Transcripts For CNBC Squawk Box 20240712 : vimarsana.com

CNBC Squawk Box July 12, 2024

Starting the quarter with gains. The nasdaq was up more than 1 by an alltime high. S p was up half a percentage point. The dow was up slightly. A decline of about 0. 3 . Burke buckle your seat belts a lot to come. We have been watching what is happening with the futures at this point, all three in the green. The dow up almost 200 points all coming before the big jobs report the last trading day of the week before a long Holiday Weekend for the 4th of july. You could see some activity happening here a quick look at the treasury market youll see right now, the 10year looks like it is yielding 0. 676 . It is that jobs preview people are waiting for to get a sense of what is happening in the economy. Lets bring you the preview maybe not the numbers itself but get ready for them markets in the u. S. Are closed tomorrow in observance of Independence Day today is jobs thursday forecasters expecting an addition of 2. 9 million nonfarm jobs in june Unemployment Rate expected to dr drop calling for 1. 38 million new filings which would be a decrease from last weeks 1. 48 million more expect predictions at 6 30 a. M. About the runup liesman wasnt doing his models because it is almost too hard to model out. People like his new fireside chat nothing to fear. It is very calming if someone says, steve, how about playing us a tune. He can reach right over and grab that guitar did someone say it is possible if the leis maniacs ask for that, we have to decide, do we want metal, dead, folk rock last time he was on, he did the wait. It was paula abdul. He sang for her. Thats right. When she was still judging. I think she said, you are an economist, right take a load off annie she was very complimentive. He didnt have backup he didnt have a base or drums i love steves voice. Not friday but it does feel like a friday. Threeday weekend. Lets talk about the house house of representatives voted to extend the deadline for Paycheck Protection Program until august 8 it goes to President Trump for his signature. Could be a crucial lifeline for businesses now facing new shutdowns as some states roll back reopenings. President trump said he supports not only wearing a mask but also another round of payment to americans. He said he supports larger payout numbers than democrats proposed well likely hear more about this extension will frost has an interview with mike pence at 10 00 a. M. Coming up ceos from four tech giants, apple, amazon, facebook and microsoft have agreed to testify. That probe is expected to produce new legislative proposals to try to reform and regulate the digital marketplace. Hearings could take place later this month and not clear whether it will be in person or by video. This will be the first testimony for jeff bezos i think tim cook was the last to agree to this if what i read was correct. I think it was it will be interesting to see who gets the focus will it be zuckerberg or someone else who will be outspoken apple or alphabet. Will be mustwatch tv. Well see. In the meantime, protests we talked about yesterday after the security law taking place. 370 people were arrested yesterday. 10 were arrested under the law law that criminalizes succession, subversion and collusion with foreign forces. Those charges could carry a term of life in prisonment. At minimum, three years behind bars and 10year minimum for principal offenders. It is unclear how long theyll apply that law well see if they transfer those prosecutions to the chinese. The United Kingdom offering a path to citizen for 3 million. Calling the new security law grave and deeply disturbing. And talking about the role of the United States in all of this and the pandemic not that weve taken our eye off the ball but that we dont have the bandwidth to deal with this and maybe the chinese are taking advantage of that. In combination of how big the protests were yet and what you just talked about, the intersection and when those two meet, that will play out they dont have the room every person that just shows up. China builds a lot of stuff they will never use i guess they have a lot of those. They are talking tough i understand how that works and trying to dissuade people. How do you follow through on that if you dont follow through it, no one believes it wasnt that one of the biggest protests to date that punishment staring you in the face you said the last week of july that is like tomorrow, andrew. We should be ready for that like tomorrow morning it is july, do you realize that . July. July 2, i believe. Why does time go so fast when you are not doing anything i thought was supposed to crawl when you are at home because we are older. Trust me, our kids thinks it crawling by from home. One year is a sixth of your life they are also chomping at the bit. They want to get back out. Im pretty content to stay home. I know. Everybody is together. Not away at school i think there will be a time when we look back and not look at it positively but just say wow, nice to have the family cherish the Silver Lining i had two german sheppards literally i cant save you. They are looking at me like. I cant save you why dont they learn that thunder is not going to hurt you . It is weird but there was like 200 pounds sitting in my lap when we come back, as the states are rolling back restrictions, companies are now reversing plans to reopen in some areas well update you on latest moves from apple and mcdonalds after this take a look at shares of tesla a broken record rising after musk congratulated employees on performing they are set to share the latest later today. Up 4. 