With you. Really . The judge how are you . Are you said what have you got . Do you have like chambers there or like, what are you equipped to do if push comes to shove today. You have what do you have at home what have you got. And report on what we report on. Am i the only one. I filled in i filled in recently for a full week and they didnt play the theme music a single time. Hopefully they can make up for it today we didnt hear about it we started having fun. We nip that in the bud pretty quickly. Oh, this is you. Im sorry this is you. So you got that going. Im glad i got up this morning. Lets take a look at equity futures. We try to get a new record on the s p 500. Well see what we can get over the top there. Treasury yields on the rise as of late. 25 last week alone. Theres the ten year not doing too much not all that long ago. We have seen rates starting there and stocks have been on the move well see that new record on the s p this morning. The amount of money were sprinting, i dont think its a bad thing if we get yields up a little bit and maybe protect the green back a little anyway, on this weeks squawk planner well get a couple of key data points. Its a busy week of retail earnings when you hear from walmart, home depot, lowes and tjx among others a closer look now at the global markets. Good morning to you its good to see you on squawk box. Lets focus on the asian data for a moment we have japanese gdp numbers for the Second Quarter down 7. 8 that annualized down more than 27 . So the nikkei is weaker through the session. The fastest rate in record there but the stand out positive was the Chinese Markets here we got a rally the chinese Central Banks injectingly quiddity by rolling over loans to the tune of about 100 billion to Financial Institutions we had some weak numbers trimming its outlook on a 43 drop in half year profit but it didnt take the gloss of the stimulus helping the Chinese Markets higher what about europe. Or the European Market they didnt get some support and the argument being that well see increased demand for metals and other commodities as they come out of covid. Meanwhile we in europe have rising infection clusters at the moment and that is hurting sentiment. They saw 3,000 cases spain were seeing about 5,500 cases on friday. And its expected to grow again over coming days here which means germany has issued a fresh travel warning and that is on the travel stocks its not only travel stocks but its Hotel Companies and package holiday companies. The main victims of this sell off and dog whistle training i guess when we see the covid numbers drop people back into them right now. We see rising cases in europe and people deciding that is a good excuse to share some of the gains we may have seen in the travel and leisure sector. Back to you guys meantime, House Speaker nancy pelosi is calling the house back into sessions over tensions at the u. S. Postal service. Yesterday the Postal Service said it would postpone the removal of blue mailboxes until mid november because of customer concerns this is something playing out right before our eyes. Heres that statement. The Postal Service is election central. Is that okay with anybody okay all right. Well see. I hope newman has not got a bunch of ballots in his closet not everyone knows what im talking about. Remember newman on seinfeld opened his closet. He hadnt delivered mail for a month and a half. Is that what youre worried about . Newman. Yeah, im worried about wayne knight having a bunch of ballots. Im not saying which ballots not starting out there not going to do it not going there. Anyway, lets go here. Former mcdonalds Ceo Steve Easterbrook filing a lawsuit from his previous employee the company accused him of engaging in a sexual relationship with three employees and conspiring to keep those relationships secret who knew mcdonalds is seeking to force him to pay damages or strip him of compensation that he retained when he was fired. He says mcdonalds knew of the relationship with multiple employees when they offered him the separation agreement that allowed him to keep stock awards worth 37 million. Thats a lot of extracurriculars going on. Is it not . Not every ceo. Who knew looking at the guy. Do you ever look at somebody and say i knew it. I knew it. I knew this was going on. No. Hes not george clooney. Im not going to talk about peoples looks or anything like that its just unusual to just be all over the place like that were both happily married far be it for us to be able to understand if you will Something Like that, right yeah. Can i ask you a question. Thats right. Can i ask you a question about the nationals. Go ahead. Are you a fan modestly. Im a dodgers fan. Dodgers i bet yesterday put i took the under and it was 65 well thats a good bet. You must be loving it. Draft king. Well, yeah, look, we live in nmg new jersey so were able to place the bets which is good i dont know. Yeah. Im a nationals fan because im from the area but im really a dodgers fan because i grew up a dodgers fan. Thats where my loyalties lie. I bet on them and bet against the reds just like pete rose. I dont know if he of did that. Now youre never getting into the hall of fame you just admitted that he says he never did. I think that it came out later and i dont know i dont want to get in for a baseball player i grew up with charlie. For talent he was about right here. Youre treading very lightly. Hes smart. Im easing my way into it im easing my way into it. You dont know how far you want to go anyway, dow jones up about 18 points nasdaq up about 46 and s p might get there. I think its got about 8 more to go, 9 more to go when we come back, Scott Gotlieb with an update on the pandemic and later hell give us his update