Fortt and sara eisen is joining us, working a split shift. The biggest loss for the dow since july 30th. Were back to 34. 30. Had a pretty good nice opening, john, as we got that trade deal commitment, the phone call between the reps between the u. S. And china then Consumer Confidence hits and it was just not enough to offset the best number for new home sales since 2006. Yes some things still creeping higher you see amazon a bit higher. Microsoft up about a percent alphabet, too. Adobe hitting alltime highs earlier this morning, which just goes to show, there are certain story lines in this market, sarah that continue to do well for sure, naturally, the s p 500 is positive because of those groups communication services, consumer discretionaries, financials are higher and the nasdaq just topped higher, john, as squawk alley started as Technology Goes green. I would just say on the consumer, this is a mixed picture were getting. Confident was down, all of the components of it, carl, were pretty poor. A lot weaker than expected it comes on the back of what are better retail sales number we look at redbook, in august, they showed improvement that people were out spending again a lot of people are focused on that with home sales up, what, 14 , theyre spending on certain things but overall, the jurys still out on the recession, the kind of bounceback were seeing and the shape of it. Certainly, one of the things theyre not spending on, sara, is travel. For that, we go to phil lebeau good morning, carl. Lets take a look at shares of american and company dropping eight days, outlining the elimination of 40,000 jobs in the country starting on october 1st. Some of these theyve already outlined weve got a number of these figures here, were going to work our way through them. 12,5 12,500 will take an early package. 11,000 are taking early leave. Of this, 17,500 are front line employees furlough two big groups in that, the flight attendants. 30 of flight attendants starting october 1st will be if you recall lowed out of 15,000 pilots at american, 1600, or 11 will be furloughed again, 19,000 jobs will be cut on october 1st as part of the announcement today american Ceo Doug Parker along with president robert eisen out with a note saying we must be prepared for the nations leadership will not be able to find a way to further support aviation professionals and the service we provide, especially with smaller communities this is in reference to the discussions in washington about another c. A. R. E. S. Act relief package of 25 billion, john if that were to go through, then these jobs that theyre saying will be cut on october 1st, well, those employees would stay on the payroll through the end of march and while there is bipartisan support for another 25 billion for the airlines, thats only if we see a stimulus package. And a lot of people are saying whats the odds of that happening before october 1st john, back to you. Thank you, phil it puts a very human toll on that legislation we will continue to watch to see what happens with that meantime, apples stock leading to major changes for the dow. Salesforce, amgen, honey well joining the market on monday replacing exxonmobil and pfizer ratheon technologies joining me is amazons greg greeley. Hes currently adviser at capital. Good morning. I want to talk about the current revenue so important to the big tech stocks right now. Right now, theres this controversy about the way apple and google manage their app stores and eric schmidt talked about it a little bit on squawk box. Lets listen to what he had to say. In china, for example, google does not have a single app store because of regulatory issues and theres always been issues, is the app that youre using certified and so forth i would be careful about breaking up the App Store Model as it does provide some security and protection we can quibble about how theyre managed but the important thing when you use an app store you can rely whats on it is represented to be what it really is think of all of the viruses not not getting through the app store. Think of all of the viruses youre not get how much of a risk to these stocks do you think it is that regulation might end up changing now app stores operate well, all of the tech players are very nimble. And theyre going to be responsive to whatever the regulation that comes in certainly across, you know, the apple app ecosystem, the android app ecosystem, even the mobile web, theres opportunity for all of the players to continue to innovate i would make sure we dont lose sight as to what the users kind of need and want and make sure i agree with eric, i certainly wouldnt break up that app store and pose that. But i think theres plenty of opportunities for companies to be nimble and use technology to navigate the Playing Field with the innovation, im curious about so much with the Profit Margins because so much of whats happening here, you see epic pressuring apple to take a lower cut from its app store. You see various pressures across these certain ecosystems say, amazons third party is pressuring them on how theyre treated. How much of a risk do you think it is for investors that there will be changes that impact the bottom line . I think its i think change is inevitable but, certainly, from a standpoint of the Profit Margins, a lot of these companies are getting tremendous economies of scale so, i think youve got this ongoing tension between the Profit Margins that i can get. Ultimately, whats going to allow them to preserve and continue those Revenue Streams is to continue to innovate for the customers so the customers are coming to their ecosystem. Im sort of surprised, greg, now, youre in the Venture Capital world and youre seeing more Early Stage Companies are you saying that Companies Like apple dont represent a competitive threat for the companies that youre investing in no, its actually