It is the 32nd time this year the nasdaq has set a record close again. This morning, we are looking at a negative picture this morning, you are looking at red ar owes. S p indicated down by about 16 points everybody is waiting to see. At least right now, 10year looks like it is narrowing to 2. 5 jobs friday today. Forecasters will expect payroll to climb 1. 48 million after june gains shattered expectations a huge number this time around unemployment is expected to drop 10. 6 from 11. 1 from june well take you through 8 30 a. M. When those numbers actually hit. News breaking this morning for those of us in new york city who woke up and thought what just happened. Con edison investigating widespread outages. As an upper westsider, no power there. You lost power . A true black out. We are in 2020, what could go wrong . I looked around and thought, it is so dark what is going on is the nasdaq going to have power. What am i going to do . Here we are middown. You left connecticut to come to the city where you have no power. Relative to so many of our friends up and down the east coast who continue to bewithou power. With the timing and put it all together it looks messed up we are glad you made it we have a developing story. Executive oshds banning transactions with tencent and bytedance. Tencent owns wechat and bytedance owns tiktok. Saying the app accesses info from users that could be used by the Chinese Communist party. The tiktok ban is similar. Effectively banning the app in the United States taking effect in 45 days wilber ross will identify items subject to prohibition microsoft is in talks to acquire the tiktok business in the u. S. Within the next three weeks. The big news here is that the crack down against tencent and wechat does not impact the video game Platform League of legends. A bunch of 11yearolds playing video games so rest. Does this mean americans arent allowed to down lood tiktok this doesnt appear to be what it is but it does cast over the huge negative impact getting to tricky issues saw facebook through the product come out with reels which is a copy cat of it you you are seeing a lot of tiktok videos being republic li republic li republ republished. Wechat doesnt have an audience outside of china or in the u. S so it is unclear how that would happen as a result of that what does this mean in terms of how you put a valuation on any of it . You are trying to figure out how valuable that would be 45 days from now looking at the numbers and how many people maybe you hold on to those customers. It is going to be fascinating to watch. Some of what they had been reporting about how microsoft would be the only one to pick up and get all of the coding and get it over here in 45 days or a year from now if that transaction goes through if you take a company like google out of the picture, microsoft is about the last one standing. It is undeniable we have this ramp up of tensions with china i wonder if the market cares about anything we have the tech stocks and these added tensions between United States and china, whether this action or people within this administration futures are not down you have to figure it is going to come at some time go ahead. We are like on a bad zoom call today. Go for it. Go ahead. I was going to say, i think there is a bet going on in the market between investors and Retail Investors about whether you think there is a vaccine coming o always feel complete complete completely rational. There is logic too. Tiktok does come after the issue that the u. S. Does not comply with u. S. Accounting rules that would prevent them from listing. Forcing u. S. Listed Chinese Companies to delist unless regulators can get access to internal audits. To your point, that ratchets up the tensions that have been continuing to flair up. The president certainly knows you have an audience increasing tensions between the two countries. Youll have some trade meetings coming up. You have this trade deal that was so much talked about and the virusout break in the pandemic the tensions have been rising since that these actions it in to increase and increase if you are an investor in the stock market, do youcare you may very well have a move away from technology and growth areas. Even cramer has been saying with his socalled go index that they will rif, the minute you get news of a vaccine. The question is, when do you get into those, before or after that happens. Always a timing game meantime, i want to talk about some stocks to watch today with unthat h one that has been hurt badly uber shares under pressure lost a dollar. Revenue of 2. 4 billion. The company hurt by limits on travel gross bookings down 73 . Demand for uber food delivery soaring. This graphic showing the shift from last year mobility ride sharing and here is more from the call. It has become clear we have hugely valuable and critical advantage. When travel restrictions lift, and when those continue, our Delivery Business will compensate as a scaled global player, well see recovery wherever, whenever it are happens even if some cities lag behind others food not making up a piece of that right now dara will join us a little later today. Uber eats is still not profitable, right . Right how do you make it work later . People are afraid to ride in cars with other people weve heard it has changed the mentality. That could change quickly on all of these things. This is a play oo make it last how long can you continue to burn they dont have enough cars to sell to people these people who are setting cars, theyll sell anybody a car that they can get their hands on because