Transcripts For CNBC Squawk Box 20240712 : comparemela.com

Transcripts For CNBC Squawk Box 20240712

Good morning welcome to squawk box. Im becky quick with Andrew Ross Sorkin and joe kernen. Welcome back both of you some big moves we are looking at today. Lets look where things stand with the markets dow futures are off by 34. The big news is happening with technology stocks. Down 343 points. Thats big you are talking 3 of the market or 3 decline for the index. Thats a big deal when you look at what happened last week on thursday, nasdaq was off 5 on friday, another one and a quarter percent. You are taurking 6 and a quarter decline. Because of what is happening with the biggest stocks in that. Tesla indicated down 11 in the premarket Asml Holdings down nvidia down advanced microoff off 4 . Those that have boosted that weve seen selling off today you are still looking with these declines at a market at higher levels weve run up quickly and we are seeing it now joe. Watching it head higher watching it ever day, we are like this tech stuff is insane benefitting from what we are all living with now. We are back, congress is back better for america what are you thinking senate back or us back together ill take squawk back do we have delusions of grander . Companies getting back to work, washington wise, if you call what they do work. What do we do . We are getting back to work too. We were watching you had fill ins and it had nothing to do with squawk box. The selloff continuing with you back it did have a lot to do we should talk about it is the role of softbank artificially inflating those prices through the past month in call options that is going to create more volatility in the next couple of weeks. Well get more details about the big bet. Wall street journal reporting. The firm used Stock Options to tie as much as 50 million in individual tech stocks some of the reporting ive done in the amount theyve put out there if all of those continue to be bought are close to half a trillion of those details, shares dropped yesterday and today as investors got nervous on tech stocks prizing. You really look at late last week, they were not in the market and put a lot of pressure coming from behind having to buy that stock to hedge themselves once you take them out of the market thats where we are right now. I heard it was Something Like 4 trillion ahead of that trade. Just saying there is Something Like 4 billion upside on that they are up on the trade at this point by about 4 billion. It is still unnerving to investors who thought they were investing in startup funds but it turns out it is just masa son playing the market absolutely. You could go back and see some of the buy in earlier. The issue is that they bought so much more in three to four weeks because they did it with calls because they are losing calls and how much stock is in the market and is being pushed oup and seeing that the stocks are moved up seeing the volume that will cox later because so much was done, quote unquote off the tape, if lu or it may not come because a lot of the calls were never really the underlying issue as well getting to a heart warming story. Congress treasury secretary says democrats and republicans havent reached a final deal on spending but he expects congress will move forward. He had meetings with pelosi and said that is not expected to create relief provisions acting Chairman Council of economic advisors, goodsby at the rate of change and the markets down but not out you wonder how much pressure is on lawmakers to do more being a bigger tickets this makes it tougher you continue to see the market at this level. The market is not the economy. It takes the pressure off some aspects and what you see as better than anticipated jobs numbers. You already had a lot of congressmen and senators not interested in coming back to the table and this probably gives them a more wait and see approach you are already way up here and now up nothing little did we know that that may have been sort of a climax in terms of buying it well see the sharp corrections typically part of a continuing move higher. With the election coming, i think all bets are off poor boeing. Really it is not even the other plane i read it and it was like fusilage problems and the dreamliner can you imagine checking 900 planes for structural whatever this company just cant get a break at this point. You can see boeing shares are off 2. 1 this morning. Those shares are under pressure after the faa says it is invest gating certain manufacturing flaws. The regulator isnt giving more details but a report that production issues may stretch back nearly a decade you are talking a lot of planes that have to be checked to add this to the pile of many issues boeing is dealing with. It had all the issues going into this with its own planes and then to see the shutdown weve seen in terms of flights and airlines under pressure and not having money to buy new planes add it to the pile of many things they are dealing with some day well all fly again, maybe. Yes of course, you are talking about washington, we are waiting to find out to see if the airlines will get a second bailout and boeing is waiting on that as well nobody has flown . Of the three amigos, no none of us have been flying yet. I know other people who have beenflying moving it around and held it here it stops looking well get you a tesla so you didnt have to touch the accelerator. You can read a book. But ill have to stop at a waffle house a lot of people who were driving over the weekend, labor day gatherings were a big concern for experts. Well speak to the former fda commissioner dr. Scott gottlieb. Well take a look at futures under pressure the dow off marginally, the s p off close to 1 . The nasdaq off over 3 faang stocks are down. Well continue to talk about why and what next on cnbc. 