3386 is the number to watch for that s p 500 record close. 59 minutes until the close we have a big show coming up to day the s p 500 makes yet another run at that record close bob doll will tell us why he is expecting the economic recovery to be more choppy. And why hes cautious in the short term plus, gaming the impact of the dnc. Well speak with a policy expert who says this weeks Democratic National convention could be a negative for the market even though its happening virtually. Right now, were going to focus in on the big stories were watching to day. Bob pisani is tracking to days action we have the latest on growing tensions with china. And joining us with his outlook for stocks is tony dwyer bob, start us off with the Broader Market whats going on behind the scenes and whether you think we could see that record s p 500 close today. When you get this close within less than 1 he , you usuy can get over it. Were still not there. 3386 as you heard before is the old closing high that is on february 19th were knocking at the door well see if we can hit that today. In terms of whats been moving, well, its still largely technology i know theres been excitement about occasional little rallies and banks and energy and industrials, what we call cyclicals and value stocks overall, Technology Stocks today were hitting new highs on the old work from home stories Companies Reporting this week like home depot and lowes, quarters ending in july. Theyll be reporting theyre hitting new highs. Best buy, masco. Dont kid yourself leading the rally is the ultimate work from home play those are Technology Stocks. Since the february 19 th highs, Consumer Discretionary is up there elping that is mostly amazon. Along with technology, communications services, health care, and technology as you see,the big mover up 12 . And thats what matters here i keep emphasizing the big five mega cap momentum names. Amazon, apple, netflix, facebook, microsoft, look at these gains here apple, 42 since the old february 19th high thats whats pushing the s p 500 when you get these stocks representing 20 or more of the s p 500. Singularly that, makes the difference and whats lagging is i know people got excited about industrials and banks and energy occasionally they will be outperforming, but not very often you see banks way, way down and down again today as we heard Warren Buffett exiting a few positions on some of the large Money Center Banks well see if we can make it. Back to you. With rate as low as theyve been, hard to see how the banks could rally. I want to ask you about retail were going to see a flurry of returns this week. What about the lack of stimulus that weve seen from washington and the fact that some of the Unemployment Benefits have run out or been decreased and there isnt another run of stimulus checks what commentary are we going to hear from the executives about the amount of money in consumers pockets its a real Inflection Point right now. You saw some work done over the weekend, some reporting. Consumers had money in their pockets even if they were on furlough, they had stimulus checks i think were going to get very cautious commentary. The numbers for home depot, much better than expected theyve been raising numbers for a while now for the second quarter. I anticipate its going to be very cautious about a clear indication that consumers are going to continue to get those stimulus checks. Many people still essentially furloughs and heading towards layoffs. Bob, ill pick it up there. Well discuss the sales a little later in the show. Tensions with china ramping up once again today the Trump Administration unveils new restrictions targeting huawei we have the latest d. C yeah. A lot going on in the front. You remember the phase one trade meetings that were supposed to go on between the u. S. And chinese side on washington over the weekend. They never happened. Its not clear necessarily when theyre going to be able to reschedule those neither side is expected to back out of the phase one deal. But it gives you a sense of how pick will willy things are right now. And today the department of commerce announcing additional action heres. The department of commerce is concerned that huawei was able to do a work around of some of the earlier restriction onz that companys access to chips. So today its tightening up. Heres what the Commerce Department is doing. Theyre requiring nonu. S. Firms to have licenses to sell chips and software to huawei theyre also adding 38 affiliates of huawei to a blacklist. A total now of 152 different entities secretary of state mike pompeo said today, huawei is an arm of the chinese surveillance state, underscoring u. S. Concerns that if huawei has access to the global chip market, they will continue to produce equipment that the u. S. Government worries could serve as sort of spy ware for the Chinese Government to have access to the Global Economy more broadly over the weekend, we did see the president hint he could take action against additional chinese firms here there is a political undertone to all this. The president is campaigning for reelection in november as a tough on china candidate the president mentioning alibaba over the weekend as one entity where maybe he might take some action so well watch for anything further from the Trump Administration in the months to come clearly, a political undertone and perhaps the election would or could warrant a total change after proech on china tensions thats not doesnt seem particularly likely. Either way, is there a time over the last couple years when tensions have felt as elevated as they are right no you its just