on several issues including the phase one trade deal and ban on technique and a lot more squawk box coming today. Hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Lets get an update on the pandemic and now cnbc contributors is on the board of pfizer and alumina. The latest oped in wall street journal is titled lifting lockdowns. And key to avoiding a recession. So its something to talk about and Michael Strahan of aei and certainly we can see how difficult this is going to be and its been likened to a dimmer switch. You dont just flip the economy back on but i think the dimmer, given what we have seen with some Economic Data and certainly with the averages of stock market averages it looks like were continuing to turn back on, doctor is that fair to say . Well, i think that thats right. One of the economists. He went through the economic literature with looking at what the impact was of the shutdowns and the stay at home orders and what the rebound was when those orders were lifted most states are open for business theres select images that are closed and you cant open them theres seating in restaurants and things like that but by and large, most businesses restraining activity now is consumers. Consumers havent boubsed back but were also seeing indications that consumers are gaining more confidence and reengaging with the economy. We said this on the show, china was able to restart their economy because they were able to get them back into state owned factories. Their consumers were going to work and not coming home and not going out at night or weekend as well and really dependent upon more confidence the virus is still circulating here so for the stimulus, what is se ens essential to get done. What is essential to your view. We need to remember theyre just going to bounce back and consumers are still going to stay away from these businesses the even if we get control of it, youre going to see activity and hospitality sectors. And how we support those businesses even if we dont see a second wave we just see a slow infection. Even if we get back 60, 70, 80 of consumers, thats what it is showing right now, you still have a hole in the economy of 6 or 5 . It just doesnt come back. Thats going to be hard to see a full rebound so you want to have support there to carry the economy through that challenge talked about immunity a few times. Its not totally understood. But when you say antibodies for three months does that mean you only have immunity for three months. Do you still have circumstance you lating cells that if your body saw the virus again the cells are there and make new neutralizing antibodies. Without having the same severity and disease. Can we hope for that doctor. Isnt that youll only have immunity for three months but youll absolutely have immunity in three months. They really only study a three month window they found people couldnt get reinfected within three months and they updated their guidance saying that they would be exposed to the infection you cant get reinfected theres another study as well that showed that people previously had the infection and we also now know that theres some immunity thats likely to be more enduring so even if you dont have certain antibodies youll have other immune cells that will become reactivated theres a lot of speculation around cross reactive tcells. And thats a result of other Coronavirus Infections they seem to be reactive that doesnt mean that they wouldnt prevent you from getting infected in all likelihood so picture around immunity is actually quite encouraging and what were seeing is this like other coronaviruss and that you do develop a period of immunity and youre not going to get reinfected and hopefully they last long enough that if you get reinfected in the future you wont have as bad of an outcome. Its scott. Good to see you this morning can you discuss the significance of the new saliva test approved by the fda its highly significant this is a test that is a saliva sample its also plead guilty cross validated on just about every Popular Platform for doing testing. So its easy to use. Its unlikely to be in limited supply because of shor tamgs in the of shortages in the testing supply chain its much like a pregnancy test. And you drop liquid on to paper. You get a result in 10 to 15 minutes. And its tens of millions of pieces of paper a month. They can be rolled out in places like schools and allow testing at the point of care. I think well see a lot of these innovations in the next month come on very quickly you see a lot of them submitted and you see a lot of them talk about academic experts and manufacturers that have submitted it but just like the saliva tests all of this is going to happen all at once. It takes time to move this through the process. And its what has been in short supply also see stories about infection rates of 17 and under continuing to go up. Can you just set the record straight on exactly where we stand. On younger people and infections a view that younger people are less likely to get infected. Theyre less likely to get symptomatic. Theyre probably just as likely to get infected but much less likely to have a bad outcome the data seems to suggest that and summer camps, schools, youre going to see more infection in the students. Hopefully were not going to see more symptomatic disease and step up to real outcome. They do seem less vulnerable but that doesnt mean no risk. Youre still seeing bad outcomes at a lower level than in older adults people that are asymptomatic and what is the parker what is it testing for. It is looking at the material from that itself that lets you extract it it requires a certain device. The end, when its all said and done and its the depressing part what is the total u. S. Population that you still think somewhere between 30 and 50 will have seen this virus before theres a vaccine. I think if we look at it well probably get to 30 by the end of the year based on the studies and the rate of infection. Some of the modeling for good groups validated that. Unless we see a real change in the trajectory of it its going to be a pretty even if you put the lowest mortality rate, the most positive not positive but t you know, not the worst one, thats a big number. Thats going to be a lot of deaths well, presumably more than people are going to be infected Going Forward are the ones that are less vulnerable. We can get down below. 