Billion dollars from the police budget. Guess what, aoc says it does not go far enough. Well get reaction from Deneen Borelli coming up. That and much more coming up on making money. Charles well the bias of the market has returned to the upside. Whirlwind whipsaws continue, wild gyrations. I think theyre telling us something. Surges into the close and to the upside. Preopening action we saw the market really steep declines. They were erased on jobs data that were better than expected. They actually werent but i think the vaccine hopes gave us a push and rally faded on manufacturing data that was better than expected. Does the street want good but not great data . How much of a gamechanger would be the Coronavirus Vaccine be for this market . Lets ask kaltbaum investment geir which Gary Kaltbaum and bny mellon strategist, Alicia Levine we know this would be a gamechanger, but how much would it be . 3 to 4,000 points to the dow, charles. They were working well until the numbers started picking up on the virus and they have all come down. Im taking airlines, cruise lines, transports, financials, economically sensitive. So if we get a vaccine, just the confidence in the future will i think well get the s p going, the dow going and start to play catchup with already on fire nasdaq. Charles broaden out the rally. Almost 400 stocks on the s p still down for the year, alicia. Got hopes from pfizer. It is really great news but early. It gives us a glimpse, what it could be 3, 4,000 points, do you think that is could be . I really admire garys optimism. For the most part we bounced 38 from the low. The market is pricing a lot of optimism on the pharmaceutical front and thats great. I think when we finally get that credible vaccine or treatment, i can see a pop in the market. I really see a leveling off. We have had such a huge move based on the fact that the pharmaceutical companies are going to come through for under the circumstances. So there is a lot of optimism really priced into this market. Charles right. So, alicia, on that note then, the message of the market particularly the last several weeks, we have these gyrations. They spark a fear of missing out. Yesterday was a prime example that a strong rally into the close. Occasionally we get these sharp pull backs as well. What is that message there . It feels like a coiled spring. It really feels like the market could take off with the right news . The market is really sloshing around with all this liquidity from fiscal stimulus and from the fed. That really puts a floor on the market about where it can go, even if we have consolidation here. Yesterdays move was really interesting the last few minutes of the day. The market looking for hard data now. We have softening in the High Frequency data, on the opening because of resurgence in certain states because the market is looking for direction here what is happening in the real economy to move further on the up side . Charles right. Gary were getting pretty good hard data. We are good news on the manufacturing report. That was well ahead of consensus. You had strong percentage point gains in key categories. Unemployment remains in deep contraction for the 11th meant in a he are. For the most part were seeing strong Economic Data as well . I call it better but. When you still have the virus out there, you know, it is all the talk about what the government is going to do, whether we shut down or not shut down, the people will decide and business will decide based on supply and demand. That is what im watching for right now. We know for a fact that cruise lines are not going out three or four months. We know for a fact, airlines are still, what, about 70 off their highs. The same with economically sensitives. So i think more needs to get done and you know, when numbers come in, that is all fine and dandy. For me theyre just numbers. Well take them. For me it will be about how the market reacts. 75 of the market are not doing i will. The other 25 we have a major bull market going on in nasdaq and nasdaq 100 and software. It doesnt look like it will end and hopefully it will go on longer. Charles weve got a rally in those areas that we probably have never seen before. With this sort of backdrop, real true fundamentals, you know, i want to ask you guys about some individual names, particularly influencing todays session. After the close yesterday, fedex earnings were absolutely phenomenal. I went to bed thinking you could take the entire market higher. That wasnt the case. This morning alicia, United Airlines would add 25,000 more flights, 50 more routes. That has airlines looking better. Gary talking about forget about government for a moment, but what corporations are doing, some are saying they still believe things are going to get better. You take anything from the fedex news, United Airlines announcement . Look, the u. S. Economy is recovering in a vshape. Rapid recovery after a big drop. All the data points confirm that. We think that is interesting. We think the jobs numbers tomorrow will be very, very good. As you said earlier, charles, the adp number was revised upward by five Million People just for may, which actually is extraordinary. That is all great news. What we need to see is whether the resurgence in the south is going to flatten some of that. That is what the market needs to look at and will be looking at. Charles