then app store businesses affected by this apple move. And we have the box ceo coming in later in the hour and then theres best buy, of course reporting earnings were a few days away from black friday results were good. Comps were good. No guide for q4 Frank Holland has more on it hey, frank hey, guys shares of best buy down right now even after that blowout quarter we talked about. A lack of guidance as well as headwinds with shipping costs and supply chain issues weighing on the stock when you look at the Digital Business that, was a bright spot 40 of on line orders are picked up in store. They got a big boost from prime day and starting black friday sales earlier. Emphasizing a push towards share from store right now we have over 400 stores that are enabled with that capability. And for same day delivery, we expanded our portfolio to include partners like shift and rody and we also just recently started working with instacart for the same day delivery. You see the Company Really focusing on delivering from its own stores not only with traditional carriers but with its own partners the company is piloting a reconfiguring of the stores, something weve seen from the retailers. The he said in this pilot, best buy reduce shopping areas from 27,000 feet to 15,000 feet also reduced inventory in the stores with the idea that the extra space will be used to stage stores from items both on the sales floor and online only. The stores are close to dense areas where they expect a lot of delivery for the Holiday Season. 90 more of the dense area stores will be added. The theyre creating more options to make shopping from home easy we are a lot of virus concerns, barry saying were trying to stress digital help when we can. If you go to the website, the very top of the page youll see a digital assistant. As part of that, barry is saying that people have the ability to chat with an expert from home. You can narrow in on the category that you want or just say you would like to make an pinltme appointment for a consultation you can pick from chat including a video chat that slonger than we really hoped. You see best buy really focusing on digital and growing the Digital Business again, 174 digital growth year over year in the quarter with the holidays coming back up. Frank holland, keeping us honest on retail and logistics thank you. Now lets bring in da davidson and tom forte. He has a new report on Consumer Technology stocks and online retailers. And, tom, its interesting frank was just telling us yesterday about the bottle neck expected in logistics. Is that going to trip up some of these ecommerce players that dont have brickandmortar locations to do pickup in store and this omni channel play sure. Of i think about it. Great question, jon. I think about it from a supply chain standpoint and i think etsy has a structural advantage on amazon for that reason. So etsy sellers make gifts amazon is dependent on the traditional supply chain which Consumer Electronics is certainly been constrained this year so i think that when it comes to holiday, etsy will have a Competitive Edge on amazon for that reason. What about some of the online retailers that are selling Digital Goods . Im thinking of names even like roku and then there are some retailers who sell things that can you just download or stream, shopify falls into that category certainly an advantage there were not seeing broadband bottle necks, so delivery should be okay on that front. Yes you were talking about how apples cutting the fees to developers on the platform but historically, you think about holidays and thats when there is a record level of engagement with apps and a record level of down loads for, you know, video content and things of that nature. So, yes, apple should still do very well as shopify and roku and the others you identified there that are merchandising digitsal goods, yes. We talk about etsy and pins, im curious. We had a downgrade ulta to da over at jeffries one thing theyre talking about hoo is higher penetration lower margin ecom who are the victims of the trend going to be in the near term even if theyre not in your universe i think that higher penetration and lower margin e com. Theyre going to generate high margin revenue just on transactions less caring about the margin of project being d. C. Product being sold if you think about 2020, its been a difficult year for apparel but an excellent year for Consumer Electronics i think that generally speaking the marketplace models should benefit from more volume, not only etsy but ebay and amazon for that reason. So thats an interesting point. You know this morning on our 9 00 a. M. Hour, jim cramers point was largely that the experience of the economy right now is on hold and were upgrading our homes. We dont have anywhere to buy clothes. Once we start to travel does that mean you stop buying goods and start buying serviceors do you need to buy more goods because youre buying more services thats an excellent question. Weve been following two data sets if if you think about consumers leaning into home, they benefited because of less Discretionary Income is going to travel and to food away from home that can create a head wind for the companies though i still very much like overstock shares into 21 on a number of Company Specific initial hifz that should enable it to generate revenue growth. Yeah, we just had the three favorite names for 2021 up there in the stock charts. Roku, overstock, and car parts. Com. Tell me about carparts. Com s that a play on this used car demand thing and people just getting back on the road themselves . Whats the story i think car parts. Com is the most misunderstood