S p 500 essentially flat year to date nasdaq up some 19 59 minutes left in the session, sara coming up on this friday afternoon, weve got a series of great gifts for you. Red finns stock was on fire the stock selling to have day on the companys cautious outlook as the ceo says the bottom codrp out on the economy were going to talk to glenn kelman in a few minutes. And then apple once again, the Biggest Public Company in the world, surpassing saudi ramco. Continuing the historic run. The market cap now sitting above 1. 8 trillion. Its up over 8. 25 well talk about what an investor should do with this stock next lets focus in on the big stories that were watching. Mike santoli looking at the market and the tech stocks surging to day kayla is looking over the next stimulus package first to you, mike. The story from the morning was that Great Results from the big four of tech did not really lift all votes did you have weakness. Sold a strong open the market firmed up in the last hour or so perhaps it is because maybe glimmers of hope over the weekend for some kind of resolution take a look at the s p 500 year to date, what happened today really has not changed anything about the overall structure in terms of being right in this trading range. Its been very, very, very tight for two or three weeks right now. 3200 is the down side. 3280 is the upside nonkmisal, indecisive. A little weighed down by the concerns about the economy that has not really changed. Didnt want to drill into the dominance of tech. It is not just tech writ large that is dominating it is the very, very largest, even within tech it is a winner take most setups. Thats really where the performance is ryt, the equal weighted version of the s p 500 Technology Sector every single tech stock, same amounts. It looks like the s p 500 just barely better than that. So really what were talking about is the very most dominant franchises just keep occurring more market value. And the question i think coming into august as we are right now is do they have enough behind them to really hold the market together thats been the question for a while. Take a look at the profit margin setup. I think one of the other interesting take aways is the numbers were so good for those four tech stocks that essentially the market figured it out already the moves are nice but not decisive this is essentially the net profit margin since 2014 of all the big tech stocks. Look at how resilient they are compared to the s p 500. Forget about amazon. They dont try to keep margins high thats what the market already figured out. Its not a bubble. Its no the about the fed. Its the numbers that theyre producing. Its also crazy that the Growth Stocks and theyre also considered safety plays. A lot of them are looking at the valuations a lot are looking at the valuations of the faang names next to bond valuations h it is tracking for a record low close. Yep. Are these alternative bets to safe haven bonds theyre related to bonds. Theyre Long Duration assets thats what a bond is. Traditional growth, what we call traditional Growth Stocks would have been the Consumer Products companies. Consumer staples companies theyre going to be very stable for very long peereds of ti per time and theyre expensive when Interest Rates are low its no the that different its just a different flavor of that traditional growth stock haven that is work right now mike, thank you very much lots more to discuss on the market front throughout the show but lets get to kayla taushy with the latest on the stimulus negotiations which are weighing on sentment today. Kayla . Stimulus talks are at a stalemate with today Unemployment Benefits and eviction protection set to expire for tens of millions of americans. The house of representatives is on stand by. The senate is adjourned for the weekend. All of this after white house negotiators tried unsuccessfully to try to reach a stopgap deal to keep some of the protections in place and now President Trump is casting blame across the aisle were playing for the good of the people its a disgrace that theyre not negotiating. I happen to think its a bad political game i think it hurts them. Democrats have suggested they want nothing less than a 3 trillion heroes act which extends the benefits through january. They believe shining on to any short term deal with dilute the wren leverage in getting that they say now the white house is on the clock the path that they have taken us down with their delay, denial, distortions have caused death. Respective camps recalibrating the positions. The president is in florida for a series of Campaign Events as the benefits are set to expire as you say, set to expire today. There will be millions of people hit by that. How long will they be hit by that for can we expect a resolution in days, early next week or crossed the linehere there can be a move to move quickly once that deal is reached. But that is the question what is a deal that get reached like like . So many are far apart right now. It doesnt seem like any compromise without mainlior cave on behalf of either side thank you so much for that Broader Markets. As we stand, we got the s p 500 just above the flat line dow just lower improving a little bit the New York Times reporting that microsoft is in talks to buy the company, particularly the u. S. Entity. Mike isaac one of the reporters that broke that what can you tell us this is just the u. S. Entity that were talking about is that right . Theyre owned by the Chinese