Seasons bubble as the league finds success making the season happen and insider buying two names that have c suite executives going on buying sprees they have been on the money so far. This is Worldwide Exchange here on cnbc welcome. Good morning, good afternoon, good evening from wherever in the world you are watching to end your week on a friday morning. Now how the markets are setting up your day. Futures are well in the red. Down 192 points the dow did fall yesterday 80 points, the as well. That was after the record high earlier in the day if the s p 500 closes at a record, it would be the fastest recovery from a 30 drop in its history. We are not there yet but we are getting close. All three major indices are positive for the week at this point with the dow leading charge at 1. 5 futures are down but it could look like another positive week. The longest from back in 1992. There is a lot to get to today lets talk about global trade. Karen tso is in the london news room with more we are putting a little distance between us and your trade. Markets disappointing. We have had a fourday win streak and we are trying to capture some of those losses we are getting to higher ranges only to park ourselves back where we were. That means weve given back a lot of the gains for this week the catalyst is around what we had with the uk gdp numbers. We are seeing improvement for the dax. That is 1. 4 same thing weve been talking about. Same thing for the stimulus and covid19 situation that has impacted siek kolg it has had a huge impact for the snap change. If you are coming to the uk from france or netherlands, you will have a 14day quarantine not even stepping out the front door big red around the Airline Space down roughly 60 we are roughly at 60 to 70 about some of these names. A lot of red on your screen there. Youve got to do something about that hoping monday will be better have a good weekend. Thank you. The latest for a push on a deal looking like it will drag on much longer after the senate leaving washington for vacation. Contessa brewer here and other top headlines on a friday. Good morning nice to see you this morning. This impasse over the next round of aid looks like it may drag on for weeks as leaders say we are not really close on a plan adjourning that chamber for august vacation. Lawmakers there wont return until negotiators strike an agreement. Millions of americans are left wondering about their finances and what is going to happen. In tech news, the micker of fortnite is suing apple and google for removing the game because they rolled out a new way of making in game purchases that bypasses the 30 cut the platforms take from apps that was part of the focus of last months hearings on big tech the attorney general said doj has gone full tilt his words rosen would not comment on whether to bring a suit against google and would launch investigation into practices. Thank you very much now the markets and your money yesterday was the 100th trading day since the s p 500 hit its own panic. It has bounced back 50 since then, which would be the biggest and fastest 100day rise since all the way back in 1933 welcome ryan payne president of Payne Capital management what do you make of this bounce back is it all fed and stimulus driven or is there anything fundamental at work here lets face it, look at big tech theyve benefitted from the fact that we cant go out im sure there have been way more amazon orders now you are seeing five stocks drive the index seeing those up until a point. Apple is added 700 billion theyve not changed anything in their business that would justify adding another 700 billion to their market cap. We have talked about the idea of Market Structure for a long time do you think there will be a day that does matter im not bold enough to tell you when that day is if you look at the measure, now trading close to 50 times forward earnings thats extremely expensive and reminisce ant reminiscent of what we saw in 99 and 2,000. That is more like 11 times the earnings when you start to slice and dice the market, it is really the tale of two markets. Youve got the tech and not really profits growing you have the rest of the market which is relatively cheap here and the rest of the market is depending on the opening that is Getting Better and better yesterday we had unemployment numbers. We look at jobless and unemployment claims. We look at pmis and the expansion and looking at tsa numbers. The economy is not Getting Better that is extremely bullish. You have to be careful you are not putting all of your money on tech you look at d minus to a d plus they are still down 70 . A lot of americans if dc can make a deal, a lot of americans will get another stimulus check. How do you balance that out the stock market hasnt seemed to really care. They made that mistake back in 2009. I was back on the show in april when you had your living room as your background. The news is terrible but the market is always forward looking weve seen an earning. It is not by a small margin but it is by 20 clearly companies are anticipating way better and why the market continues to drive higher here. I remember in april, we were basically using polaroids to do the show thank you. Have a great week, buddy take care when we come back, the stocks you need to watch today including another chinabased Company Getting an sec investigation. The new hurdles homeowners may face to refinance even at record low rates. Morning rbi signals Oil Productions and jobs in the Lone Star State a very busy hour still ahead as Worldwide Exchange rolls on with dow futures down 208. We are back after this 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, everybodys 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. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you preorder the new Samsung Galaxy note20 ultra 5g. Welcome back some people call the netflix of china under pressure a u. S. Probe and online retailer getting a bump those are your top stocks to watch. Contessa is back with those. Shares of iqiyi falling after it was announced an investigation on the company a probe that accused the company of fraud and inflating its numbers. Iqiyi says the company sharing records. Baidu under pressure we are watching shares of Applied Materials topping forecasts. The company also providing Fourth Quarter outlooks. And farfetch shares smaller than expected loss for the second quarter. That good bad news revenue of nearly 365 million was well above the forecast. Brian. Contessa, thank you well see you in a few minutes coming up, well talk more about these markets. Dow futures down 193 and our insider buying segment we have two names with big insider buying where the ceos or Board Members have done multiple buys this year even as the stock prices go up thats weird and rare. What are the names well let you know but only if you stick around you are watching Worldwide Exchange on cnbc. I keep working my way back to you, babe with a happiness that died i let it get away servicenow. The smarter way to workflow. Good morning a check on other top headlines well go to Frances Rivera in new york good morning happy friday to you not a good one in california they are facing even more fire danger evacuations and road closures are ordered for what is being called the ranch fire. It quickly spread and came close to homes in a mount cove community. The nearby fire lake has destroyed homes. It has been burning north of los angeles. Only 5 contained. Extreme heat is making fires more aggressive and dangerous. Biden Harris Campaign has raised 48 million. That is 1 million an hour the pentagon is unveiling a task force to invest gate ufo sightings by navy pilots that show interpretations with, quote, unidentified aerial phenomenon as if a Global Pandemic isnt enough now we have aliens to worry about. Maybe that will bring us together if we get invaded by aliens then theyll be like, wow, we are all on the same rock lets come together. Or maybe they are like super friendly and theyll bring us food. Maybe they brought the virus. There is that too. Okay. Now you are in my head all day Frances Rivera, thank you. Have a great weekend appreciate that. Still ahead, all is quiet on capitol hill the senate leaving town without a stimulus deal. How long will americans have to wait for congress to act will they act . More on that the dow futures down about 200 we are back after this look here, its your very own allinone Entertainment 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. Stocks fight to finish the week with a win as the s p 500 tries to set a new record high dow futures down 156 the maker of fortnite taking on two p tech titans over how they do business. Thinking about refinancing your home, it may not be that easy. Well tell you about the difficulties refinancers are trying to do this is Worldwide Exchange here on cnbc thanks for rounding out the week on cnbc we are about half way through this 9 00 a. M. Hour. It is about 5 25 on the east coast. Dow futures are down the fair value is flight to maybe hire doesnt look like a new record high close for the s p 500 but we have a long way to go these futures are barely traded out. Briefly above the record closing high for the day and could not get it done. Well watch that number there. Where we stand right now two big stocks to watch. Names you probably have heard of they are in a fortnite fight epic games the maker is suing apple and google they are accused of anticompetitive behavior. They are been pulled because they have a different way to make purchases a money fight. They wasted no time releasing this film called 1980 fortnite a par di of the 1984 commercial that introduced the mac computer and making fun of apple as some kind of big monopoly boom our insider buying segment where every friday, we show you the Companies Whose executives are dipping into their own cash and buying stock getting right down to it we go from five to one stock number five, expedia number four, quidel. He and a director both bought back in june so a double dip of insider buying third, bio haven a board member that sold in april has come back to buy he sold in april and is now buy gs but at a higher price ceo of financial his third purchase in less than a year and biggest and the company with the most is upwork a board member and venture capitalist also his third buy of the year at a much higher price. Those two, virtue an upwork making the third buy of the year and at higher prices interesting stuff. We do this only here on wex and every friday names we have our eye on now to washington where it is much quieter not just because it is about 5 30 in the morning but because the senate adjourning for the august recess with no stimulus deal in place elon now on where we stand do we stand anywhere given that recess is now in order we start adjourned. Majority leader sent lawmakers home for august recess and said they are not going to reconvene until after labor day. A sign there is not much hope. Coronavirus is not finished with our country, so congress cannot be finished helping our people republicans have been waiting and trying to pass bipartisan relief literally for weeks i hope our democratic colleagues would let the senate act sometime soon. The latest flash point is money for the u. S. Poetal service. Democrats are calling for 25 billion. The president will not pass that and also tied the debate over reopening schools to the election some people say democrats dont want schools open because thats where you have a lot of polling booths if you have a school closed, you dont have a lot of polling open well be able to show that as fact so clearly, the politics of the next relief package have gotten even more con vvoluted. Yesterday, we get into a discussion about reopening schools. You read all of this stuff about most parents oppose opening schools or at least half i posted by own little poll and said, should schools reopen. 