Looking to open off 37 points. The 10year note stands at a point. We are looking at. 672 melissa lee in the house that was a major move we are back up towards those highs right now. We saw lots of ramifications in the market looking at how quickly it moves higher. Im trying to watch whatever information i have is about 12 seconds old we are all in a house somewhere. Just not together. It is good to see you although i cant see you now. Im looking at the board from 15 seconds ago. We are going to power through this well up an update on why we are all doing this new case numbers have been declining across the country but testing shortages are calling those numbers into request the average number of covid cases down 19 from july 28 but testing has declined over the same time period amc to reopen u. S. Theaters august 20 and hopes to have twothirds of theaters open. Says all staff and customers must wear masks. That is the change from comments in june that mask wearing would be encouraged but not mandatory. More on the return opening of disney world in florida. Actors concerned about a return to work. Opened to the public july 11 with social distancing and other safety measurements in place a sample of frozen chicken wingsfrom brazil has tested positive in china. They said it found the virus on packaging from shrimp shipped from ecuador as well watching shares of lyft. Reporting a 61 drop of revenue in the quarter monthly rides increased 78 in july compared to april year over year saying the company may need to suspend operations in california if a court doesnt overturn a ruling calling drivers employees. Rarely for several months in california if that ruling isnt overturned i dont know, andrew what would you do . Hitchhiking is dangerous the debate between mobility and labor and employees that will come into question at the same time, theyve done an enormous amount into companies that didnt even have it. It is creating jobs how do you create the right balance . Is this the right time . Well see where that heads. But i think that will get worse before it gets better. How that gets subsidized. We should be able to figure out a price per mile that is worth something. What is it we really want . Right you raise rates and maybe cant provide those to areas slightly underserved. Thus far, it has been subsidized in large part and to some degree the employee there is some question whether that employee would have a job oth otherwise . And how much more is the premium over taxi cabs and by the way, they put a lot of taxi Cab Companies out of business right and you have to be okay with pulsed pricing people are like wait a minute, you are gouching me just read an economy book. You layer in selfdrividrivings and tacos on top of it that is tough to navigate. The people at uber and lyft have a challenge it has been a challenging moment for quite some time. In the meantime, another tech startup, they do come out of Silicon Valley palantir planning to go public late september means the company would begin trading publicly without raising capital. We have seen a number of other companies do this. Current investors wouldnt have to wait for a lock up period to expire before selling. Data Analysis Software used by Large Companies and the governments started in large part to help with intelligence after 9 11 mike pompeo says President Trumps executive order against tiktok and wechat could be broader. Saying, quote, well make sure american data does not end up in hands of adversaries like the chinese. He made that speech in prague. Playing down the order saying they didnt believe they had to do with u. S. Companies another wrinkle with how much u. S. Companies would lose due to advertising. More than a dozen u. S. Multinational companies raised concern on tuesday about the executive order saying Companies Included apple, ford, walmart, disney, p g and merck all of whom have employees who use wechat to communicate with clients and suppliers and all of it in china. Wechat is like water in china. Thats how people communicate. Companies getting a little nervous on apple and if that was not available and how you would communicate and whether youd be at a disadvantage. All right we are dealing i wait a lot of times i think you might have more to say i always have more to say i hold my tongue. It is harder it is slippery and impossible melissa, thank you for joining in here. Well see you tomorrow too here . I will be here with bells on my toes tomorrow yes, absolutely. Are there bells there now can you ring them. Yes get them out. I want to hear them. Coming up, not going to do it. Not gonna happen thats what President Trump said last night about a new stimulus relief bill. Well take you live to washington check out the price of gold. Im going do that as well in 13 seconds after a strong runup well be right back. 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. Usputs its customersde the waa wiin charge . Rierd it well, the good news gets shared. And it gets rated 1 for customer satisfaction. But dont just take our word for it. Take theirs. Its your wireless. Your rules. Only with Xfinity Mobile. Call, click or visit a store today. Welcome back stimulus stalemate i hate to say it but we want to get to washington now. Not that i hate to see elon but i hate there is a stalemate. Good morning to you. There was a phone call but still no progress. Treasury second called the House Speaker yesterday and said that democrats indicated that they were unwilling to negotiate until the white house agreed in advance to the 2 trillion price tag. Senate minority leader had a different thought saying democrats have compromised, however, it is clear that the administration does not grasp the level people are facing. They have yet to open talks for the ppp, schools and more. President trump said democrats