And so much more, on making money. So folks as we end the week the big investment theme is the retreat and big growth names those mega tech stocks that have been on fire for a long time, profit taking was sparked by concerns over the quality of teslas earnings, of course it came from selling those tax credits and slower cloud growth microsoft, and the smooth sailing has run into an air pocket and now these pockets though, theyve been great entry points in the past and the question now is will history repeat itself. Joining me, ubs private Wealth Management senior portfolio manager, katarina simoon it, and let me start with you, overall, the sense that we see these names and i guess investors have become accustomed to them being up every day. Why now . Why are they beginning to stumble . Im talking bigger tech names and the larger growth names. Of course, and charles, thank you for having me on the show. Well tech certainly has been an exciting sector to watch over the last couple of weeks, for really since the beginning of the covid crisis and if we look at the long term, we cant ignore the fact that the growth in the tech sector is reflective of the structural changes that were already in place before the situation began, and what we see right now is theyre amplified by the stayathome narrative and by the Current Situation that we find ourselves in and in the tax sector this change is happening faster but this being a market, not all tech is created equal and more important than ever for investors is to really be selective with what Tech Companies they go with and to try not to get overly excited by the growth. Charles you know, i love days like this , to your point, im taking notes on the big growth names that are up. Amazon is up, nvidia is up, netflix has turned around. For me, these are the kind of days that give me an opportunity to your point maybe to find out which names are more vulnerable than others and scott, i know that you have not necessarily been as big on tech recently, but this move here, what can we attribute it to or could it be a deal oral of the above . Its probably charles id add over evaluation to those names. They just got too far too fast. It felt like 1999 on some of these days when tech would just rocket towards the moon and they just come down. I think people profit take and i think investors also reasonably look ahead to a couple big earnings weeks coming up in tech land and figure hey some of the easy money has been made and i agree with them and youre right charles. We still own tech because we got into these names that is much much lower and we still like them but gosh in a market like these my friend youve got to find value and thats where its best expressed in your portfolio and thats why some of the travel stocks as you know and the banks as well. Charles and i want to touch on that because when ive talked about this rotation out of caltech its going to look pretty on the surface because these names, folks are so heavily weighted in the major indices that one of two of them be down and it would mask a whole lot of other stocks up but it should not stop investors from seeking the opportunities and on that note, katarina i want to mention earlier in the year, you were cautiously optimistic about value outside of these names, do you still feel that way . Absolutely. I think that cautiously optimistic be the right way of putting it, because we have so many factors affecting this market right now, were really looking at three major themes, we look at Central Banks liquidity, its an Election Year , and of course, covid and right now, were dealing with a second wave as the reality and vaccine is not ready yet so a number of factors are affecting the market, but having said that , with the slow and gradual reopening of the economy, we also see the pickup in the Consumer Spending and overall in consumer optimism, and further Consumer Spending and then productivity as all of that folds in place within the next six months with the presence of the vaccine, we should have some positive results. Charles real quick on that note , scott, you mentioned the travel names. I look at the covid stuff. Arizona cases came in almost 2,000 less than just two weeks ago. Floridas cases may have peaked on july 12, hospitalization is starting to moderate. Is that whats going to really propel both names that you like, of like those travel names . Yeah i think so charles and frankly the states that handled the reopenings maybe a little bit better are the ones further along ahead of the curve will continue to propagate higher prices so if you look at them versus the s p theyre still trailing huge. You look at expedia which is a name i like, Southwest Airlines which i absolutely dare i say love luv is the ticker, those are areas where you can catch up on those trades that come through in travel. Charles well bookings having a good day, expedia got an upgrade so well love it together. Speaking of love, Goldman Sachs finally agreed to pay almost 4 billion to malaysia to settle that scandal thats been haunting them for a while. Wall street applauded the move this morning. I want to ask you about this , katarina because a lot of our guests love the financials but the financials dont move and at some point, Goldman Sachs, jpmorgan, the financial index, its one of those oversold or undervalued areas but it doesnt take off. Well it will be safe to say that financials dont love them back, and we have to, you know, when we look at the Financial Sector, the most important thing to consider is that this crisis is not, its very different from 2008 crisis. This is not a financial crisis so when we look at banks, banks