Points and the s p is relatively flat weve been watching what is happening in the treasury market and we take a look now, well see the 10year yield, at this point, seems to be sitting at 0. 655 andrew, over to you. Just out in the last half hour, the Biden Campaign releasing a new jobs plan. Kayla joins us with more its 700 billion, kayla yes it is stemming from a 110page policy document that is essentially emerging of the left and moderate ring priorities inside the Democratic Party. It was produced. I the Campaign Said it will create millions of goodpaying jobs and reinforces some policy commitments as well as jot lining new programs that a Democratic Administration would push for including a 15 federal minimum wage, mandate for 12 weeks paid family leave, universal prek for 3 and 4yearolds and payment platforms for lowincome americans run by the federal reserve. Democrats say a Public Credit Reporting Agency is needed to provide transparent alternatives to the private sector. There was also a considerable portion of the plan that is devoted to undoing the work of the Trump Administration expanding the Affordable Care act and doubling down on more public options for health care, raises taxes on corporations and estates, essentially undoing the 2017 tax cut and j. O. B. S. Act and revisiting antitrust considerations of certain mergers in specific sectors that took place under President Trump. There are also some items that seem to borrow from trumps own agenda, like a native American Manufacturing policy that incentivizes companies for on shoring production of goods here thats something the white house is working on. The plan endorses several policies underway like aid to states and local governments as well as immediate grants to Small Businesses to provide payroll. Were still waiting for the specific jobs commitment from the plan, but there are some commitments to certain parts of the plan like the Campaign Says this will create 5 million goodpaying manufacturing jobs were still going through it, andrew well have more when we finish the long document and go through the details. All right ive been trying to go through it myself. When you look at the investments in r d and the push around 5 g and the real thing i was going to ask you around taxes. We did say they want to do undo the tax cuts they want to do it on the corporate level not to the former level, though, and then what they want to do on the individual were you able to get through that part . Well, its not totally specific on exactly what they would do the campaign has said before, andrew, that undoing these tax reforms that the Trump Administration put in place would be the lions share for the other programs that the campaign wants to do now the its on the website havent changed. My assumption whatever the campaign outlined on the front before still stands. So well see exactly what finer print the former Vice President can put on this. Hes expected to give an economics speech today to flesh out some of the proposals and what may have changed. Okay. Well keep our eyes out for that well see where the markets and what the markets think of it well hear more about that plan, kayla, at 8 40 this morning. We have Pete Buttigieg joining us from the Biden Campaign hes a surrogate for biden well talk to him all about it joe . Thank you, andrew more fallout from chinas new security law in hong kong. Australias government has advised its citizens not to travel to hong kong. Those who are there should reconsider their need to remain there. The warning said the new law could be interpreted broadly and australians could face deportations or transfer to Mainland China for prosecution there. Whoa changing my travel plans near term it warns that its citizens could break the vaguely defined National Security laws without actually meaning to. Australia also followed canada in suspending its extradition treaty with hong kong. Just reading that gave me it made me nervous. I would heed that warning, i think. You know what i mean, becky . I think so, too. Not even a citizens and be deported to the mainland where that law might be applied . It scares me. Well, look, weve known for a long time china has been moving closer and closer to bringing hong kong back under its wings and back into the fold after hong kong had been run separately for all these years there have been minor things leading up to it but, yes, i think you have to look at it were going to be in china at some point when youre in hong kong thats something to give some serious thought to. Wow. Yeah. I would. We have no plans we had no plans. I have to plans to go anywhere especially, you know, were driving places and im trying to figure out how thats how far does a tesla go . Can you go have you thought about that . You cant go Cross Country. So you cant go you can do about 250 miles. But, you know, on the system, if you have a tesla, joe, they tell you on the map where the next tesla charging station is. Thats cool. Its fast charge now. How long does it take to charge what is the fastest charging i dont know if you get the full tank, but i think if you do it for 20 minutes, 25 minutes, you can get it, you know, a good 200 miles out of it, yeah. Waffle house. Thats a lot for taking on the Cross Country trip. Put charging stations near waffle house you think i dont think about these things you think i dont think think about these things you do car rides with young kids we dont stop. We get up at 3 30 or 4 00 in the morning and you drive and you bring your stuff with you. The next, you know, hour or two hours on the road, no thank you. You can kill 20 minutes at a waffle house. You know what i bought recently i can do it morning and afternoon. Biscuits and gravy twice. Its a luggable loo its a bucket with a toilet seat if youre going on a long road trip. In the car . Thats great, becky. Why go to a restroom do it in the car thats awesome. I want to correct myself you dont have Young Children anymore, joe. Thats disgusting i was talking about Young Children. Oh, okay. Jeez anyway. Guys, just so you know, just so you know, on a model s, i was wrong. On a model s, on a single charge. 