arent going to do a deal. The democrats are also holding up money for schools, hospitals and Small Businesses, state and local governments. They tried stop americans from getting Unemployment Insurance and production from evictions, which is why i took this dedicative action, di executive orders this are now in full force. The federal money for those extra Unemployment Benefits are projected to run out those two things could be catalysts to get both sides back to the table we are still weeks away. Over to you. What happens next what happens today or tomorrow we wait that phone call was the first time they had the contract right now, it doesnt seem like there is anything left to discuss at this point unless something changes. Betting the executive orders would be enough to come back the corner clearly it is not enough ill send it over to joe you can talk about the other joe. Yes joe biden. Hesgoing to be joe, he told us remember vp pick, Kamala Harris join us now with how to help prior to joining cornerstone chief economist from house ways and Means Committee. Good to see you. There is what people say given what point of time we are in and there is what people do when they have a chance to volt senator harris weve seen her chances to vote attorney general from san francisco. We are hearing shes a california politician. Some call her a pragmatic politician do we know who she is . Certainly to the left of biden but nowhere near as far to the left as sanders. Moving biden to the issues hes been relatively silent on. Joe biden himself has a long record where he is right now given recent comments is not where he was 5, 10, 15, 20 years. If you are saying left of the new joe biden, that might be fairly left . Her climate plan costs 10 trillion bidens entire cost is 7. 5 trillion. She will have undue influence on the campaign it does matter a lot with respect to the policy what do we think the Health Care Solution that joe biden and Kamala Harris, what would that look like. What would that look like given the constraints to keep the economy rolling . One of the issues is how he would do triage. We saw at the beginning of a trump administration, given how sweeping the Biden Administration will be health care, thats a huge, longterm fight. I think that will crowd out the rest of the agenda biden has spoken to four different crises he wants to solve. Economic, Public Health, environmental. That could crowd out what is ultimately the plan to do. It is noteworthy the Kamala Harris proposal was basically the list tax those tax increases, tax cuts and the labor agenda with the expansion of utilization and increase of minimum wage i think that will crowd out health care and pushing Climate Change and really dashed the hopes of the investors that would find a place in the portfolio. Harris was a sigh of relief because she was moderate compared to other candidates now the question is that would have a good spot on the treasury market i think warren is a good candidate for that and just broader impact on the policy another would be what would happen on the doj. Biden has been silent. Hes only concerned with section 230. There is a much broader spectrum on antitrust i dont know who would be picked in the doj and on trade, those issues matter too trump has been on those issues. Theyve been more focused on human rights and carbon and countries that dont live up to their agreements that is another they need to consider as well okay. You are an expert right now. Is the senate likely to flip and is the white house likely to flip where we are right now last time around, we dont know we dont know what is happening until it happens could we be in the same position where those polls are not correct . Do you think it will be a biden presidency with a Democratic Senate i think thats the most likeliout come biden has a substantial lead now and we dont expect that to narrow a bit when you look at bidens lead nationally and compare it to swing states that margin is consistent with the overall margin we have looking at polls in different swing states and to what degree they are off and to what degree that bias is corrected more right now, where we are seeing that there is a chance if biden takes the presidency, hell take the senate there is a chance if biden wins, hell take the senate. There is a chance biden will hold on even if they lose the white house. It seems like a lot of those are baring fruit and they can pivot. Something based on the control at least for the economy and other things we are going well im not asking you to comment on that. Youve got to admit. Here we go back to the future. Thank you thank you for having me you are welcome coming up, the pressure is on for facebook as we approach the 2020 election. Well show you what the company is doing to combat misinformation next. Well tell you why cisco is the biggest market decliner down more than 6 this morning. Well be right back. Tmobile and sprint have merged. Now tmobile has thousands more locations across the country. More towers and more coverage than ever before. Tmobile is americas largest 5g network. With more 5g coverage than verizon and at t combined. Experience it now with our best deal ever. Unlimited for 25 dollars a line for four lines with 5g access included. Its time to join tmobile. [ engines revving ] its amazing to see them in the wild like th shhh. For those who were born to ride, theres progressive. Some Companies Still have hr stuck between employeesentering data. A. Changing data. More and more sensitive, personal data. And it doesnt just drag hr down. It drags the entire business down with inefficiency, errors and waste. Its ridiculous. So ridiculous. With paycom, employees enter and manage their own data in a single, easy to use software. Visit paycom. Com, and schedule your demo today. Welcome back and time