Transcripts For CNBC Squawk Box 20240712 : vimarsana.com

CNBC Squawk Box July 12, 2024

Good morning, everybody welcome to squawk box on cnbc. Im becky quick here with joe kernen and Andrew Ross Sorkin. A gain of just over 1 the dow now at 25,000. Now the dow is indicated up 162 points the nasdaq closed at its highest day. Now about 2 from its alltime high thats the run youve seen since the lows back in march treasury yields. Theyve ticked a little higher the 10year looks like it is yielding 0. 75 crude oil prices yesterday, crude was up about 4 percent on this expectation that opec plus especially russia will extend those cuts put in place that was good for 4 as seen yesterday. Crude up by 1 to 37. 16 all of this against a tricky back drop. It is powering higher well talk to a lot of folks that will help us through this the need for Solutions Former white house and ceo of j j and they have big news on all of this. Getting an update of what has gone on. Reporting a day of mostly calm in washington, Late Afternoon in st. Paul, staging the protesters protesters ran past the curfew refusing officers by Governor Cuomo for help by new York State Police and National Guard believing the mayor under estimates the scope. We are checking in with Business Leaders i spoke with brian cornell, the ceo of target. Using the word unprecedented and admitted that is a word weve all used a lot lately. Where target is based but spread quickly across the country for months now, keeping doors open with the latest unrest theyve been dealing with this market by market, day by day and some cases hour by hour working with authorities to determine when they should close storeserly and in some cases boarding up the stores theyve had a you few hundred stores theyve had to closerly the first focus has been on over 300,000 team makers that they feel safe and that it is a diverse and safe place to work that is something that was in place before his time there. Discussing with them it ended up being a listening session. Pointing to diversity statistics women make up more than half the workforce. And 30 of stores are run by a racially diverse or ethnically diverse leader board of directors are 31 female a new warning from dr. Fauci about how long immunity could last more from jarc j and brian moyna from bank of america well be right back. We hope you find these Digital Solutions helpful to bank from almost anywhere. Deposit a check with your phone or tablet. Check balances, pay bills, and more. Send money to people you know and trust with zelle. Explore all you can do with our Digital Tools from almost anywhere. Pnc bank. From almost anywhere. Across america, Business Owners are figuring things out. Finding new ways to serve customers. Connect employees. And work with partners. Comcast business is right there with you. With a network that helps give you speed, reliability and security. And enough bandwidth to handle all your connected devices. Voice Solutions Like remote Call Forwarding and readable voicemail. And safe, convenient installation. When every connection counts, you can count on us. Get the connectivity your business needs. Call today. Comcast business. Dr. Fauci out with a warning about thedurability of any vaccine. There is a chance any vaccine wont provide longterm immunity he said if covid19 acts like other coronaviruses, effective immunity could last six months and almost always less than a year President Trump has announced the United States will terminate its relationship with the world health organization. Joining us now dr. Scott gottlieb former fda commissioner and cnbc contributor and serves on the board of illumina and pfizer dr. Fauci saying any one with of these vaccines may not last or be as durable. And then the stepping away from the w. H. O. Could lead to issues with the development this is probably a vaccine well need to take every year. Dr. Fauci is right it wont beimmunity like a small pox or polio or measles vaccine. Youll need to take this regularly, maybe annually. Immunity might last up to a year it does appear people who have the disease and recover. It will depend on which vaccine you talk about some of these like the platform that use viruss to deliver parts of the coronavirus those are the vaccines delivered by Johnson Johnson those might stim lace the cellbased immunity. One of the things the w. H. O. It tracks different flu strains those get sequenced. We use that data every year, this effort, to make decisions about what strains to put into the vaccine. We are going to need something analogous for covid. It will probably undergo genetic drifts we will want to know which are circulating to tweak every year to reflect the strains as they change agagenetically. Standing up to the flu and an analogous process with regard to covid. When you start comparing this to the flu vaccine i get it every year. I try to get at least the tri one that protects against three different strains. It doesnt always work are we talking about a similar situation for the strains of the coronavirus . Probably not. Youll get the vaccine every year probably the same time you get the flu virus. Unlike the flu, it doesnt rapidly mutate it will be more preserved. Weve seen the portion of the virus we are using in these vaccines and the spike protein weve talked about i dont think that vaccine itself should by obviated within a season the kinds of challenges weve had the with flu vaccine in 2017, 2018, when the vaccine wasnt that effective because it had undergone changes. Based on how we understand it now. Doctor, just wanted to ask you what looks like, i dont know if it should be described as a surge or up tick. Looking at places like tennessee, georgia, texas. The numbers do look like they were going up. The question is how worry some that should be or not. They are going up. Arizona, i would call it a surge. Theyd 1,000 cases certainly seeing up ticks in north carolina, tennessee. Texas doesnt report hospitalization numbers. Georgia as well. States are showing upticks arizona