Looking at the biggest weekly loss since late june the s p both with interday trading. The nasdaq is on track the fourth week in a row on higher prices dow futures indicated down at this poirchlnt looking at yields for the 10year. New this morning, china and the u. S. Have agreed to review the progress of the phase one part of the trade deal well do that in the coming days talks are scheduled from last saturday the review comes as u. S. china ties have deteriorated just summarizing you know that. Thats one of the reasons why. We knew that yes we have seen a series of things that show the relationship has deteriorated if you were to try to put the different segments of the rift, you are up at almost double digits how many Different Things have become bones of contention and the second largest, largest some days economy in the world. A global nightmare we need them, they need us on a certain way it is official taking advantage on what the administration would argue from the markets perspective on this note from china, remember what happened in 2018 where you saw the market had gone up and significantly pulled back on the concerns of the trade talks and the poorer relationship to this point, the market hasnt seemed to care they look past it on the differences of the trade talks that would continue to go forward. We think that would be a big issue for the markets. Watching the slightest body language for some markets. We are at alltime highs in the s p. Despite what we talked about despite of so many things and why people think it is not real and maybe it has to do with all the stimulus we have been having trouble making head way moving higher even though we have opportunities. I cant help but come back to that one chart that shows how things really had changed in the last month or so in terms of bullishness and how people were more accepting of the levels where the market was in contrast always helps the market go higher now im wondering. We are nowhere near 5 or 10 saying when she was on, i can think of a lot of fundamental back drop reasons, the market would go down 5 or 10 at this point. Take your pick the laundry list is long. I was surprised by the reaction yesterday and to the minutes why do you think the fed is doing what they are doing right now. They are worried and not because they think everything is cheery. Everyone but brian who is like, what is everyone talking about, this is awesome he tempered things. Reading again in the journal that was the best quarter ever it is just very strange. 58 years theyve been around for that have and have notes in the meantime, we are worried about the economy and what comes next. A new round of checks may be sent out in the next week or two. Calling for stimulus negotiations to resume soon. He defending the administration for failing to strike a deal with lawmakers we are providing assistance weve been trying to negotiate with the other side for several weeks. Many weeks we are in mid to late august we started this midjuly we are not going to give up 3. 5 trillion more the economy is better shape than it was last winter kudlow also addressed the push for tiktok to sell its u. S. Business the president would like to deny china some of the proceeds of the sales. Something that hasnt been done in the past but is being done now. Apple closed just under a market cap of 2 trillion yesterday. Meantime, Morgan Stanley says apple has significant iphone upgrade potential in china along the same veins weve been talking about ahead of the launch of the next version of the phone. Saying 68 of installed inphoip in china are over two years old. What time is it . 6 06 6 07. Well have more of that give some of that time to our guests what a concept coming up, airbnbs ipo plans were derailed by the pandemic but a here to be back on track we head to break, check out the shares of nvidia reporting better than expected sek Second Quarter results forecasts came in better than estimates. Reporting to some investors. Those shares are under pressure. We are coming right back [ engine rumbling ] [ beeping ] [ engine revs ] uh, you know theres a 30minute limit, right . Tell that to the rain. [ beeping ] for those who were born to ride, theres progressive. [ beeping ] you say that customers make thelets 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 airbnb has confidentially filed paperwork. Obviously not that confidential. Not determined the number of shares it is listing on the nasdaq. They were prepared to debut via direct listing but plans to raise cash through the ipo taurking timing on cnbc back in june at this time, we are not ruling outgoing public this year we are not committing. We want the world to be ready. That means travel needs to see more recovery. Airbnb raced to raise funds and secured 2 billion in loans at steep Interest Rates. Airbnbs current valuation is around 18 billion half of what it was in 2017. Futures now anywhere on the dow between triple digits. Market rally pushed the s p to a new record Federal Reserve released minutes. Now to the principal strategist for edward jones. Nila, you have not been pushing back against this rebound as a strategist you explained it fairly well it is what we talk about all the time markets are forward looking and there has been a lot of stimulus that kind of explains it weve been talking about the possibility that bullishness got a little overdone. Do you expect some bumps along the road how big is this bump you are looking at in near term . Good morning. You know, a bull back would not be expected at this appointment. Looking at historically at other early stage, well call it a bull market for now. You can expect to see a pull back this year this market could get rattled by the paean. We are not out of the woods in terms of the economy right now you have to believe two things the recovery will be short and quick and two, Interest