people are moving out of the cities and into the suburbs have incredible numbers. People are afraid to get in an uber mask or no mask. Not calling out uber but in a car with another person as you put it when we come back, we have the latest on the stalled talks on the stimulus and how President Trump may try to cut lawmakers out of the equation completely look at gold prices hitting another record high. On track for the ninth positive week in a row. This morning, trading at 2,068 an ounce well be right back. Some see a Grilled Cheese sandwich and ask, why . I see a new kitchen with a grill and ask, why not . I really need to start adding less to cart and more to savings. Sitting on this couch so long made me want to make some changes. Starting with this couch. Yeah, i need a house with a different view. And this is the bank that will help you do it all. Because at u. S. Bank, our people are dedicated to turning your new inspiration into your next pursuit. To turning your new inspiration lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Welcome back an update now on expired relief benefits President Trump expects to sign an executive order extending payroll benefits and impose a taxpayer holiday the president also said he expects to sign orders on eviction protection and student loan repayments. Chief of staff mark meadows says both sides are considerable amount apart consider is an understatement when you have reports of 3. 5 trillion from democrats and 1 trillion from republicans neither side willing to budge all that much. Hard to strike a deal. The question of is he allowed to order and do these things. Others would come following hard to imagine. Congress has the power of the purse. This is something well talk more about later today Airline Stocks have been rallying this week as Political Support has been building in washington for another bailout if you check it out, those stocks are looking to give back some of those gains. Down 1 to 2 for most of those stocks the u. S. State department lifted its advisory that had warned u. S. Citizens against travel abroad the previous system of country warnings joining us now, from the International Association of Flight Attendant union we are looking at travel down roughly 75 . What is the situation right now . How has it been going . I know youve been involved with trying to calm members of congress thats right. We need to have this jobs program continue i would challenge that this is an idea of an airline bailout. We are talking the support program that has kept Airline Workers in our jobs connected to our employment and Health Insurance benefits as the cases of coronavirus have risen again, demand is falling off. There was some report about the Airline Industry recovering. The fact is demand is not back and is not going to be back until we have this virus c contained. We need this to keep people in their jobs and keep this industry together. I understand what a huge concern this is. The question arises, why this industry over, say, the Restaurant Industry where theyve been told they cant even open. It is not a question of whether people show up, they cant even open just because we have a Successful Program we were able to get to keep people in their jobs and cut down on unemployment and so people could take care of themselves. This should be applied to other Industries Like restaurants and retail we need to keep the programs that are in place. It is working and thats why there is so much support for continuing this. We all want to keep people employed and planes flying what i dont understand is why the taxpayer should be subsidizing the share holder in any way whatsoever it baffles my mind specifically a share holder of an airline as opposed to a share holder of a private restaurant or company or what have you. This is not propping up the Share Holders. In fact our program bans stock buy backs and dividends. This is a payroll pass through that keeps people connected to their jobs you have to keep people in their jobs to keep them connected to their health care. It is 100 return to the taxpayers. You have people continuing to pay into the system and contribute to the economy. We keep service to all of our communities. This is a piece that is really important in terms of fighting the virus right now. You you will kaed ita pass through. If money were not to come, airlines would be forced to file bankruptcy or private capital. When you said it is a pass through, i dont understand. Some of it will go to the employees. Ultimately the whole thing doesnt work the Share Holders get injured. Correct . No. This is what we are doing. This money is allocated to payroll and benefits this is a jobs program and why it is a direct return to the taxpayers. Keeps the airlines in tact weve been through that before public has been through that share olders thats why we want to avoid that from happening here. This keeps in place all of the Share Holders. There is a beneficiary of this the idea that Share Holders is not a beneficiary of this is crazy. Is that a bad thing the point is it is an unfair thing if we are deciding we are effectively going to advantage certain Share Holders over others. That would be a bad thing. Do i want Share Holders to lose their money, no. A lot of people are happy to help people with Unemployment Insurance so people can get by the fact that im going to subsidies basically a hedge fund manager. Thats not something most people will think is fair if you live in the world of Hedge Fund Managers that one thing, i live in the world of real people counting on this to stay in their jobs