Diego, it will be Online Learning only for the rest of this year. That is shut down. The l. A. Teachers union demanded medicare for all and the defunding of the Police Department as a condition for reopening. What has that got to do with education . Leftist politics rules and the largely minority student body in Southern California will be deprived of a meaningful education. All right. Lets talk about money. Earnings season has begun. Look at delta. Lowest revenue in 30 years, 3 billion forked out for virus expenses, burning through 27 million a day. That shows you how tough it is for airlines these days. The stock down a little premarket. Overall, a tiny bounce back for the overall market. Big tech largely in the red this morning. We do have some decent earnings from some big banks and thats giving the markets a very very modest boost. The dow is looking for a very small gain, maybe up 10 or 12 points. And we have the s p and nasdaq on the downside. Thats premarket. All right. Now look at this. It is not o. J. Simpson making a run on the border a generation ago. It is the new bronco. Yes, the ford bronco is back. Varney company is about to begin. Anticipate the mandated stayathome order to return . We had a safer at home order. As i said even then, not everything was always closed. If we go to red, thats what will come. Today, i only know today. Ask me tomorrow, ask me later this week, but i want everybody to take seriously that we are on the verge of that for sure. Stuart whoa. Thats big news. The mayor of los angeles, Eric Garcetti, on the verge of another full scale lockdown. It is possible. Thats Eric Garcetti in los angeles. Meanwhile, Governor Newsom did shut down indoor operations all across california, hitting restaurants, movie theaters, zoos, bars, you name it, very long list. Now let me bring this to you again. Los angeles and san diego, two of the states biggest districts, School Districts, announcing they will close schools in the fall, keeping kids home for more virtual learning. All right. Thats california. Not good. Lets move on to new york and ashley, whats this about a new york coronavirus fine . Whats that . Ashley well, its interesting because we know that new york was at the very epicenter of this pandemic when it really started to hit the United States, but now new york is on the other end of the scales. We see the resurgence in other areas of the country. Governor andrew cuomo says okay, if you are on new yorks quarantine list, if you visit our state, you must provide contact information, where did you come from, where are you going. If you fail to do this, you could be fined up to 2,000 which is absolutely remarkable and at last check, there were 19 states on the quarantine list. There it is. 2,000 for breaking any covid19 travel rules. That will be enforced, by the way, at airports and the port authority. The 19 states, i dont have time to go through them all, but all of those states that have shown higher numbers of cases in recent weeks are on that list. You know, the question is, where do you get these forms. You can go online, download them and print them and provide them from the 15,000 reported on sunday. Little perspective there. On the show later, Carlos Jimenez, mayor of Miamidade County. Is he about to shut down totally . Lets get to the markets. Futures are, well, not doing very much after a late day selloff yesterday, up 4 for the dow, down for the s p 500. Look at that nasdaq, down 100 points. Thats a big deal. Evidently big tech is not bouncing back as i thought it had. All right. Look at ubs. Dont look at it. Just listen to them. They say that more than 80 of investors fear the market will plummet again before the pandemic is over. Market watcher mark tepper is with us. Are you worried about another big drop because the virus comeback . Im not worried about it but i think its likely that its going to happen. I think its fitting that investors are a bit concerned right now. We have come a long way in a very short period of time and typically, after you have a huge rally off a major low, theres about a 10 correction. If we have been butting up against 3200 in the s p, that means coming down to that 2800 to 2900 range would not be out of the norm. Actually, if you go back almost 100 years, go back to 1929, joseph kennedy, who made a boatload of money in stocks the prior decade, sold all of his holdings when the shoe shine boy started to give him stock advice. Maybe thats the uber driver today. Maybe thats this ridiculous rumor thats running rampant on main street right now amongst all these robin hood traders that stocks only go up. But you and i both know, stu, thats not true at all. They can certainly come back down. I think what this really argues for is maintaining proper asset allocation. Dont have all your eggs in one basket. This is what we are telling our clients. Reduce your concentrated position. If you had 50 of your money in tesla a year ago, you felt really good over the last year. Do you still want all that concentration risk right now . Maybe not. Then start looking at Asset Classes outside of u. S. Stocks. Stuart for example warehouses, gold. Stuart mark, i know you like gold. Im limited time here. Tell me why i should buy gold. And how you should buy gold. Im not a gold bug by any means. Im not going to tell you to build a bunker and convert all your cash to gold. But it does make sense. Its kind of a slice of the pie, somewhere in that 1 to 10 range for a lot of our clients, we are in the 3 to 5 range and it works during periods of inflation and we just created a lot of new money. It works during periods of deflation and if consumer demand