are well positioned from the capitalization perspective but at the same time, in the zero rate environment, when it comes to the productivity and profitability of the banks, you know, its going to take some time. Having said that we believe that banks and just generally Financial Sector belongs in any investment portfolio. Charles wow okay, maybe one day itll work out. All right were in the middle of earning season, folks, overnight and this morning almost all of them beat the street. This is when we find out what we want to buy. So far, this earnings season scott, has anything jumped out at you . Has there been a new name or name that wow that was an Earnings Report and i have to start to watch it closely. Well look theres a handful of them i dont know if its all good news charles, intel is one today that looks like its overdone on the downside, tesla which we talked about last week and youve talked about all week i think was interesting in the aspect that ive got a massive short squeeze in there also really nice encouraging things going on so a lot of these earnings moves as an investor if you dont own these companies yet youve got to look at price and when you see prices really get overdone, lets say to the upside or over sold, to the downside i think those are opportunities to either trim as weve done or say add like weve done to intel here. Charles okay. Well and ive got to wrap this up, katarina its great meeting you, you were fantastic and scott we got to give you a shout out, my man. Gold cracking 1,900 today, you know, amid some gold, not as much as you we got into silver i want your thoughts on that next time we talk in the meantime have a great weekend to both of you. Folks i want to share a little bit of my knowledge if you will. On july 9 i featured Advanced Micro Devices for aggressive traders in my Subscription Service and i really wanted to share the reasoning for that today because i think it offers two tid bits for traders. First inter day price action, on june 29, amd, the shares actually were under pressure one point down almost over 3 almost 2. It was 48. 42 a share, right in the middle of the day. The stock turned around and it closed higher fractionally over 50 a share. You know, those are the kind of intraday reversals that grab my attention, out of stock to my watch list and i began to watch it and watch this by the way. I update every single session. You should as well. The second sign for me was volume, on july 9 i decided to make my move as the stock jumped out of the gate on the huge volume near a key breakout point that it held in april and june. That session of stock traded 87 million shares that was 52 million shares more than the day before. This week the stock traded 135 million shares on wednesday, and it rallied more than 8 and now there was product news but that kind of volume told me that maybe Something Else is going on and its fair to say it was probably something that was not yet in the news. After the close, scott just mentioned it. Intel dropped a bomb about a product delay even talking about a listing outside foundries to help them which is something unheard from this tech giant so maybe theres a sense that somebody knew something a couple of days ago with that big volume what i know is that its hard for folks with real inside information to hide in treating chart moves its hard for them to hide their volume spikes and for those looking to trade this market make sure that you dig and keep a log, a daily log of these kind of moves and use it to inform and by the way its okay to be early because when the big news hits you want to just sit back and watch everyone else chase the stock. Today amd the number one stock in the entire s p 500. But big tech is under fire from all sides, from near record run. Well have a complete wrap up including the very latest on accusations that amazon stealing ideas from startups they claim to be helping. And next with just days ago before the latest round of benefits run out Congress Still really hasnt gotten together on a new stimulus plan ill ask congressman if the gop is blowing it, well be right back. Experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 nx 300 for 339 a month for 36 months. Experience amazing at your lexus dealer. They get that no two people are alike and customize your car experience amazing insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. I appreciate what makes each person unique. Thats why i like liberty mutual. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. Almost done. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Charles the futures are up to 23 million families that rent nationwide are at risk as federal Eviction Moratorium ends today according to the covid19 Defense Project 32 of u. S. Households miss their payments this month, Jillian Turner is live at hud headquarters with the very latest from washington. Jillian hey charles so as you know, in just a few hours from now, the federal governments ban on evictions is slated to expire and imminently following that expiration about 20 million plus families are going to face the prospect of getting kicked out of their homes, renters and owners. The House Speaker says massive evictions will equal real disaster take a listen. Right now were in a situation where people will be evicted from their homes and they are starving. Theres Food Insecurity across america. Millions of children are hungry. These are Kitchen Table issues. Reporter now in the month of july as you mentioned 32 of u. S. Households in total missed their rent or mortgage payments democrats like Elizabeth Warren and Chuck Schumer say that is 100 the fault of republicans