covid19 story that i cover its a heads ewin, tales win situation. You have more miles driven on an economic rebound, historically more miles driven means more collisions and 70 of the auto parts they sell are Collision Auto Parts and to the extent that you have economic weakness and more stimulus going to your point, john, people are holding on to the used cars longer, investing and repairing the used cars instead of buying new cars its a heads win, tails i win situation. I love the specific ideas out there for investors. Tom forte, thank you my pleasure, thank you. After the break, well talk more apple and Commission Fees on the apps. Shares did get down to 112 and change today that is the lowest since november 4th were back in main dont go anywhere. Change is all around us. Shaped by technology and human ingenuity, we can make it work for you and your business. Its time you make the rules. So join the 2 Million People who have switched to xfinity mobile. You can choose from the latest phones or bring your own device and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost. All on the most reliable network. So choose a data option thats right for you. Get 5g included and save up to 400 dollars a year on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. April sl giving an early christmas give to some developers on App Store Fees josh lipton explains deadline extended thats the News Developers just got from apple specifically those Companies Offering digital classes or Virtual Events just got an extension they wont have to pay that 30 Standard Commission on in App Purchases through june in other words, they keep all of their sales for now. Why make this decision apple says it recognizes that covid19 is still very much a threat that means a lot of events now still have to move from in person digitsal although theyre required to offer event experiences through in app purchase, we defer this requirement with an original deadline of december 2020 to allow additional time for developing in app purchase solutions. The deadline has been extended to june 30th, 2021 this is just a latest headline from apple regarding the Fee Structure on the app store remember, there was another big news early this month, too, when apple announced its going to cut the commission to 15 for App Developers making under 1 million on the oapp store in 2021 that is going to impact a lot of people, about 98 of the developers that pay apple a Commission According to censor tower. With these moves apple is trying to keep the 28 Million Developers engaged, loild and motivated. Its coming at a time when am, we know, like the rest of big tech, is under increasing scrutiny on capitol hill one question is whether the latest moves can help ease tensions with lawmakers who raised questions about the app store and that is critical that store counts for an estimated 25 of that faster growing Higher Margin Services business carl, back to you. All right josh, great setup. Thats where were going to kick things off with our next guest editor in chief of the verge and a cnbc contributor welcome. Thank you for having me so as josh pointed out, thats a couple olive branches in a row. I wonder if you think the Developer Community senses blood in the water i think they absolutely do. I think this is a part of the story that weve known for a long time. Merely the threat of regulatory pressure causes companies to change their behavior. So both of these moves, i think, you can read them optimistically april sl doi apple is doing right by the developers the threat environment covid19 is on going and getting worse. Theyre making sure the community can make money you can read it more cynically they have taken out the best Public Relations problems they had with the app store thats a lot of people who are happy. Lets start with making peace with developers. Where is equilibrium if it were to stop here, does that mean were all good you know, that 98 number, can you look at it as 98 of developers in the app store make under 1 million a year or by revenue. The Biggest Developers are still paying full freight. At 30 and making the most money for apple. That is the curve that regulators will look at. Look, normally your best customers, your best partners you cut them the break april sl not cutting microsoft or any of the game developers, a break on the fees. Thats an inversion and reflection of the market power that apple stills have iment going to take the other side n technology, very often you charge the big kmusts a lot more than you charge consumers and in a way this, is you know, separating out the app store in a similar idea okay if, youre smaller, you dont have a huge business the platform, the momentum will give you bate of a break so you can get bigger. And then, you know, on this delay in paying for classes this is mart business there are not a lot of in person events until we get that vaccine or those vaccines midyear next year then theyre going to turn on the pace half way through the year and the dollars come rolling in i agree with you i take the opposite that is a whacky incentive structure what kind of incentive are they creating if youre successful, well charge you more money is an absolutely upside down incentive structure. Sounds like the u. S. Tax system, doesnt it sure i can see it our tochl system is not without an enormous amount of controversy. I just say that incentive structure, i think, is a reflection of power. The only other organization or entity that xerts th entity that xerexert thats taxation is the power of the government theres a real conversation about why apple thinks they can create that increased burden to more successful you