drops off, we could see that happen and it works as a calamity hedge. Theres a lot of things out there that could potentially sidetrack what we have going on right now. So just have it as a small slice of your portfolio. Stuart calamity hedge in the year 2020. Theres a few calamities around to hedge against. I think so. Stuart mark, thanks very much. Stay there, please. I have a little more for you later. I want to bring in susan to talk about big tech. Now, susan, look, its had a fantastic week. I know its down today. I can see on the board, big tech is down, but this week it has absolutely soared. What more do you have . Susan well, they also sold off on monday as well. Investors may have been profit taking yesterday, thinking that maybe big tech has surged and it had been a bit overdone but you know, you have heard the comparisons you heard from mark tepper just there to the dotcom bubble in 2001 but if you look at how much the specific metrics of the dotcom crash, things are much more solid in 2020, less irrational exuberance as greenspan famously said. Back during the dotcom era, first day ipo returns were off the chart. This year we have only had a tenth and also the fact the dotcom frenzy days, this year, only half the rate of 19 years ago. Another great sign for this year things might not be overdone, dividend paying stocks worth more than nondividend paying stocks and that means theres more rational pricing in the market. The companies that pay money back to shareholders are priced as more stable as they should be. Finally, theres more bearishness and disbelief than back in 2001, closed end funds trading at cheaper levels than the actual value of the assets in them which means investors are more fearful than greedy. Theres more rational exuberance this time around. Thats what im arguing. There might be more upside in 2020. Stuart well, we will wait and only time will tell as we all know. Lets bring back mark tepper. Im looking at the board now. All the big techs are way way down. Would you buy any of them today at these prices . Absolutely. I still think tech is the number one sector to be positioned in right now. We are overweight tech. We will remain underweight tech because thats where all the secular growth that i think we are going to experience over the course of the next decade is really going to come from. Now, we are in a situation right now where the feds Balance Sheet has gone from 4 trillion to 7 trillion this year alone. And growing by 25 per year so we are in a period where the dollar has been pretty strong for the last several years. Its starting to weaken. I think we might be right on the cusp of a dollar bear market that could persist over the course of the next few years and typically when we are in a period of a weakening dollar, tech is the best performing sector. So you want to look at tech, you want to look at commodities, you want to look at Growth Stocks over value and as susan mentioned, dividend aristocrats, dividend paying stocks which had been taking it on the chin over the course of the last 12 plus months, those start working again. Stuart we will take a close look. Thanks very much for joining us this morning. We appreciate it. Want to get back to delta. They reported their numbers earlier this morning. Really its a tale of how badly the airlines are doing because of the virus. Lauren, give me the numbers, please. Lauren worst quarter in aviation history. Worst time in aviation history. Thats why delta lost 5. 7 billion. Revenue, 1. 47 billion, down 88 from last year as passenger traffic was down about the same. Delta now having its august schedule as the ceo says, the recovery has stalled, the outlook is grim, the stock is down about 4 now. Look, delta used to fly many business travelers but the ceo says hes not going to know if they will ever come back until after labor day. So its an ugly situation. 40,000 workers did accept voluntary layoffs and thats helping delta to cut its cash burn to still 27 million a day and it does expect it to stay that much for the rest of the year, stuart. Stuart yeah. Very tough time. What are the other airlines saying . Got anything on that . Lauren now, southwest, they are big in Domestic Travel so you would think they would do better but they are also struggling. They say they need to triple the number of people they fly by the end of the year or they will have to lay off workers involuntarily for the first time ever. That stock down about 2 this morning. Then you have maefamerican, the largest airline, warning its pilots about potential furloughs hoping that voluntary job cuts can come first so that wont have to happen. But look, the government aid expires september 30th. Because of that package, you cannot cut a worker until october 1st so we are waiting for what happens october 1. Stuart we certainly are. Lauren, thanks very much indeed. Overall this morning, we are going to be down but not its not a wholesale selloff. The dow is off about 25 points. That will be the futures down about 25, 26. The big drop is on the nasdaq with big tech, down big today. The battle for teslas next factory is heating up. Free pizza, a 75foot statue of elon musk. Do we have your attention . We will explain what all this means coming up. Amazon literally rolling out the future of Grocery Shopping with these brand new smart shopping carts. Its a way to check out without a cashier. We will tell you how it works. Dr. Fauci says the virus cases are surging because we didnt totally shut down. What does dr. Marc siegel think about that . I will ask him. Hes next. About medicare and 65, ysupplemental insurance. Medicare is great, but it doesnt cover