Good morning it is 8 00 a. M. At tesla headquarters in palo alto, california it its 11 00 a. M. On wall street squawk alley is live good Tuesday Morning im jon fortt with Carl Quintanilla back again it is a busy day on wall street with the dow hitting an all time high making another run at 30 k. That comes as president elect joe biden is reporting tapping former fed chair janet yellen to run the treasury department. Tesla is continuing the record run now topping half a trillion dollars in market cap. Making elon musk the worlds second richest person on paper and apple making another concession, carl on App Store Fees a lot going on yeah. We talked about that early moving being the small crack that starts to widen as for tesla, i mean, whether its some of the reports about a hatch back in europe or longer range vehicles or just enthusiasm over the ev space as we gheet into a Biden Administration on top of the gm news yesterday, jon. So there is a lot happening in the ev space and then m
And covid continues to peak across the country, once again shutting new york city Public Schools down. With vaccines on the way but still not quite ready, we speak to 23andme ceo Anne Wojcicki. Could their research on genes and covid give us more clues on how to fight it faster . All of those stories in a moment, but first, u. S. Stocks dropping as fresh resections put in place to limit the spread of covid19 overshadowed positive news about Vaccine Development. Our Abigail Doolittle has more. Abigail, generally the markets were quieter today, but then it fell off late in the day. Abigail yeah, truly a sleeper for much of the day. Very small, fluctuating moves. Cyclical rotation trying to take over. Then new york city headlines crossed on top of the mta news around the subway. Earlier today, you had these two negative headlines. Of course the second one being that schools are shutting tomorrow until at least after thanksgiving on the 3 , sevenday rolling Positivity Rate here in new york
Tiktok. Thatow we are hearing thiller. And of 49 fortnite, apple says it is terminated ebix developer account. Developer account. A lot going on. The fed, the prime and a strut japan stepping down. Earnings. The ending of the Republican National convention. Walk us through what has impacted the day. So much and all of it ended in record high for the nasdaq and s p 500, investors encouraged by the fed latest policy shift, the idea that perhaps it is reinflationary in nature, stocks respond in kind. Apple, this is interesting, over the last two days apple is underperforming, down the last two days 1 , closing a little as were mentioning now, terminating the epic caliber account in the midst of the developer account went epic refuses to pay the 30 fee. That apple is standing up for that along with alphabet shows they are forcing developers to comply with roles. It will be interest rules. Im not sure how this would impact the bottom line for apple but it must not be all that much. You ment
Becky is off we have a lot to get to. The s p 500 flirting with the new record high. Closing seven points lower futures pointing to a pull back the dow looks like it is off nasdaq off about nine points showing you stocks in europe also under pressure talking about why this would be. Closer to 2 in britain. And treasury yields look at the note looking at. 696. We are starting to see in covid cases pick back up in europe, which may impact here. Well try to talk to dr. Scott gottlieb about that. Fortnite maker epic games taking on apple and google over what it calls anticompetitive behavior giving users a discount and cutting out the e map services which cuts out the ability to take a 30 cut from sales. New users will not be able to download the game and existing users wont be able to download any updates. Google followed the lead and removed the game from the app store and was also hit with a lawsuit. The feature was not reviewed they did it with the express intent of violating the guide
Options. The 30 year seemed to not go as well as planned. Your getting a huge lift up in yields. The last week, we are up 15 basis points. You are starting to see a repricing underway. Romaine we did have another ipo today. We had qe holdings which is a Chinese Company that did debut, up 87 on the day. There is risk appetite, people are picking and choosing bets as anthony was alluding to. Lets bring him back into the conversation. Global strategist at a mayor price. Se. N you look ameripri when you look at the bond market and the positioning of yields here in the idea that a lot of the runup we have seen to risk assets is at least in part due to the record low yields, do you worry if we see a Material Movement up in yields, the selloff in the treasuries continuing, that would have any tangible effect on equities . Anthony it could. Not something that keeps me up at night. The main drivers are trends in the economy, in the environ in the virus, and if we will get a vaccine by the end o