Be off the table stocks set to open lower. Underperforming, a status check on the now not so hot ipo market. And the nbas china headache, one managers tweet about hong kong sparking a business backlash and political firestorm. The dow and the s p now in the midst of a threeweek loss, despite a friday rally, which was the best one day performance since august were set for a lower open china reportedly looking for a limited trade agreement when talks begin with the u. S. Later this week. This bloomberg piece, guys, talking about how dont expect massive agreement this week, but who knows. Still early. Well, conflicting reports out of i felt the Administration Last week. On friday, larry kudlow, chief economic adviser, said, there could be some good things. But if you look at the agenda of what the president wants, it is the exact opposite of what the chinese said to bloomberg. President s hoping to see an end to the deal, intellectual property, hoping to see the end of the technology transfers, hoping to see the end of the fentanyl deluge, hoping no more of our businesses are targeted, hoping there is no more subsidized, and cybertheft if the chinese dont agree to that framework, that means they default to buying something. That is not good enough for the president. This is why were now hearing about what theyre calling sequencing, right . Stage one, you buy some ag stage two, you commit to some ip and then finally the final sequence would be a rollback of tariffs. Right i know that, say, peter navarro, that is antithetical to everything he believes in, that the notion that the chinese should get anything from buying ag is just foolhardy theyll buy pork when they dont want pork that has swine flu what they want is a rollback of the 2025 plan of domination. And thats not what the chinese want to do so i think it is status quo, when you get ready for the next round of tariffs. When does the president make his move as so many expect to just get something done because it will be beneficial to the reelection effort well in terms of reinvigorating the economy and low rates as well and conceivably that could present a real tailwind. I think that conceivably, what you would do if youre a strategist and didnt care about anything other than the cynical nature of winning, okay, cynical, but that you would say, listen, Elizabeth Warren doesnt believe in talks we could get something done. Remember, precondition to sitting down with the chinese, shes demanding that they go for the paris accords. She has an interesting point about religious freedom of speech well, you know what, on the one hand, we have the general manager of the Houston Rockets, religious freedom of speech, right . Hong kong . And the other hand we have general corporate religious sacrifice on the notion of the dollar thats the difference between president warren and maybe a President Trump. Funny how you talk about that starting to get a lot of circulation. Im reading an rbc this morning, four thoughts on the implications for the u. S. Equity market if Elizabeth Warren wins the white house in 2020. Warming up to it wont be quite as bad as everybody thinks ive been warming up to that ive been saying this for weeks, you know you got to look at her. Growing popularity of esgs, investment approach, utilities and reits might be in favor. Maybe better off than shes not in favor of small caps. Not necessarily but initial assessment, small caps may have less direct policy risk than large caps thats very true. And then also they point out, of course, that over time, stock markets go up. I wrote that piece. I wrote that piece just watch mad money. This guy watches mad money. Hes paid for watching mad money. The best historical returns when democrats control the white house and one of the chambers of congress. There you go. What can i say thats more reason to buy the market theyre buying the nasdaq off that who is that strategist let me find that for you. Top flight. And the election, rbc capital markets, lori, it is lori. On all the time correctly very good yes cautious on the market. Very good le wit lwell, look, i think i dont Start Talking about the dichotomy of warren versus trump, were not helping the biden in South Carolina and wisconsin. All right, well, well stay on that. Biden is for status quo. Apparently look, lets say biden is for what obama was for then i think that you could have a market which says there will be a deal. Right . Fight, obama, chinese. So the answer to the question of whether trump at some point will make any deal, because it will help i dont think its true no i think there is thats a fairly im going to give you a shocker, i think that there are principles involved. Dont you make that face it is a podcast. What face did i make . You made that nonpodcast face david, i have to keep emphasizing there is a podcast okay look, i think no kidding around, i do not think that the president is if the chinese had said everything is on the table, i would say, you know what, it is possible something could happen they came out this weekend and said not what are you going to do basically saying, listen, this stuff is not on the table. How can there be a comprehensive trade agreement . And now hong kong just awful weekend in hong kong and now there is talk about what options may go to next, whether it is curfews, forced detentions, not a good situation at all no. And commercial saw this, commercial Property Market had the worst month since it was handed over back to china as a british colony in 97. We talk about how we meaning the Mainstream Media talk a lot about how the chinese would be losing face if they cave to President Trump. Dont they lose face every sunday look at we have this video of the police lobbing tear gas and then a video of people picking up the tear gas and throwing it back at the police is that loss of face or is that, like, business