and connected to their health care we need to keep this vital industry in place. With everyone in place who are kr credentialed employees if Hedge Fund Managers are betting on this, thats one thing. Well have mass layoffs october 1. Weeks before the election if this is not continued. It has been successful keeping their jobs in place. Paychecks going and health care continued in the pandemic. They are essential workers it is not for the airlines it is for the workers who deserve to have that protection. We have talked about the fact that we should be giving essential workers more pay at this time. We have not done that. We need to shore up from the ground up. We have to have the ability for people to buy tickets on the other side of this im hearing from fiscal conservatives across congress right now, now is the time to spend. The longer we go on without spending and without shoring people up and keeping people in their jobs and doing everything we can do and using the safety nets where that doesnt exist then we are going to have extended hurt this is more Cost Effective because it is less before i let you go, id like to ask you what is happening in the skies right now. I want to ask what are tensions like right now ive heard stories of Flight Attendants having to be a bouncer essentially. Let me be clear, most people are planning on a safe, uneventful flight. They want to follow the rules, wear a mask and keep safe. We have seen an increase of people challenging this. It is a problem because people are led to believe this is a political issue rather than a Public Health issue. This is all wrapped up into an issue Flight Attendants have to face and deal with on the front lines. It is increasingly difficult i appreciate you recognizing that i want to spread the word that everyone come to the door of the plane that we are all in this together thats the only way it works i appreciate your time. More coming up this morning, a break down of the Bernie Sanders new billionaire tax. Well tell you how much jeff bezos and elon musk would have to pay and a wild day for the governor of ohio. The latest on the covid testing saga youve got to hear this to believe it take a look at the biggest p emarket decliners of the s 500. Well be back after this or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Pampers the 1 pediatrician recommended brand, helps keep baby skin dry healthy so every touch is as comforting as the first pampers. The 1 pediatrician recommended brand [ engines revving ] its amazing to see them in the wild like th shhh. For those who were born to ride, theres progressive. Welcome back we told you yesterday about a proposal by Bernie Sanders to tax the wealth the senator released that yesterday. It would impose a one time 60 tax on billionaire gains between march 182020 and january 1 of 2021 used to pay out of pocket Health Care Insurance for all americans for a year right now, here is what some would pay. Jeff bezos on the line for nearly 43 billion elon musk 27. 5 billion. Mark zuckerberg about 23 billion and the walmart family nearly 13 billion probably a nonstarter but an exercise that has people running through where billions could be made jeff bezos would have to sell his shares to pay the tax bill which means there would be an overhang on the stock and the value of their stock would go down because he has to sell his shares how much control in the company. People like to keep their company to continue to do it othe others will do it through the voting share set up. That is true. Very true. Didnt bezos sell shares . He does it regularly to fund the other endeavor i dont think i saw this story. If this happened to me, i dont know what i would do Ohio Governor had a roller co t coaster of a day he took a covid test as standard protocol at the time, he tested positive. He cancels the appearance with the president of course and returns to columbus where he then takes another test and it comes back negative. The first test was a rapid antigen test the second a pcr test. The governor and his wife will be tested again on saturday. What a ride. It raises bigger questions. If you are getting false positives, what does that tell you. Meaning somebody with covid could come up. This has been the issue with other fast tests i dont know if we can ever get it that level it is the whole testing thing. Not just tests, unreliable results. Thats exactly where we are. Coming up, it is jobs friday well we watching closely. 8 30 a. M. After last months report shattered expectations. As we head to break. Look at yesterdays s p 500 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. Good morning ahead of the big jobs number where the market goes at 8 30, nobody knows the nasdaq off 51 points the s p 500 off about 15 points. Some news breaking con edison investigating the problem that caused widespread Power Outages in new york city it now says the supply has been restored to those networks my personal blackout is over you woke up to darkness this morning . Not true i woke up to darkness i woke up and then it went dark. Trust me, i was up. I can show you my ring data. Im teasing we are always having our debates. Becky gets less sleep than i do and she thinks i get too much sleep. Imjealous. Good morning on this friday good morning anita, begin with you. Expecting 1. 5 million. What do you think is going to happen i see quite a bit of down side into these numbers. Im expecting no growth essentially. Service is looking shaky pointing to a sharp slow down, if not, a contractions i think state and local government is where you will see renewed weakness a