fascinating the s p 500 is two or three points off a record close yeah. Look, i mean, i think markets look at this and said, well, there is the trade deal. Basically Everything Else is just sort of tit for tat maybe ultimately the markets here are just not as concerned about this and think its going to go away in november but to your point, if joe biden is elected in november, biden is somebody who is not campaigning as a sort of proponent of global free trade in the way that the Bidenobama Administration was a proponent of that. Joe biden said hell be tough on china too if hes elected. I think the tone and techniques will change. The overall thrust will still be there. One of my sources on trade has suggested that perhaps the white house wanted to narrow the scope of what this particular trade discussion was going to be about. They wanted it to specifically focus on phase one, not necessarily all of the various commentary that administration has thrown at china recently but im wondering how much of what the president is doing right now do you think is just saberrattling and how much muscle do you think he really has to take a hard line against china between now and november well, there are a lot of little administrative actions he can take ultimately, he cant affect the entire course of this relationship i think your point is a good one about what it was that they were trying to tailor these meetings over the weekend to. The phase one conversation is an easy conversation for the u. S. And china to have. Both sides agreed to the deal. Both sides agree it should stay in place even though the chinese havent made as many purchases as they promised due to the pandemic, both sides said theyre okay with where that is right now so that is a friendly conversation a broader conversation about all of the different elements including huawei and alibaba and Everything Else, that is a much more tense and fraught conversation can you see why some people here didnt want to have that conversation thanks so much for that lets continue to discuss what all of this and other factors mean for the markets tony dwyer joins us. Tony, great to see you as always i mean, whether its china concerns, whether its the lack of a stimulus deal, your take is that the extraordinary injection of liquidity into markets justifies the fact that were shrugging off the concerns yeah. Thank you for having me. Again, the excess liquidity is something i get. It basically shows if you add up m2 and you take that plus stock and bond mutual funds and etfs, so readily available money something if you sell, you know you have the money today or tomorrow if you take that against what is needed for Economic Growth, it gives you a spread we have never seen anything like the spread that weve got. So you as you know, you get economic and market trouble when you have a need for money and no access to it this is doing exactly what took place after the 2009 low where the fed injected so much liquidity and money supply began to grow above and beyond what you needed for really depressed Economic Growth, that carried the market until the point where you started to get that increased economic activity. So i get that argument the, tony even if its as pronounced as its ever fwhn your eyes, what about the short term what are the short term technicals or other warning signs suggesting to you . So we put out a note today. Im looking at this environment and its so much like summer time of 2009 to take you back, in march of 20 2009, the market made a low. It went into a pause or little correction in june or early july of 2009 and then grinded higher on volatility. Volatility according to cobe, it got down to about 23 very similar to now. Then you went into a period two of months and the end of august into early november where you had four pretty nasty little corrections. Each correction that would range between 3 and 7 , you made a new high right after that. So were calling it a stair step higher and i really believe that were set up for when people like me, i havent raised my target, when people like me are out there jumping over each other to make sure that we have a target that is appropriate relative to where the market is, thats usually comes from pressure from the client base. Not from them directly but from us not wanting to look or feel wrong. Thats the kind of thing that is a setup for a little bit too much optimism and time for a pullback so how much of a pullback, tony, do you think we should see . And in ermz terms of the Global Recovery, is there a risk that the u. S. Is slower recovery or at least slower ability to keep the virus under control could be a tail risk to the broader Global Recovery story that everyone is talking about . Yeah. Thats a great question. So every cycle theres a different reason that you go into recession it can be the snl crisis, it can be world com and telecom bonds blowing up, it can be great financial crisis and, it could be a covid19 crisis the reasons are always different. But what happens once youre in a recession and begin to he ameri emerge from it are not typically the market has this massive move off the low h the dollar starts to weaken because the flight to quality ebbs you get into this environment where you think the market is ahead of itself. The economy cannot catch up. And of course that happened in 2009 and 2003. It happens after each recession. What you get then is a lift. You get all of a sudden this global synchronize recovery. It is truly extraordinary that youre getting a never before seen level of excess liquid and its no the my opinion or view, it its just statistical fact. You have a