for failing to include Housing Assistance in the next round of coronavirus relief, but republican sources on capitol hill tell fox news not going to happen on their watch. They say mass scale evictions arent going to happen because President Trump is prioritizing them, moving forward as lawmakers hagel over the politics of this americans in major cities like la are bracing for the worse case scenario. Take a listen. In the numbers of unemployment is still not the same amount that it was before. My rent is about 30 of my income was before the pandemic. Reporter now, charles last hour , i spoke to our friend david asman. He made the great point that as americans are losing their homes others who are going to face eviction now are business owners, small and large, were working to dig down and get you some numbers on that charles and ill bring that to you as soon as possible. Charles all right, thank you very much, jillian, appreciate it by the way that brings us to the latest, well really the last minute squabble going on other another round of Economic Relief some are feeling like maybe theres some doubts congress can get this done certainly before these unemployment and other benefits expire at the end of the month. Unemployment insurance is certainly the key, the extra federal pay is the key to all of this republicans arguing over what dollar figure is enough to get by on. Of course you do not want to encourage people not to work, so the question is its a fine line , but will the gop come through . I want to bring in republican congressman jodie hice of georgia on this. Thanks for joining us, congressman hice. We were told earlier in the week that Mitch Mcconnell would have some sort of a plan late yesterday and we got a new slogan but not a plan. The clock is ticking how is it looking to you . The clock is ticking and all i can say at this point is there s a lot of negotiations that are underway both in the house and the senate, with the white house and everything is on the table. One of the issues obviously that you bring together is the unemployment. Weve got to be very careful that we dont incentivize people not to work and to stayathome so theres some discussion that perhaps 70 of a persons income be enough to help them through the rough times but also still keep them incentivized to get back to work, but at the end of the day weve got to spur the economy. Weve got to focus on having the opportunity for people to go back to work in every capacity including opening schools, and that of course is a major factor as well. Charles i want to read you a tweet i got yesterday. I was hosting neils show on fnc , and this is a woman all over her media page she says in tennessee the max for unemployment is 275 a week and without federal supplement, people will go under. Your state is 365 a week, and some of these swing states, michigan 362, florida 275, wisconsin 370, arizona 240. Are you saying to these folks then that they dont need more than that in an environment where not everyone can immediately go back to work . No im not saying that at all but i am saying that one shoe doesnt fit all across this country and from the studies that weve seen the 600 in addition from the federal puts about 70 of the people in this country making more staying at home than they would make at their standard job and so that becomes problematic as well when it comes to the attempt to try to reopen the economy. So one size fitting all does not work. Weve got to work through what does work. What does help people while at the same time, putting a wrench in the capacity for our Business Community to reopen. Charles so where do we go from here . Well get , i guess, more offer ing from Mitch Mcconnell earlier next week. Is there already some areas of compromise that you can share with us . I mean, im sure there must be something going on behind closed doors thats not really talked about. Yeah, right now everything is still on the table. Some of the things that i believe are extremely important that i know a number of people are pushing for are things like Liability Protection thats an extremely important issue. The payroll tax holiday, also a huge deal. Further regulation reform and so these type of things are all on the table. Things that i believe are extremely important to help reignite our economy and so right now, all these type of issues and im sure many more are on the table theres going to be a great deal of discussion and negotiating taking place over the weekend, but of course, all of this is going to expire at the end of the month, so the clock is ticking and were going to have to get a lot done. Charles yeah, i mean, listen the republicans, the white house , steven mnuchin, President Trump get an a plus plus plus for ac ting swiftly and decisively and congress was there with them, cannot fumble it here. You remember it was youre right at the goal line, sir, dont fumble it in. Please the American Public needs you. Have a great weekend, a productive weekend. Next, the doj launching an investigation into big tech as ceos are preparing for their day coming soon on the hill. Well have a live report right after the break. Tara, did you know geico is now offering an extra 15 credit on car and motorcycle policies . Wow. Ok thats 15 on top of what geico could already save you. So what are you waiting for . Idina menzel to sing your own theme song . Tara, tara, look at her go with a fresh cup of joe. Gettin down to work early following her dreams into taxidermy oh, its. Tax attorney. I read that wrong, oh yeeaaaah geico. Save an extra 15 percent when you switch by october 7th. Give it up for tara charles the doj readying their