The best performing s p at the moment i have my eye on a few techish stocks this morning for different reasons. First box is up better than 5 6 , actually, after earnings an echo of what we saw from sails force. And then, tesla. That stock now well higher than 400 billion dollars in market cap. So you wonder where that one goes it has certainly been a storied stock of the market so far and then along the lines of the idea of reopening disney, trading now where it was about a month ago. The rise of skywalker came out 135 her share, dei rrrdre still down about 6. 5 lets begin with a big tech story of the day tiktok Ceo Kevin Mayer leaving the company. He said in recent weeks as a political environment has sharply changed, i have done significant reflection on what the corporate structural changes will require and what it means for the global role i signed up for. Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that i want today let you all know that i have decided to leave the company. We are joinedwith the editor i chief of the verge now we have mayers pending resignation as a possible indication that the deal may go through soon with microsoft. Do you think well get something soon is there more twists and turns to be seen, particularly from President Trump or beijing absolutely. I think the original date was september 20th he extended that no tof 12th i think if youre kevin meyer, you thought you were going to be the ceo of disney. You leave to become the ceo of tiktok, coo of a global korb rati corporation, and now a fire sale that requires you to stay on as a lieutenant to them for a number of years i dont mean to get too existential here, and you think do i want to be this for two years . I think he really wants a ceo job. I heard john say earlier, life comes at you pretty fast. Im really curious about the idea he was left out of talks with manufacture and oracle and part of that had to do with bitedances founder, but the companys main argument is american leadership. It didnt bring mayi ieer in ina substantial way for its talks does that show its control. The question that bitedance always had to deal with it is how independent is tiktok in the yies they made some showings and efforts. Mayer came in as the new guy the owner of tiktok wants to sell it. There are obviously some ties. The question is when it actually gets sold, which it will have to happen, what is the new american owner going to do to extricate it from china . From the algorithm that has been engineered by a chinese company. The Data Services that it uses those are huge questions that are collaging questions. They limit the scope of buyers, and the answers will have to be very, very transnarnt a way t t transparent in a way that Big Tech Companies dont like doing. Is tiktok worth less without kevin moayer disney plus has been a huge success. People thought he would be ceo of disney. You dont have a Huge ConsumerDigital Business outside of gaming if youre microsoft or if youre oracle. The whole a big part of it, was to put this competent american face on this business and now he is gone if youre oracle who will run this thing if youre microsoft, who will run this thing yeah, she is very well regarded people inside of tiktok like her. She doesnt have that pro file that kevin mayer brought to the company. When you think about how you might grow tiktok, it looks like a lot of content deals it looks like expanding the universe beyond the one app to be the force and culture and multiple mediums and it seemed destined to be they are trying to get into content left and right trying to make that impact left and right, and most of them are not doing so great apple has not done so great without apple tv plus. Amazon had fits and starts they will need to hire someone to come in as a lieutenant and run a Media Company inside one of these Big Tech Companies. Just looking at the Landscape Companies are not going to be looking at this. Will it shift to monotization. That is a great question. Their user base is growing their very popular with a very valuable core of young people. You bring it into a company like microsoft and you have an existing advertising business to build against to bolt on to this company. Tiktok is doing their creative spin that integration is tricky microsoft has tricky integrations in their past well see how it goes. For a company like oracle what youre looking at is like a massive Data Analysis play that is oracles core company ten competence play. How you turn that into something else, it looks like tiktok has to do it on its own microsoft has the infrastructure to quickly ramp up that side of things is there already damage done to the tiktok brand in the last few weeks. So much has been playing out in the public we have some of the top fl influencers only on there. Im seeing a lot of rossovcross, do you think the brand is less valuable you know it is so hard to judge what the brand of a social network and what it is worth compared to the people that use it compared to the Network Graph of its users all of the people say if a brand is trashed people will still look at it do advertisers want to be near it and if paid products for consumers work i dont the reels is that good i dont think the influence on tiktok at the top end of the scale, there might be some options to move on we have seen influencers start podcasts or youtube channel. The value is the long list of