historic amount of excess liquidity according to the oecd or market pmis, youre just beginning to pivot in a synchronized way a Global Economic shutdown that came from the covid19 so again, it was the covid19 that drove it. But excess money and reentering Economic Growth of any kind is what lifts it back up. So again, you know, to be clear, were very favorable weve been in favor to the cyclicals over the stay at home stocks for a come of months now. Sometimes its no the so right but its a theme that will be with us for years. It was the last time so were pretty bullish even with a prospect of a 3 be or 7 correction we are watching that closely, tony we need to leave it there. Tony dwyer we have breaking news we want to get to new developments in the fight between epic games and apple josh lipton with details thats right f epic is just now saying its seeking a preliminary injunction against april apple, seeking a court order of removal of fortnight from the opp store. It is being cut off from ios and Mac Development tools. Epic saying were asking the court to stop what it calls this retaliation. Remember, apple and google both pulled fortnight from the stores after epic launched that in game Payment System that bypassed the rules. So now we have this court battle that could take years to play out. We also have that battle in the court of public opinion. That is very important too back to you. David and goliath fight josh lipton, we appreciate the update there coming up on closing bell, shares of teledoc higher as wall street gets bullish on virtual medicine up next, well speak with the ceo of competitor md live about how the pandemic has transformed health care in america youre watching closing bell on cnbc. Well be right back. Introducing stocks by the slice from fidelity. Now you can trade stocks and etfs for any amount you choose instead of buying by the share. All with no commissions. Stocks by the slice from fidelity. Get your slice today. Stocks by the slice from fidelity. I keep working my way back to you, babe with a burning love inside yeah im working my way back to you, babe and the happiness that died i let it get away servicenow. The smarter way to workflow. I am totally blind. And non24 can throw my days and nights out of sync, keeping me from the things i love to do. Talk to your doctor, and call 8442142424. You say the customers maklets talk data. S. 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That stock up 9 today the upgrade comes on the heels of a news report that teledoc competitor is preparing to go public in 2021 with the teledoc deal being a driving force behind that decision md live seeing a huge increase in demand this year with bookings through june soaring by more than 300 joining us now for more is charles jones, the chairman and ceo of md live charles, good to see you thank you for joining us thank you for having me so tell us a little bit about the next six to 12 months for your business. It seems there is going to be a shift ahead from getting patients who would normally go to in person doctors visits on to telehealth platforms to reaching more patients and americans that dont have access to medical care through telehealth tell us about that transition and what the outlook of your business looks like. So as you pointed out, were seeing a huge increase in bookings for the business. 85 increase in revenue year over year to date. But what is really going on here is the pandemic has created knowledge that Digital Health can satisfy the needs, the health needs of people because it provides ample and better care, promptness and the ability to see a doctor on average we do it in 7 1 2 minutes. Our competitors and ourselves are all under 10 minutes from the time you need a medical visit until you get to see a doctor it allows for contagious free environment. And important to the payers and to the consumer is the fact that the costs can be less than the infrastructure cost and the execution costs in brooks and mortar you take convenience and care, you take cost, you can take contagion and america is becoming intrigued in its use of telehealth youre Company Raised 236 million so far why are the Public Markets attractive to a company like yours and why is q1 the right time to go public . Well, i think what the Investment Community is understanding is this isnt just a growth phenomena for a company or several companies this is in the Public Interest and what i just laid out, as good as this is today, as much as of an improvement it is, invest me investment and technology can make it better speed, accurate comprehensive d diagnosis and lower the cost and make it convenient as the Patient Consumer would intend it to be. The combination of all this is just strategically compelling. It is by acquisition as they consolidate and build better economies of scale enormous opportunity here with great public need. We all know with the babyboomers, the demand is increasing the supply of doctors is decreasing this is a way to better manage those resources and make the doctors moore available. There is Better Health care. Charles, what further level of development in terms of technology is needed for the ability for doctors to diagnose things remotely being just as good just as foolproof as in person if everyone had a smart watch on wrist. Would that make a huge difference its here today theyre monitoring equipment and thats going to make the care of patients and what is going to be important is its going to be overlaid with Artificial Intelligence thats going to gather that information. Knowing a problem could be coming its going to alert the appropriate health care per