lawsuit against google aiming to file it by the end of the summer marking the largest antitrust lawsuit against big tech since microsoft nearly 20 years and now shares at google, facebook, amazon all dropping on the news Hillary Vaughn taking a look at the governments attempt to take down big tech then and now, hillary . Reporter charles whats interesting is the microsoft ordeal was essentially a decade long legal battle that cost taxpayers over 35 million, and people that are advising google were a part of that take down, and giving them advice on how to proceed if attorney general william barr does make his legal challenge against google official. So we talked with steven halp, the former antitrust bureau chief of new yorks Attorney Generals Office involved in the microsoft lawsuit an what the doj is doing differently has been keeping google in the dark. Theres been very little contact between the doj and google and he thinks thats a mistake for the department of justice and also the timing of this potential lawsuit is happening at a bad time for the president politically, but a good time for google, because he says if the economy is what its liked to, a judge would weigh that in deciding whether or not to slap a big tech giant like google with a big fine. Its going to knock the stock market sideways but seems to me it be the last thing the president wants going into an election period. It doesnt necessarily effect whether or not theres an antitrust but i do think it comes into play at the remedy stage because most judges will be very careful about doing something i think could disrupt an economy especially a weak economy. But other antitrust experts we talk to warn that microsoft was lucky at the time because the doj was really just getting its feet wet with taking on a big tech giant in a world just starting to get familiar with the World Wide Web but there is one hiccup for barr in all of this when he told our own Maria Bartiromo in an interview that antitrust laws may be a good way to reign in a company that he thinks is abusing its power not just against its competitors but to squash a competing political view. My view of the matter is it be a terrible mistake to use antitrust law to try to address something other than what it was designed for , which is to protect dynamic competition and free markets. Reporter Charles Google has repeatedly denied theyve engaged in any anticompetitive behavior but also not the only Company Looking at antonio antitrust in fact there was supposed to be a big hearing with apple, google, amazon and facebook on capitol hill but were hearing that hearing may be postponed. Charles . Charles hillary, thank you very much. Meanwhile, folks, the wall street journal reporting amazon has met with a bunch of start up s to invest money in them they say come show us what youve got well help you launch these products instead theyve launch ed competing products according to the journal some companies are regretting sharing information with amazon with one Venture Capital firm even calling giant a wolf. I want to bring in crescent Wealth Management jack adler for more what im calling scorpion and a frog. You know the story, the scorpion stings the frog and the fog says were both going to drown why did you do that and they say its just my nature. It just seems to be the nature of these Big Companies to abuse their power. It is and the lawmakers are really put in an awkward position. If you go back to the microsoft trial it turns out it wasnt the department of justice that really righted that ship and set things back on course. It was the market. It was the internet and open architecture and eventually between Sun Microsystems and net escape and then eventually Apple Microsoft was put in its place, so not sure how much the department of justice or even regulation is going to hem these companies in especially since we need them to compete for us on a global stage so its a doubleedged sword, charles. Charles it is a doubleedged sword and to your point i do find it interesting because while barr may be talking about antitrust, President Trump has been pretty adimate about other nations finding our Tech Companies, taxing our Tech Companies. He goes to battle for these Tech Companies he was ready to go to any kind of economic battle with france and europe and now hes pushing back against other countries, so i think we understand how important they are, but theres also this sense on how do you real them in . I dont think from a competitive point of view because i think were in a same school like listen at one point sears was the largest retailer in the world at one point walmart, we thought had to be broken up and competition eventually works but i think its the behavior side that bothers a lot of people here. Yeah, i think so especially lawmakers that rely, for example , on facebook and im sure policy makers both sides of the aisle have an opinion of the rhetoric coming out of facebook and i think thats something that also adds to that political dynamic. Charles jack, are these companies of Silicon Valley too big to fail like the banks, with what we be more likely to bail them out rather than break them up. It depends what lens we look through, charles. I would say from an economic pure just main street America Perspective no theyre not too big to fail but from a market perspective as your guest pointed out earlier that upsetting one of the Top Five Companies in the market which collectively now account for more than a quarter of the market cap could be dramatic from a market perspective. Charles the last couple of days of selling what do you make of it . Overdue profit taking, changes in