as usual . Thats face loss thats loss of face. Okay. It may be. May be . Chinese military has yet to move in. What would that look like reports say the pla raised a warning flag for the first time. Yes, a yellow flag of some kind. Pla looks like chumps wow. Theyre going to revoke your contract to tour the country listen, was going to be a nets season Ticket Holder. I love the nets. I like the nets. I got the nets i like the nets i hope jo tsai will let me i used to be a season Ticket Holder will he let me come back as a fair weather fan, though. You know joe tsai cant you get him on the show . Ill try. Sure, ill try i think you have a better shot than anyone else in the media. I probably will fail, but ill try, thank you. Im telling my wife to get season tickets and then hell come on. The intersection of china and basketball is a big story. Ipo is another big story Many Companies have seen their stocks slide after their debuts. Overall, companies that have gone public are trading about 5 above their ipo price. Thats according to dl logic the s p by comparison is up 18 this year. Jim, that did not stop at least four analysts from initiating smile direct buyer outperform. How painful is that what do they do if the stock is well under water they have to come out with an underweight. There is a mal inclusion market, thats jpmorgans comment. And citi ups uber to a buy. 45, but see a positive shift in sentiment. I think that there is a moment in the costco quarter where costco, this is bear with me mr. Galante, the cfo, talks about how freight prices have come down year over year, but expects them to go lower thats uber freight at work. Uber freight is flooded with new drivers. There had been a Driver Shortage uber freight is allowing new people to come in. This is what happens with uber cabs there is uber cabs everywhere, lowers the price uber is doing the right thing. That writeup says it wont be this quarter, but next quarter i thought it is important because the stock is down a lot. You have to just say no to ipo thats my thats your new thing just say no to ipo. Just say no to ipo. Period. We cant handle we being the market, cant handle another ipo. In order to buy an ipo, you have to sell an ipo most money is indexed. Remember they got rid of individual stock pickers because they always underperform. I remember when that happened. When you only if you bring a deal if you bring airbnb, dont you have to sell your slack to get airbnb how is peloton doing were not talking about large amounts of money still what can we agree on . What could be good the jets suck, you can say suck because Elizabeth Warren said it and Mark Zuckerberg said it. I cant disagree with that statement. Jets suck. Some other guy youre allowed to senator warren who said it is okay there is a guy named faulk who had nine sacks hes in concussion protocol from a psychiatric perspective. Given ubers performance, drama around wework. Now masa son gives an interview saying the results have a long way to go and that makes me embarrassed and impatient. I used to envy the scale of the markets, but now you see red hot Growth Companies coming out of small markets like Southeast Asia there is no excuse for entrepreneurs in japan, myself included embarrassed and frustrated. He falls in love with founders when you talk to him and or people around him, he loves the vision, the passion. The question now will be, okay, but do you build enough guardrails around some of them, given how much capital youre actually giving them and the case of wework is a perfect example of that. Mr. Newman, a charismatic individual with a real vision and certainly he did sway masa, his side, very big significant way. The question is could there have been a way to sort of help mr. Neumann position the Company Properly for a Public Offering for things that might not have been maybe put a woman on the board of directors, i can think of a lot of other ones Voting Rights maybe dont be 201 in your Voting Rights. Billion naaires are under a l attack here. Im worried about the billionaire cohort, under siege. Does it take sleep away from you. David tepper continues to have business. Am i worried about the billionaires like lenin was with the 3 1 2 hours to 2 hours, an hour and a half will be spent worrying between the wealth tax and people favor an even modest wealth tax i think it is going to be this is an interesting moment, tsai is a billionaire. Under attack masa son joe tsai. Billionaires under attack. This is the part of the show why we try sarcasm, i assume is that what were doing here . Were a podcast. It doesnt come across this well. Youre right. There is billions. There is billionaires. I dont think any group is suffering as much as the billionaire. Mark zuckerberg said, im giving away all my stock to distinguish about how the billionaires, maybe the billionaires have too much we have a decade of Central Banks inflating assets at the expense of labor so capital has one out over labor. Thats what Elizabeth Warren is trying to reverse i think thats it is a 30year, 40year plan. The question is how do you do it is it tax wouldnt there be trials . Raise Capital Gains taxes i think Capital Gains, it is a lot easier equivalent between passive income and actual worth. Someone who gained a lot in Capital Gains, i can tell you i didnt have to do anything versus ordinary income where i have to work hard. It is antithetical i know larry kudlow preached low Capital Gains. Theyre in charge, david low Capital Gains people are in charge now when we come back, well get cramers mad dash. A lot to get to this week as we count down to the opening bell ge and additional calls on etrade, nvidia, carnival, nds d re dont go away. Edgetoedge intelligence gives you the power to see every corner of your growing business. From using feedback to innovate. To introducing products faster. To managing website