Vacation go when they cant leave the house . Nowhere just sleeping in and hanging out with the family. You look over, 3 50, those losers are up. Is this me this is me. Good. I finally rattled you. Difficult to you i rattled you watch the silliness. We are hearing a lot of things sharing you were twerking, i figured i better get back quickly. Nobody wants to see that. You cant unsee that u. S. Equity futures at this hour, lets tell you quickly things are down for the markets. The biggest decliner is the nasdaq no surprise because of the hearings happening today for the big four the nasdaq off 1. 257 . The s p indicated up by 9. 5. There is so much happening today. Well hear from boeing General MotorsGeneral Electric and others before the bell. We are keeping a look at whats happening from the treasury yield this morning the fed conference the 10year at 0. 589 . Andrew is going to tell us about one of the big things we are watching today the big one, the nasdaq will be an historic hearing featuring the ceos of apple, facebook, amazon and google answering questions from big lawmakers probing the lawmakers. Apple, google, microsoft and amazon the first time bezos has ever testified before congress. With prepared statements released, theyre argue the companies success come not from a monopoly but ability to give customers what they need and what they want they all come from different perspectives they all have different issues well hear about censorship and free speech in addition to market power and governance issues all sorts of things. Well see what kind of outcome there is from all of this. That is some serious juice all in one room. Sort of in one room if these guys tip congress 20 , i think we could do the next round. They are good for a trillion anyway if they pool their resources. Jeff has made 70 million, on paper, since the beginning of march. I thought it was like 9 billion the other day. His ex is setting up her philanthropic effort she has 4 or something. She just looked really content she had this big smile 59 billion. Would you not like to spend the rest of your life giving that away to things that are important to you that would be an awesome way to spend the rest of your life. What picture did you see . Couple of things, she changed her name not sure if you saw that there havent been many pictures she hasnt been out publicly all of the pictures ive seen are old file photos. Not saying shes not happy i understand. I notice she did change her name i figured out who it was she had 59 billion. That does narrow it down for me a little the other big story today, the political fight over its next Coronavirus Relief package. Senator mcconnell says hes not going to pass without the protection issue we are not negotiating over Liability Protection ill be responsibility for putting the final agreement on the floor. It will have protection in it. Democrats generally opposed legal immunity for businesses. Thats a tricky situation i can understand there is a lot of businesses that want to make sure they are not going to get caught in legal jeopardy but the language they put forward is incredibly broad when you are looking at the situation where the unemployment has run out and it is a situation, i would argue that tech story is one we are all watching because of the star power in the room. Probably the more important story is what is happening behind the scenes. This is going to determine where the economy heads from here. It has thrown a lot at it already. The fed and jay powell seem to say weve done what weve done and they are kind of passing it off. You highlight it the way one side and people are in their corners. Exactly the way you would expect people to be in with the same talking points from each side. Sooner or later, watching that bar thing yesterday, i dont know whether the two sides come together ever again. It was surreal maybe if you had to figure out how this was going to come down. Maybe they get to 400 a week for some time to come and compromise on the business liability where they change the language where it is not as forthright as it is to ease that a little bit seems like that would be the only way to get a compromise but i do think there is extreme pressure on both sides to get something down. What do you do on the liability language you are either going to protect everybody or you are not i think about the marlins. There is a situation you have an organization that might actually would have been liable for almost negative negligence if the phillies would have gotten it from them you dont want to give people a blanket immunibility the legal ease was very specific about an incredibly low bar. Remember kayla was telling us, you would have to prove that they were intentionally trying to give you coronavirus. That is different than just saying, okay, if you are following all the guidelines and doing the best you can, we are not going to hold you liable saying you then go on to prove saying they could give you coronavirus. That would soften it a little bit. Fingers crossed i wasnt saying they got it saying, there is an example of two businesses my point is that they played. Basketball, if you play a basketball game with someone who had it baseball you are running past the guy. But a lot of guys are Wearing Masks even when they are hitting. Football, it makes me wonder baseball is our one hope trying to do 60 games and you are postponing three or four or five games i dont know i do know i was feeling pretty well tennis is our only hope i dot under or over and who wins i was like the first three yesterday i was good i had cleveland and lets not good there well try to stamp out that silliness. Well tell you about some earnings just in from Music Streaming Service spotify. Compared to an estimate of. 45 euro cents the range was extremely wide ranging from a loss of 2. 