fundamental, anything that or thats making you alarmed here . Sure, no, i think that its really expectations versus reality, charles. You know when Congress Passed the first cares act and thought maybe this would just be a two month hiatus and then wed be back to business as usual. I think what were finding now is this is really a much more elongated process back and i think as investors start to really digest some of this incremental disappointment we realize that this isnt necessarily the vshape that we had originally sought out in our original forecasts. Charles jack, thank you very much appreciate it. Thanks, charles. Charles meanwhile folks the new York Governor Andrew Cuomo firing back at bars who are offering things like cuomo chips in order to follow new regulations. Wait until you hear what he says now these establishments have to do. He put up another hurdle and next china also hitting back at the latest round of the war between the two nations, but honestly its more like a jab, maybe shadow boxing certainly wasnt a knockout punch but well discuss it when we come back. Charles tensions continue to escalate with china, china now ordering the u. S. Closes consolate in the western city in response of course to President Trump and the administration ordering beijing to close their consolate in houston, after washington accused china of their agents there trying to steal research. Id like to bring in fox nation host david webb. David, this was a big major counter punch that china promised retaliation. I guess the read is that it might be a little bit tougher than closing wuhan but it was not the same as closing hong kong. To me it feels like china would love to just see the administration go away. That they really dont want to be engaged in this because no other president ever forced them to even stand up like this. Yeah and charles by the way theres a big economic story here, but first to the point of chengdu versus say someone else not that that is not an important city but houston is an even more important city whats been going on there when you look at the energy industry, technology. You look at Companies Like kpmg, Others International global companies, shell services, you know, china has been stealing and this is important because they need energy, so they need technology. Chengdu not as much on par with that so the economic story here affects china and i want to go a little bit wider. When you look at Southeast Asia and the waters between japan and china, japan is now paying its companies to put themselves somewhere else in Southeast Asia , so the pressure from the trump adminitration, the tariff battle, the leverage game that you and i talked about for months now or for three years, this is all part of a larger city because chinas been in a cold war in an economic war with us, a theft of intellectual property war and other forms of warfare and were finally deploy ing the dime strategy. Youre an air force veteran you get that. The instruments of National Power include diplomatic and economic and were deploying them along with our allies. Charles yeah, im glad you brought up the fact that this cold war, there was a book review i read in one of these london papers this morning just escapes me the name of the book that said listen they have been at war with us for a long time and not just since 72 but for china history is one continuous thing, it doesnt change, it doesnt have periods, so it goes all the way back to when the british got there and the boxer revolution, all of this is part in parcel to that and at least we do recognize that we need to pushback because there are no limits to what they want to be the preeminent nation in the world so i was thrilled that pompeo had the speech that hes had, but the thing i talk about a lot on this show, David Schweikert those very businesses that you talked about and so many others they themselves dont seem to be putting up much of a fight. Well theyre not really in a position to in some cases because they bound themselves so much to china. If you think about the Chinese Communist rules and i want to make that distinction because this war is not what the chinese people, the culture thats thousands of years old, is actually what id like to see come back and many would. That was a freer society even in the dynastic days but right now the communist party is willing to sacrifice their citizens, their economy, you look at the ridiculous presumption they went from 90 billion to 12 trillion from the 80s to now. China and the communist party is the new version of the mouse leadership which is depressing or oppressing other economies to achieve their goals, and we need to Pay Attention to how they see themselves. Do they want an open war no they dont because if you can achieve it, by other mean, if you can achieve victory by other means, then thats what you do and thats been part of this spouse and talents program, the over 300,000 Chinese Students in our schools, you know, look at their wider strategy and youll see why we need to fight them. Charles well im glad we are. David thank you very much, my friend. Any time. Charles housing continues to surge, this amid the coronavirus pandemic and new home sales jumping again in june, up nearly 14 . Were going to dive into these numbers they are magnificent and the wall street journal coming out against the cancel culture within its own ranks saying its gone too far. Wait until you hear about this , well be right back. Charles the wall street journal standing up against what they call cancel culture within their own ranks. The Editorial Board is saying that they will not will under pressure after 280 staffers sent a