for our executive edge facebook plans to roll out its Voting Information Center later this week. Hear what Cheryl Sandberg said yesterday. One of the issues we are focused on is voting later this week, well launch our voting center. We want to make sure people get Accurate Information with the concerns about polls closing and how do i do this now, that is even more important. Well launch that later this week for more on what sandberg told us about big tech and Small Business, go to cnbc. Com to watch the interview. Joe. San franciscos results forecast with a weaker than expected outlook also announcing the cfo cramer is retiring shares of vroom are tumbling as the online seller of used cars first set of results since the ipo in june. Joining us in the first hour first things first calling it a used car is just not. We know what they are called now. Preowned. Are they not on the right page at this point . That could amount to the amount as well. You have a future of branding, joe. Yes the chief marketing officer you ever look around . I think about everything i say now, i hope you would too. I recommend that especially with a threehour unscripted format. Thats a lot of thinking. My head hurts joe knows i think too much about it so absolutely talking about what well be talking about. Weve got a lot to talk about on the other side of this break the pandemic relief has stalled and what that could mean for Consumer Spending and the u. S. Economy. As we head to this break, you want to look at the s p 500, winners and losers as we flirted with an historic high. 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 lets look at u. S. Equity futures at this hour a slight pull back is in the card s p looking to lose about seven at the home and nasdaq to be down by about 31 Consumer Spending supported by the biggest government stimulus. Hundreds still unemployed and talks at a standstill, the outlook remains uncertain. Steve is with us now substantial questions remain about the recent outbreak. The uncertainty around those government relief checks expecting another 1. 1 million new claims to be reported. Jobless claims at 8 30 this morning. One of three fed officials to voice concern about the outlook of more fiscal aid saying the forecast for the u. S. Economy this fall is quite uncertain. What we have seen in high frequent si data so far, that has remained flat jpmorgan looking at its own credit card spending looking at unemployment by state saying it is not visible but may be too early. Showing gains in Online Purchases but declines in those using credit cards in store. To support that optimism, for the millions of unemployed americans, that cheek needs to be in the mail soon. Either unemployment or a paycheck steve, we can only hope there is a check in the mail soon. Well talk more about this stick where you are for a second you should be part of this conversation for more on stimulus and jobs, New York Times tax and economic orders and the author of the new book the riches of this land. I want to talk about the book and what steve was talking about. What happens if these checks never go out or go out in the next month or two. Earlier what weve had, there is a lot of spending being supported by the government aid. There had been hopes that they would continue and there might be another round of stimulus checks something democrats and others may have wanted. That does not appear to be hope for a deal anytime soon and hope we should reflect as people run through any savings theyve run up through those checks earlier. Are you a believer that this could turn into a housing crisis that is when it could hit the banks and it could devolve right now, there is an issue people are worried about with renters. I think it would take more to spiral to a housing crisis this recovery is fragile we do not have control over the virus. The longer it dos on with the fiscalsupport. I dont think you should discount the possibility that this could get worse telling us what you think tax policy will look like under two candidates in 2021 how do you think it would manifest itself. We dont know what the a gepda would be he hasnt spelled that out i think they would push for another package. On the high earner to push and be a part of that program all of this, we are in the back drop of the ee session with that tax increase with the win and the economy sort of waiting for the next administration whoever that is let me ask you a lesson, it may be from the book the question is a, should weigh raise taxes or should we pay less you incorporate some of this in the book the book is how america built the great middle class in the 50s and 60s and we know we could do it again. We know the great thing for the middle class that formula is tight labor markets with strong Economic Growth one of the last lessons was congress cut off the stimulus well before the tight labor market we were starting to get close to full employment before this crisis hit one of the things economic history tells us is whether the fed or congress is that we could do basically everything we said to get back as fast as possible. Do you believe . And you talk about this period that 50s, 60s and 70s, that part of the reason the United States had the success it had was frankly that the rest of the world was without business we were eamon oply power and created an environment for the labor and things that were beneficial for the company but may not be replicatable today . I argue there was a very rep lickable there was an unleashing of women, black men, immigrants people that had been held back when they through the force of protests and results of wars and it turned out that they were very good at them. We are not going to have another post war monopoly but we do have an incredible amount of human talent in our country that if we could r