5 it looks like the big studies and you figure around. 8 . Thats the infection mentality rate the case fatality rate looks like people have become symptomatic. That. 8 likely to hold a lot of studies now. It will come down. It will come down its declining we are doing a much better job and it should come down as we get into the winter. Hopefully or something. Thank you, scott it comes on halftime as well but bad news for you i now that might happen. I knew that might happen anyway, thanks coming up big news over the weekend from berkshire were going to talk about the moves in banks take a look at the biggest lbeig b wl. Iners if youil wel rhtack. At leaf blowers. You should be mad your neighbor always wants to hang out. And you should be mad your smart fridge is unnecessarily complicated. Make ice. Making ice. But youre not mad because you have e trade which isnt complicated. Their tools make trading quicker and simpler so you can take on the markets with confidence. Dont get mad get e trade and start Trading Commission free today. Dont get mad get e trade and start trading 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. We embody that deep rooted history within our city. It took this pandemic for us to get uncomfortable, to pivot. But weve risen to the occasion. I love to say that we have survived the great depression. We have survived the recession and we are survivors. The French Health care company is buying the u. S. Company for around 3. 7 billion. Theyll buy all the outstanding shares and the acquisition will advance the presence and research. Im checking this out right now. Because i dont know what youre doing this afternoon youll be done by then 140. Utah jazz. The playoffs are here. Nba playoffs are starting. Both top seeds play tomorrow the Milwaukee Bucks buddy is you know those guys. Thats at 1 30 the early game and then the l. A. Lakers have a late game at 9 00 p. M. Can i ask you a question as long as youre here and i have a sports perpetrator so the nuggets are favored what difference does it make if youre playing at home there arent crowds . Maybe theyre favored for different reasons. Im just wondering how to play this this has nothing to do with it im going to watch this game today. This is very enlightening for me because i mean, you cannot have a sports conversation without it having some sort of betting angle for yourself and you know, thats interesting. Every sports conversation whether its baseball now or now the nba playoffs do you look through the prism of lets say that you, lets say that you only like teams that you love like the reds, the bengals, i cant really say that lets say that you only like teams so that limits your interest when is the last time that you were interested in a Major League Baseball game except for the dodgers . And im telling you, if you got 10 on the game, scott, its almost like, you know, ill bac you if you think youre any good at this. Who do you like in the denverutah game im going to pick the underdog probably and do a parlay and then you can get a big multiple they only need to win once in awhile i hear you. There i dont go. Anyway. Take us out of here. See you. You dont think the viewers like that conversation i think they do. Coming up. I dont think management likes it coming up, berkshire is making big and surprising moves that were just revealed in their sec filings. We have a complete run through coming up next take a look at u. S. Equity futures. See if we can get that closing high we opened virtually flat s p a few and then the nasdaq up 45 right back to squawk box 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. Find a stock basedtech. On your interests or whats trending. Get realtime insights in your customized view of the market. Its smarter Trading Technology for smarter trading decisions. Fidelity. Theyre a little bit flat but you can see the nasdaq powering ahead once again the s p indicated up about 3. I think we need i think we need another ten or so to get to an all time high some Big Investments made big moves in the popular stocks. Berkshire hathaway took a statement. Maybe some of the stuff he liquidated its sbinteresting. We never know whether buffet himself is hand picked and what can you tell us now. Well get to the berkshire ones. This is about the latest round of regulatory disclosures. This is a snapshot as of june 30th this is the hedge fund run by david tepper run by warren buffet took Payments Technology in a big way for a theme in the Second Quarter they started new stakes and vis sa mastercard and paypal and square now that entire industry has been emerging as one of the market recoveries has taken hold just as an example, its about 30 since the march 23rd lows. Its worth 225 of market cap which makes it by the way more valuable than at t and twice as valuable as ibm from a market capper spe cap perspective. Buffets shot made large reductions cutting Jp Morgan Chase holdings by 62 and also by the way, completely got out of its stake in goldman sachs. Berkshire sold almost all of its common stock in petroleum those shares falli