Rates will stay very low for a long time we can buy into that last one easily the fed is committed to it the former may be under stress at times as we have seen the economy play out in an unscripted way because of the pandemic we talk about inflation as a eminent threat how far do you see that . Is it something to be concerned with today this is the number one question we get from clients how big a threat is the inflation. The covid19 has been deflationary its true weve seen inflation rebound and well continue to see it rebound Interest Rates are going higher but the question is to what degree we are not seeing the spike in prices we are seeing something very different play out we think that stays contained and stays well below that target where the fed has been trying to reach the past 30 years. It is funny because we hear the market would discount on the future i saw the comments and politics and wonder what nel and thinks about what is happening. It is so right in front of your face, we are not even talking november you think near term, the politics we need to woreyoi about are the stalled negotiations. When do you start worrying about november or do you not worry about november markets are going to reability to november. We dont need to hang our hats on the kneejerk reaction whether divided gornlt governments and the white house. The policy, the shortterm measures that the markets and houses are hoping will pull out by the end of the month are so crucial. Eventually, it will have to stand on its own two feet. That handoff to the Government Support and recovery are really in the early stages. We think another stimulus relief package is required at this point. How many offices now i always admired it. It seems like a smalltown firm where you know your guy. How many offices and where is it mostly concentrated . We have over 19,000 advisors and over 18,000 branches located all over the country over 70 of the country has an edward jones office. I just passed a new one near my home in new jersey those branches are part of the community. We hear what clients feel and what they are concerned about. They are concerned about the economy and the level of debt. They are also concerned that the stock market really is reflective of the longer term fundamentals thats what we are trying to connect for them ive seen a lot come and go i dont know, theres edward jones, still edward jones. Almost 100 years now. Weve seen it all. This is another chapter. The story is always different. The advice is the same think long term, diversify, dont get overrisky. Thats what we are telling our clients. Thank you well check back with you soon appreciate your time good to see you take care. Thank you, joe. When we come back, shutdown of uber and lift Ride Services in california could come as soon as to night we have the details after the break. Check out shares of intel rising after the Company Announced it is accelerating the plan to buy back millions of stock it was announced in october but suspended in march intel said its stock is trading well below valuation that stock is up 3. 9 . 50. 21 was the last trade. Well be right back. Welcome back, everybody. Now it is time for our socially distanced version of chairs. Im in my chair here and joe is there. Lets get you up to date for the first stories of the day uber and lyft warning they will shut down tonight unless an Appeals Court steps in to intervene. The company says it is impossible to classify hundreds of thousands of drivers as employees. The classification of driver saves the company. They are relying on the fact that uber and lyft are so popular, youll hear californians complain about it the argument theyve not had time to prepare for this is a little specious. To say you dont have time to do all of this, theyve known this was out there and a threat more than six months. There is no answer to the threat this next story i think it is more of a california story i do youve heard elon talk about, im out of here. Another one, a really sexy one Data Software company palantir relocating from palo alto to denver, colorado they didnt say for the climate or air or mountains. The Company Announced it filed for public stock offering. In an interview with axios, ceo said, hes against the increasing intolerance and mono culture of the Silicon Valley and is considering the move. Fur a state and you provide services if you are a state and you want to help the people that live there, you need tax revenues it has to happen it comes from the companies domiciled there or that work for the companies there. Can you be as woke as you want to be. If you cant figure that out new york and new jersey, you drive those people out you dont get the million you are taxing them for because they are gone connect the dots i get it with elon musk saying hes going to move a fact a factory to texas uber and lyft cant just move. The idea that they cannot operate in those states, i think this is a huge deal. Something weve been watching a long time to figure out how they work with us and around it they would like to get on the ballot to see how voters support this again this is a huge game of chicken thats been going on for a long time you need it in california a lot. Not the greatest Mass Transit System too many cars, too many vehicles, too many one drivers with google maps or waze i lived out there for seven years and i was trapped on the freeway thinking id like to get off. Im afraid ill just stay now you get off and going through neighborhoods. People are mad because their quiet neighborhood has people coming through california is too many cars. It almost cancels the nice weather. Great weather i see krispy kreme. This is for you and really andrew krispy kreme announced it will be opening the new flagship times square location on september 15 right around the corner from you. Offering a glazed water fall