quite different in tapa capital, they rely on that for distribution. Theres an ongoing fly wheel for apple. Even if the time conditions change across those ecosystems, i think theyve got a tremendous opportunity thats coming from investments that are very earlystage innovations. Greg, stay with us. We want to get to our julyial borinstein who has got news from another tech giant, facebook julia. John, facebook is making its biggest push into ecommerce yet. Facebook shop, its a shopping destination on the flag stipulate app. To browse on a similar destination like facebook. Similar to the single shopping destination it launched in july. Before this, consumers were only able to shop on facebook either through a businesss page or veeial ads on the newsneed on instagram, the checkoutal allowing consumers to complete purchases is now rolled out to all businesses in the u. S. And allowing to sell directly from Instagram Live and videos facebook will be waiving all selling fees through the end of the year the real value for facebook is getting Small Businesses to make the platform the center of their ecommerce strategy which would drive ad revenue wells User Engagement today, ubs raising its price target writing in a report that facebooks shopp allowing facebook to sell on its properties is a potential 10 billion revenue for facebook in the next five years. And the ecommerce trend as well as the ability for its ads to drive the ecommerce sales now, that report was issued before facebook announced this new shop destination which further shows facebooks interests in profiting from social commerce. John, back to you. Julia, thanks greg, youve got firsthand experience when it comes to rolling out ecommerce features. I also think about facebook. They launched Facebook Watch that didnt really explode on to the scene. Marketplace, not sure how well thats done. What do they need to do with these shops to make sure they have kind of a bigger impact than maybe some of the other efforts have well, again, ill be interested to explore what theyve done further however, certainly, what, you know, customers across the entire kind of global ecommerce ecosystem are looking for is great selection, great prices. So, you know, from the facebook, theyve been dabbling with the marketplace. And, you know, as has google, you know, as google recently also lowered their commissions and waived seller fees so, i think what youll see, the pandemic has provided some tremendous tailwinds for ecommerce so, you know, we have to remember, retail is a 25 trillion market globally so facebook has tremendous opportunity to kind of lean in and experiments with different ways of making their marketplace effective. So, greg, do you think this is good for, say, a player like shopify or bad for them . Because shopify is positioning itself as the central dashboard. The control center for its own business they have their own shop there, they decide whether to send it out to amazon, facebook, where theyre going to put up store fronts as well i imagine in one sense, facebook is trying to steal thunder from other marketplaces but on the other hand, the Small Business that wants to control its destiny and maybe dabble in facebook might need that control center more than ever. Yeah, obviously, facebook and google and walmart, actually with shopify on that marketplace. So, i think theres certainly a healthy opportunity for each of them to be successful in meeting the needs of sellers and customers. From specifically to facebook, i dont know about their new announcement that we just talked about, but given the size of the Market Opportunity with global retail, i think shopify would appreciate, you know, multiple channels to help them serve those Small Businesses just like, you know, amazon has put a tremendous amount of focus on those small and mediumsizes sellers to be able to provide service, amazon prime, sameday delivery all of the fantastic discovery mechanisms i think youre going to see innovation across each of these players as they really look to see what customers are going to respond to so, what about the smaller players, greg . Where do you see the biggest opportunity for the type of innovation thats Small Businesses are going to need at a time like this, as they look ahead to a q4 which has got to be important to them and is going to look way different than any q4 weve ever had . What type of technological innovation, whether its software as a service, something else, needs to brought to bear that you think can be effective . Yeah, i think for most sellers over the next four or five months, its just going to be about supply chain. Making sure theyve got the logistics, partnering with amazon and having their own capabilities in place. You know, the growth that ecommerce has seen, 44 in the u. S. , just in q2 alone is straining a lot of that supply chain. I think what youll see with sellers is how they focus on meeting the needs of the customer with delivery and logistics. And finding that audience, the customers are actually out there finding them through multiple channels yeah. Well, hopefully, Small Businesses will have some success, because in this market, theyve been taking a beating. Greg greeley, great to have you with us, tapas Capital Adviser facebook up 2. 