67 of people said yes it is only 1,000 votes but what i found out is, you hear all of this news about most parents oppose reopening maybe my followers are russian bots, who knows. But it is overwhelmingly lets reopen i thought it was interesting that it is so different from what you read in the media that poll did show even though more parents say it is not time yet parents are also more likely than nonto say, hey, im willing to make that tradeoff. That could be because parents are the ones making that stark choice of having kids at home or losing their minds another thing is with appropriate safety protocols part thats the whole fight i think we are all willing to send our kids back if it is safe the debate is should we way masks . Is six feet apart, three feet apart . How many kids can we fit in a classroom. If we all agreed on what is safe, wed send our kids back to school agreed. So much what you read is parents that dont want to send kids back to school i was in a walmart yesterday, everybody is masked up im thinking this person is working the check out. Everyone is in masks and with plexiglass, does that change the debate one more stat i will share because we mentioned it yesterday around the equity issue and how many kids can get on line. There are 17 Million Students that dont have access to highspeed internet at home. That will make it hard it will be a lost year for a lot of kids. Rich parents will have tutors and social bubbles their kids will do this with a mac book and zoom here poor kids, they dont have anything theyve got five kids in a room, no internet, mom goes to work. Youve got me worked up. Have a great weekend you too sorry, folks lets talk more about these markets and the stimulus and the u. S. Stock market. Founder of lead Market Strategist i got a loer little worked up. You know what else is worked up is the american stock market it doesnt appear whatever the headline aliens invade and threaten to beam, the stock market will go up is this just fed stimulus at bjork and there is nothing anybody can do about it . Good news, not all of your followers on twitter are russian bots im one of them. It has been the same story we saw last year. It was one year ago in august that the fed Balance Sheet bottomed it was to 3. 7 trillion. Now it is at 7 trillion the amount of money the fed has put into markets equates to nearly 10,000 per u. S. Citizen. An unbelievable amount of money. Wealth inequality was made greater again. Those were more expensive in february back to the same levels. We have the full multiples market cap we have never, ever seen before. It is not forward looking and does so perfectly. Hardly any correction. We had a little wobble in june from my perspective, markets are extremely out of price you can hate this market. Every point people make. Valuations narrowness etf impact you can hate this market we have talked to so many who are at record cash levels. Listen, the trend appears to be your friend here is there any reason to avoid equities the same thing could have been said in february and 2018. You look at the tops and yesterday, the nasdaq was near alltime highs again. Extremely weak underneath. You put that in context with the asset manager perspective. There is complete faith in the fed and liquidity. That is kind of the setting you get. Ever since the peak in march and it is narrowing as well. The risk is that gap that was open in february could still fill that is an upside risk it looks expressed and it could break out at any time. It could indicate another spike. Then the question is, is that a viable dip if that happens or are we looking at where that comes from well see. If we drop below 3,200, things will change. Thank you you have a great weekend well see you. Take care. Same here take care. Coming up, the nba set to wrap up its regular season today. The big business of hoops and what other sports leagues might learn from the basketball experiment ithn e bubble dow futures are down 151 we are back after this welcome back the perfect storm, if you will, in the Mortgage Market maybe not a good way suddenly getting harder to do what everybody wants to do, which is refinance what is going on brian, the number of changes making it not only harder but more expensive to refinance. Plain and simple, Mortgage Rates are rising i know the headlines are record low after record low take a look at the last week weve gone under 3 to solidly over it and continuing to rise rates moved even higher yesterday after fannie mae and freddie mack hiked fees up 50 basis points that elements to 1,5700 on a price of 300,000. Credit scores. The median fico jumped to 784 shares going to borrowers under 660 dropped below. All of this makes it harder for borrowers to refinance homeowners have a record amount of equity in their homes that is also money going into the economy as we see a record boom in home remodelling you had that rapid fire yesterday. We talk about refinancing and cashing out. Everybody is doing work on their home where is the rest of the money going . Are people buying yachts no. Nobody is buying yachts. People are being very conservative they are using cashout money to do improvements, to make the living space larger or more amenable to schooling or working at home. They are also paying bills and using that for college or other things and if they may have the imcom income low amounts and people are still very conservative. Diana, congratulations on your crushing victory and rapid fire well see you soon now to pro sports.