Side 59 minutes heft in the session. Ahead on the todays show, within striking distance of the lows, Liz Ann Sonders weigh in on whether it is too late to get into the market rally. Plus, well speak from twillio ceo. Think lost steam on the back of the earnings and a stock offerings. Lets focus on the big stories joining us to talk stimulus in the Capital Gains tax is Chris Krueger. But first, mike with you and the Broader Markets. Stepping up a little bit from the highs. We have they make a very near approach to the closing highs from february about 3383. Right now somewhat lower than that this is a twoyear chart of the s p 500. Still doesnt look like much of a moderation in the trend. The v bottom off that december 28 nl lth low, we did get abovee prior september high we had a little followthrough for a new high then the occasion for really the first decent pull back of that run. Also very big moves in treasuries and gold. A lot of the hot money having a little bit of a violent day to the down side. Destabilizing markets slightly heres a look at the 2009 s p 500. I put this up. 50 ramp of off a march low is extraordinary. So right there is august 13th of that year. So a low in march. All 13th it is up 50 from that low not a new all time high. The structure before this was much p different its not as if its exactly the same but this calendar year is matching this is 200 day spread en that here in 2019 was not nearly as high so this is it gets higher only a few times in the last few years. It is very natural for the market to flatten out right here just for technical reasons mike santoli, thank you well get to the vaccine news of the day. Russia registered the first coronavirus. Theyre pretty skeptical of this announcement meg tirell has the details for us. There are so many caveats we have to put front and sent we are this news that russia has approved a Coronavirus Vaccine first the most important that theyve only tested this reportedly in a few dozen humans at this point. And theyre really relying on that limited data and Animal Studies to approve this. It works effectively enough and forms stable immunity. They do say that theyre going to start a phase three trial but until they run those trials, the long term effects and safety of the vaccine really remain unclear. Weve been talking with experts today including dr. Paul offit who says theres no way they can have any evident that vaccine works at this point. For that, guys, we need phase three trials and u. S. Companies have already begun those massive studies of 30,000 participants including moderna and pfizer in terms of winning the race, its a matter of russia deciding to declare victory earlier than anyone else. This is affecting the stocks of the more volatile Vaccine Developers inovi is down 24 . And some negative analyst notes particularly on inovio coming out saying more questions than answers. And inovio pushing back the time line to september. Some taking this russia news as negative but most in the field just saying this is not a vaccine thats been proven yet back to you. No. I mean, they have approved it before completing the test and whats troubling potentially is that a lot of countries, they say, have already placed orders. Meaning this could go around the world and a lot of people could take it. Does World Health Organization get involved is there any safety check to make sure that people are taking something safe well, the World Health Organizations role as we have seen is pretty limited to being really an adviser. And so, you know, they weighed in recently saying they hope that governments will test vaccines appropriately before rolling them out but in terms of limiting what anybody can do, they dont have authority to do that so its just a matter of governments needing governments to rely on data to really ensure the vaccines are safe in order to roll them out to their people but there is major concern that this is announcement from russia will put geopolitical pressures on governments around the world to speed things up in a way that will not be good for the safety of these vaccines. If we were looking at the u. S. And european trials so far, even if we could put the question of safety aside, has there even been enough data to show theyre really hugely effective in typical terms, effective enough to be rolled out widely already the key issue there, wilf, its a brand new virus we just dont know the level of neutralizing antibodies or t cell thats can provide protection against the virus when people encounter it the vaccines can stimulate an immune response. We need to seat thousands of participants go out into the real world and see if the vaccine protects them. Meg tirrell, thank you. Meanwhile, were waiting policy decisions out of washington how would a new stimulus package and potential Capital Gains tax cut impact the market . Lets bring in Chris Krueger he joins us by phone interesting, chris that, the president did float the idea of cutting Capital Gains. He cant do that unilaterally, can he what are the options here . Well, i mean, were pretty short on details and long on aspirations. Were assuming this is the idea thats been around since the george h. W. Bush administration which would undechl Capital Gains to inflation to be clear, was a lot of the executive orders, were really its mainly foam and very little beer its not like a magic wand you wave and you have economic stimulus when we look at the way the stock market rebounded and the economy