39 euro cents. Those are taxes they accrue for stockbased compensation for employees in sweden. Revenue was very slightly below forecast but did see a jump of total active users to 29 9 million and premium siubscribers cfo will be a guest on closing bell among some of the names to watch, youve got starbucks posting a smaller than expected loss and saying it is recovering faster than forecast they believe samestore sales could pick up by early next year that stock is up better than 5. 5 visa shares are trading lower. Volume there dropped after businesses dramatically dropped spending they are seeing payment volume pick up. That stock up. And fireeye shares jump. Benefitting from a shift to cloud based products up better than 12 coming up on the other side of this break, dr. Scott gottlieb is in the house to talk about today coronavirus headlines. Check out this mornings biggest winners and losers stay tuned to squawk here on cnbc save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to Xfinity Mobile. You can get it by ordering a free sim card online. Once you activate, you only have to pay for the data you need, starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. 5g is now included with all new data options. Switch and save hundreds. Xfinity mobile. Welcome back to squawk box. Moderna is going to price the Coronavirus Vaccine at 50 to 60 per course that is more than others the Financial Times reports the price would apply to the u. S. And other highincome countries. And the federal report finds outbreaks are enough to call the red zone as of july 26, 21 states are in the red zone with missouri, north dakota and wisconsin the latest additions joining us now is dr. Scott gottlieb form fda commissioner, cnbc contributor, on the boards of pfizer and illumina. Great to see you this morning. Thank you i was hoping to walk through with you the back to school situation. Ive been focusing on the new jersey situation because thats where my kids go this is playing out all over the country. You have people in towns on both sides of this debate, you have people very eager and others who are very concerned about how the schools are going to do this they want to make sure there is only half capacity and going partially or part of these times. This is a bit of a mess. The Teachers Union said they dont think september 8 is a safe start time. It may me think we may not see School Opening in some counties and states what is the latest you are getting . School districts are starting to survey parents and finding the majority of parents dont want to send their kids back in maryland, they went to a Distance Learning model because so many parents said they didnt want to return they need to take measures to prevent the outbreaks from happening. There is a lot weve discussed we are learning kids can spread the infection. They do spread the infection when they are symptom magnetic with err seeing rising hospitalizations of kids in florida. It has been epidemic down there and kids did get infected. As we get into the school year, youll start to see more cases of bad outcomes. A low number but sufficient number weve seen an epidemic in the south, children do develop this multisystem inflammatory syndrome you are likely to see this happen in a lot of states. That could tip the hand at a lot of districts as well loorking at king at it, the union has raised the appointment that they dont feel safe, they dont have the resources to get through these. The staff has been surveyed in our town of the 53 staff, a third has said they will not come back at full capacity five days a week how do you hope schools like that it will be hard to do teachers are going to need proper protective things they can lower risks Wearing Masks, keeping students in small pods. Dedensifying or going to a high brid model or staggering through the day. Putting in a better hvac system, trying to hold classes outdoors as you can in the fall there are steps schools can take to try to lower the risk no country has opened the schools against the back drop of the epidemic with the exception of sweden. But they also went to the pod model. We need to take measures to prevent outbreaks. That can be done in states like connecticut, new jersey. More difficult in states that are still having an epidemic to open against that back drop. Where do School Sports fit into this . We are talking about major league baseball. In our state, most of the kids are practicing right now with lacrosse and volleyball. I would priorities in class learning make sure you can do that successfully and hold off on extra activities right now like sports that arent directly relevant but also create morris being. That is a vehicle they can get infected maybe there will be a point later in the year we can restart those. Make it slow and about getting kids back in the classroom first. I hesitate to ask you about the moderna story. The price point looks like it will be higher for pfizer. You are on the board at pfizer from the Public Policy perspective in terms of pricing. I look at it and say, lets just get a vaccine before we worry about how much it will cost or fighting over these things what do you think of the issue on this . Ill make a point on the pricing not relative to any company. The pfizer price was in the neighborhood of how a flu vaccine gets prices. I think that will allow a sufficient margin and profit that can get reinvented to manufacturing and a next generation vaccine making these isnt trivial it is not the higher margin businesses profit doing it at a tremendous scale. There was a statistic that sanofi was doing that. Large scale manufacturing. You want the Large Companies to have a reasonable margin to put back into the next generations of vaccines. I dont think this is one and done thats a good point thank you. Thanks a lot. We have some earnings crossing from General Electric revenue looks okay 17. 