In the world is ruth parat. She started an as investment banker at Morgan Stanley. And recruited a way to be the c. F. O. Of google and now of alphabet. Influence. Mous i think she would be a terrific candidate for secretary of the treasury. She would be a terrific candidate for that position. During this period of time, google has done quite whelm fall bet has done quite well. Your stock has gone up. By the time you became the c. F. O. The stock is up over 00 . So done quite well under your leadership. Im curious. Are more people doing searches now during this covid period o time than ever before . Or are people not spending as much time searching . No, people are spending a lot of time searching. We have trillions of searching, precovid, post covid. Its really the nature of searches that changed. And so early in the crisis, people really migrated to shifting for information about the disease, what they needed to know, all information about covid. You then saw people shift to, ok, how
So much for these phrases that we love. Lisa we learned something yesterday. We take that pile of cash and split it into quarters and then you have more money. That is what we learn from our end has left. Apple and tesla. Tom we are doing a lot of strategies,equity fixed income strategies. Futures up, another equity lift to the markets. Lets get right to the morning brief. Lisa we are going to get the manufacturing data for the month of august at 10 00 a. M. Youre getting, u. S. July construction spending. Housing, red hot. We are likely to see more edification of that trend. Look at lumber prices tripling. U. S. August to get wards total vehicle sales. There may be cooling there. What does this mean about how much money people have to spend . Also today, President Trump visiting kenosha, wisconsin against the wishes of some local officials to discuss recent events that have transpired there, the death of one of his supporters, the rioting come of the protests the rioting, the protests
Leaning on big cap tech. Once again ass an anchor s p 500 First Time Since february, microsoft, tiktok in the news schumer says the democrats in the white house have started to move a little closer on a stimulus agreement, and of course david disney tonight, which will give us all kinds of information about the progress of parks, studio entertainment, advertising and more as we have said many times over the last few months, disney in some ways a reflection of the economy, certainly the consumer side of it to some extent. I know julia is going to be following that closely after the bell expectations cant be particularly high but we are looking for a lot more data when it comes to the parks and the attendance, when it comes to directtoconsumer of course with disney plus and the exhibition of motion pictures, which is not something thats going on right now. Absolutely, david, i mean, i think it will be really interesting to get some more insight into the success of that streaming business
Tepper and Stanley Druckenmiller both say stocks are overvalued u. S. china tensions flaring again as the fbi warns that chinese hackers are targeting covid19 research firms. We have a big lineup of guests today to help break down this selloff including bill mill miller, david harrah, david ruinstein and Liz Ann Saunders from Charles Schwab. Down 550 points, down 620 moments ago. Weve got full Team Coverage of todays market downturn. Scott wapner, mike santoli, and Steve Liesman with us. That bearish call from apple when asked about Hedge Fund Manager Stanley Druckenmillers assessment that the risk reward in the market is, quote, maybe as bad as ive seen it in my career, heres what he said. Its definitely as of yesterday, now the market is down from yesterday, i would say that, you know, 99 was more overvalued than 2000 but, yeah, i would say its one of the most overvalued markets, maybe second most overvalued i seechb the market is pretty full but theres a lot of liquidity there. Its
If my tie was fixed. All right. David i dont consider myself a journalist. Nobody else would consider myself a journalist. I begin to take on the life of an interviewer, even though i have a day job running a private equity firm. How do you define leadership . What is it that makes somebody tick . You have been the ceo of uber for how long now . Dara two years. David do you enjoy it . Dara i love it. David the company was not a public company. You have taken it public. You received a lot of publicity about the ipo. The company has a higher market capitalization, roughly 72 billion. Higher market capitalization than any company in american capitalism history except for facebook, this short a time after the ipo. Why are so many people criticizing you for having a 72 billion market cap . Dara i think there are many critics for a large company. That is a fact of life. What is different about some of the Technology Companies of our generation that are coming public, the socalled unicorns, w