okay. I want you to think about what good is because the ranges from tomorrow range from 400,000 to nine million, alicia. Gary, you guys hold on for a moment. Of course the Federal Reserve just now releasing their minutes from the last meeting. Investors want to hear some of these key points particularly what the central bank, what they had to say about yield caps. I got to be hoppest. I think the street wanted more accommodation last time. When they didnt get it the market sold off. Edward lawrence here to break down key points in the fomc notes. Reporter youre right, charles. There was a big chunk of this dedicated to talking about those yield caps. They talked about a number of Different ThingsGoing Forward. The longterm Forward Guidance was one of them. Two of them, about assets, buying assets how that should look an also about yield caps. Talked extensively about yield caps. They got a presentation about the historical history of yield caps in japan and australia. They preferred the australian model where they bought shorter term, talking about the twoyear, fiveyear, capped those Treasury Bonds as opposed to going 10year is what japan did. Some concerned that yield caps could hit the wrong target. That could affect adversely the core or base of assets. All of them saying statute continued to look at this possibly something down the road, maybe in the september meeting to look at. But possibly look Going Forward. Now the staff did say they downgraded their Economic Expectations for the june meeting. As we know the economy now started to open up. We should see that change a little bit going into july, but again these meetings looking ad yield caps. They looked at asset purchases. They talked about negative interest rates, that was not a subject that the fomc was interested in pursuing in these minutes. Yield caps and asset purchases as well as Forward Guidance. Back to you. Charles edward, thank you very much. I want to bring back gary and alicia. Gary, youre a huge fan of fed. You look at that session, that day that the fed met, the dow, s p, they all started to rock and roll, 2 15 they all turned decidedly north, south, rather. I think there was no more talk about accommodation. You can see right now, we were down when the show started. Were getting traction already. How do you field about yield caps. We used them in the past. What about using them now . In order of what i like, root canal and then the fed. Charles [laughter]. Let me put this best. You realize were actually talking about one man in washington, d. C. Controlling the whole bond market with more and more conjured up money that is coming out of thin air . My worries, what are the longer term repercussions of controlling the bond market . It has been going on forever. They had to raise the bar of how much theyre going to print to continue to control it . I just worry longer term. Look, all this has been great for the stock market. It has been great for the nasdaq. It has been great for a lot of weird stocks going from 20 cents up to 5. I worry about the final out come in this. Guess what . Theyre never able to roll any of this back because the markets will take a huge hit. I think they created a monster unfortunately. Charles right. Alicia, i agree they will never be able to roll it back. It seems like jay powell between these minutes and what he said yesterday on capitol hill, maybe somewhat conflicted right now because the economy has come back faster than most people thought. But you know, according to you and others this whole thing is starting to level off. Should the fed provide the street with more accommodation. So i think the fed will be there with more accommodation. I think it will be on the asset purchases and on the, the debt side. And lets not forget there will be negotiations in washington over another fiscal package. And some of the recent outbreaks actually make the likelihood and the size of the next package higher. Now i agree with gary. This whole sloshy market and stimulus will be very hard to unwind on the other side of this. In a funny way there is no choice right now. We have to support hours holds. We have to support consumption. We have to support employment. We have to support small, medium, largesized business. So here we are. We have no other choice. There may be repercussions down the road. Charles that is the stated goal. Go ahead, gary. My biggest issue, is the fed going from 1 to 0 . How does that help the economy . How does printing money help the economy . It doesnt. It helps the markets. What helps the economy what came out of d. C. In the ppp and extra unemployment and the bridge that they put together, look, if this continues they will need to do more. That helps the economy. That let as people sleep a little bit better. Print money, raising rates. That is for wall street at this time, saving the day. That is where i worry about the creation of bubbles and you know what happens with the other bubbles. In 99, we saw it with real estate. Let me be clear, i hope im 1000 wrong on this but we studied history of these things that have gone nuclear how much accommodation theres. I hope im wrong. Charles right, if youre not 1000 wrong, i hope youre 1000 years early. Alicia, we have a minute to go. Seems like Jerome Powell taking personally what happens to those folks you talked about, people in Small Business and lower end of the