House. And banks ahead of a slew of earnings reports today jp morgan and citi tomorrow before the open. 59 minutes left in the session sara and we are higher across the board. The banks stocks up close to 3 for some of them 3 up for the nasdaq. Best day for the nasdaq since april. Coming up, the ceo of ho logic plus we will speak with the council on Foreign Relations richard haas about how the handling of the pandemic in the United States is being viewed by the rest of the world and how it influences geopolitics first an update on the stories we are watching. Mike mike tracking the market action, ylan moi with the latest on the stimulus negotiations and more on the coronavirus treatments mike, what is driving this rally . Good question is it possible to have a low volume buying panic . Thats a little bit what it feels like today certainly the nasdaq doing most of the work. The big cap tech stocks. Look how it aektsds affects the 17ds it looks like an acceleration higher out of the trading range we have been in lets say about five weeks we were also in a trading range five weeks there and then surged out of it there for a while. Did not get right back to the old highs, less than 2 from the former sighs of september 2nd. Thats a steeper push out of the trading range. It suggests little bit more of an emotional grabby type action. Look at the breakdown since that september 2nd high of various parts of the market. What you saw most of the past few weeks is a broadening out of the rally cyclical stocks like industrials and financials, outperforming since september. Look at this surge of the nasdaq 100. Coming back right back to where it was before. This was not a continuous rally today from what we have seen from the past couple of weeks. This seems more like that augsstyle option trading driven big cap nasdaq moves of yore look at the semiconductor index. What i wanted to opponent out here is this gap between the price and the 200day average is basically what it was back at september 2nd. Its always a good thing when semis lead in the macro sense. However things can be outdone. Keep an eye on that. That gap is bigger than it was in the february peak things are running hot in this market already even though the s p hasnt gotten back to its alltime highs looking what the is working technology is front and they are today. Communication services, Information Technology and Consumer Discretionary with amazon, they are in f. A. N. G. Last few weeks we have been watching the rally in energy and financials and industrials as hopes built for stimulus those are on the back burner today. It feels like the market goes up either way stimulus negotiations, betting on that or not its just different leadership. Thats the way it is acting so far, sara thats right the market seems to either people feel uninvested we are releasing some of the tension that built up ahead of the election for months. It is taking its form today in the form of buy the old Growth Stocks i think it still has the Chain Reaction from the speculativization we have seen from some of the glamorous stocks and the calls there and investors having to move those stocks a little bit. I dont see that it is on off based on stimulus negotiations. Thank you for that. On the topic of stimulus, lets check in and see exactly what we can expect moving forward. Ylan moi has the latest for us from washington. As washington turns its focus to the Supreme Court, President Trump is urging lawmakers to stay on stimulus today he tweeted that democrats got too much time to talk during this first day of confirmation hearings personally he said i would pull back approve and go for stimulus for the people but the negotiations over another round of relief have hit yet another wall nancy pelosi called the latest offer grossly ined adequate x. The house is telling lawmakers not to except any votes this week which means even if a deal were to be struck they couldnt pass it very fast. Senate republicans are raising objections of their own. They dont like the 1. 8 trillion price tag on the white houses latest proposal. They are also objecting to sending more money to state and local governments as well as extending Certain Health care tax credits. Now the white house is pushing for a renewal of the Paycheck Protection Program to help Small Businesses while negotiators keep working at the bigger deal. Guys we know that democrats are not going to go for that as pelosi said, we remain at an impasse. Ylan, is stimulus straighted from the Supreme Court nomination do we expect the latter to get done before the election i would expect that the latter in terms of the Supreme Court nomination will pass before the election. But the two were actually very much comanipulatingeled today during the confirmation hearings where you heard democrats just sort of going after republicans for holding these hearings and not taking up a stimulus package whereas republicans said thats exactly what they plan to do because they feel like thats an election issue winner something they though they can do before election hits rar than getting myered and stuck in the ongoing debates over the stimulus even though the president says thats one of his priorities right now. I think it is weird that they dont think that sending checks to americans, poe lengthsly 1,000 to americans and more Unemployment Benefits is an election winner. I think that has been a challenge for republicans. There has also been some discussion about exactly who would get those checks, sara there are details of that. There are questions, do you use a social 1800743cnbc . Do you use a tax id . Could undocumented immigrants get some of the money. Details are in flux here and the level of Unemployment Benefits as we have heard on