are. Okay. So business and tech, tech take away here, isnt it that its so nice to own your own platform . When we look at what amazon has been able to accomplish over the years and then in the Enterprise Companies like sales force, i mean, theyre not really beholden to gate keepers on distribution in the same way that some others are and so they dont have to pay that tax they wielded physical distribution power over apples products theyve been able to negotiate placement on the products for Amazon Prime Video if thats the amount of leverage you need to cut a deal to sell your product, that might need to get rebalanced i think were seeing it feeling more confident they feel like they can get to bipartisan consensus around things like funding the doj, around things like should we write a law against self preferencing products on your platform . Thats a long road youre seeing the glimmers of optimism from all those people we also want to get your latest on snap chats spotlight. This will pay content creators to post on the platform. This is starting to look like the hall of mirrors. The innovation within innovation thats look like everybody else. Yeah. You know, i think there is an element of everyone is afraid of tiktok i also think as luke at stories, as you look at virtual call vito scrolling, those are tremendous ad canvasses they can look at a competing product that people like, people seem to be using a lot and its got a great pri built ad product in it. They dont have to invent something. They dont have to explain it to the ad clients they can say reuse it with us. That is free margin for them and they dont feel like theyre losing on sort of the viral of the innovation curve i think snap chat is interesting. Theyre doing a lottery for verality can you submit to spotlight and maybe win and get paid out they have the best ideas for User Behavior. Thats interesting. Do you think we passed peak tiktok you know, i charlie just hit 100 million followers on tiktok. All of the creative platform, they have the same curve Pay Attention to youtube for years or instagram for years you see the story. There is that first peak of User Behavior creators that are usually young and beautiful. Theyre very successful. Then you find the second wave of creators that build out the long tail then the Inflection Point, you see this with ufr youtuber, the Inflection Point is they made a video about how mad they are at youtube. Tiktok is a long way from there right now. You can see that story play out. The question is with all of tiktoks other distributions, how well can they manage that create sniff. Sounds like App Developers making apps about how mad they are at apple but is this stuff really stealing these are media companies, whatever else they pretend to be, did the second sitcom or second romcom or adventure flick with a deep voiced trailer really copy the was that interle int intellectual theft or a new format i think much more the latter. You see stories hit everywhere can you put in a video ad with a call to action youre building a catalog with cool user generation at the end. The other models where thing goes viral and you wont know et creator, other weird rifts on it well see if they can build a Business Model against that that rival whats most companies have been able to build with stories. But the real challenge, is you know, instagram can watch reels. Has anyone actually used it . Is anyone going to use it instead of using tiktok is or just stick with what they know instagram moved the reels button to the bottom of the app i still havent seen the take up can you copy all you want. Maybe its not copy. Maybe its just in conspiraciation. Actually getting User Behavior to change is very difficult. Yeah. Well, well see how many people are fleeting its good to you have thanks thank you for having me take another look at the markets with the dow getting really close to 30 k hitting an all time high now up more than 400 points. You can see it there just about 4 or 5 points away from that mark lbeig bk. Stay with us hi, my name is sam davis and im going to tell you about exciting plans available to anyone with medicare. Many plans provide broad coverage and still may save you money on monthly premiums and Prescription Drugs. With original medicare youre covered for hospital stays and Doctor Office visits, but you have to meet a deductible for each and then, youre still responsible for 20 percent of the cost. Next, lets look at a Medicare Supplement plan. As you can see they cover the same things as original medicare, and they also cover your medicare deductibles and coinsurance, but they often have higher monthly premiums and no Prescription Drug coverage. Now, lets take a look a humanas Medicare Advantage plans. With a humana medicare plan, hospital stays, Doctor Office visits, and medicare deductibles are covered. And, of course, most humana Medicare Advantage plans take a look at the dow this morning. We are looking for 30 k. We need 408 points, actually 408. 