The dow is down nearly 1 . The nasdaq is back in positive territory. Apple is boosting the dow adding 150 points to a decline we would be seeing. Amazon and facebook arent in that index caterpillar, chevron, exxon mobile are driving the blue chips lower. Lets start with bob who will tell us what were seeing from earning season as a whole now that were a little more than halfway through. Bob. We have a little bit of a problem. Its great may have tech earnings are fantastic but theyre not enough to move the market really forward. You can see this today just look at the sectors of whats going on. You have technology up because apple is up. You have Consumer Discretionary up because amazon is up. Everything else, the other economy is having hard time. Tech earnings are even fantastic. We have this two tier economy thats going on. Its not a split between wall street and main street its just theres a two tier economy. One part is digital and thats the megacap tech and software and the Technology Names that we keep talking about they are doing great but the rest of market is having a tough time the hands on economy the one with the services and the travel and leisure stocks and the industrial names are having a much tougher time overall. Chevron is a good example of the other side, the other half of the economy. They had a terrible report look at the companies that are not providing guidance not tech names but the other names. The caterpillar, chevrons no real indication of how they will do in the second half of the year this is the that two week economy thing. If you look at sectors, so far since june 8th p its tech and Consumer Discretionary the market is telling you the rest of the economy is struggling thats the two tier economy i keep talking about back do yto you thank you. Tech blowing it out of the water with the earnings result the real winner is apple its up 7. 25 . Dom joins us to break that down. Its in a tier of its own because its worth 1. 7, almost 1. 8 trillion, with a t trillion dollars in overall value. If you look at apple versus the s p 500 even the invest qqq that tracks the nasdaq, 100 apple is part of that you can see the huge gap lets put that market cap and Everything Else in context apple has been a spend surger. The cash pile for sure 194 billion thats how much apple has right now. Bigger than most of the s p 500 and thats the cash. Yes, they did raise some debt to raise that cash. You have to look at that still its a massive amount of money to put it in overall context, the market cap we were talking about, at the covid19 market lows down here around midmarch, we were talking about market dap for apple that was 982 odd billion dollars. You can see here, almost 1. 79 trillion right now and the further put that in some per speckive, we looked at some pretty brand Name Companies that were all familiar with out there and looked at their market caps to say how much is 784 some odd billion dollars worth . Thats the market cap climb since the march lows add tesla, 272 billion. Th add that to walmartsmarket value. Add that to mcdonalds, 145 billion and thats what you get roughly, 784 billion. Thats how much market cap, melissa, kelly, apple has gained just since march 23rd. Welcome to you brenda, ill start with you. Do you feel more confident about where the market is and the ability to sustain these gains now versus say 24 hours ago before we got all these earnings yeah, i think that its a great question we really have to look at whats being in to the technology group. They have been the driver of market returns thus far. The question were grappling with is where do we go from here feels like with the phenomenal earnings ruls and they are, much better than everybody expected but now the bar is being raised. We seen this huge pulling forward of technological adoption how much is that pulling forward of revenue and e earnings. Whooil it once we look out to 2021 and 2022, were grappling with are earnings expectations getting ahead of themselves. In that regard, we think in order for this market to move higher w need to have broader participation. We started the see that earlier this month where Technology Prior to today had really lagged the Broader Market on the overall Disease State in order to get a lot more traction ron, bob was out squliening t out lining the tail of these economies and how it didnt provide guidance sort of the old line economy, if you will, versus the big tech companies. Doesnt matter that we need broader participation . Does it matter that the gains are concentrated in handful . Isnt that always the case or typically the case any way with any big market advance it is in the later stages we always worry about concentration whether it was oil stocks in 1985 or the internet stocks in 2000, 1999 or even the nifty fifty where that was considered a high concentration of gainers those situations resolve themselves in each and ef case to the downside. I do worry about the concentration a bit. I agree with bob this is reflective and we have been talking about this for months now. A compositional change in the economy where the companies that do have the edge to in the only survivor but thrive in this environment will continue to win. There are questions about the broader scope of earnings. When you take out these big five or look at s p 500 earnings, they are down 38 . That was reflected in a 37 peak to trough decline in the s p i think youll need more economic strength. Youll need to take the risk of a fall back in the economy off the table at some juncture youll need more fiscal stimulus to keep this thing alive if not technology, where would you invest would you invest in the companies that need the news of a vaccine in order to move higher i think its important to have a little bit of that in your portfolio but there are also