economic rung. They seem to be not suffering from fed policy but not benefiting. To garys point jay powell is making income inequality worse and animosity in america worse and he pushes back on the notion of that. I wouldnt agree with that, charles, opening up the primary funding market for all kinds of businesses the is allowing businesses to write debt and support their the businesses through the hole were in until we get to the other side. That means they can keep their workers on. It is really important that the credit markets work because it is important to keep businesses alive through this. Charles okay. Alicia, gary, fantastic conversation. Appreciate it every time we talk. Well be getting together again real soon. Now of course a long the same lines, folks, there is sharp partisan divide on more stimulus. I can tell you right now, ive been calling for congress to get their act together, to get something done. Every day the clock is ticking faster and the window is closing. Well talk about that next. Also the economy is front and center in the 2020 election. President trump talking to fox business about his plans to revive our economy amid the pandemic. We have the sneak preview of his big interview coming right up. Can my side be firm . And my side super soft . Yes, with the sleep number 360 smart bed, on sale now, you can both adjust your comfort with your sleep number setting. Come on pup, time to go. Can it help me fall asleep faster . Yes, by gently warming your feet but can it help keep me asleep . Absolutely, it intelligently senses your movements and automatically adjusts to keep you both comfortable. So you can really promise better sleep . Not promise. Prove. And now, during the lowest prices of the season, the queen sleep number 360 c4 smart bed is only 1,299, save 400. Only for a limited time. To learn more, go to sleepnumber. Com. Charles u. S. Workforce adding more than three million jobs in may was a shock to the economy. Since then america has begun to reopen but the coronavirus cases also begun to tick up as well. So the big question now, what can we expect from june . How does it dictate further Recovery Efforts . I want to bring in Economic Advisor to President Trump, steve moore. Steve, feels like were in intriguing double edged situation where these economic reports are coming in phenomenal. Housing data, jobs data, we still have over 20 Million People unemployed. How do we fix that even though were on the way back already . One thing overrides everything else. I just heard your fascinating conversation about the fed and stimulus plans and all these things, it really all comes down to one thing, charles, do we continue moving forward opening up the economy. I said this many times on your show, say it again. I dont care how many trillions the federal government is sending out. If we dont have people working, if we dont have people open for business or commerce flowing, nothing else matters, you will not see a recovery. Are we on a good path sorry . Charles on that note, let me jump in on that note because critics would say you are putting the economy ahead of the Health Health and lives of americans. What do you say to those critics . The lockdown was a bigger failure. The states with lockdowns had much more higher death rate than those that didnt lock down at all. Lockdowns are total failure between economic and health standpoint. New york was locked down and they had 10 times more deaths than texas did. Look im not saying we shouldnt have safety measures, we should. It makes sense to wear masks indoors if youre in a public place. I do think social distancing makes sense. I think disinfectants and things of that thats ture is important. What im saying that there is zero evidence that the lockdown reduced deaths. Notwithstanding, were at a stage right now there is no reason not to getting businesses reopened. To go the opposite direction i think would be cataclysmic. There is no turning back at this point. Charles new york, connecticut, new jersey, expanding their sort of travel ban you will to 16 states. Is that grandstanding . Not allowing restaurants to open, is that too much caution in your mind . Is that political grandstanding more than anything else . There is no two governors in america who screwed up this more than governor murphy of new jersey and of course cuomo. What i call in new york, a cuomo catastrophe. Thousands and thousands of people died because of his incompetence in the nursing home. That is just a fact. Congress by the way is investigating that. Theyre asking state attorney generals to start investigating why these governors screwed up. But i guess my main point is, i heard the conversation about stimulus. My view there is really only, the most important stimulus is keeping the economy open. Keep moving towards opening up smartly but the other thing is, there is one thing that would actually do a world of good, charles, right now, that is the payroll tax cut, which trump is in favor of. Kudlow is favor of. Laffer is in favor of. Im in favor of. We estimate that would create 3 million jobs. I want to correct something said earlier, i think it was gary, the expanded unemmoment insurance was a good program. That is total disaster. Were paying a high price. I estimate with the jobs numbers, im probably on with you and maria tomorrow when those numbers come out, i would estimate well have one million few jobs we would have otherwise had if we didnt have this idiotic program where paying people more money to stay unemployed than to go back. Charles that is absolutely 1000 percent, nobrainer. Hard to argue against that. We have less than a minute. 