5 . Squawk box will be right back. Announcer todays big number, 7,197. Thats how many children under the age of 18 in florida have tested positive for covid19 since the pandemic began in march, according to department of health. When we started carvana, they told us that selling cars 100 online wouldnt work. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. Thats why weve become the nations Fastest Growing retailer. Because our customers love it. See for yourself, at carvana. Com. You say that customers maklets talk data. S. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad . Your wireless your rules. Only with Xfinity Mobile. Now thats simple easy awesome. Switch and save up to 400 a year on your wireless bill. Plus get 200 off a new Samsung Galaxy s20 ultra. Communities of color have always been underrepresented in the u. S. Census. That means less federal funding for schools, hospitals, libraries, and other Public Services for Diverse Communities and less representation in congress. This year, its critical that you participate in the 2020 census. Its safe and confidential. Lets make sure everyone is counted in our community. For more information, visit getcounted. Com, and to participate, go to census. Gov. Welcome back to squawk box. California and arizona reporting record cases california said some cases were confirmed earlier but had been left out of previous tallies due to a backlog of local health departments. California ordering restaurants to close in los angeles, orange, Santa Barbara counties in arizona reporting higher cases with a lag stating capacity was 90 occupied. Requiring residents to wear masks when they leave their homes. The sevenday average there is up florida miami dade now requiring face masks in all public spaces. Michigan will not allow Indoor Seating in restaurants and bars but will allow out dodoor seatig mcdonalds pausing reopening plans for 21 days. The company is going to wait three weeks, it says here. What do you think of that . How quickly we came up with that you know the 21 days is confusing. In case you didnt know, three weeks before any new u. S. Restaurants add Dinein Service to the currently operating drive thru and take out delivery locations. About 2,300 of the 14,000 Stores Currently allow customers to eat inside thats a set back, obviously the market was up on the day a few weeks ago. People said apple is very cautious remember they closed a certain number of the apple stores now, this is just more from apple. Today, the market not taking it or at least taking it in stride. Reversing course, the Company Plans to close an additional 30 Stores Including several in the Los Angeles Area that brings the total to 77 reclosed stores out of 271 that had reopened was it in the teens . Like 19 or something that was at kind of a stark data point. A couple of weeks ago that things were not preceding quite as smoothly. You know what, i know, andrew, you like hang out there. If youve been to an apple store, it is hard to social distance family tables are crowded amazing we used them as a bell weather back in china too. We took that and starbucks kind of as a serious sign you may not believe what the chinese are saying but if you have those companies opening up there, they must feel confident. Thats why we use Companies Like this, no matter what you are hearing from government officials, those companies are cautious with their own employees too. Well talk to scott joining us now dr. Scott gottlieb former fda commissioner, also cnbc contributor and serves on the boards of both illumina and pfizer great to see you we didnt get to talk to you about that pfizer news yesterday. As a board member, were you aware of those results before they came out or did you find out like the rest of us . No. The board had been briefed im careful not to talk on behalf of pfizer but they are very committed. The company has made a very big commitment to trying to develop this vaccine the reason i ask, not to get too specific on what is happening but from your own perspective because you have been concerned about the rise, did what was announced with those results change your perspective over the longer term or shorter term about what is happening right now . Look, i think the results are consistent with results weve seen from other vaccine con instructs in that they indicate developing this vaccine for the virus. There is a long way to go. We have to put a lot of vaccines in the hands of patients weve seen a number with the ability to generate immunoaga immunogenicity. Pfizer, merck, sonofi, johnson and johnson is in it the four Major Companies are trying to develop the vaccine. These are not only developing the con instruct bstruct producing those, scaling them. That is something the big manufacturers know how to do they are in this game. They are all chasing it and trying to develop the vax everyone im confident well get a vaccine but i think it will be late 2020, early 2021. We really need more than one manufacturer be successful here. I would love to see pfizer cross the line but we need more than one manufacturer to bring it to market we have a big task immunizing the world. I think it was you or one of our smart people who favored the Pfizer Vaccine you point out that that has the ability to generate cell immunity t cell immunity. Is there a way that you can measure for that do you know, the studies that they are releasing yesterday can indicate that type of immunity being generated as well. Do we need that to get an effective vaccine . That is mrna. J j is working on it, astrazeneca, merck it is not easy to test for t cell mediated immunity this will be revealed in the clinical trials. Well see how effective they are. If they do generate a cellmediated immunity, that would protect. The fda put out guidance saying the vaccine would have to be 50 effective to clear the huddle. I think theyll have tho relax that and get over