everything only about 80 of your part b medicare costs, which means you may have to pay for the rest. Thats where Medicare Supplement insurance comes in to help pay for some of what medicare doesnt. Learn how an aarp Medicare Supplement insurance plan, insured by United HealthcareInsurance Company might be the right choice for you. A free decision guide is a great place to start. Call today to request yours. So what makes an aarp Medicare Supplement plan unique . Well, these are the only Medicare Supplement plans endorsed by aarp and thats because they meet aarps high standards of quality and service. Youre also getting the great features that any Medicare Supplement plan provides. For example, with any Medicare Supplement plan you may choose any doctor or hospital that accepts medicare patients. You can even visit a specialist. With this type of plan, there are no networks or referrals needed. Also, a Medicare Supplement plan goes with you when you travel anywhere in the u. S. A free decision guide will provide a breakdown of aarp Medicare Supplement plans, and help you determine the plan that works best for your needs and budget. Call today to request yours. Lets recap. There are 3 key things you should keep in mind. One if youre turning 65, you may be eligible for medicare but it only covers about 80 of your Medicare Part b costs. A Medicare Supplement plan may help pay for some of the rest. Two this type of plan allows you to keep your doctor as long as he or she accepts medicare patients. And three these are the only Medicare Supplement plans endorsed by aarp. Learn more about why you should choose an aarp Medicare Supplement plan. Call today for a free guide. Iredefined the wordng thschool this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Stuart the virus outbreak. The president s Top Health Officials have put out a list of Pharma Companies that put a vaccine into production by the end of the summer. On that list, moderna and Johnson Johnson among others. Marc siegel, dr. Siegel, is with us now. All right, doctor, what does this mean . Will we actually see a vaccine by late summer, late september, that actually works and has been tested . In your opinion, will we see it . Yes, stuart, i think the science is really there. You mentioned moderna. They are showing a robust immune response. We are seeing that with the Biontech Pfizer vaccine. Both of those are brand new genetic technology. Johnson johnson is using a vector, meaning a different virus, to carry the protein to trigger the immune response, but the story today thats really important is that basically the rubber is meeting the road, meaning manufacturing is already gearing up before we know which vaccine its going to be. 300 million doses are anticipated by the beginning of next year. They are starting to look for manufacturing sites, where to make the vaccine. They are putting together the Raw Materials for the vaccine. All of the basic stuff that usually gets delayed is now being put into place with billions of dollars. In the end, when they figure out which candidate emerges, they are already going to be ready to gear up and produce 100 million doses out of the chute. Amazing. Never been done. Stuart now deal with this one, doctor. Dr. Fauci says we are seeing this surge in new cases because we didnt lock down completely. What do you say about that . I have a different view and i talked to dr. Fauci about this last week, stuart. I think it has to do with what the phases of reopening were. Why did we reopen bars . Why indoor restaurants . Why movie theaters and gyms and hair salons in some places . Its what we reopened that allowed younger people to congregate together and spread covid19 in hot spots. Its not a matter of throwing a rope around montana or south dakota and closing down the whole country, destroying the economy and everybodys mental and physical health. Its a matter of having the right targets and shooting the right weapons at them. Yes, we needed certain surgical laser shutdowns that were relieved too soon. That i believe. But not across the board. Stuart we hear you, doctor and not pools, either. Stuart we understand. Thank you for being with us. Good stuff today. Thank you. Lets move on to amazon rolling out those shopping carts that allow you to skip long checkout lines. Tell me more, susan. Susan smart shopping carts or dash carts as amazon calls them will be imbedded with cameras, sensors, and a smart display that automatically tracks what shoppers put in them. Its fairly similar to the sensor pack amazon go cashierless stores. You choose your items, put them in the cart and leave. There are cameras, weigh scales and Computer Vision on the carts to help identify the pricing of the goods you put in and this will launch initially in the woodland hills, l. A. , california store. Shoppers have to have an amazon account and smartphone to use them but once you get in the store, then you scan a qr code from the amazon app and sign into the cart with it, and you can also load your Shopping List right off the alexa. How cool is that. Amazon is trying to make everything convenient and really push the edges of innovation. I guess thats why a lot of analysts say amazon is going to be the First Company to get to 2 trillion. Stuart im smiling because i just cant imagine myself using one of these smart shopping carts. Lets get serious. Check out big tech before the opening bell. Im afraid to say this is the direct opposite of what we saw yesterday at this time. Big tech today selling off. Yesterday, they were buying and going up. Different story today. Well be back. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 s