30 seconds. I want you to do a victory lap. I think you were very influential usmca that goes into effect today. What do you think to the folks watching . What difference does that make to our economy . Usmca, dont forget, we locked in two great deals last year, usmca and china trade deal. The economy was flying in january an february. We were growing 3 1 2 . We get hit by corona. We have to get back to that program. He heard joe biden wants to cancel tax cuts. He wants to cancel the tax cuts that created the best economy in 30 years . What is that about . Charles it will be a long election season my friend. Steve, thank you. Thank you, charles. Charles later in the hour aoc is blasting new york city for slashing only one billion dollars from the police department. She want ad lot more. Well Deneen Borelli warns us about the dangerous precedent this could set for everyone. One trillion dollar proposal, right . That is what this is. A new study says how much we could save on our gdp if we all wore masks. Does that change your mind about wearing them . A lot told me you would never do it. Tweet me at cvpayne. Does this make you want to do it now . Well be right back just for healthcare workers fighting covid19. Apply today at massmutual. Com healthbridge. Charles President Trump talking to fox business about economic relief. Blake burman was with him. He joins us live now. Blake. Reporter charles, i spoke to President Trump for 12 minutes earlier this afternoon at the white house. A host of news as you might have seen earlier on cavuto coast to coast. The president supports another round of direct payments to americans in a phase iv relief package. He will talk about potential details with Senate Majority leader mitch mcconnell. We also moved on to other topics, like the use of masks whether they should be mandated and his likely opponent in the upcoming president ial election former Vice President joe biden. I asked President Trump about the difference between his tax policy and the former Vice President s tax policy. As you know the biden tax policy would increase taxes on the wealthy and it would bring the corporate rate from 21 up to 28 . So i asked the president now, during a time of doubledigit unemployment whether or not he worries that the biden plan might actually resonate louder than his plan . This was part of the president s response. Watch. They say this, if he got elected that is an overhang on the market, because the market would crash, would absolutely crash. Would crash . Market would go down by tremendous amount. He would raising taxes, raise regulations. Look one of the things ive done i cut regulations more than any president inn history. We still have a regulations but much less. Biden, first of all all it wouldnt be him. He doesnt know where he is frankly. I watched his press conference yesterday. He is answering, he is answering questions like this from a teleprompter. I said whats that all about . But his people, the people around him are radical left. Theyre going to raise taxes. Theyre going to raise regulations and theyre going to put everyone out of business t would be a disaster. Reporter charles, likely part of what you will hear from President TrumpGoing Forward as we head toward november third. Then of course we got to the issue of covid19 as well and i asked the president , the following about the use of face masks. Speaking of covid19, Goldman Sachs put out a model yesterday saying that if there is universal masks it would be a net positive for gdp. We know the ihme model says if there were universal masks it would be beneficial it, would save lives. If there is an economic benefit, sir and Public Health benefit, sir, why not go forward and say there should be mandatory masks all across this country . I dont know if you need mandatory because you have many places in the country where people stay long distance. You talk about social distancing. Im all for masks. I think masks are, if i were in a group of people i was close. Reporter you would wear one . Oh, i have. People have seen me wearing one. If im in a group of people where were not 10 feet away and, but usually im not in that position and everyone is tested. Because im the president , they get tested before they see me. If i were in a tight situation with people reporter you think the public will see that at some point . I mean i would have no problem. I had a mask. I sort of liked the way i looked. Reporter but the way, charles as the president said there, he looks the way he looks in a mask. By the way i also asked him about minimum wage. As you know, three states, oregon, nevada, illinois, right here in washington, d. C. Increased the minimum wage today, july 1st. I asked the president whether or not he feels now is the right time especially in this environment to impose on businesses increasing the minimum wage . The president suggested that there could be news on that coming forward in the upcoming weeks. We will see his answer along with much more coming up at the top of the 3 00 hour. Charles . Charles wow, great stuff, blake. Cant wait to see the rest of it. Thank