has not in the sort of imbalance there. Not to mention the fact that Government Debt levels have soared and have to be paid for one way or another, can you make quite a clear case for why certain taxes particularly Capital Gains on stocks, for example, should be going up. Do you think its impossible ahead of this election for anybody to ar tim lags that they want to put any taxes up i think on the you know, on the president s focus on Capital Gains, you know, given the sort of upside down distribution effects of that action in the midst of a recession make this somewhat mystifying from a political messaging standpoint you also, though, contrast that with joe bidens tax plan calling for four trillion in increases. So you have a pretty clear zunks distinction between the two candidates right now so where do the stimulus talks stand now that president has passed the executive orders and what exactly is on the table in terms of Unemployment Benefits either from the president s own orders or from what could actually get through congress unfortunately, the talks are in a perg torre rig gpu pergatow were off the ledges of two fiscal cliffs, both the second round of ppp as well as that 600 weekly Unemployment Insurance check of which expired july 31 so really the next deadline if you dont count the conventions which Begin Next Week isnt until october 1st when the fiscal year begins anew and you need a bill to prevent a government shutdown. You know, the momentum from this on the republican side really, you know, stepped back after that june jobs report. I think a few more, you know, thursday unemployment claims could bring this back. At the end of the day, were talking about what weve been talking though since we passed phase three. Its going to be a liability shield another round of stimulus checks more money for testing you know, i mean, its no the a terribly complicated bill. You just sort of have to meet in between. Pick a number and send more money out to out the door Chris Krueger, thank you for joining us well speek with tak with a ceo trying to strdevelop a conditio date that doesnt require a shochl stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. Wow. Jim could you ipop the hood for us . . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. 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Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you preorder the new Samsung Galaxy note20 ultra 5g. The big ten is calling it off for the fall and its not just football in the midwest, its also field hockey and volleyball, all fall sports with the big 10 will be postponed the conference is making a decision about winter and spring sports and potentially could bring back fall sports in the spring theyre going to leave that decision for later but for right now, its a no go. We saw yesterday draft kings and penn slide something what down on the slide some of the news may be baked in as were watching the College Sports wilf ill take it. Thank you. Biotech firm is one of the many players working on a covid19 vaccine and treatment one difference though, rather than getting a shot, altimunes treme treatment is intranasal. The runup for this one is huge more than 1,000 joining us now is the ceo. Thank you for joining us so how does this work . You inhale the vaccine yes good afternoon thank you for having me. Yeah this is a simple nasal spray the vaccine is delivered through the nose as in pharma nasal spray. As you can imagine, that has a number of benefits it is less invasive. It is very convenient. But in addition and perhaps more importantly, particularly for this virus, theyre delivering the vaccine where the virus enters the body. It takes it in the nasal cavity and replicates there it makes sense to put the vaccine where the virus enters the body this could be very important for this particular virus. Because it goes through the upper respiratory track. What is the time line and how do you see it stacking up against the bigger more established players further along with the clinical studies yeah. So we think theyre going to be a need for multiple vaccines as we move forward. Most of the vaccines are on Clinical Trials right now. As you know, most of them are instra muscular injections we know they can activate or stimulate an immune response which is good. We know so little about the virus yet. We dont know which is the most appropriate immune response. Is it antibodies or neutralizing antibodies that manufacture the vaccines are showing is it t cell immunity . We think it makes sense to develop multiple options as we learn more about this virus. Yes, fwheed a vaccine as quickly as possible. But the frontrunner vaccines may not have, you know, may not be a complete solution for this pandemic we need additional vaccines. There are a lot of runners out there at the moments weve been talking about all day with the announcement from russia do you have the ability to adapt and work with that frontrunner to deliver the vaccine nasaly . Thats a great question in fact, yes, as you probably know, a lot of the experts Key Opinion Leaders around the world are now saying the best way to deliver the vaccine is through the nose we want to activate immune response in the nasal cavity the only way can you do it is via intranasal delivery. The antibodies that we generate through the shot of the injection dont get to the nasal cavity it is important to develop immunity in the nose where the virus is infecting us. Secondly, its also