other companies we got a great Earnings Report from merck yesterday and they beat the quarter, provided Forward Guidance and said they expect in the fourth quarter, they expect Business Trends for them to be backed where they were precovid they are highly relienant on people going to visit the doctor they had great traction from keytruda and some of their other drugs. The stock is down 10 from the year to date period. There are individual opportunities in different sectors that arent necessarily reliant on a vaccine specifically on merck, their threemonth performance is just a fraction of a percent. Its down 4 at what point, if merck is able to put up a good quarter and good guidance, what will wake this stock up . Thats the dilemma there could be Great Companies with Solid Earnings but these stocks are just sleepy well, i think for investors who are investing in a lot of different industries, they might be looking to take some off the top of their Tech Holdings and the question is where do you put the proceeds in this low Interest Rate environment bonds are not really exciting. You might look to Something Like merck. Were going the leave it there. Thanks so much good to see you. Congress is failing to agree on the next coronavirus stimulus deal before todays deadline that could threaten an august recess all of this even after new Economic Data showed the u. S. Economy buckling under the pandemic ee pandemics weight. Kayla has more on where things stand in washington. Reporter the house of representatives has already effectively cancelled that august recess with Speaker Pelosi telling members they will have 24 hours notice if they need to come back to the floor for votes. This comes as Speaker Pelosi, stephen mnuchin, Chuck Schumer met late into the evening to try to reach what the white house was proposing a stopgap deal to try to keep the Unemployment Benefits and eviction bans from expiring today as they otherwise would. Democrats rejected that overture and today belpelosi says they ae standing their ground. We want to help americas working families and they want to give tax cuts to the biggest richest people we dont have shared values. Thats just the way it is. Its not bickering its standing our ground reporter democrats have suggested they would accept nothing less than the 3 trillion heroes act they passed in may today mark meadows said wa they are asking for now is more what we found from our democrat negotiators is that they are bumping the price higher than the very bill that they passed out of the house several weeks ago. Reporter both sides continue to dig in their heels. President trump was asked exactly what he has proposed and what he has put on the table for democrats. He said they know what i want. Kelly. Speaking of the president , he spoke on the lawn. He mentioned something about tiktok what can you tell us reporter he was asked specifically a question about what the administration was planning to potentially announce with regard to the Ownership Structure of tiktok. He said they are looking at banning it here in the u. S were expected to get video play out of the president well bring that to you when we have it. Thank you very much coming up, theres cash in crash of this company. The ceo of Waste Management joining us july is over and school is just around the corner there is a raging debate over whether inperson classes should restart. Well speak to the head of one of new jerseys largest teachers unions stay with us you say the customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept. 5g, everybody is 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. We just have to make more corners in this building. Chad . Your wireless, your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch to Xfinity Mobile and save up to four hundred dollars a year on your wireless bill. Plus, get two hundred dollars off when you buy an eligible phone. President trump talking on the south lawn a short time ago. He was asked if he would ban tiktok in the united states. Lets listen in to his response. Were looking at tiktok we may be banning it we may be doing some other thing ps a lot of things are happening. Well see what happens we are looking at a lot of alternatives with respect to tiktok obviously the concern is the Security Risk here in terms of how tiktok handles user data and whether or not it goaes back to why that or the communist party. This one stock, the one company that could benefit the most from the ban would be facebook. We havent seen a reaction in those shares this has been talked about that the u. S. Would take action i was looking at snap maybe we can show it real quick. Not a huge reaction. This was rumored they are up a little more than 3 on the session today. The dow jones is reporting the president will sign an order demanding to divest tiktok while the president s response may will unclear but the story reporting is pointing toward this happening tiktok has a u. S. Ceo. Whether they just were to say fine, this company will continue to exist in the u. S. As a stand alone operation pretty much the way it does now or whether it threatens their entire existence in this country. They have millions and millions of u. S. Users. Probably the most single used social media app for people under age 20 you have to wonder that maybe u. S. Based, with a u. S. Ceo could be a more formidable competitor to a facebook or snap those are all questions. Especially with facebook and instagram spending big to try to lure people from tiktok and tiktok doing the same. Well bring you the latest news and watch the share reaction across competitors one mans trash is anothers treasure Waste Management reporting an earnings beat yesterday. Covid is weighing on their refr knew outlook lets bring in jim fish. Hes ceo of Waste Management there was so much