One of the great men of American Business will join us following the nfl teams first time back oen field without fans but players bringing attention to social justice around the country. Power lunch starts right now guess were together but separate, once again welcome to power lunch. Billions of dollars of deals on wall street today. For 20 billion, gilead adding to its cancer fighting portfolio. Its basically doubled next up for 40 billion, the biggest chip deal ever, nvidia buying arm holdings which designs chips. Up 8 and finally not quite a deal yet oracle betting to be Technical Partner in the u. S. September 20th deadline. Oracle shares up 5 on the news. Well have all of this back over to you all those big deals on wall street helping the comeback rally in stocks. After two down weeks in a row. We havent seen that in a long time jim paulson joins us now is your time to buy the dip. Welcome. Good to see you. You see the marriage between wall street and main street looks as strong
Realize that this lawns full of weeds and dead grass and bugs and a golf ball okay, this is what the market is really about not this, but this see how the averages rallied again today, the dow inches up 47 points, s p advancing 2. 3 . The nasdaq gaining 1. 06 but almost 3 5ths of the stock in the s p 500 are actually down for the year were in high territory because of the other 2 5ths up a lot heres the real economy. The truth is, the weeds are more representative than the healthy patch of lawn, and in many ways its getting worse, not better, as the weeds begin, i think, to infect the nice part but when you look at the whole s p, you cant see the weeds you see, theyre obscured by Tech Companies with big gains. Who wants to talk about the other 291 stocks that are down for the year when you can focus on the incredible runs in amazon, microsoft, apple, facebook, alphabet its a lot more fun talking about tesla, up 378 than talking about gm or ford down 27 and 21 . Tesla has about 50,000 e
Growth rate and job creation, now if you put the fed statement and higher jobless claims together, thats whats pushing stock prices down this morning. Look at it. The dow is off about 100, s p 60, nasdaq about 31, more on that in a second. All right, did you watch night 3 of the Democrats Convention . It was hate trump night. Speaker after speaker layed into the president in personal terms. He gets the blame for everything. Seems to me like the democrats have not gotten over their loss 4 years ago. The president was live tweeting all the way through. We will show you both sides of this, of course, but seems to me like all of the democrats have is hate trump. Varney company is about to begin. Stuart look at the red ink on the markets, first of all, down across the board but not that much. Lets get right at it. Larry kudlow, director of Economic Council at the white house. Larry, negatives this morning. More than 1. 1 million jobless claims, the fed says the virus is hurting growth, back
Total request fast money copping yocop coming your way at the top of the hour tweet us all your burning questions. New guidance from the cdc on when we can expect a coronavirus vaccine. Meg terrell joins us with the developing details. This information comes in the form of a letter that dr. Robert redfield sent to governors we have confirms this letter and have a copy of it. He tells the governors that health and Human Services and the cdc are, quote, rapidly making preparations to implement large scale distributions of covid19 vaccines in the fall. He asks that as they make these preparations, that they consider waiving requirements that would prevent any facilities from becoming fully operational by november 1st my understanding of this from folks ive been talking with in the government is not that they are saying a vaccine will be ready by november 1st. Were showing you the enrollment progress in phase three trials for pfizer and moderna what that deadline really is, is to encourage
The 27,700 level. Remember, it was 18,000 on march 23rd. The s p, what, nearly 3400. New alltime high. The nasdaq well over the 11,000 mark. Who would have thought of that. Add it all up and yes, we are now in a brand new bull market. Heres another reason for the rally. Terrific performance from major retailers, target, out today with a blowout report. Online sales nearly tripled. It was targets best overall growth rate ever. That stock is going straight up. Add this to the numbers from walmart, home depot and its clear the major retailers won big by staying open in the lockdown. Really, though, kind of tough on the smaller operators. Got to get to it. The convention, boring in my judgment. Tv ratings way down. Wheres the excitement . Everything is on tape and the whole thing lacks the spontaneity of a live crowd. The performance of the old guard, bill clinton, john kerry and a grim chuck schumer. The bright spot was aocs oneminute appearance. She nominated Bernie Sanders. The democrat