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. Lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Just waking up here as far as the dow is concerned, you can go back to bed look at the nasdaq, then you better stay up and monitor this. Remember how some of the big stocks in the nasdaq had performed going to the levels you wouldnt believe they would reach in two or three years and they reached this emso quickly the pull back might make sense in Something Like a tesla. Apple got to levels, 2 trillion, we talked about 1 trillion this is more than people taking money off the table. A top uk Health Official says a covid19 vaccine would likely be available the first few months of next year. Noting they have started production of 30 million order of astrazeneca vaccine trump said a vaccine could be readyin october. Joining us now dr. Scott gottlieb thank you for joining us nice to see you again after a week off for me, not necessarily for you. Doctor, help us understand this time line. Does this make sense to you . I know there has been concern about this moving too quickly. In line with what youve been talking about. The president saying an approval could come even earlier. Do those things square they may probably not. The uk is right that access to the vaccine is riekly a 21 event. What we will see is a staged surge. The likelihood that will come in october is extremely low the trial has been lower than we thought. The pfizer trial, im on the board there, that has been good. Moderna trial has been enrolling low. You might not be able to reach the number of events you need to have in the trial until a little later. You might see a decline in the number of events these will read out when you have the number of people with covid. In order to get covid, they have to be exposed and you have declining rates in the country to get the read out in october, you have to have absolute perfection it is far more likely that youll not get a read out until at least november. Before you even authorize these under emergency use authorization, youll want longterm follow up data patients get the first dose and will have to wait three weeks for pfizer and four weeks for moderna to get the second dose youll want to start counting or looking a few weeks after because thats when the antibodies peak or start to rise waitling, thats a while one thing i under understood, are people who take the test purposely exposed to covid . How does that work no. They are not exposed to covid nor tested prior to enrolling or excluded if theyve been exposed in the past. It is all comers who meet the criteria you have to be certain ages, they exclude certain comorbidity. You are vaccinating and waiting and seeing how many people get it in the control versus the treatment group. They are not going to be intentionally exposed. They are encouraged in the trial to continue engaging in mask wearing, social distancing, all the things you should be doing they are encouraged to the bee lafors in the trial. Doctor, can i ask a dumb question you said they are not taking people with comorbidities. Those look like they are the biggest aggravating factor, is there a risk if you are not doing phase three testing, there could be a problem they are enrolling people who have Health Conditions but certain things would be excluded if you are undergoing treatment for cancer, that would be something that is excluded they are enrolling older populations and people with background comorbidity youd see in the standard population doctor, you were early on advocating for testing only 50 million of those tests may get produced between now and christmas. What does testing look like even with the vaccine in place . I know many places that are planning events and looking into massive Testing Programs something we havent landed for this fall including schools and other large organizations. I think testing will be introduced to the work place or schools or in advance of people entering certain venues, that is a longer way off that might not be the best use of a test in those settings. That will be enough before we have chief point of care diagnostics that can be used in those settings abbott t test can be used in places roche is working on a similar test and other companies trying to enter the market. The think youll see more available of these cheap, lateral flow tests where it is easy to administer they should find their ways to schools and more work places that will adopt testing. Using testing for gaining access to a venue is a long way off and frankly might not be the best use of a test. If the fda were to approve something and it wasnt approved in other countries, or the other way around, do you think that would prevent people from taking it with the exception of being the uk where there are Clinical Trials going on with the astrazeneca vaccine in particular i think u. S. Regulators would want to see the data weigh out there is a data safety monitoring board they are not going to stop those early unless there is overwhelming efficacy in those and i cant envision a scenario they would do that those will read out when they have enough events and the fda will want to wait for a certain amount of patients to have six weeks to two months of follow up data i think you are looking at at least november and it will take some time before they authorize it first, highrisk populations and then