73 tantalizingly close here, jon. I think we just did it i think we did. Industries, materials, boeing have a strong day to day along with chevron, j. P. Morgan, ibm i mean, its really something to behold, carl the yeert we har with had, the y to be hitting 30,000 in the week as were heading into black friday who knows what the rest of the year has to hold but the markets certainly going through quite a bit. Lets bring in mike santoli who talked about this on squawk and what happened what passed under the bridge, mike, sibs the first time we hit 20,000 there is a time this summer where the thinking was maybe growth gets us there all by itself and then we saw this broadening out as the vaccine came into view. For sure. In fact, the tone of the market and the last several weeks anyway has been much more about dow type stocks, not small ones. Of course, theyre big in the dow. Cyclical, global industrials, injury as well and theyve all been more or less prioritized here by investors as everybody is fixated on 2021 as a rebound year for profits, for the economy, for consumer behavior, for public health, everything is lining up right here i really think the main question is how do the momentum favoring, seasonal forces where you have the upside bias and do tend to finish strong when you have a strong year, how does that play against the fact that i think a lot of folks have already rushed into this position of trying to capitalize on that you do have some things flashing you know, yellow lights about sentiment, about investor positioning and about how much weve already baked in in terms of rebound potential so all that stuff i think, the dow is at 30,000 gives you an occasion to assess that tradeoff youre an alumni of barons, mike i always like to jab them. They did put d30,000 on the cove of january 28th this year. We finally got there i wonder how you think in light of covid19 what did change in the narrative and what it would take to get past that milestone . I think first of all. The whoefr overwhelming poli response is something that took people by surprise we saw back in the summer that it didnt feel smart to have panic about that second surge. In cases that we got we have the medical interventions and vaccines round into focus and then it seems as if the market is willing to convert almost any bit of incremental news into why its going to be better next year. It was bate of a handoff to the laggers, cyclical stocks can you say value. You can say beaten up. Basically, anything that moves fast when the economy does better pt of thats where we are right now. And it seems like its been a real quick silver rotation days. All or nothing, one type of a stock or another that definitely speaks to a Spring Loaded investment structure that we have right now and a lot of fast moving monday investing systematically and able to capitalize on any theme in a moment. And were seeing a lot of that right now. And also, i think you have a lot of kind of retail momentum chasers going on right now just look at the electric vehicle stocks, you know, look at bitcoin you can find of kind your spots where there is a lot of craziness happening. Meanwhile, the s p 500 is going side ways for two weeks just sort of consolidating it is not even at the highs we saw back a couple weeks ago yeah, thats an important point, mark. Put on your market historian hat if you will. You have a lot of market historian hats i think we hit 20,000 about four years ago. They got down close to that 20,000 mark within a 1,000 or 1500 earlier this year but with that march move, what got us to 30,000 this time in terms of names, i think this time around when you talk about specifically dow 30, you know, i mean you have the hk components in there that carried the weight for a little while. As i said, global industrials are a very favorite spot weve had a bull market in a boom really in stuff purchases during the pandemic. Is there going to be this conversion towards more travel and services, thats a different mix. Its going to be different types of companies and kinds of business thats are less reflected in the public equity markets it is more local well see how that plays out for now, dow 30,000 is a big eye catching number. Its no the as if the year to date returns are all that extraordinary. Theyve been relatively routine. Its just the path we took to get here has been really remarkable in terms of what things look like eight months ago. Versus now mike, stick us with lets bring in our dom chu this is a 30 k shaped recovery the economy is not out of the woods yet. How does it look over the longer term, we could expect this to happen all the time the markets just keep going higher carl brought up an interesting point about the barons dow 30,000 from this year and last talking about that, i remember the barons cover from january of 2017 that was talking about dow 30,000 so the notion here is you have an environment and a market that is trying to track as best it can the future trajectory of the economy. The economy right now is recovering its not strong by any means but its trying to get back to where it was before and trying to get back to some trend line level. If you look at the way that dow is performed, over the course of the 20,000 or 30,000 mark that weve seen, we know that dow is a price weighted index the stocks that have the highest prices contribute most if you look straight percentage gains, the ones that have done really well between do you 20,000 and 30,000 is apple its been microsoft. Its been home depot and these types of names that have really talked a little bit more about maybe not the value side of things, so to speak, but its been that same theme about Mega Cap Technology and Communication Services names theyre the ones driving a lot of the gains there whether or not those continue to push 30,000 to 40,000 remains to be seen. But if you look at the overall picture for how the market is going to shape up next year, it makes sense possibly to mikes point that its the recovery plays, the one that are industrial in nature or materials in nature or anything else that could be economically sensitive. Those are the ones that you could see do well. But remember, the highest weightings are still names like United Health care, home depot those are the ones you want to see perform. Those are the real push, guys, between 