7 billion was above the estimate on the street the adjusted earnings per share is a little bit worse than where we were. Minus 15 cents the estimate was a loss for 10 cents. 17. 1 million was the estimate. It was 17. 7 organic revenue. Orders down 38 percent year over year industrial Free Cash Flow of minus 2. 1 million that is better than the guidance of negative 4. 5 billion provided the a conference led by collections across all businesses in commenting said the ge team remains focused on protecting the safety of our people, serving the customers and communities and preserving our strengths and colleagues we had a challenging quarter we met ahead on while we took actions to further impact our company. The industrial Free Cash Flow was better than our communicated range. Then just for the future, we are still working through a difficult coast environment. It is too difficult to project the trajectory of aerospace or aviation, we can expect the prolonged return to prior levels of activity. Growth in the second half of the year is achievement and possible in 2021. Thats basically the highlights. 6. 9 where the estimate was stock is up 3 21 cents because it is a 7 stock coming up, weve been talking about the ceos of alphabet, apple and facebook that will testify before congress. Social distancing. I thought it was four guys together will be interesting. Are they going to be mad at them because they are so successful well talk about the unprecedented wedge created by these companies. You are watching squawk box. Stock slices. For as little as 5, now anyone can own companies in the s p 500, even if their shares cost more. At 5 a slice, you could own Ten Companies for 50 instead of paying thousands. All Commission Free online. Schwab stock slices an easy way to start investing or to give the gift of stock ownership. Schwab. Own your tomorrow. Schwab. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. One of the greatest displays of personal wealth when the ceo, apple and more will be testifying in an historic hearing because of the wealth that has been created by big tech robert frank joins us with the numbers. The market cap of these four larger than all the companies on the london stock exchange. The combined personal fortunes greater than the gdp of austria. Jeff bezos has gained 67 billion this year alone. His personal fortune larger than the market cap of mcdonalds or miky Mark Zuckerberg the worlds third richest person behind bill gates. The combined wealth now over 400 billion with a gain of over 90 billion. Bill gates was worth about 78 billion when he went before congress in 1998 before that, youd have to go way back to find fortunes on this scale before congress rockefeller, he was worth about 25 billion in todays dollars andrew karn gi worth about 11 billion in todays dollars all but facebook are in the trillion dollar club just under 5 trillion if they were a stock exchange, they would be the fourth Largest Exchange in the world right behind tokyo back to you. Robert, thank you what are you anticipating today . Maybe since it is bezos first time out that is the dominance. You look back to this issue of some of these gilded age guys. Theyve said weve had you havent heard anything new when we come back, General Electric shares rising for more next. As we head to the break, we look at s p 500s winners and losers. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. You should be mad they gave this guy a promotion. You should be mad at forced camaraderie. And you should be mad at tech that makes things worse. But youre not mad, because you have e trade, whos tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. Dont get mad. Get e trades simplified technical analysis. Well cocome back to squawk box. Shares of General Electric we have a 15cent estimate that is not smaller. It is larger revenue also topping consensus when youve got negative numbers you have to look at. The principal and industrial strategist you said, brian, obviously commercial aviation, no one is predicting gang buster results there but somehow the company was able to report you would say narrower losses of 2. 1 billion 3. 5 billion to 4. 5 billion negative they were able to beat on that line where was the outperformance given where the company was predicting back in may sure. First of all, remember, this is General Electric magic fluid of life. It will take a while to get through this we knew aviation was going to get pounded. Also for Raytheon Technology where they had a writeoff this is not about the quarter. In my view, that stock is up they shored up 10 billion of liquidity this quarter thats what really matters you had five aviation bankruptcies lately. You look at the power results that came in weak plus the write off capital. You were anticipating a big hit in aviation. We all wonder about buying a stock that is single digit with the great past the company enjoyed. We all think it would be a great stock to recover you have a 15 price target. I do. People have had price targets much higher than where the stock is for years and years and there has been nothing but pain. How long term are you talking about. That 15 with covid, thats an aspirational two to three years out. I would be thrilled if i saw 10 in the next 10 to 18 months. What does that assume . That aspect to recover from covid. I think the world does that. We are gradually moving in that direction. That is long term, the whole nature of the buy, the confidence at the time is when he took over at ceo, that was 180degree shift. From the cash and preserving the wagons, what else is he doing and what do you suggest he does to position General Electric for the next five years. Are the assets as great as anyone deserves . Probably not assets can be grate. If you make some sub optimal positions. The potential is there when you run them right it is obviously under pressure now. That