and stree streetside pickup saying theyll dish out 380 dozen an hour. They are awesome. There on the banned list i cant do it. You can do the math on minutes on the treadmill what would you rather do i dont want to be on the treadmill 11 hours a day i choose not to partake thats why i say this story is for andrew he can eat like 11 or 12 im not sure how it works with him i didnt realize what a great line this was. The one vice he admitted for the sorkin family was sparkling water. I saw that. Not the white fanning sparkling water. White claw, white fang that was a good book. I have two german sheppards i love those animals white fang was the wolf german sheppards are as close to wolves. Believe me if i start howling, within two seconds, well do it together. I dare you. I may do that we are a pack. Kamala harris making history becoming the first black woman to become a major partys Vice President ial nominee well show you the highlights and potential impact on your money. Futures are town 69 points we like to say batten down the hatches. As we head to break, looking at yesterdays s p 500 winners and losers experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. Lease the 2020 rx 350 for 419 a month for 36 months. Experience amazing. At your lexus dealer. Eits the simple joy of washing your hands,. Without ever touching a faucet. Its the Little Things that matter. Thats why we create moments to feel kohler clean, every day. Good morning u. S. Equity futures continuing to pair their losses the s p indicated down just under seven points the nasdaq headed the other way as it has so many times. Indicating up 16 or 17 points this morning senator Kamala Harris giving the biggest speech of her political career she made history accepting her nomination as Vice President ial candidate. With us is frank luntz he is polster and strategist if joe starts howling, im calling the aspca. If we can take a tour of your virtual oval office, adding the dogs might be good why dont we start this morning with what the senator had to say about President Trump and the economy. Listen in. Right now, we have a president who turns our tragedies into political weapons. Joe will be a president who turns our challenges into purpose. Joe will bring us together to build an economy that doesnt leave anyone behind where a good paying job is the floor, not th ceiling. What do you think about that, frank. The idea of laying out this case how did she do with it trying to offer some things inspiring versus trying to attack the Current Administration how are they shaping up on this front . This convention reminds me of the 2004 john kerry nomination in this corn vennvention, she dt herself. She talked a lot about the trump failures and did communicate and have communicated significant amount of why joe biden has a good character but theyve laid off the policy and thats really what people tune in to at a convention i want to correct one interpretation they claim viewership is down. On cable tv it is down on streaming, online a Record Number of people are tuning in people are watching even though you dont have the live drama most conventions have. In particular, Kamala Harris gave a good reputation of why joe bidens character should be trusted but she did not get into tax policy and regulatory policy which viewers want to see. The business as secretarpect i did something consultants did, which is turn off the sound. Just to watch her. She had a very engaging presentation voters want to be informed tonight, joe biden has to give more specifics about what hes going to do. That is going to challenge viewers and maybe thats why they are not doing it and not being specific frank, lets go back to this. You said this reminds you of the john kerry 2004 Democratic Convention that wasnt a Successful Campaign do you think this one will be . I think it is more likely to be theyve also learned from mondale, talk of the policy will upset more they are not going to be specific about that. The key in any political commercial thats all this really is, is to get people to watch and listen to get people to feel comfortable about the candidate and the campaign and one one of the speeches delivered was laid out. I know if donald trump was watching, hed be really upset obama delivered a blow by blow why he should not be reelected in the end, it is not just why the open own nebt is wrong but also because the candidate is right. Getting into what joe biden will do on day 1 and day 100. They have successfully criticized trump they have not yet successfully built up joe biden yet tweeting this, no former president has ever attacked his incumbent successor like barack obama. Lets listen to a clip here. Donald trump hasnt grown into the job because he cant. The consequences of that failure are severe 170,000 americans dead millions of jobs, gone those at the top take in more than ever. Taking in a calculated risk here this is a referendum of donald trump he cant talk about where jobs were in march, where the economy was. Nobody remembers you talk about how good things have gotten, will be lot of on people who dont have work or are nervous about losing their jobs two things are remarkable. One is the focus on Small Business it may not please wall street, it may please main street democrats have talked more about supporting Small Business. Second, the focus on pennsylvania obamas piece, he delivered it from philadelphia. There has been more pennsylvania attention. More speakers in pennsylvania. They clearly realize that thats the key state. Even though this is supposed to be in milwaukee, they are paying close attention to the language they use tonight, joe biden has got to be specific about how hes going to bring back millions of jobs obama says theyve lost they would have missed this golden opportunity it would be 30 million to say this is not what im against this is what im