30,000 and 40,000 if there is one although, i would say a lot of the traders i talk to are worried that we could see a move back down at some point just because its been such a staggering run for these types of stocks. Well, the bulls certainly would love to keep that sent going, dom, to be sure mike, to doms earlier point, since 20,000, i believe this is going back to january 25th of 2017 so apple has almost equal group willed, microsoft doubled and others have doubled. Thats not a report card on the economy. We know there is a large share shift from smaller businesses to large publicly traded ones but hes right, the components that have broad swaths of influence over the economy have done very well no, there is no doubt especially in the last little stretch. We should keep in mind going from 20,000 to 30,000 in four years is, you know, a little better than a 10 annualized gain perfectly fine 2 dividend at the top of that the market has done what it has largely done over the long term. We get to the sign posts and assess, are we asaid of ourselves or behind . I think on a longer term basis, the market actually has kept up a sustainable pace the question is in the short term, you know, we snap back a little too far and are people overexcited . Just think of how recent lit was where the talk was election uncertainty, we dont know about the vaccine likelihoods and companies are going to be impaired for a long period of time it was a couple months ago youve seen a real flip. People are marking their attitudes to market to some degree i guess what we wanted is split government we didnt know that but apparent lit market wanted that. So well decide thats the good thing for the next four years. Who knows if thats really whats going on . Except the market is definitely clinched up in anxiety a couple months ago now its kind of, you know, a ready for the party. Well see if that continues. Yeah. That is a lot of hard work that has to be done to get that true party started. Mike, dom, thank you guys. Pretty amazing if youre just joining us this morning, the Dow Jones Industrial average hitting 30,000 for the First Time Ever and the judge points out a few moments ago it was march 23rd, 18,213 points. Thats a 12,000 point rally from the low. Pretty ueaasud ss. Nrl jgeay [narrator] at Southern New Hampshire university, were committed to making college more accessible by making it more affordable, thats why were keeping our tuition the same through the year 2021. I knew snhu was the place for me when i saw how affordable it was. I ran to my husband with my computer and i said, look, we can do this. [narrator] take advantage of some of the lowest online tuition rates in the nation. Find your degree at snhu. Edu. vo weairlines, hotels,of fees. Food delivery, and especially car dealers all charge excessive, lastminute fees. When you want something badly enough, it feels like your only choice is to pay up. But what if you had a choice to take a stand instead . At carvana, we believe in treating you better. With zero hidden fees, you can drive off without feeling ripped off. Thats what it means to live feelessly. The big picture here the dow just hit 30 k minutes ago. Signalling the strength of some Big Companies in this environment and in this economy. What are you seeing as, you know, not a dow company yet. You know, boxed is still relatively small but still in the space of serving consumers during a pandemic how does it look it looks pretty good from our standpoint the stale winds are still there. Covid19 cases are ticking up and seeing the instore stuff, toilet paper and paper towels get depleted were still seeing that tail wind interestingly enough, mobile usage is up as well. So were seeing a 30 rise from earlier this year to now in mobile app usage there are a lot of names in the dow are going to see the benefit. So im calling this a 30 k shaped recovery. You got both Big Companies and better off consumers aiming to do better. What do you know about the demographics of the consumers who are shopping at boxed and how theyre spending patterns might differ from a consumer in general . That is a really great question were seeing a really interesting change in our demographics early on, were the costco for millennials and mostly on the coastal cities we sell the biggest penetration. But definitely throughout this pandemic, what were seeing is rise of those in the suburbs as well as folks in the suburbs in rural areas as well. Real grin to take hold theyre coming online with groceries and essentials i wonder where your head is on supply chain distribution infrastructure right now warehouses, trucking, you name it if we do see some movement to in person shopping once a vaccine is in place, where does that levin ve lev leaf investment down the road . Ive been preaching for months about that now. What were seeing today is a peak period. So even before we go into cyber monday and black friday, ecommerce was seeing a peak period and as you know from last few years, you probably see that new store every year saying how many millions of kids are disappointed because the gift as rifd late because we couldnt handle the peak this year. So were already in that period. A double peak is really going to crush the industry this year so when all folks are warning about shopping early, i think we have to all keep the warnings. And to your question about infrastructure, i think that highlights even more the need for that investment into trucking, into warehousing and into Overall Economic commerce infrastructure in america. The consumer mindset, you can argue that a year ago, you know, having something not next day delivery was acceptable to