Of the commission is up for renomination and confirmation by the senate and the process continues irrespective of the outcome of the election. For instance, my term runs through 2023 and i can hold over for a longer time potentially and i will continue to serve regardless of the outcome of the election. Host with Michael Oreilly not been renominated by the president if there were a change in administration you and chairman pai would be the republicans, correct . Guest yes, Michael Oreilly has served for a long time on capitol hill and at the fcc in his term expired about a year and a half ago and we are allowed to stay on until the end of this congress when we are in that situation whether it is any one commissioners so commissioner oreillys term will come to an end and commissioner piatt, chairman pai and myself can continue to ser serve. Host now to the policies, in an Election Year are you able to get things done . Guest fcc has been incredibly busy. I think this interview right her
Infections. Reported more than 200 deaths today. In the markets, we turn our attention to trading volume. It was pretty light but finished up. Momentum has been fading as we near record highs. On any indication of a new Coronavirus Relief plan coming from the white house. On the day, two words sum up today, summer friday. Slow with low volume. The major averages barely moving. In the middle of the day, there was some volatility. At the end of the day, the s p 500 down just fractionally. Bit. Aang index down just a we saw a little bit of weakness in biotech. That is one of the only indexes down for the week. Beneath the surface, it is not quite as dull. Lets highlight two of the big earnings movers. Semicap Equipment Company quarterly Beat Estimates and raised the outlook. They make the equipment that makes chips which suggest there is demand coming from the chips companies and the companies that use chips which is probably every company out there. That might be a longer healthy tell on
Moment or someone will be caught offguard. There will be several rounds of questioning after the Opening Statements. We have seen the testimony of all four of the ceos. There is a similar theme. These ceos are emphasizing that they are facing competition all all on all fronts. Tech is the most Competitive Industry in the world. In every facet of every business they run, they talk about how they face competition. Mark zuckerberg focuses on china saying that if there is too much regulation, that will give Chinese Companies an advantage. The ceo of alphabet talking nott how google does necessitate competition. Tim cook talking about the app store, the opportunity that it has given companies around the world and the fact that the vast majority of apps in the app store are free. Jeff bezos his testimony is different. He talks about a personal story. How his parents invested in amazon in the day. A truerican has american story. This is a first time we will see him testify before congress. He
Lot going on as stuart did tell you that whole hearing where the tech giants will gather virtually at least. It is parked back maybe half an hour. I was doing back of the napkin guesstimating on their wealth. That is on, i think is worth about 180 billion. Our Charlie Brady follows this thing would know to the penny. I think it is roughly about that. Mark zuckerberg facebook, close to 90 billion, close to 2 billion, tim cook of apple, thanks to appreciation of that stock, he is at around 2 billion. So lets say you were to add all of this. These are numbers. I added it all up. That is 272 billion collectively. These are among the richest men on the planet, particularly when it comes to bezos and zuckerberg. But putting companies combined market cap at north of 5 trillion. If you were to add microsoft to that bunch, microsoft will not be part of this hearing. They represent the five most valuable companies in the world. Isnt that amazing . Youre welcome america. We have this delay. We ha
Secondquarter rally to 20 . The dow jumping 18 . However, dr. Anthony fauci today, the nations leading disease expert, said cases could soar if behaviors do not change. Fed chair jay powell said getting the virus under control is just as import does the u. S. Economy itself. Abigail doolittle has been covering the ups and downs. What is driving all of this . Abigail behind the rally we had today and yesterday, i think it is just a cushion to the end of this banner quarter. Investors wanted to make sure they locked in the gains. Fundamentally, not a lot changed. There was some fundamental economic data. Little bit more positive, some Chip Companies put up some good quarters. From the factr that there could be some more Companies Boycotting but a bit of a rebound rally. Confirming the risk on mood company 10 year yield higher. Bonds are lower on the quarter. 20 on the up about quarter. Treasuries higher. You do not often see that, where you have bonds and stocks. The same time, Precious