inventory. And network bandwidth. Giving you a nice big edge over your competition. Thats the power of edgetoedge intelligence. That could allow hackers devices into your home. Ys and like all doors, theyre safer when locked. Thats why you need xfinity xfi. With the xfi gateway, devices connected to your homes wifi are protected. Which helps keep people outside from accessing your passwords, credit cards and cameras. And people inside from accidentally visiting sites that arent secure. And if someone trys well let you know. Xfi advanced security. If its connected, its protected. Call, click, or visit a store today. Always great to get the first mad dash of the week under way. Alterex, why this is really important. This is key to this market this has been one of the companies, a way to be able to do melding Data Analytics without using excel spreadsheets older people, like me, would use excel spreadsheet. Alteryx eliminates that and does it faster. This is one of the Fastest Growing companies, they have what is called a land and expand strategy, something that all the remember, growth at scale, land and expand, you know all these these are called buzzwords. Yes. This has a primo buzzword that best of all is sass it is a sass company, software and service, thats the original model and will carry through if you want to get rid of all of your excel and do it much cheaper and faster, you bring in alteryx. Is this just the reason i brought it up, every single one of these looks like it could be twilio, could be talking about service now. Workday, david we would be talking about any one of these sales force, we would be talking about. You get me sales force has been more just like that well, but, you know, well, im not going to disagree with that workday is like that surface now certainly has been only one that really avoided that is coukupa if this turns, youll see a turn in what i call the cloud kings including vm ware and the biggest of all, adobe. Which has been stalled here. Adobe has been stalled. Such a good company i like adobe, right here, right now. Right here, right now alteryx it is not alteryx. It is alteryx. Like alteryx. It is actually the axis, yx. Remember the axis when you were alteryx. So much to learn here. I try it throw a lot at you. Opening bell in a few minutes. Dont go anywhere. Ah come on lets hide in the attic. No. In the basement. Why cant we just get in the running car . Are you crazy . Lets hide behind the chainsaws. Smart. Yeah. Ok. If youre in a horror movie, you make poor decisions. Its what you do. This was a good idea. Shhhh. Im being quiet. Youre breathing on me if you want to save fifteen percent or more on car insurance, you switch to geico. Its what you do. Lets go to the cemetery but shouldnt somebody this is be listening . Pression. So. Lets talk. Were built for hearing whats important to you, one to one. Edward jones. Its time for investing to feel individual. Big week on tap. A bunch of fed speak well get plenty of data first trickle of q3 earnings will come in for now, future down 74 on the dow. Were back in a minute obvious. Sometimes, they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Youre watching cnbcs squawk on the street live from the Financial Capital of the world. The opening bell in five minutes on this monday as we kick off a busy week, of course, on friday, jim, filled that gap from wednesday. Right. An interesting week Morgan Stanley today, reiterates this is an environment that is not satisfying the bulls or the bears. True, how far are we through the correction we dont know. The nasdaq was up. Nasdaq is separating itself from the rest of the market in part because apple has been so strong and some of the sectors have been so strong i have to tell you that i think that last week one of the seminole moments we dont talk about is the brokerage houses cut the commissions. And i dont think it is going to mean anything to the individual investor the individual investor continues to leave the building. No matter what, even with no commish. No one seems to care i am just in shock how little interest there is in this market ubs takes etrade up to buy, even though they did cut Td Ameritrade the stock has come way down. Loss of market cap was astounding would not have anticipated i dont know on one day, wow that was amazing. One headline, one day ive seen a lot of advertising around it. We forced this, there is a lot more coming from us. I feel that this market is about disruption still it is still about whether it be alteryx, disruption of the excel market, robin hood, we dont talk about enough, disruption of what were three companies that were doing quite well, commission, we have got drupgs, disruption, i dont know if youve been following what pay pal has been doing disrupting the model im seeing for credit cards, disrupting plastic. Just rolling disruption. Uber disrupting i dont think we can this isnt a year where we look back and say Silicon Valley disrupted so Many Industries others argue it is a mixed record this year, vaping, bitcoin. Even autonomous, right will take a lot longer than autonomous, now talking 2025. I think that one accident, terrible accident did occur, autonomous in arizona, really set back autonomous very big almost everything has to be modeled. It is interesting what were willing to accept from human error, not willing to accept from machine error. Good point. Were willing to accept that it is no one is in favor of drunk driving. But if you can switch the car to automatic what about the texting and driving, that is, by the way, an absolute epidemic. All of us drive, how often do you pass somebody, the whole time. The car should be shut down they have the ability to do that dan hesse, former head of sprint, they had the coalition of cell phones had this ability to shut a car if youre going to text but that didnt happen the data from around