letter demanding that paper fact check and be more transparent in its opinion pages and joining me now District Media president beverly halberg. Theres been some tensions there for a long time but to see it spill out like that is really amazing and we seen other Media Outlets particularly magazines and newspapers, where established folks, very successful people have been pushed out. What do you make of this one . Its just a matter of time before this came to the wall street journal itself, as youre mentioning there are other outlets that have seen it the New York Times most notably had a lot of chaos when senator tom cotton did pin an oped about his preference of using military to quell the riots taking place but you also had an opinion columnist roughly 10 days ago pen this really damming resignation against her colleagues saying that she had been bullied just by having divergent views by not following in line with this progressive woke ideology so i give a lot of credit to the wall street journal who made it very clear they are not the New York Times and that they arent going to succomb to cancel culture. Charles well, i guess though, who has succomb are conservative s particularly strong conservatives, a survey says only 23 of strong conservatives feel comfortable talking about how they feel about things whereas 58 of strong liberals are okay with it so its providing cover for liberals are real strong opinions but if youre in Society Today and youre a conservative youve got to keep your mouth shut. Theres something wrong with that. Its a huge problem and here is what i think is ironic when you saw a few weeks ago a lot of coverage on black lives matter the Political Organization conservatives who have an issue with the Political Organization while they still believe that black lives do matter and are important, they found that they were met with people saying that their silence was deafening and that silence is violence, now we hear the speech is violence so if you have the wrong opinion, then that is violence as well and so i think what many people are doing out there are just keeping quiet. They are afraid to speak up. They dont want to get into contentious debates and for those progressives out there who really believe in their ideology, what you should want is a productive conversation. Peoples ideas on things, their thoughts on things dont go away just because you silence them and in many cases bad ideas tend to go underground and fester. We should want productive debate but thats not what the mob wants, charles. Charles something tells me that we really night get a test of the silent majority in november. Meanwhile, you know, we didnt share the winners this week, but i be remiss not to talk about a big loser and thats new York Governor Andrew Cuomo. Hes now telling new yorkers that what is and isnt substantial enough to be a food to enjoy with drinks at a bar or restaurant so as many of these places are closing or barely hanging on he wants to squash their natural survival instincts to do things like cuomo chips designed to overcome another one of his absurd rules and here we are again andrew cuomo at war with new york bars. Beverly hes my loser of the week. He is a big loser first of all still hes not possessed up to his bad policy of letting p employee who had covid into Nursing Homes we still dont know how many people died because of it and now hes saying you cant eat chicken wings if you go to a bar it must be a sandwich. What i do like with this is restaurants are getting creative saying just pay a dollar fine and well go along with this silly regulation but what you see with the governor in new york is hes a little power hungry taking that executive authority and taking it to an extreme and sadly its the new yorkers who are the ones on the losing side of this. Charles and those Small Businesses beverly thank you so much, appreciate it. All right, folks, looks like its a v to me. You know, jack just said were not seeing a v but did he see those blockbuster home sale numbers, plus what you need to know as we head into the final hour of trading for the week coming up at the top of the hour , President Trump set to sign an executive order lowering drug prices he will be joined by Florida Governor ron desantis. Well take you live to the white house as soon as that begins so just stay with us. Massmutual healthbridge is a free Life Insurance program just for healthcare workers fighting covid19. Apply today at massmutual. Com healthbridge in a highly capable lexus suv. At the golden opportunity sales event. Get zero percent financing on all 2020 lexus models. Experience amazing at your lexus dealer. On all 2020 lexus models. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. 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A free decision guide will provide a breakdown of aarp Medicare Supplement plans, and help you determine the plan that works best for your needs and budget. Call today to request yours. Lets recap. There are 3 key things you should keep in mind. One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Charles so the new homes surging in june, up nearly 14 , second straight increase. The data is amazing and points to a number of positive trends. Gerri willis joins us with more. Gerri thats right. Its beginning to feel like the 2,000s all over again, right . As you say, the good news for housing today, new home sales rising 13. 