Surged as lead by amazon well have more on that in a minute jim cramer said it feels insane. Im wrong to say that at the moment u. S. Equity futures at this hour show you how it stands. Well have another day in the green. Dow up 230 points. S p 500 up we should show you treasury yields now at. 0617. All i do is think about my 10year mortgage i dont have a 10year you have a 30year, which you regret i wish i had a fiveyear arm. You could still have a fiveyear arm. You are giving it to the man you are. Giving it to the suits. We are seeing a bit for bonds and equity even higher a reach for safety even though we have a risk on. The eu has reached a breakthrough deal agreeing to 857 billion Recovery Fund it will raise money by selling bonds collectively disbursed to the maybe countries hit the hardest that do not have to be repaid many countries including germany had long opposed also agreed to eu budget of 1 trillion beginning next year brining the total spending agreement upwards of 2 trillion we see across the board, german dax up 2 . The euro reached a fourmonth high mainly because this issue of common debt, there were some thoughts if a stimulus deal did not pass, that would throw into question the eu. Baby steps. How long have we heard there are a lot of problems and if you try to keep everyone together, if you dont have the fiscal authority, you try to keep everyone together. It is kind of a juryrigged system there if they could eventually get to the point where there is more unity. I dont know how you do that we have 50 states here we dont speak the same language in some of those states. Thats what i was going to say. We are starting to look like that. Fragmented. Im not going to mention any names. Im not saying like down south how do they speak up there in minnesota . And the dakotas you hear it too. There are some local ldialects here that we love. Lets talk amazon. Amazon is going to postpone prime day the twoday summer sales event told Third Party Sellers to hold the date analysts hiked the price target to 3,800. Bringing the market cap to 1. 59 trillion Ceo Jeff Bezos added an estimated 13 billion to his fortune. I think he gets 6. 5 but hes not happy. I dont think. Money does not make you happy. We know this do we not . We are happy and we dont have a not. We have plenty makes you happier not compared to bezos we are like a little flea. Everybody is except maybe musk do you remember maybe nine years ago. Early on, we used to always talk to analysts and investors about the law of big numbers and we asked if we could ever get to a trillion you talked about it. Here we are. We look around and it is not just one or two. Weve got a bunch. We had to look up whats next do you remember . Quadrillion. I think. Yes this next company, we are watching shares of tesla that stock rising 9. 5 elon musks personal wealth jumping. Prompting this tweet saying, quote, moves like we are seeing in microsoft, tesla and amazon are truly insane and unlike any i have ever seen in my life. Up 4 . Insane, guys what do you think . Pretty frothy s p could be around the corner 4. 5 trillion, maybe this is not frothy maybe this is the chase in advance of inclusion the underlying business i understand the technical dynamics it may be a great business is that great of business . Everybody . You start doing price to sales then you are like, look, it is different this time. Youve got low Interest Rates, right melissa, you are going to talk ibm i dont know if tesla will get to a trillion. One company will not ever get to a trillion ever. That is damning do you think. Unless a country does a reverse dollar split, there is no way. Probably not. We could get one for ten. You are probably going to be right. For now, ibm shares are reportedly higher. Earnings and revenue beat expectations the ceo said likely to be longer recover ray than anticipated in march the bright spot here is things in which ibm showed in the turn around in the cloud. That part of the business that did see the drag from the pandemic is services those revenues down. Overall up. 6 for a good start from this ceo who took the helm in april ive got issues putting on a laptop and all this stuff here, guys i was going to look up a market cap. That is like 100 billion plus can you do that for me im getting it for you right now. We are at 112 billion 112. More than ge. Coming up, President Trump shifting his message on masks and planning a more hands on approach to pandemic messaging the task force is back stock futures. People here urged me to say they are basically flat unless we are down 200 then wed be crashing a look at the biggest gainers on the s p 500. Well be right back. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. An update now, reporting the smallest increase in coronavirus cases and deaths in a week monitoring to see if the trend begins to show up in the sevenday averages President Trump planning a more hands on approach. He said yesterday, hell get involved and resume doing briefings. The once daily Task Force Briefings had been scrapped. Reporting that decision came that internal polling that the white house response and messaging were not breaking through. President trump tweeted a picture of him selfwearing a mask yesterday with a message that said many people said it is patriotic to wear a face mask when you cant social zant nobody is more patriotic than me, your favorite president. Quest die nagnostics is warg that this fall, it has to cope with the demand of the flu season a resurgence in the flu season would be a problem the companys executiveVice President said no way capacity will double in the next few months and other solutions need to be found to detect the condition other than the nasal swap lets welcome the senior director of systems wide pathogens at new york City Hospital the lead for new york test and trace and featured in the netflix docu series pandemic it is madad. Correct how are you doing . Ive got some issues i would not have messed it up. Lets start with the news that came yesterday i guess there were developments on the vaccine front from three different data points. Phaser, oxford and one being developed in china all positive but none conclusivelinessly something we can say is going to work for sure thats correct. Right now, they are showing promising results and that the highest response is being shown with a booster shot showing we need even two shots to get an immune response. It is positive news and something to be expected on trials that are being heavily scrutinized. The issue we are having is the whole manufacturing of the vaccines and distributions and on top of that, so many other challenges they may require a booster shot and original shot, what is going to be the whole supply chain aspect these are some aspects that need to be looked at. Some of the leaders are beginning to pool rele agents and start manufacturing in lue of even late staged Clinical Trials it would be like to know whether your immunity a year from now would be demonstrated. There is still a lot you dont know we dont know necessarily the side effects for older patients and whether their immune system response is the same as people being tested right now that is right so if you are looking at volunteers and part of the studies, they are under the age of 54 and have no Underlying Health conditions. As you mention, there is a lot we dont know. We dont know the overall effect in hes highrisk areas. We dont know how long the immunity will last for if we look at sars that immunity lasted for a couple of years. We dont know that for the virus we are currently seeing. There is still a lot of science we dont know. This is something where time will tell as the months or years progress that is probably not going to cause whole sterl immunity we dont know whether it is 50, 70, 80 . Still working on a cure we dont have any updates on that you are an expert in this field. Are there things moving on that will tackle the virus head on . Yes, we are making strides. I think well probably have some better and more effective treatments made available sometime later this year perhaps even before a vaccine being made available, there are different types of interventions and different stages of trials but certainly seems very promising right now. You are as a doctor and we know what a doctors mindset is in terms of Opening Schools. Health as a priority others say the economy, there are effects of having things closed down for people as well i understand you are going to er on the side of being safe. At this point, you are not sure of Opening Schools in hot spots even though it is something we have to do because parents have to go to work . Yes Opening School is very important. Not just academic but socialization and things schools provide and for working parents, sending children to school and be productive is important to the economy. You have to look at the safety of our children and teachers even though there is a lot we still dont know about covid19, we have learned a lot since january. While children are less likely to become ill, they can still spread the disease to teachers and elderly and parents. The name of the game is not opening up but to safely keep schools open you can open up but if you have an outbreak, what will happen. And looking to quarantine individuals that may have been exposed and need to have backup plans in place it is more complicated than just opening up schools we need to have a good process in place for the academic institutions time is of the essence if we want to open up schools in august and september, the time to prepare is now. When i say prepare, we need to make sure we have a lot of virus circulating in that community. You need to have cases come down and overall infections come down right now is the time to do it this is all going to take time by the time the Academic School year does roll out you need to have cases at low enough levels you will do Contract Tracing we need to make sure we are focusing on that right now in order to open up schools doctor, thank you well see you soon to fill us in on all of these developments thank you great conversation, joe when we come back, the nfl releasing pandemic protocols for the restart. How often the league will be testing players. When we come back, take a look at the bgeigst premarket gainers when we come back. After this usaa is made for whats next no matter what challenges life throws at you, were always here to help with Fast Response and Great Service and it doesnt stop there were also here to help look ahead thats why were helping members catch up by spreading any missed usaa insurance payments over the next twelve months so you can keep more cash in your pockets for when it matters most and thats just one of the many ways were here to help the military Community Find out more at usaa. Com as pro football camps are set to begin, players have agreed to pandemic protocols just a day after some highprofile players called out the legion twitter calling for players, coaches and staffers to register two negative tests before they can be admitted to facili facilities and then tested daily. If the leaguewide testing data stays low, that frequency will belowered. A lot of what was said yesterday was that these players Russell Wilson and others said we have to play. Just for the Mental Health of the country. We all want to do things quickly and be able to get back to something normal you dont want to rush into something rashly. I want it to happen. I dont mind those cardboard fans they look cool better than empty seats. And i dont think id mind preseason. Would you watch a preseason game it is like what are we doing this should be permanent to get rid of the stupid preseason. The testing itself is supposed to cost 75 million joe, you are doing that story about Quest Diagnostics being overrun by the back log. You