skedly increase to have the vaccine widely available to get it at some vaccination site or Doctors Office that will be widely available before next year always great to see you and get insight. I know youll be talking about this more in the coming weeks. Thanks there are moves out on tesla now. You rprobably remember, it will issue additional 5 billion shares it saw fit from the three days it announced that. It announced september 1 it put out news it completed the sale of 5 billion in common stock completed on september 4 after announcing it on september 1. If you look back over the course last week about what happened to that stock over time for tesla, it was an opportunity time to come in, it covid the 5 billion at a high price. Down sharply today if you go back, it was at 480. It has lost about 100 significant decline. Not quite 20 but a big decline. Down 10. 5 today today is really the Overall Technology stock under pressure. Youve beenwatching the nasdaq this is an issue of what goes up must come down we watched all of these stocks run. Even with the selloff, tesla is still up 270 year to date you are talking about these stocks that have continued to soar any of the faang names, microsoft, those continue to soar and weve seen some of the selloff over the last three trading sections and this morning in the premarket. Yes buy low, sell high well have jeremy siege al on, he might say thats a smart move my life i kind of base on fwi r twitter trolls and trends. Dictates most of the things i do in my life well see something. There are people who will love what elon musk is doing and people who hate it both sides of those people are going to decide that we are on the opposite side of them and get mad at us for whatever reason thats par for the course. Comes with the territory. It is, isnt it people have said im long a trillion shares of tesla, and others say im short a trillion shares even though they are not allowed to invest in anything. I didnt look at it. I just cant there will be some angry investors today. Es sp les especially if they bought at the top. Looks like the right thing for tesla. They he is occurred the money. When we come back, a battle of the billionaires over raising taxes on the rich, more after this what youre made of, were made for. 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Breaking news out of the pharmaceutical sectors nine ceos announce they are signed up for an historic pledge to put safety first as they develop the Covid Vaccine. These are the forerunners. All of the companies in addition to merck, pfizer and astrazeneca, astro smith kline, sanofi and others. Signing on to always make safety and wellbeing of vaccinated individuals our top priority continue to adhere to high scientific and ethical standards. They pledge to only submit after proving safety and efficacy in phase 3 clinical studies and working to ensure a sufficient supply and range of vaccine optons saying we believe this will help to ensure Public Confidence by which the covid19 vaccine will be evaluated and approved this comes as development is coming at unprecedented speeds and we hear about those uneasy taking these the vaccines as specially as the fda leadership has come under question regarding political influence with plasma and hydroxychloroquine 30 of people have said they would definitely not or likely not take a Covid Vaccine so the companies stepping in to say theyll keep safety first. In response to the rumors we get to using one of these before completing the process there is always pressure on the fda obviously in especially when we are talking about life and death situations to cut corners. They are putting that out there. Especially with so many people, vaccines are so controversial, even before this with the antivaxers and everything else. We remember with polio before we knew anything, luckily Nothing Happened you need to be sure. So much more now understanding how they work. I would be comfortable with one of these scott has talked about earth the adnomediated if it is a small stretch of the messenger rna, im not too concerned about contamination. I understand a weary public needs to be absolutely certain weve crossed all the is and dotted the ts. Right . As they say we are coming up on that final stretch in the Vaccine Development process. This only began in january, really but when we get to the end of october. Thats when pfizer is indicating that they may see results about whether their vaccine works. Theyve scheduled an advisory meeting. A lot of people will look at that date and say, will we see the data these are nine major drug makers saying their First Priority is safety saying not only building Public Confidence for Covid Vaccine but protecting the sanctity of vaccines in general. The reason you dont want to rush through and put something out there that hasnt been thoroughly vetted with a fiez 3 trial, if there were problems with it, it would convince people not only to not take a Covid Vaccine but undo a lot of work with vaccines around the world. Joe brought up polio he actually vaccinated his children when testing this out we dont do that anymore there has been so much we have done with vaccinations that we dont even think about because over the last 50 years or so, theyve gone away. This is important not just for covid but faith in vaccinations at large it is so fragile. Public Health Experts are concerned with a miss step here when vaccines are so important could shake the fragile confidence in vaccines in general. As you pointed out that theyve rendered all thes

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