that hurdle. Some wont keep in mind the flu vaccine was over 30 effective that might be a pretty good product. There will probably be more than one vaccine in that early hurdle to the data when used in generating antibodies. I dont know if you saw this hashtag that said schools over bars meaning we need to priorities getting kids back to schools before getting folks back in bars what is trending with that is two competing studies. One out of geneva that showed that kids actually could spread covid. I think it was 23 or 24 kids that had covid there was another study a week ago out of france suggesting that kids cant transmit it nearly as much where do you land on that and why is science not clearer kids can spread covid but the question is can they spread it as efficiently as adults most of the data says probably not. They can get it and they can spread it. Part of the challenge is that we havent done good studies in children part of the problem is we are not testing children even now in the United States, children dont get tested. Under 12, you dont get tested in florida under 16, you dont get tested in some of these drivethru sites. The first thing we did and every other country did was shut their schools. It may be weve protected the kids and this hasnt been a high prevalence in children it could be that they have been underexposed that is what happened in israel. They reopened against the back drop of a little bit of spread nothing to suggest that the kids or schools are impreferious to this looking at the example of the way flu does every year. To that point, ive been feeling bad im keeping our teenagers at home. They are telling me about how all their friends have been out. I saw a story about in one of the cities here in rocklin county, there was an outbreak that traced back to a house party and the host had been a symptomatic. They are refusing to help with Contact Tracing because they didnt want to get anybody in trouble. What do you think of that . There has been other reports like that. I wouldnt be going to or hosting parties for young people your kids can start socializing again. Mine have. Weve kept a small Social Circle people we trust. I wouldnt put them into a large setting until this has passed. Well have another six months of this, another two months relatively here. Things will be okay. Things will heat up by september. Things will be over in january with a vaccine or with spread enough we have a short period of time to get there we should do everything we can to preserve our way of life through that time and get through it college sports, we could also talk professional sports adam silver still pressing ahead with his plan. There seems to be a little hesitation with the spread they are seeing in florida. Then you had a doctor come out saying if the ncaa were to play football this fall, somebody would die, was the comment made. Would you play basketball or football or see it differently ive talked with the nba. Im not working with them but had conversations. I think the professional teams can play because they have good plans for protective bubbles they plan to put around the players. The question is for the nba, do they want to play in florida against the back drop of death and disease there. They may need to pull out. The optics of that playing a recreational sport in that setting. College sports is another matter they dont have the resources to create a bubble around players as you move down from professional to college to high school, it is increasingly more difficult. It seems like well have epidemics and will have epidemics at this point. Huge implications for those businesses thank you well see you back here next week we appreciate your guidance and counsel. Andrew thank you. Coming up, when we return, new comments from st. Louis fed on the potential for a financial crisis well talk about that after the break. As we head to that break, take a look at the biggest premarket losers and gainers we are back after this your ner always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Welcome back time now for the executive edge. Feds bullard warns of a financial crisis warning it is possible for the u. S. To take a turn for the worse but added that it is not his base case he said it is important to keep lending in place for now even though liquidity has improved dramatically James Bullard has been with us many times and probably one of the more optimistic over time about how quickly things would return saying he thought the Third Quarter would be it. We are now in it, so well see well see if you saw the whole interview, he said not his best Case Scenario not his base case hes been very optimistic. I guess if bankruptcies were accelerating, you could see if that was possibly going to kid around about that. A sharp selloff in the futures up 187 points this morning ahead of the opening bell you would never know what could happen especially on an important day like this. Claims too payroll and claims we might play friday, im in love. Im okay with that im so excited about the next three days we head to break looking at the s p 500 winners and losers youre first. First to respond. First to put others lives before your own. And in an emergency, you need a network that puts you first. That connects you to technology to each other and to other agencies. Built with and for first responders. Firstnet. The only officially authorized Wireless Network for first responders. Because putting you first is our job. Good morning, equity futures up just over 200 points. Nasdaq has been a strong market. New highs again yesterday. Up another 41. S p indicated up 17. Waiting for the june jobs report report is more uncertain after hours. Joining us now to preview the

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