extra trash for everybody being at home. What as your company experienced . Big industrial businesses reduce the amount of trash that they create but at home we created more trash and recycling. What is the general break down of your residential versus commercial and other sources in terms of revenue, residential, commercial are similar in size and our industrial business is slightly smaller. Overall, its a couple of billion tlars on base of about 15 got it. Are we talking about overall transfer of peoples activity in the workplace to activity at home and how does that affect margins and the way your business is set up to collect all of this . Margins, were a part of the surprise our margins were up just slight slightly versus prior year that was due to cost control more than anything else. It kind of depends on how this goes over the long term. I believe that people return to the workplace. For now, everybody is still seeming to kind of work from ho home we expect to see this higher volume on the residential line of business persist through next year or halfway through next year kind of on the eco front wharks , what is happening with land fill versus recycling for us, we put some technology into place. We opened a brand new facility that has a lot more technology to it in chicago that facility is doing really well recycling is a very important part of our business we have seen recycle volumes tick up a bit as people have moved the home were a huge steward of the environments and we expect to be a big recycler were the biggest in north america. We expect to say there one more question you mentioned cost control as we saw with other Companies Like group one that had extenses down 30 , what kind of cost control measures did you put into place it was not head count reducti reduction. We did tell our 45,000 people that youre guaranteed a job throughout this pandemic were not going to lay anybody off as a result of covid19. What we have seen is on the operating side we had fewer overtime hours because were not running as many routes on commercial or industrial were controlling things like travel expense on the sgna side. Those are part of the cost controls that we implemented all right thanks so much for being here. We appreciate it thank you coming up, were going to talk to the head of one of the largest teachers unions out there to ask her whether or not its safe to put kids back into the classroom. Well have that and much more. Look at the best performing stocks in the s p 500 this month and tell us whether those names could continue the climb power lunch will be right back its easy to get lost in the economic uncertainty. The volatility. The ambiguity. This moment calls for more. And Northern Trust delivers more. With specialized expertise. Proven strategies rooted in data and analytics. And insights borne from over 130 years of successfully navigating economic turbulence. Giving you new clarity. Inspiring confidence. And helping you uncover new paths forward. Northern trust. Wealth management. Wow. Jim could you ipop the hood for us . . There she is. Turbocharged, right . Yes it is. Jim, could you uh kick the tires . Oh yes. Can you change the color inside the car . Oh sure. How about blue . Thats more cyan but. Jump in the back seat, jim. Act like my kids. How much longer . Exactly how they sound. Its got massaging seats too, right . Oh yeahhhhh. Oh yeahhhhh. Visit the mercedesbenz summer event or shop online at participating dealers. Get 0 apr financing up to 36 months on select new and certified preowned models. An army family who is always at the ready. So when they got a little surprise. Two . They didnt panic. They got a bigger car for their soontobebigger family. After shopping around for insurance, they called usaa who helped find the right coverage for them and even some muchneeded savings. That was the easy part. Usaa insurance is made the way liz and mike need it easy. Welcome back with july drawing to a close, lets look at the top performers this month vastly out performing the s p 500 which is holding onto gain of 4 . Do you stick with any of these winners into ago lets bring in the trading nation team. Nancy, i know youre sticking with qualcomm here tell us whybecause its tradin at a price to etoearnings rato that is up its not kept up in the last multiyear rally we just experienced. They had great quarter they raised guidance theyve generated a significant amount of Free Cash Flow historically and still are about 30 of sales we think the dividend is safe. We think they can grow the dividend its cheaper than many of the others on our work so we added to it last month and were going to continue to hold it all right nancy sticking with qualcomm craig, what name do you like here here we like whirlpool, whr, this is a stock thats reversed the down trend going back to the 17 highs. Still looks like to us you got about 16 to maybe about 24 upside up to the next kind of resistance levels around 188 and 200 on the chart from our perspective, were going to like to play the stocks that are winners well continue to play those of this list, i think whirlpool looks to be most attractive. On top of it, all the consumer cyclical names are showing the best project. Well leave it there. Thanks head to our website or follow us on twitter kelly, last day of july. We did it. What a year a weird one. Thanks very much ahead, the debate over whether to reopen schools rages on the head of one of new jerseys largest teachers unions joins us to say why he thinks that would be unsafe. A provision and a gop stimulus proposal is raising some eyebrows. Well speak to the ceo of petco about growing demand for pet products all of this when power lunch returns. 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. How does the world reopen for business . To return to the