is the most concerning i think this will be the new normal we might not see a new epidemic. We are going to see outbreaks in some states and some surging the rate is unlikely to go down much more. A high level of infection to be taking in to the fall. That concerns me the most. We were never really going to get rid of it entirely falling to lower levels than they have over the course of the summer you look at a state like arizona and say to yourself, if these numbers are surging, do you imagine if you are the governor of that state or other official, that youd say you want to go back to broader social distancing, closing down stores and work again . Or are these surges that people are going to, as you say, live with and figure out a way to work around . And whats the threshold good question different states have set different tlesh holds. They are looking at hospitalization data and relative total capacity. Most envision their cases will go up and will see a rise in cases. It will be hard for a lot of these governors to go backwards. That sets up the risk. You will see officials reluctant to go backward in their perception theyll probably tolerate a high level of infection than the first go around. That sets up morris being that a state like arizona will have the outbreak and end up receding new york reported 150 hospitalizations yesterday the state of florida and georgia reported more than that. New york is looking good there is a risk any one of these states could have an outbreak and end up receding parts of the nation did you see the report i guess minneapolis is now testing its entire National Guard force after one of its members who had been out at these protests tested positive and nine others are showing symptoms we should be concerned. These protests and large gatherings are going to lead to spread some people are wearing masks. But it is hard to control spread within these large groups. Well start to see this show up in the next few weeks thats where you get the most concern some of these states, the rev lens was low the number of people in these gatherings was low in states where the prevalence was higher, there was risk thank you well see you again probably tomorrow okay more ahead morning movers new numbers out from the stayathome stock you got to hear about and depends on people going out again on the other side of it as we head to the break, take a look at the biggest premarket gainers. We are right back after this dear fellow Business Leaders and technologists, i feel the weight you carry, as i carry it myself. But as i reflect and see all the Amazing Things youve been doing. One thing is clear, technology has never been so important. Youre turning living rooms into conference rooms, backyards into school yards, and bringing doctors into homes virtually and securely. You are transforming Business Models and virtualizing workforces overnight. Because so much of that relies on financing, we have committed two billion dollars to relieve the pressure on your business. And to help us all emerge from this, weve opened our supercomputers and patented technologies to scientists around the world, accelerating the search for a vaccine. This isnt easy. But as you adapt and move forward, were here with the people, financing, and technology, ready to help. Welcome back well start with a look at the big stock stories. Zoom showing better than expected results Company Nearly doubling as costs are rising sharply jumping about 200 capping 61 million. The same as ge and now topping target as well more than a story stock at this point because of the fundamentals behind it as you sit, you might have another view you can just look at the chart lyft says demands have risen but levels remain well below 70 weaker but demand did rise rose 26 from april with gains in cities like new york. Amazon planning an event for june 22 to jump start sales. Didnt know they needed to jump start sales. Been given the working title of biggest sale in the sky. Amazon has asked sellers to submit deals for items with a discount but it has to be at least 30 . I think the questions are around prime day which usually happens around middle of july. Perhaps this makes up for the delayed or off put to prime day. The future pointing to more gains at the open. More to come up this morning including Brian Moynihan investor and chief of staff and ceo of j j former microsoft ceo and soft banks operating officer now lets take a look at yesterdays s p 500 winner and losers these days, its anything but business as usual. Thats why working together is more important than ever. At t is committed to keeping you connected. So you can keep your patients cared for. Your customers served. Your students inspired. And your employees closer than ever. Our network is resilient. Our people are strong. Our job is to keep your business connected. Its what weve always done. Its what well always do. Ever somethings gone mogotten into the office. M, i hear you. Feels like theres no barriers between departments now. Servicenow. The smarter way to workflow. Good morning up 177 points on the dow after gaining some 267 points yesterday. In washington, lawmakers have allocated 150 billion as a part of the c. A. R. E. S act but not all getting where it needs to go that relief act set up two months ago many still waiting for the money. Some have been drowning in red ink. Treasury has dolled out 17. 