400. If you have the longrange model s, it can apparently go 402 miles. Thats better. Thats impressive. 402 miles. Its an epa rating. Right and if the model s can do it in about an hour and a half thats pretty good [ laughter ] if you put it on whatever it is. What is that speed . Ludicrous mode. Ludicrous mode. Yeah. Here is our favorite stock. Well talk about a couple of stocks to watch this morning Bed Bath Beyond will close 200 stores over twoyears as it works to getting back to profitability. The company said that the move will generate annual cost savings of somewhere between 250 and 350 million. The ceo told cnbc there are number of stores dragging them down, this his words he said as stores reopen from the pandemic, consumers have been buying bigticket items like home decor, bedding, and accessories for the backyard the retailers Quarterly Report shows a sales decline of nearly 50 . A surge in online sales of more than 100 in april and may and then costco. That stock is up after hours the Company Reported net sales of 16. 2 billion for the month of june. Thats an increase of 11. 1 from last year. E commerce sales were up by 86 . And now some news about our very own network cnbc announcing yesterday the former fox news anchor shep smith will be joining us to host a onehour Evening News Program monday through friday. At 7 00 p. M. Eastern time. The newscast is going to be called the news with Shepard Smith. It will launch in the fall shep will be on squawk on the street today at 10 00 a. M. Eastern time to talk about it. A huge welcome to shep smith huge welcome to 7 00 p. M. Live news hour here, too. Its going to be great yeah. I echo what mark said. Factbased general news program that competes with what we see on, you know, other Cable Networks im not going to mention any names. All right. Big positive for cnbc and the overall media landscape. Factbased and heres whats is going on make your decisions. We wish him well so big news yesterday. Yeah. A big hiefr a big hire its nice to have live news at 7 00 p. M. you know, the last time we did that, was larry kudlow had the show at 7 00 p. M before that it was kudlow and kramer. Yeah. And then it became kudlow. Right and the on reason i know that is both you guys and them were kind enough to put me on tv when i was way too young and had no business not that i have any business being on tv now, but thats where i started. That phoney humility may play at the times and the other places but were not buying. Thanks, joe. You should think of yourself the way you think of yourself but say it loud and proud. Trust me, i dont its kind of you think of me that way. I dont think of myself. I wish i could think of myself that way. Dont stop. Thats what you should say anyway [ laughter ] anyway. Big welcome to Shepard Smith we cant wait to have him here. Looking forward to hearing what he has to say about it at 10 00 a. M. On squawk on the street. When we come back after this break, well talk to dr. Scott gottlieb who joins us with the late et. Cetera latest on the pandemic from new jerseys mask mandate and the governor reopening schools in new york take a look at gold prices trading near the highest level since september of 2011. Squawkbox returns after this save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Welcome back to squawkbox. We have an update on the pandemic the california governor saying hospitalizations in his state are up 44 over the last two weeks. But hospitals are still only at 8 capacity. Thats the good news he said supplies of ppe, including masks has grown tremendously since march californias sevenday average of daily new cases has reached nearly nearly 8,000 an increase of about 1700 cases per day since july 1st in new jersey, the governor is mandating face masks outdoors when social distancing is not possible there are exceptions for people eating and drinking at outdoor restaurants as well as children under age 2. In new york, Governor Andrew Cuomo blasting President Trump for pressuring states to open schools in the fall. He said its the states decision yesterday President Trump threatening to withhold federal funding for schools if they dont reopen for inperson classes in the fall. Governor cuomo saying School Districts will have until the end of the month to submit reopening plans and new york would announce the School Decision sometime during the first week of august joining us to talk about it is dr. Scott gottlieb serves on the board of lumina and pfizer lets try to break it down i think i would start with this, there was a brouhaha controversy debate over the fact that President Trump went after the cdc and the cdc guidelines yesterday and it appears as if the cdc said theyre going to be reissuing those guidelines for schools and making them, perhaps, a little bit more lax what do you make of that well, im not sure what the cdc is going to do to the guidelines i saw different reporting theyll actually make the guidelines a little bit more granular the guidelines themselves now