the co consumer because there was separate from your regular shopping life. But i would imagine that the tolerance for that is going to go to de minimus yeah. I think youre going to see that expand in the short run. Everything is under kind of peak pressure right now folks know the packages may get delayed. As we turn the corner into a recovery trade period, i you this youre going to see that shrink again we can see it in our numbers and survey numbers when it comes to delivery times and delivery expectations, when we first launched seven years ago, two day shipping was the gold standard. You tell your friends if you got something in two days or less. Nowadays, youre not even telling your friends if you got something in two hours or less well see that trend continue into the future. So were talking about the holiday period and logistical challenges i wonder how this affects your plan for the future. What are you going to do about logistics Going Forward . You are going to need brickandmortar partners to ensure faster local delivery do you work with some of the micro warehouse thats are a little morelocal how do you deverse fi . Yeah. I almost feel like sometimes cnbc is in the conference rooms. Its a big topic youll see us partner with brickandmortar folks because again, that shopper just wants omni channel coverage. That shopper is not going to just shop online theyre not going to just shop in store we bring a lot of assets to the table with regards to Online Shopping but almost none when it comes to instoor. Partnering with folks that are not that strong online but have as really strong presence and brand is what we try we try to be that fly on the wall thank you for giving us insights and your strategic thoughts. Thank you lets bring in byron wean, blackstone vice chair on this day where the dow hits 30,000 for the first time byron, here we are you know, a lot of people roll their eyes at these sort of generational markers but you got to take it when you get it i guess ill just start by asking what do you think it means . Well, i think what it means is were going to have now three vaccines the markets are reflecting that optimism so you know often when we hit the marks, theres a knee jerk response that it feels topee just because of the number, the change in the handle itself. Do you think there is any relevance to that . The enthusiasm of investors can run ahead of the earnings of companies. So the question is will companies be able to produce the earnings to justify that price and one aspect you have to think about is Interest Rates are very low and theyre likely to stay low. And that means support, higher prices than we have experienced in the past. Byron, good morning its jon fortt really treasure having your ib sight here at this milestone moment do you think the markets are perhaps being too optimistic about the future though considering weve got a president elect, joe biden, a democrat we might have some higher corporate taxes. That is at least what he thinks he is telegraphing then with all of the spending that we have been doing and probably yet to deal with on stimulus, eventually thats had a to get paid for, right absolutely. I think taxes are going to go up the corporate taxes and quite possibly Capital Gains thats definitely on his agenda. But those veare secondary priorities the First Priority is get the vaccines distributed get the virus under control. Get people back to work. And back in their offices. Get the economy functioning normally which means kids going back to school, universities open, theaters operating, Sports Events taking place. Those are the Top Priorities you have to get back to normal get the economy functioning as it did in 2019 and, byron, if there is an investor looking to, i guess, put on some protection, thinking that perhaps this is running a little hot, what would you do . I think the market with all of the vaccines announced in the last two weeks may be getting a little ahead of itself but, you know, the i think were in a long cycle here, carl its going to last several years. And i also think that the economy is going to be expanding during that period so it may seem a little too much now. But time will probably bail you out. If youre patient and hold on, you probably will be rewarded. Byron, we have michigan certified, georgia, pennsylvania according to the governor a few moments ago. Transitions in place how much clearance have we made in termsof the transition of power and how much risk is still in a potentially blue senate even though the odds are the betting markets say less than 50 . Yeah. Well, if there is a blue sentiment, then youre going to see taxes go up sooner, spending and infrastructure increase. So youre going to see some of the things that may impact corporate profits take place sooner rather than later but if the republicans continue to control the senate, then i guess its 50 50 now, then i think some of those things will be delayed but my view is that the most important thing to think about is were headed back to normal and thats why the markets are responding so favorably. Byron, its a joy to share today with you at least for a few moments. We really appreciate you come willi comecoming to the phone. Thank you have a good thanks giving you and all your listeners thank you very much, byron wien now lets check out the biggest gainers on the dow this morning. As it surpasses 30,000 for the very first time. J. P. Morgan chase, chevron, we brit heca dow cmil. Epe ghback stay with us amazing. Great street, huge yard. There is a bit of an issue with our neighbors fencing. Neighbor 1 allez sound from wind chimes neighbor 2 laughing at least geico makes