Media and Technology Conglomerate so the dmp as well as american institutions have been trying to figure out different ways to eventually alleviate the scrutiny one way is eliminate the Big Companies including microsoft are looking at an acquisition outright and so were still looking into how far the talks are along. Is there any indication, mike, that that would work that this would be a way to apiece the Trump Administration . I think yeah i think the big issue for the white house is just, you know, the ties back to china they would have to give some serious sort of i mean, look, there is many employees in beijing who work on tiktok as well beyond the new york and l. A. Office thats have u. S. Employees. The i think they would have to for any deal to work, they would have to make assurances saying we fire walled u. S. User data tllt is no sort of ties to the company anymore. I dont know i dont know if they hammered the details out quite yet or to the point that, you know, theyre really serious on it but i think everyone sort of has an opportunity right now especially for a social network that even facebook is very worried about in terms of how fast its growing and how powerful its become. Fascinating that this story breaking on the week of those big tech hearings which were centered arent topic of antitrusts microsoft wasnt present at them yeah. I mean, it is great timing coming after the focus on congress i do think, i guess the one thing that microsoft has done over the years and it has done and a strong media presence. They missed out on facebook years ago. They dont own twitter they dont have, you know, perfect and other things and can you argue that microsoft buying tiktok would open up competition even better in the u. S. As another u. S. Owned company or another u. S. Backed presence to challenge the dominance of the facebook in the United States. So maybe they have that argument going for them any idea, mike, what it would be worth also, any i know youre not reporting any other companies, American Companies in the mix. But anyone can you think of that might be under consideration here yeah. Im trying yeah so after i get off the phone with you, im going to start dialing for dollars. I think that the folks im thinking of are who what companies dont have as much of i dont think a facebook would make sense just because they know theyre too hot to even touch sort of social media acquisition. What Companies Want to be in that space, the ad space that have a better chance of Something Like that. When it comes to getting Regulatory Approval . So i dont want to name anyone now because i dont want to speculate. Thought he those are the types of folks i would think of. I just want to round off in terms of the geographic split. This is being seen as u. S. Versus rest of the world for tiktok as opposed to china versus rest of the world because clearly the u. S. Authorities are the ones and lawmakers have the bit between the teeth in terms of worrying about possible intrusion from Chinese Tech Companies but that is a themethat is certainly viping adeveloping this is not going to include the european entity and other nonchinese parts of this company. I think the thing that made it clear is really, you know, facebooks dissent in front of congress this week and essentially facebook has been, you know, the thing ive been watching lately is seeing facebook really single out tiktok as this unamerican Success Story and facebook, you know, zuckerberg said on the Earnings Call that they think of it as an american Success Story. That has picked up pressure on tiktok to make a decision or choice or figure out how it is going to alleviate pressure sometime soon. As has been reported, there is talk of investors buying majority stake in tiktok instead of a full acquisition. Its very much in play right now. Mike, well let you get back to your reporting. Youre dialing for dollars as you say. But only if you do get a big scoop you ring straight back and break it here. Ill call you right back. All right well talk to you soon raises questions about microsofts own focus. The market really bought that story. Its worked. And so it would be sort of an interesting forray into consumer and social media it worked and its kept them out of the privacy debate as well sure. The hearings this week were on antitrust but they verged into privacy as well it has worked remarkably and kept them out of the political cross hairs over the last couple years. Coming up, stay tuned for that we are inside a tornado. Thats how redfins ceo described the volatility he is seeing of the quarter with demand down 40 then up 40 . Hell join us next to discuss whats going on in the Housing Market vo since our beginning, our business has been people. And their financial wellbeing. Its evident in good times, with decisions focused on the longterm. And crucial when circumstances become difficult. That continued emphasis on people our advisors, associates, clients and communities gives us purpose, strength and a way forward. Today. And always. They get that no two people are alike and customize your Car Insurance so you only pay for what you need. What do you think . I dont see it. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Welcome back redfin reporting strong q2 earning this is week along with a beat on the top and bottom line h glen kelman reporting year over year changes in demand going from down 41 to up 40 . Calling it a level of volatility he has seen in his 30 years of business joining us now for more is mr. Glen so what is the outlook here. There are Great Expectations around your stock and company. You were a little cautious in the guide. How long do you think this is going to last . The outlook is merky. Q2 income was up in the United States because Unemployment Benefits were so strong. But now we have questions around whether that will will continue. And in the meantime, the economy is split in two where the Housing Market is doing incredibly well even as Gross Domestic Product contracts america is thinking more about the home more people are relocating because of work from home. Were not sure what the outcome will be. But the immediate the immediate effect is very, very strong demand. At all price points, glen or just as youre kind of suggesting and sort of two tier economy that its only people that are relatively well off that are benefiting from these low Mortgage Rates well, its really across the board except for condominiums and urban centers. Those are a hard sell now because of the demographic the people that normally buy the products are unemployed. But also you just dont have as much demand to live in a city center so those are the areas that were most worried about but Single Family homes selling for 300,000 in the middle of the country are snapped up by californian whos are living los angeles and San Francisco for more affordability i think it has been fairly broad. There is softness in the luxury end of the segment but not much. How do you process that we processed it as a social calamity we have to think of the families who could be out on the streets and hopefully society will intervene in one way or another. If you look at the data right now, 8 of mortgages are in forbearance. They let you defer payment for a year in january, the delinquent rate was 3 so clearly the people in the business of evicting folks out of apartments and houses of handling delinquents and foreclosures are anticipating a big 2021 and thats one of the shoes that were really worried could drop next year. Right now inventory is very low. But some inventory could come on to the market because of the hardship that some americans are facing right now almost everyone is locked in place. There are few people that want to sell a house. There are very few people that want to put their home on the market and have strangers walk through and potentially cause infection. Something is going to give quickly on the structural shift. You mentioned San Francisco and l. A. Where are the place thats could be set to suffer the most . Is it the most expensive cities that has been to be having high tax rates . Are we seeing a massive fall in price theres . A small fall in price theres . There is an experience for me. Certainly the cities are under duress because the tax base is headed for the hills so theyre dealing with all sorts of social issues and at the same time people are leaving. So a lot of californians are going to texas i think thats going to cause some softness in home prices there. Everyone is stuck at home thinking about how they cant stand the drapes in this place and they ought to just sell it we are seeing more people buying homes in every city in the country. So even in, say, new york, youre seeing some Housing Demand for condoes, thats where its really soft. Glenn, thank you for joining us. Yeah. It was fun were at the moment, well after session lows the dow is down 300. Its nearly positive its only down 37 points s p 500 is now positive. Nasdaq up 1 its been a big week for vaccine news with developments from merck and johnson and an johnson. Well speak to dr. Scott gob leeb about what that progress means next at the golden opportunity sales event. 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Liberty. Liberty. Liberty. As coronavirus cases start to roll over in hot spots, deaths are still increasing at an larming rate. Lets bring in dr. Scott gottlieb and cnbc contributor to discuss. Everything that weve sort of processed about the virus this week, you know, one buzzy topic was dr. Fauci saying that, you know, were trying to think about precautions that we should be wearing perhaps goggles or face shields which i havent really seen any Public Officials doing are there studies showing this virus is being transmitted through the eyes we can barely get everybody to wear masks im not sure were there how are we going to do goggles is data this is not new. The virus can be spread through the eyes the if youre talking closely to someone and the droplets land on your eyes, its a lower risk way by which this virus gets spread. It is a route of transmission. There are studies where they took the virus and inoculated the eyes of monkeys and they found that they were able to contract the virus we know that if you have if your hands are contaminated, if you touch the contaminated surface and rub your eyes, that is a route of transmission for a lot of viruses so if you want to protect yourself more fully, its prudent to wear some kind of eye coverings. It doesnt need to be goggles or a face shield. Quite frankly, when i flew on an airplane, i wore sunglasses. So i wore a mask and sunglasses recognizing there is a risk if if youre in close contact with someone and a leris pi respiraty droplets land on your eyes if you want to fully protect yourself, i recommend you put on glasses. It doesnt need to be goggles. I thought you were going to say you wore swimming goggles on a plane. That would be quite a look are you encouraged by the tone and po