are pretty top line. Theyre not very specific. And i think what actually is helpful to schools is more specificity. They talked about putting out separate documents well see if they come up with if you look at the guidelines, though, theyre pretty general they encompass things like schools are doing trying to create distancing in the classroom, implement cleaning, use of ppe all the things schools are doing and all the things, frankly, other countries do countries able to successfully reopen their schools like norway and germany. They all implemented pretty stringent measures in the schools to reduce the likelihood of outbreaks. And so when you think about bringing kids back to school, and i know that, you know, the American Association of pediatrics, everyone said the goal is to bring kids back and im a parent myself. I want to bring kids back. But the question is, how do you do it safely i think it keeps going back to the questionof the data, which is do we know a. , where they at lower risk and not just they but what does it do to the Community Spread issue well, look, the balance of the data suggests that kids are less likely to get infected and less likely to spread the infection. Theres a number of studies that are reliable at this point that demonstrate this theres other data you can point to that suggests that kids are just as likely to spread the infection as adults. But i think the balance of the data and most of the experts who agree that kids are less likely to get infected. Less likely to get sick when they get infected, and less likely to prop all gait the infection. Theres been one reliable study shows theyre 50 less likely to get infected but can still get infect the you have to be mindful that outbreaks can happen in the School Setting if you have a dense epidemic in the city, the school can be ak focus of additional spread thats what people are concerned about. I think the biggest concern is the health of the children and making sure you dont have an outbreak in the school while the data generally demonstrates that kids do well with this virus, the incidents of severe diseases is far less in children under 17 than it is in adults. Children still get sick. The best study that looked at a series of children was in china. It was 2,000 children in china they looked at on the cdcs website and they point this as the most reliable data analyzing what the experience was in kids and 5 developed what they call severe disease those were kids who required oxygen, became hypoxic and. 56 became critically ill. Thats better than you see in adults thats a far less Significant Impact in the total number of kids who became severely ill from covid we worry about our children so we want to be mindful about what happens in a School Setting. Most schools will open this fall most schools will have physical classes in person. Most schools are going to take measures to try to prevent the likelihood of outbreaks in the school room setting. And our communities kids are egger to get back to sports. Obviously, we want life to get back to normal, to some extent but reading through the guidelines, at least in new jersey, that schools will be required to i dont see how you can meet the guidelines and having any sort of these fall sports wed be going back to theyre waiting to make the decision what would you say i think the sports are going to be a challenge. I dont think that you can create a bubble around the sports like you can in pro sports i think youll see a lot of schools suspend Extracurricular Activities because theyre going to be focussing resources on getting kids back into the classroom. Youre already seeing colleges do that. And schools dont have the same level of resources that a college does, trex colleges will be testing students back on to campus and implementing routine testing for students on campus a lot of Public Schools looked at doing that. I had conversations with governors about that theyre having a hard time coming up with the resources youll have a little bit of a challenge with have and have notes in the School Setting where districts that dont have as much money have older infrastructure going to have a harder time creating the safe opportunities that suburban districts will have available to them because they have better resources, newer buildings. Theres an important role, i think, for the federal government here to make sure theres ek widble access to the things that we believe are going to help protect children in this setting. We dont theres a lot we dont know we have to have a little bit more humility about the virus and not just say, you know, its completely safe in kids. We should send them back for five days a week full days. If schools want to take measures to try to dedense fie schools, as they tow into this, because theyre uncertain about what the environment will be like, thats prudent. I think we should have a little humility and see how it goes and that might mean, you know, Distance Learning one day a week and four days a week in classroom. Depending on the district. It might mean staggering the school day having a morning and afternoon session. That should be the discretion of the schools to try to do those things different schools have different resources and different challenges doctor, youve been more cautious throughout this let me ask you, why are you more cautious than, for example, i dont know if you saw the president tweeted yesterday talked about a number of countries, mostly scandinavian countries that had success bringing kids back to School Without flair ups or at least wi