and on again, how much would people get, for how long . Would it be more than they would earn before they were back on the job . These are the intractable questions that havent been answered. Thank you. Now to the coronavirus and new headlines on the treatment front. Astrazeneca striking a deal with the government for merely 5 a million to develop its own antibody drug. This is another of the drugs in the antibody class we have been talking about since President Trump was treated with regenerons antibody cocktail. This is what astrazeneca is calling a long lasting antibody combination. They say they are just a few weeks away from starting large late stage Clinical Trials of these drugs actually as prevention looking at one trial to prevent disease up to 12 months and a second trial to use as prevention for people who have had exposure to covid19 now the government paying 486 million to support development and supply of 100,000 doses of this antibody drug astrazeneca says it can start supplying that, it thinks, toward the end of 2020 of course they need to get through phase three trials and the regulatory process regeneron and eli lily filed last week for emergency use authorization with the fda with other companies are in phase three trials for their answered boat for covid19 this class is a big one. We should be hearing more news soon probably on these fda applications the more the better when it comes to the antibody treatments the problem we talked with the former fda commissioner about in on friday is that there is not enough supply of them i asked him, do we need billions of dollars from operation warp speed . How do we fix it he said we are late on it. It is going to be late we need it now for severe cases for preventative cases for a potential vaccine alternative. But just dont have what we need is that what your reporting indicates . Yeah. We know from regeneron they would have 50,000 doses on hand if approved right now. Eli lily would have 100,000 dose force the month of october it is not going to be enough right now the data we have seen on these drugs is only in specific Patient Populations and people who were recently diagnosed with covid19 as a treatment for them i was talking with a doctor from the fda today. Shes overseeing erpt thattics development as part of operation warp speed she said it would be unusual for the fda to clear something for an indication we had not seen the data in yet. The data are limited to that Patient Population but you are right, the supply is limited these companies are working together in unprecedented ways to do manufacturing for one another. Still, at the beginning it is not going to be enough. Megger theel thank you. After the break we will speak with council on Foreign Relations president riched haas about americas response to the pandemic so far and the impact it is having on this countrys standing on the world stage. You are watching kbel. The dow is up 300 points 20 associate cart pusher. Urly the different positions ive had taught me how to be there for others. I started out as a cashier. I mean, the skys the limit with walmart. Its all up to you. You can go your own way its time you make the rules. So join the two Million People whove switched to xfinity mobile. You can choose from the latest phones or bring your own devic, and choose the amount of data thats right for you to save even more. And youll get 5g at no extra cost all on the most reliable network. So choose a data option thats right for you. Get 5g included. And save up to 400 yr on the network rated 1 in customer satisfaction. Its your wireless. Your rules. Only with xfinity mobile. Richard haas joins us now, president of council onForeign Relations, author of the world arc brief introduction richard always good to have you on the show. Thank you for joining us. Thanks sara, good to be back. It is almost hard to believe. Its been just over a week now since President Trump was diagnosed with covid19. How do you think the world leaders, both allies and adversaries are reacting still to the shocking news that the american president got it contracted with a potentially deadly virus i dont think it is so much that the american president came down with the virus. That happened to the british Prime Minister and others. Brazilian president. What is stunning is the context in which it happened the carelessness the disregard for all the best advice from the experts in the context of the United States unfortunately leading the world in deaths, roughly 4. 5 of the worlds population, and 25 of the worlds deaths so what this does, it reinforced impressions around the world of american incompetence and that there is something seriously wrong here yet it is a lot of the American Companies that are coming up with solutions as we have been talking about, whether it is treatments or vaccines do you think that changes the dynamic at all, the fact that a lot of the American Ingenuity here is working overdrive to fight this thing for sure. It shows, if that happens either on the therapeutic side or the vaccine side, its obviously to the good it is interesting, sara. One of the things people often say about endia. There are two indias the modern, hightech middle class india thats wildly successful there is this other india of enormous numbers of people in real poverty in some ways there is two United States the great universities, the great research, the great corporations but then, but then, but then we have this other reality of hundreds of thousands of people dying from a disease i think, again, the two can coexist even though they seem contradictory. Richard as we look at the election do you think americas policy towards china will change drastically depending on who wins are both candidates kind