you very much. By the way folks the surging economy gave the market a jolt. We just saw the best quarter in decades. What happens now particularly as there are signs maybe we cant keep up that pace . I want to bring in bmo Capital Markets chief Market Strategist brian belski. Brian, i before we start on this, President Trump was talking with my colleague blake burman, essentially the biden presidency would crash the market. I think general feel something obviously if you start to roll back these big tax cuts, if you start to roll back the regulatory cuts it would hurt the the economy and consequently hurt the stock market. Your thoughts . I think it would as well. You have to remember the majority of the upside we saw in 2017 was really due rollback in regulations and tax cuts, were erased in 2018 because of all the sabrerattling in tariffs. I think at the end of the day from a business perspective, platform held by more conservative white house usually does better. Remember too, many people in 2012 thought romney was going to win. Polls were saying romney would win. The markets sold off the day after the election in 2012 because we know what the other result was. This whole notion wall street likes liberal, versus doesnt like trump and the like is very misguided. Charles im glad you brought that up. I always tell people, that is how you should measure it, the day after the election results, not when they take the oath but after the results is when the market reacts. The market rocketed higher the moment President Trump won this thing. Well, maybe two hours after. I want to shift gears to the big news of the day. The pfizer news. It was small sampling. 24 people. Obviously great news. It is obvious the market wants to see something on the vaccine front. How big of a deal is this, brian . I think its a very big deal. Actually it is a very strong correlation to how we started off the interview in terms of the whole notion of regulation. People need perspective in terms of how fast and velocity, with respect to the fda acting on this. It is through the guidance of the administration and the president. For instance, we came out of one of the most restrictive fda environments in history between 2009 and 2016. It was very difficult to get things through. Still its a big bureaucracy and all that. But the way we have started to see and started to hear about these drugs in phase one, two and three, typically, historically, 18 months, minimum before a drug can become public. Given the fact that we are potentially talking about something by fall, think about this, charles, we didnt start working on this until march. Six months, seven months out, that is unprecedented. I think that is very, very strong. Again testimony to the less and less regulation side of the administration. Charles operation warp speed. Real quick in this environment, Portfolio Management is key, one of the keys to your success. Some suggestions for the audience. If you liked apple beginning of the quarter, owned 4 of apple, all of sudden you own 4. 8 of apple in your portfolio, you have to decide whether you want to trim that back to four or go to five. That is going on in the market. I think quite frankly weve been buying more apple frankly in the market. I think that is a good thing for tech stocks. Charles brian belski. Thank you very much. Folks, well be right back usaa is made for whats next no matter what challenges life throws at you, were always here to help with Fast Response and Great Service and it doesnt stop there were also here to help look ahead thats why were helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets for when it matters most and thats just one of the many ways were here to help the military Community Find out more at usaa. Com. Charles so, you remember last year when the Business Roundtable shocked everyone when they said being a corporation was no longer strictly about the bottom line but helping stakeholders . Well theyre at it again. Now the Business Roundtable getting involved in politics saying Congress Needs to take up Police Reform. Cheryl casone joins us now with more details. Here are the details, charles, the Business Roundtable a group of ceos from americas 193 Largest Companies calling on congress to pass a Police Reform bill before the august recess. In a statement the group said it wanted to see the following changes. Community engagement between Law Enforcement and communities they serve. Data collection, transparency, when it comes to officer misconduct. Accountability, by establishing a National Police misconduct registry. Federal minimum standards when it comes to policing, federal investment, the money made in training including alternative uses of force, mitigation of implicit racial bias when it comes to how officers approach their job. Business roundtable board member, Randall Stevenson head of at t that corporations cannot is this out. You cannot watch the george floyd video and we dont have a problem. The pressure that they are putting on leaders to facilitate the change, as country truly once and for all can rid itself of racial bias, charles. Back to you. Charles cheryl, thank you very much. I want to bring in Deneen Borelli to discuss because, you know, deneen, what is intriguing about this, this is a direct shot at democrats for not taking this up, for rejecting, not even allowing it to get to the