6 after the break, well break down palantir, announcing their plans to go public welcome to camp tonsafun on xfinity its summer camp, but in your living room. Learn how to draw with a minions expert. How to build an indoor Obstacle Course plus. Whatever shes doing. And me, jade cattapreta. The host of es the soup camp tonsafun. Its like summer camp, but minus the poison ivy. Unless you own poison ivy. In which case, why . Just say summer camp into your xfinity voice remote to join. The ipo market, and now some new tech names joining the fray. Dee bosa has more on that. Diedra. Yeah, carl, no less than six filed for public listings in the u. S. Overnight, the financials filed to go public in hong kong and shank ch shanghai a few reasons behind the rush, s p notching record highs in software one of the hottest trades this year the pandemic pushed off ipo time lines at the start of the year and now the november election and potential volatility rabbit stops pushing listings up, creating a sweet spot where were seeing many names go at once remember, airbnb and doordash have filed here. I want to go to confidential, the biggest ipo of all time. Raised by saudi aramco this hasnt happened in the United States, but in china, despite the nasdaq, traditionally big operations for chinese places to list does everything from the ali payment app. Analysts say it could be worth more than 200 billion, larger than a number of u. S. Banks. Its perspective guide shows in the first half of the year it notched 3. 2 billion on profits on 10. 5 million on revenue. Profit growth of 1,000 year over year. Profits, guys, this makes it a bit of an outlier as we saw with the filings last night and were expected to have lost more than 500 million in leakes john, back to you. Its an ipopalooza i know you like s1s. You love s1s quite a bit. Well have the snowflake and the ceo of snowflake hormel, medtronic, best buy and smucker. Smucker, though, is one of todays. We performers in thes p 500. We will discuss that with the companys ceo. Stay with us when we started carvana, they told us that selling cars 100 online wouldnt work. But we went to work. Building an experience that lets you shop over 17,000 cars from home. Creating a coast to Coast Network to deliver your car as soon as tomorrow. Recruiting an army of customer advocates to make your experience incredible. And putting you in control of the whole thing with powerful technology. Thats why weve become the nations Fastest Growing retailer. Because our customers love it. See for yourself, at carvana. Com. Come on in, were open. All we do is hand you the bag. Simple. Done. We adapt and we change. You know, you just figure it out. Weve just been finding a way to keep on pushing. Welcome back, everybody. Im sue herera heres your cnbc news update at this hour. The World Health Organization says getting covid19 a second time is likely very rare a w. H. O. Spokesperson is downplaying the risk, after hong kong researchers reported a man had been infected twice in less than five months in india, rescuers have found 76 survivors including a 4yearold boy, amidst the ruins of a collapsed Apartment Building at least five people have died and about 14 remain unaccounted for. The cause of that disaster has not yet been determined. And a number of American Workers testing positive for drugs has risen to its highest level in 15 years. That is according to quest diagnostics. The testing giant says 4. 5 of workers tested positive in 2019, indicating employee drug use was on the rise before the pandemic creating new stresses. And there are a lot of stresses with this pandemic you are up to date that is the news update at this hour carl, i will send it back to you. All right, sue, thank you very much. When we come back, well talk some apple, back below 500, although up 17 so far for the month. Tech investor roger mcenmy on what the split means Going Forward in a couple minutes. Of, of, were here to listen and provide solutions that help you run your business better. Because the decisions you make have far reaching implications. And a relationship with a Corporate Bank like pnc can provide just what you need. As one of the nations largest banks, pnc brings customized insights and a local approach. To make informed choices now and in the future. Tools, cattle, grain, traded goods. Even shells represented value. Then currency came along. They made it out of copper, gold, silver, wampum. Soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. Thats why its time for Digital Currency and your investment in the grayscale funds. Go digital. Go grayscale. Watching the markets this morning, as we said earlier, dow with its biggest loss into today, since the beginning of august at minus 129. S p is managing to hang on were going to talk market in a little bit, john, with roger mcnamee. One of the interesting things of the morning, the market cap that apple added this month, just added, is more than it was in totality when steve jobs died in october 2011 yeah, and the company was doing okay at the time the ipod the iphone was already a thing then i mean, we were talking for a long time about how apple and microsoft, to some extent, amazon were running neck and neck, kind of this 1. 5 trillion market tap markup. At this point, apple has opened up air distance of about 500 million between itself, amazon and microsoft. You have to wonder as an investor what that means with at in ndsawthmi, quk alley will be right back. Software company snowflake announcing plans to go public in a way, taking on amazon and microsoft and google in the Cloud Database business. The companys revenue more than doubled in the first half of the year to more than 240 million i spoke with ceo Frank Slootman earlier this year to see how his company is adapting in this pandemic were a Cloud Company weve been preaching to the choir for the last decade on this and when crisis like this happened, it just becomes more obvious to those who have sort of lagged in the transformation. So if cloud was hot before, its going to be red hot, you know, once we get through this so, for a lot of industries, this is this is really great in the world sara, a lot of people will say, because snowflake kind of lists risk factors including amazon, microsoft, google, that theyre competitive with them. But i dont think thats the best way to think about this Data Warehousing that facebook does, sure, those individuals do that a little by themselves, so largely, snowflake is a little bit more of a pla