possible as we move forward and learn more about this virus that we may actually end up using a combination of two different vaccines we might have a shot and an intranasal vaccine we can Work Together with other players. Were developing a single dose to the vaccine that is the other thing i want to point out most of the vaccines are at least two doses. Were developing it as a single dose into the vaccine. And by the way, the excellent Room Temperature stability so you can imagine a scenario without vaccine can be shipped to the end user and they can administer it themselves so theres a lot of ground to be covered in terms of developing a safe and effective vaccine in the long run really quickly on the treatment option which youre also doing intrainnasaly it sounds like youre targeting what makes people very, very sick, severe cases but before people go into the hospital, so they would spray this in their nose when theyre sick at home to prevent having to get admitted. Is that what it does and how much data do you have on that that could be huge absolutely this virus enters through the nose it takes a foothold and multiplies and essentially creates an army of viruss in the nose and then it attacks the rest of the body so by the time our body finds out that it is under attack, it is too late for many people. And they have this overexuberant response to the virus. What were trying to do is activate our own immune system which is really the fourth arm of the immunesystem which is nonspecific. But it can actually begin to fight the virus. So what were trying to do is engage that immune system as early as possible. Trying to prevent hospitalization. Most of the therapeutic studies are treating patient thats are already hospitalized or out in the icu. Were trying to prevent patients from progressing to severe disease and prevent from hospitalization. By the way, you can use this, if this works, it could be used for the next pandemic. Again, its a nonspecific approach and the idea is to engage the bodys innate immune system very interesting. Well follow it. Thank you for joining us thank you by the way, markets are taking a dip here. S p 500 was approaching an all time high. Its gone negative we lost a bit of steam the dow losing a few hundred points its up 21 points. S p 500 is now down. 25 after being positive most of the day financials and industrials and energy are still green were going to be all over this. This is what Retail Investors are doing. Thats next. I keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. The high on the dow was 163 points were up 250 points at the start of the show. And suddenly lower now to be down 22 points in negative territory for the dow. The dout is the best performer of the three major indices theyre now down. 5 we were approaching those record all time closing highs for part of the session no the so now. The nasdaq, the worst performer is still that, down 1. 23 . The hikes of apple now down 2. 5 you still have financials holding on to a decent gain. Banks up 2. 7 . That is half the own gains in the last 10 or 15 minutes. Three sectors now are higher no clear trigger for in necessarily. It was certainly a sudden moment that last leg down it was. The context is the biggest leading stocks of this entire rally had been on their heels all day. So youre kind of fighting a bit of a head wind if youre trying to get the s p 500 back up to those highs. And obviously takes a lot of energy to do so. Kind of faded beyond that point. There also are a lot of very winning trades t gold is down a lot. Silver is down a lot treasury yields up significantly. Therefore, big selloff in treasuries or at least were most of the day so there is a lot of churn in the areas that have led the most it simply a reminder that not everything is perfect and blue skies and lets go to new highs for no reason. So all that in the mix for what seems to have gotten the market into a point where it sort of got enough already moment. You think investors are watching this biden vp pick . Do you think it matters . Im sure theyre watching it. I dont know what the inference would be based on who the individual is. Tsz hard to know that will be the case unless the market is making the calculation that it will be an opportunity for his campaign to get energized. This is the point in the year most election years when the candidates are getting their post convention bounce i dont think that is the markets business this afternoon. It could be in the mix for one of the factors mike, stick around. We picked up a fraction. Were now down 0. 3 . Lets bring in j. J. Kinihan always good to see you well get to your latest data in a moment first, a Bigger Picture question on the market. Clearly, we were seeing a pullback in tech and rotation into value over the last couple sessions sl we seen how hard it will be in the last half an hour for that to keep all of the indices propped up when youre not having tech performing you need one of the five or six stocks to speak particularly to the faang stocks to perform. And with all of them having a tough day, it makes us really difficult. So lets face it, maybe more normal times you can say well financials could pick up a lot of the slack theyre facing a giant head wind and this being the second largest sector in the s p 500, it just really hard to perform when you cant say that theyre going to have great days, day after day because theyre going up against the biggest head wind that they can in terms of how