senate floor. Senator tim scott put a lot of work into this. He said he was very comfortable with compromise but they did not even want to discuss it on the senate floor. My theory, is this is a new daca. They will talk a good game, but they will never look for solutions. Because its a better political hot potato than to get something a solution for. Youre absolutely right, charles. And it is not about the safety and security of our country or for lawabiding citizens. The democrats dont want to bring any solutions to the table. They just want to keep the chaos going, especially when you see all of these people who are protesting across the country, demonizing our Police Officers, which is wrong on all ends. The democrats are sitting back and they are not calling these people out. They are not condemning what theyre doing, these people who are destroying property, threatening and harming people. It is outrage just, that woe have democrats in office that are not being responsible and not calling these people out. It is outrageous. Charles now, i cant hear. Im here. Charles okay. Sorry about that. I couldnt, you went out for a moment, deneen. Speaking of hypocrisy, i want to segue into new york city because they just released an 88 billiondollar budget and they took a billion dollars from the police department. They scattered it all around but aoc said it was not enough and wasnt true to funding. There was some accounting gimmicks. The bottom line. A million less fewer cadets and less equipment. Aoc wants more, to completely defund the police or go a lot further. I just want your thoughts on that . Well look, these radical democrats will never be satisfied, charles. This is wrong on so many levels, defunding our police departments. The tourists of new york city, the citizens, the bitses, the Police Officers, all of them will be in jeopardy. Crime is on the rise. Mayor de blasio is ignoring that fact along with the other suits who agreed with this but when you look at how our Police Officers, they have targets on their backs now, charles. Morale is down. They are retiring in Record Numbers. Who wants to be a Police Officer in this day and age. Charles right. With politicians and these people up against them. It is outrageous. Charles it is outrageous. Less than a minute to go but i do want to ask about a report that President Trump prepared to veto the defense spending bill because there is provision in there to rename American Military bases named after confederate generals. Is this the right political hill to fight for President Trump and what already everyone acknowledges will be a tough Election Year . Well, listen, the president , i think, made the right call because he would be caving to the whims of these radicals to rename everything and it is just outrageous, charles. It is history. And you have these democrats and radicals who are tying to remake history when in fact it was southern democrats who were supporting slavery. They did not want slavery to end. There is a long list, very historical long list how democrats were on the wrong side of this years ago. They are trying to erase history. Charles Deneen Borelli, thank you very much. Always appreciated. Folks, speaking of history, pfizer is could be on the cusp of the kind of history well talk about forever. Well talk about the pfizer announcement what it could mean for the market but for society at large. Well be right back miles to the job site. The campsite. And anything else we set our sights on. Miles that take us back to the places we want to go. And to the people who count on us. So, lets roll up our sleeves. Because weve got miles to make up. I do motivational speakingld. In addition to the substitute teaching. I honestly feel that thats my calling to give back to younger people. I think most adults will start realizing that they dont recall things as quickly as they used to or they dont remember things as vividly as they once did. Ive been taking prevagen for about three years now. People say to me periodically, man, youve got a memory like an elephant. Its really, really helped me tremendously. Prevagen. Healthier brain. Better life. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Charles shares of pfizer and bio ontech. Preliminary data of the covid19 which showed limited studies of participants. Barbara, we know it is early stage. It was 24 people. Each one ever them developed antibodies, pretty strong antibodies at that. Where does it go from here with this development. Im with you, it is existing and also preliminary. Pfizer and their part another by oy biotech. They will have a larger phase three registrational trial. It could be up to as many as 30,000 patients. The data from this vaccine reported today are preliminary but obviously fairly positive and fairly equivalent to what moderna reported and there will be more results out from a couple weeks from their vaccine program. Pfizer has also said that they expect that they could make 100 million doses of this vaccine by the end of this year. Over 1. 