8 in june from may. The annual run rate now, 776,000. Thats the strongest rate of growth in 13 years. The Commerce Department also revised may sales higher, showing a 19 gain in that month. Take a look at our map here. We will dig into these numbers across the country, big gains, but in the northeast, those new home sales up 89 . Now, all of this happening as existing home sales are also on fire, rising to a record high last month. The numbers revealing a redhot Housing Market despite the pandemic. 53 , over half of home purchases, have been subject to bidding wars. Jerry howard, ceo of the National Association of home builders, telling me this morning that the pandemic actually helping sales. Interest rates are incredibly low right now. There is a shortage of existing housing on the market right now. People are moving out of cities and as theyre moving out of cities, interestingly, they are asking for things that maybe some existing houses dont give them the opportunity to have. Gerri also behind that big sales job, people buying homes in record numbers that have yet to be built. Charles, they havent even been built yet. Howard says that allows buyers to design their homes to accommodate needs with inhome gyms as you are seeing right here, big backyards and a lot of Square Footage under those roofs. I got to tell you whats interesting about this goround for a housing boom, it seems a lot more rational than the last one, when you see interest rates, Mortgage Rates below 3 . Got to be a good excuse to buy, right . Charles absolutely. Absolutely. I like those new rooms. People are making zoom rooms now, rooms that you can do a Video Conference in. Thats a must in a new home. Who would have thought. Thank you very much. Well, for more on todays new home sales, which was a monster beat, i want to bring in rob luna. Rob, we have talked about this, its been a recurring theme on this show many times, the housing boom, particularly after covid. People moving out of cities. You can see it. The sweet spot here, 200,000 to 300,000, significant jump. I think you got to go back three or four years to find it at this kind of pace. I think millenials are moving out of cities, forming households, and theres a lot of money to be made. This trades still going strong. Yeah. No, you look at whats going on in metro areas like new york, you cant even get chicken wings anymore without getting harassed by the governor. Everyone is fleeing these areas and you know, we have been talking to our clients, we dont think this is a shortterm phenomenon. We think this is a longterm secular trend. There is big corporations now that are really implementing work from home policies so like you were just saying, things like the gym, with the gyms here closing down every other week, people want inhome gyms. They need zoom rooms, private offices. I think this trends going to continue. I dont think its a shortterm phenomenon. Kudos to you. You have been talking about this now for several months. Your investors have really played along with this but i think quite honestly [ speaking simultaneously ] charles good to know. Hey, want to talk about earnings and revenue. Of course we are in the middle of the season. Next week there are big names out there, facebook, apple, amazon, alphabet, which is google. Just your thoughts on what we have seen so far and what we should be bracing for next week. Yeah. I think we have had, you know, a big run here in some of those names. Those are the names that led the market here. I think everyone is being a little bit cautious here. You look at a name like tesla thats pulled back, microsoft just came out with really great numbers. Thats traded down a bit. Im really not expecting anything different from that next week when you see the big names like amazon and google come out. But i do think to that point, if you see a pullback in these names because this is the new normal of technology here to stay, i think you got to dip your toe into the water and buy some of these names on the pullback. Charles i think youre 100 right. Netflix is one thats already ready to rebound. We talked about the covid, new covid trends. Theres one i want to talk about. Shares of a Company Called pool, your swimming pool, up again today, up more than 43 for the year. Demand for backyard swimming pools is surging. Is this something that you chased . I feel like i missed this but i also feel like if i buy it today, i can make money on this in the next week. Yeah, no, its so tough because like you said, everyone has played we talked about toll brothers, talked about sherwin williams, everyone is looking for some way to capture on this trend. Pools, another way. One thing we are looking at, we are trying to find something even buried more. Sonos. People are looking at these new homes, they want smart homes. Look at different ways to play it. Its a great stock with a lot of upside. Charles okay. I love when you give us great stock ideas, rob. You are one of the best, my friend. Have a great weekend. We appreciate it. Now over to Jackie Deangelis filling in for liz claman. Jackie thank you so much, charles. Happy friday, everyone. Breaking news, at any minute we are expecting President Trump to deliver remarks at the white house about lowering drug prices. The president is scheduled to make an announcement and sign an executive order in the south court auditorium. As soon as the president speaks we will take you there live. We do have the pictures of the white house up right now. Meanwhile, we are watching the markets closely because they are wrapping up the week to the down side as tensions with china and increasing coronavirus cases put a damper on the mood, lets just say. The dow, s p 500 and nasdaq all down for the second straight day. Its the first backtoback losses for the techheavy nasdaq since may 13th. Take a look there. The dow,
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