of aligned now . I wouldnt say aligned. But i think there will be more consistency in the policy than many people understand there is a relationship that has been deteriorating a long time there is diplomat skepticism about chinas growing owe pregnant at home, growing assertiveness abroad what it did in hong kong, the mishandling of covid19. The theft of American Intellectual property. I think it is a similar relationship Going Forward rals regardless who wins this november is this do you think it is heading for some type of more blatant confronting a . I mean there has been so much going on, on the tech side, on the virus side, on the trade front. How does it pan out over the next few years, no matter who is the president . Look, the greatest place for confrontation would be military. It would be something in the South China Sea or over taiwan then the challenge would be to limit any escalation more broadly, i think the challenge to the u. S. And china is how did we deal with the inevitable areas of disagreement, whether it is trade, whether it is geopolitics, whether it is human rights how do we limit them in a way that it doesnt preclude our ability to cooperate say on Climate Change or dealing with north koreas proliferation . Thats the diplomatic challenge. Its not yet clear sara that both governments are up to that challenge. Is china stronger today than it was four years ago, or weaker absolutely stronger the economy is considerably larger its military is much stronger. So, no, you would have to say almost by any measure china is significantly stronger plus, it is coming out of covid19 in relatively decent shape. If biden does win the presidency, richard, do you think it changes americas go at it alone type strategy do we become more multiple lateral . Whether it is joining the iran deal or the Paris Climate Accord or the World Health Organization all the things that President Trump pulled us out of absolutely. I think you would have a much greater willingness to work with allies i think biden is part of the Foreign Policy view that allies and partners are a great strategic advantage and we should deal with the world with them rather than apart from them i do think there would be an instinct to reenter all sorts of agreements and organizations. That said, two things. A lot of these agreements and organizations are flawed the World Health Organization, the iran nuclear agreement, paris, the climate agreement even getting back into them is in no way an answer or a solution secondly, biden would face a country at home with massive challenges and it would be hard to give an International Focus like he might want to because of covid19, the unemployment, the racial divisions and the political divisions. Richard haass, thank you for joining us. Thank you. We have got must over 40 minutes left in the session. The dow is up close to 300 it was up more than that moments ago. As you can see significant gains across the board today up next it is shaping up to be a huge week for retail as amazons belated prime day gets under way. Whats at stake for them and other retailers. Thats coming up next. 38 minutes left to go. Retailer dillards is one of the top performers on wall street today on news that ted wreshler investing manager at Warren BuffettsBerkshire Hathaway has taken a personal stake in the store. Bought roughly 1. 08 million shares b 5. 9 of shares outstanding for dillards. The shares will be held in a trust on behalf of his family members. The stock is jumping, though it is a long way off from its heyday this is a department stock whose stock has been cut in half over the last five years. We were talking a bit offline, it is as much of a property play as opposed to being one of the great turn around retail stories as things stands. No sign of that. Speaking with one of the great retail stories of the last decades, amazon is one of the big winners on wall street today as it gets ready for prime day, which kicks off tomorrow we have a look at whats at stake for amazon and other retailers. Hey better that. Thank to the covid pandemic amd amazon moved its summer prime day event to now it will serve as the new starting line for the Holiday Season in this unusual year. Amazon expected to see nearly 6. 2 billion sales in the u. S. From prime day, 10 billion worldwide. Thats up 10 year over year according to e margareter. So far amazon offered mostly discounts for its own devices. I just saw a deal on a television lightning deals are expected to start at midnight. Target is going head to head with amazon with twice as many Digital Deals this year compared to last. And walmart launched its sale yesterday, including a 55inch 4k tv deal for under 250. Walmarts deal will run through thursday in fact betting it that it can take share because consumers have gotten used to ordering on line with curbside pick up. Thats what walmart and target are hoping for, wilf, that they can take some share from am because people dont have to wait for that delivery that might be delayed with so much volume. All Things Considered in 2020 better that, it seems like everything will play into all of these names that you mentioned that have significant on line presences. I dont know if we can bring back the chart of recent prime days better that, what is expected this year for u. S. Sales in amazon it has already grown so quickly over the recent years any gain from there is impressive into last year it did over 7 billion worldwide. It is expected to do 6. 2 just in the u. S. Alone thats a huge jump obviously, we have all gotten much more used to ordering everything on line, and having it delivered but the other thing that could really help this year is the fact that because we are home, a lot of us may not sneak as mu