2 billion by the end of 2021. It is also important to note that there are 14 other vaccines in human Clinical Trials and 178 in some phase of clinical development. So industry is clearly making a lot of progress and that is good for everyone involved. And substantially important for reopening our economy. Charles there is no doubt about it. We know its a gamechanger. We were just talking to brian belski. He also said, he feels that the process, is being allowed to play out a lot faster than it would have been in the past. How important is that . We know typically these sort of vaccines would take a very long time, even if they worked to make it to the general public . Absolutely. I think most people early on would have been stocked to believe we would be talking about this as early as we are. So that is all good. I think the ability to manufacture this in large quantities for global scale is also good. The fact the sheer number of product notice development, what is important to know the fda said theyre looking for 50 efficacy for approval of a vaccine, if, you know, 30,000 people are tested, theyre going to the got benefit of that vaccine potentially and there are compassion could be implemented particularly for patients who are at highest risk of severe disease. Last time you were on the show we talked about the big bounce in biotech in general. Im not sure how profitable it would be. There is a talk of low prices from a humanitarian point of view, but have we reunited the Biotech Sector . Has this put a charge in there even going beyond the Covid Vaccine . I think absolutely. There are a document things at play. The world is at large is rooting for biopharma to win which is typically not the case. Number two the fda is being very deliberate in facilitating progress. We had a Record Number of new chemical entities approved this year separate from covid. I think the other key is that there is always a lot of rhetoric around election cycles against this industry relative to pricing. Thats dead in the water. Everyone wants the industry to win. Charles right. Gilead, some people think they priced it too low, namely analysts, some think they priced it too high, which probably means they picked a responsible price. Charles well it is all exciting stuff. It is all hopeful stuff. Barbara, thank you very much. Always appreciate it. Meanwhile, folks the major indices, i can tell you right now it feels like theyre acting once again like a coiled spring, right . We have the got the vaccine news. We have jobs data coming out. Momentum is working in favor of the bulls. What you need to know as we head into the final hour of trading is next. Yeah yyeah yeah hey, hey charles all right, folks. Market grappling with a lot of things including Economic Data, more stimulus. Wlaps the c whats the catalyst to keep this rolling along . All eyes will be on tomorrows jobs report. I want to bring in my guest. This upward bias returned to the market since that june swoon but we havent broken out. We are near key breakout points. What do you make of it . Unfortunately i think it has to come from stimuli. Thats unfortunate because its artificially propped up. Even Consumer Spending absolutely ricocheted in the past month due to two factors, one, government stimulus. We are talking checks, direct checks, and two, due to pentup demand. That pentup demand has already caught up. We have Unemployment Benefits, the topup of 600 per week coming to expiration at the end of this month. If we dont get a renewal of fiscal stimulus and the fed continuing to juice markets with yield curve control which i think is inevitable, then i do think markets retreat. In a nutshell its all about stimuli. Charles so to that point, President Trump telling blake burman that hes ready to put out another direct check. This is not to be conflated with the Unemployment Benefits you just talked about. I think republicans want to roll that back, maybe have a benefit to get people to go back to work which is odd to say im going to pay you 450 if you take a job, but they are working on more stimuli, to your point, from both the Federal Reserve and of course, fiscal side, from congress and the president. I know you dont like it, i know you are concerned about the inevitable dangers of that, but right now, in this time, this period, this stock market, if that happens before this month is over, is that going to get us into new highs . Hopefully it just serves as a bridge. Right now, the idea of the administration is that this stimuli serves as a bridge over troubled waters and in the best Case Scenario thats all that happens. But right now, just to give you a data point. The bureau of Economic Analysis says 30 of personal income is derived from government benefits right now. Thats a doubling of that number over the past month. The dependency on government benefits is of concern and i think the almost druglike addiction of the markets to the feds invisible and Market Neutral is really unhealthy. Charles i hear you. Its not, but it is what it is. Its taken us this far. Thank you very much. Cheryl casone in for liz claman. Im saying its a coiled spring. You will have an exciting hour. Cheryl we will have an exciting morning tomorrow. See you on mornings with maria. You will be handling the jobs report. Hope its good news. Thats all i can say. Thank you very much, mr. Charles payne. Breaking news right now. The nasdaq aiming to open the second half of the year with a new record. We just need 72. 6 points to make it and we are at 96. 5 right now. This would be the 22nd record of the year. Right now theres the nasdaq up 95 points. The dow actually just turning negative, down about 11 1 2 points. The s p up little more than half a percent. Th. S