got to think all of these unions and sport associations. Colleges the demand for testing in the fall will be off the charts. All of that with flu season and the need to test people in general getting those test results back when the nfl has under 24 hours 75 million is a lot. Patrick mahones contract was 400 so keep it in perspective are these tests taking away tests that would otherwise available to the public . People doing millions and millions of tests, so i dont know is it an essential business . No but when you talk about College Sports think about the monetary hit more than just everybody wants to go out and play games and have fun you can see why people want to get back to it youve got more stuff going on. It is tuesday, ive been working on a column. Weve been talking on this show they are speaking out in the nfl, it is either black lives matter or lgbtq or companies that are doing it more and more. I looked back to see what kind of political donations this is share holder money interestingly, corporate money the largest giver of others at the state level throughout the country not the largest givers but corporations uniquely, they give as you might imagine, more to republicans and uniquely to this circumstance, they are often times at odds with the positions they are now taking on publicly there are a lot of questions they are taking on from public stances. When you go back and look at a walmart and talk about employees as heroes when their employees are putting their health at risk and talking about at t which has lots of policies about lbgt rights and trying to foster a more better environment was giving plan to the Republican Governors Association which elected the bathroom bill which was overturned the center for public accountability delved into these numbers. They are all public and you have to go to look at the 527 to the different politicians. The company can say we didnt take a policy position all we did was give to these groups and they gave the money out. I think there is a question in this world whether that is a tenable position they do it because they want to have a relationship with these people your whole perspective. What are these Companies Giving to these nasty republicans you told me bays do better with higher taxes why are they giving to the gop in the first place i would make the argument if you are a corporate leader that if you are a facebook for example and you have 47 attorney generals, giving to the attorney general Association Republican and democrat it may make sense all im saying, when you give money to these, in this day and age, it is hard to stand back and say, i dont know what they are doing over here. I havent needled you in a while. We are not going to talk about tenant getting delayed its a spy thriller or about george tenant or health care well never know. I dont think it is about either of course it is not. Christopher nolan liked that name my son found out instantly that it was delayed hes been planning to see it the big reopening of the movie industry is not going to happen. Well mulan is still on the schedule well talk about Political Risk we are just 105 day as way from the november election. S p is positive on the year and looking to open by about a percent on the board looking at yesterdays s p 500 winners and losers experience the adventure of a bigger world in a highly capable lexus suv. At the golden opportunity sales event. Get zero percent financing on all 2020 lexus models. Experience amazing at your lexus dealer. On all 2020 lexus models. How does the world reopen for business . To return to the workplace, safely, companies will need the right tools. Thats why salesforce created work. Com its an allnew suite of apps, expertise, and services. To manage this crisis today, and thrive tomorrow. Everything Companies Need to return to the workplace. Lets reopen. Safely. Good morning u. S. Equity futures sharply higher big moves yesterday. Really big sort of a flat dow up another 100 this morning. Big gains. S p indicated up about 25. A tax proposal on billionaires getting some attention why not . Not going to hurt me this is part of a campaign called make billionaires pay proposing a marktomark tax state billionaires with assets would pay any gain in asset values during the year even if they did not sell. For instance, Mike Bloombergs stake increased by 5 billion, he would pay a tax over 400 million. The tax would raise 5. 5 billion for a new Unemployment Insurance fund aoc told Governor Cuomo, stop protecting billionaires with a state with a total network of 600 billion new york state has a budget deficit of about 13 billion Governor Cuomo saying the tax would cause them to move to lower tax states the partnership for new york city said at least 5 of new yorks wealthy have already left new york and if this pattern holds, the tax losses facing the state and city will be extended. Somebody at some point is going to have to pay for this. They are going to look to the wealthy at the federal or now the state level. What happens in years when billionaires wealth goes down do they get a tax loss that is a question. This is a proposal similar to tht forward last year they would allow the loss to be carried forward indefinitely for years and years until you used it up. It does work both ways the valuation for Companies Like bloomberg, they all have private companies. If your wealth is tied up in a private company, you dont have 400, 500 million in cash to pay. Thank you less than four months left to the election investors are looking at the possible risks to the market economist on the policy Research Team and head of policy research and managing director at research partners. Don, ill start with you you say the most likely scenario not only most likely but the most damaging for the markets would be a biden win and democratic sweep thats right. That is the best casein investors should expect. Now that bidens age