bundling our home and Car Insurance easy. Which helps us save even more. Neighbor 2 hey, sarah, hey, peter neighbor 1 touche. Neighbor 2 ahhh neighbor 1 pret neighbor 2 en garde for bundling made easy, go to geico. Com 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. Tesla alltime high today, up 4 , making elon musk the worlds second richest person. Hey, robert. You talked about the unreal markets but those are leading to unreal wealth creations. Elon musk worth over 128 billion. He added 10 billion to his wealth just yesterday and today and gained 100 billion just this year, that works out to 13 million per hour for all of 2020 in the coming years, he will not only benefit in his 21 ownership of tesla but also from that huge compensation package that would be worth than 55 billion more hes received the first three of 12 tranches of that stock but hes set to get the fourth pretty soon. If you look at one of the targets tesla was supposed to his, 620 billion, that sounded far fetched in 2016. Today its already topping 515 billion. What does he have to do to pass jeff bezos as the richest person in the world tesla would have to top 900 for musk to get to the 183 billion. Bezos has added 67 billion to his wealth while the worlds been na billionaires have it took bezos 20 years to do that. And musk added billions in just 11 months. One takeaway is the billionaires are doing okay. We dont have to worry too much about them robert frank, thank you. Meanwhile, millions of americans getting tested every day as we head into the Holiday Season the lines are long and the way to get results is still brutal meg tirrell has the latest with the incredible number of people being diagnosed with covid19, were seeing strain on the testing system in the u. S. We teamed up with a data and survey firm and they surveyed 9,600 people in the u. S. In all 50 states and what they found about turn around times on average is theyre still not perfect but better than they were in july and august. You can see more people, the gray bars are getting results in the same day or next day or within two to three days thats what needs to happen for these to be acted upon in use fall ways. Still not enough people are getting their results that quickly. Testing capacity has gone up, close to 2 million tests being done every day, about double from the summer. Still were starting here about strain on their turn around times. Qwest this morning lengthening their turn around days from two to three days than one day previously theyre seeing the average Positivity Rate going up and limiting their ability to pool samples together and are noting Global Supply constraints. We ran the numbers by dr. Ashish jha who noted getting your petet back after four days is really good he said weve gone from atrocious to just plain mediocre you still want to get under two days for getting results back. We looked at it state bit state and found only two states met that goal, wisconsin and i rhode island in florida and vermont, youre seeing four days for your testing turn around times. And because its thanksgiving week, we asked about peoples plans for thanksgiving and whether theyre asking guests coming over to test or quarantine and very few people said they were doing anything. 62 said theyre not taking any precautions this year. Public Health Experts are worried. Be very careful. Meg, its so true we mentioned dow 30k moments ago. Dom chu is there to look at the names that got us there. There are some new traenentrants its not the same dow we saw ten years ago. We mentioned before that apple and microsoft have been some of the biggest gainers. Look at what is happening with salesforce and nike. If you want to look at whats going to be driving the price action in the next few months or years down the line, a huge year to bridge a company like sal salesforce. Com if you look at whats happening with the dow and the price weighted nature of the index the company that will matter the most to the next leg higher or lower to the dow will be the stocks like United Health group, home depot and amgen because they carry some of the biggest weights and were still getting used to this notion that they are now part of the dow jones 30 if you look at the yeartoday gainers, the price dynamic may be slightly different in the coming years because of having a biotechnology name replace an am general or longside apple or microsoft. Its something to keep an eye on i may be putting you on the stop but what are the names that are going to matter the least there . You can see on the yeartodate gainers. Salesforce has a pretty high per share price, above 250 apple used to be higher but now its less than half that off the on of your head, beside apple and nike closer to the hundred buck mark. Who else matters less . Lets talk about one of the Biggest Pharma Companies out there . Merck is not as big of a weighting as some of these other companies and maybe a Walgreens Alliance the pharmacy benefits manager and retail giant, those types of stocks do not carry as high a share price as some of the othe others, which means theyre not as consequencial. They do carry such a higher weighting in the Overall Index you can see a 38 stock. Something to keep an eye on for sure that s p 3645 is really only about 12 points away so well look for potentially another alltime high. In the meantime, lets get to the judge. Thanks so much, carl. Our breaking news continues. Welcome to the halftime report. The dow 30,000 that milestone reached within the last 45 minutes, fitting what has been the best month for stocks since 1987. The Investment Committee here to guide us through all it. Stephanie link, josh bron, jim