59 billion to places like los angeles, phoenix, new york. The rest went to states that then had to pass it on in 28 states, they havent done so yet and thats left thousands still waiting in limbo one is lexington, kentucky unemployment in her city has gone from 3 to 25 in weeks getting most of the revenue from payroll taxes and now facing a 40 billion short fall and saying, we are deeply concerned that our ability to provide things like Public Safety will be diminished. Lexington has been a site of protests its worried their pleads to washington will get caught up in the protests a lot of money still around big piece in the journal about that im ready. I guess it is on both sides. Going out an all the red tape. Becky, i think you are going to take us to break okay thank you. When we come back, getting america back to work the latest adp data. At the top of the hour, well talk leadership and the path forward with bank of america ceo Brian Moynihan you can watch or listen to us life or any time on the cnbc app. A look at the scene yesterday as States Reopen across america. Dow looks like it would open up 172 points higher nasdaq looking to open about 30 points higher. It is jobs week in america well get the adp private payroll report looking at this chart. The google trend search for jobless benefits the peak now trending down thats good news but does represent perhaps the remarkable state of where we are right now. Meanwhile, protests continue as america tries to get back on its feet going to our guest, peter. Weve had a running dialogue with you now throughout this pandemic you can layer on top of that now the unrest in the United States. The market continues to move higher im curious to where you stand today relative to where you stood in the last couple of years. Throughout all of this, you have been are relatively cautious i think the market will continue to trend higher here. The fed stimulus, Central Bank Stimulus around the world. Fiscal stimulus, prospect of the stimulus which the market expects will take place and the expectation of therapies and vaccines in the future all basically allow the market to continue on its upward trajectory there is clearly some risk out there that demand that ultimately results and then markets will rise. Tell me how to pick stocks or funds in this environment. We are now detached from fundamentals if you are going to be detached from fundamentals, how do you do this i think that, the reason why people are saying the market is detached is because of a very wide disparity because of certain leaders in the market between tech stocks and many other stocks in the marketplace you have to get to the fundment 58s. Some have shown that it is possible to find stocks valued attractively and to own those stocks also possible to find many stocks that are extremely expensive and continue to go up. One off the top in the news regularly. Shopify continues to rise multiples of its revenues. That doesnt mean it will continue to go up. This is at a time you need to be disciplined in finding the stock and putting them to work there are stocks out there that do make sense. So many of these Tech Companies moving over the past weeks and months where people have won the game elsewhere in beat up games or is that too dangerous right now . What the market needs to do is with leadership. That is fraj ill and continues to fall. Showing broadened leadership and stocks that havent gone up as much attracts the interest look, just the financials in the past week have been on a bit of a terror up 6 to 12 . I havent done the math. Investors are becoming more interested in them thats not just in financials but basic structural and cyclical stocks and companies that were thought to have been severely injured by covid. Between some reconciliation in that demand and the increase of the curve. That will not be the disaster we were looking at in march looking at things that had been top of mind, what would they be . In the financial world, there are things to be found in basic consumer goods, companies that are well sitd waited with riskier things now there is plenty in the middle that investors could look at that doesnt mean the video games and the technology will crash. I dont think that will happen thats the other question, do you put more into that even where facebook is, you could make a fundamental argument on behalf of that company oddly enough i think the question is will you get a return from that right now are you going to get a better return . I wont say thats a blanket case one quick thing. I think people are transfixed over the social unrest they are seeing unralphed and displayed in the world and there is a long history with the unrest that may be unfolding not to say there are serious symptoms i think they are and need to be addressed. They wont affect unless they are some basic fundamental problem. Right and finally, i mention International Stocks and Companies Given the fragile state of this world, how do you even think of that right now i think it might be interesting. Europe has tried to find the system to support weaker parts of Theeuropean Union giving europe a better chance to emerge i think it is more attractive. Always appreciate your perspective. Thank you coming up, reopening america. Later former white house chief of staff Mick Mulvaney will be with us. Maybe he likes the action but what a time to try to do that. Pandemic, civil unrest. Well be back. Announcer dont forget to subscribe to our podcast youll get interviews, original content and behind the scenes access look for us on Apple Podcast or your foravite app and subscribe to squawk pod today. Usaa was made for right now. And right now, is a time for action. So, for a second time were giving members a credit on their auto insurance. Because its the right thing to do. Were also giving Payment Relief options to eligible members so they can take care of things like groceries before they worry about their insurance or credit card bills. Right now is the time to take care of what matters most. Like weve done together, so many times before. Discover all the ways were helping members at usaa. Com coronavirus welcome back. We want to get you up to speed with headlines that opec plus meeting is in doubt over the dispute of oil quota cheating wti prices had been up on the expectation of the Video Conference as they would agree to continue with production cuts that may not happen. As a result, we are seeing wti pull back. That may have been higher. Now down about 18 cents. Joe . Have we talked about we were near a forehandle on crude a long way from

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