users. Theyre not going to find a Similar Network on reels yet there might be a bump in the road here, but if and when it gets old, and it looks like it will have to be done, the new owner will have to very quickly reassure all of those people that this will have to stay the same if they can do that i think the brand damage will repair itself because users wont fwloe to go. And a lot of that will depend on who will take it over there we dont know how they may or may not make changes nilay, thank you for being with us this morning. From competition in social to competition in wearables. Amazon unveiling halo taking on apple and fitbit for the wearables. We have more on the latest move. Hey, jon, i got to spend time with the amazon team yesterday to talk through this new much anticipated wearable product it is similar to other things you have seen on the market. Heart rate sensors, basic sleep tracking, things like that that we have come to expect there are also some things that are kind of different that might freak some users out there is emotion tracking. It takes snippets of your voice, have you been anxious, hesitant, elated, trying to walk you through various points in the day. Also a crazy feature that takes a 3 d body can by a app and gives you a sense of your body fat percentage they want to bring that to the mainstream for that first wearable product. Is amazon saying anything about how they will mingle this data with other data my concern is will they check my emotional state for if im opening to shopping . Will they take my body scan and start recommending clothes or diet shakes to me based on how it looks john, i had that same fear when they shared the news with me i said will this be used for any kind of targeted advertising if you find out im in a good mood will you sell me a product . They said absolutely not, it is sleeted immediately, its not stored in the cloud. So they were very clear that this is not going to be tied into any of their e commerce products they also said there is no integration with the amazon alexa. It is meant to be very, very separate they have the computer privacy pick ups and cost. You hit on one of the most interesting things, no integration with alexa and no integration with prime i wonder is that to try to address the crossover or privacy concerns and does amazon miss out on selling this to 100 million prime house holds by separating it i thought so, too, but prooi si seemed to be very top of mind for them they wanted to not raise any questions about how they do this this is really Sensitive Information and can you imagine if they were trying to sell you something, it would be very creepy, so i think they need to be very, very careful about how they approach this it seems like they have been i just dont know how consumers will react to this amazon is up there on the list of companies that i think has abused user data in the past thank you for that. Joining on us on a bunch of innovations in tech. The nba and the board of governors meeting to face the fate of the season well talk about that with the Sacramento Kings coowner and former facebook exec chris kelly. The s p hit 3500 for the First Time Ever today. Well be back in just a moment inflation can have longer term imflanflation expectations. That issed fed chairman Jerome Powell resources ago announcing the Central Banks major new policy sheaf resulting in another record setting day for stocks intraday so far and paul mccully joins us now paolo, good morning. Good morning. I want to get to what does this mean for bonds and bond funds . Rates are not going up any time soon, but the fed wants room to lower them if there is a people. What does this mean . Bonds dont have any Intrinsic Value in this new world. Doesnt mean theyre bad investments. Theyre anchoring peoples portfolios but the fed passio passionately wants inflation to go up. I think the big class is the risk area and equities that are being reflected in the marketplace today. The fed wants this economy to run hot nap is good for equities versus bonds full stop what if youre worried that the market is running a little too hot. I think the market is incredibly hot it is the only game in town and there is no catalyst to keep it from going even higher marks, bull markets dont tend to stop because theyre fully valued they tend to stop when you get to an extreme and also there is a catalyst going the other direction. So the object in motion most likely will stay in motion. What is the message today to americans that dont have a lot of assets, dont own a home, and might be structurally unemployed for a long time. I think it is entirely away from the impact of what jay had to say on wall street. The big issue is the fed really wants to nurture a strong recovery for main street they are putting in place the apparatus of wall street to understand that. The big thing is that the fed is fully on board in a all of government effort to improve conditions particularly post pandemic i think if there is one message that i had to deliver to main street it is that the fed will be incredibly cooperative with congress in doing whatever is necessary to get relief and stimulus to main street that were living in a fiscal policy dominated world and that is good news for main street were getting promising news on treatment promising news on tests and vaccine timing do the vig lilantes take that a run . The bond market vigilantes . Yes we could see steepenning of the yield curve. I think that will happen, but that will be a great outcome for the economy at large it means that were getting traction in recovery so the bond market vigilantes are from 40 years ago and they have no meaning from the sa standpoint of the flexibility that the government has to nurture a robust recovery. If youre on the local government side of this, and im saying state and local here, and youre trying to manage through this pandemic, maybe youre thinking about bonds thinking about what kind of spending you can do to help Small Businesses to help schools, all sorts of institutions survive, what message should you take away from what the fed just said . I think the feds message is that congress should give as much money as possible to state and local governments. If i were sitting there as a treasurer of a state, my call would not be to j. Powell on the interra interest rates, it would be all about the notion of physical transfers to states nap is the key issue going forward. Because states dont really need be issuing a pot load of bonds they need outright physical transfers, grants, from the physical authority at the federal level that as access, indirectly, to the printing mess for money. The big call for the treasurer is to congress, not to the fed but the Trump Administration seems to be resistant to doing that, at least in the issues and cases where were talking about blue states which they say have been miss managing funds and all kinds of things. So given that, what sorts of rhetoric do you expect to hear during this election season and what should investors and citizens do with that . I certainly think that is the case, but that will not continue for very long. Were caught in the suspended animation right now between here and the election i think there is a broad consensus and our democracy. There will be relief downloaded through the state and local jurisdictions. So what i said stands from the standpoint of who the treasure of a state should call is, call his legislature. And this season that were going through, right now, with not having a follow up to the cares package will come to an end. Hopefully sooner rather than label. But the real answer will come on november 3rd and this is a business show and i will be careful about voicing political opinions but live will change for the better we have a couple months, and silly season or not, a lot of action from now and then thank you for being with us. Thank you later this hour, shares of box Getting Better than expected earnings well discuss with aaron levie dont go away. 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. [ 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. 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, everyone im sue herera here is your cnbc news update at this hour. Sweeping damage around lake charles. Buildings that were not flooded separated from heavy winds hurricane laura still has sustained winds of 75 Miles Per Hour in minneapolis protests turn violence following false social media posts. The National Guard was mobilized and a curfew was in place until early this morning meanwhile protests were peaceful after nights of violence, a local curfew was largely ignored. Delta airlines has 240 people on their no fly list now because of refusal to wear a Face Covering you are up to date, that is the news at this hour, carl, back to you. Sue, thank you very much coming up, the Sacramento Kings coowner and former ceokfabo exec with what to expect for the rest of the season, coming up. music anncr give customers access to precisely what they want, when they need it the most. With adyen, the payments platform that delivers convenience for all. Adyen. Business. Not boundaries. Nba players meeting to discuss the future of the season chris kelly joining us now appreciate your time on such a fast moving story, thank you really good to be here. Your thoughts on last night and next steps what do you think the owner response will be today i think our response was very positive and understanding, i think the calls for social change that but have been working on them quite actively the bucks ownership and ownership around the league responded quickly last night saying were supportive of this movement and this understanding that things have to change faster than they are right now the players are meeting to talk about how that means about going on with the season were ready to do more the collective action is driven, its not a classic labor dispute where theyre looking for remedies for ownership theyre looking for remedies for attorneys general and societies at large what needs to happen to identify the players when it is largely out of ownership control i think you seen a lot of the leadership and the ability to move forward together. When we agree to open up in orlando, having a social justice platform is part of that we think we can do that in partnership with the players you have seen the norge floz protestpr jorge flo george floyd and other names added to the list. Good morning, it is jon fortt. I want your take on something when i see this action in the nba from the players, it reminds me of a decade ago when the Defense Department started paying the nfl for the patriotic displays with players on the field. And that combined with post 9 11, there was an idea of honoring the military and First Responders at these games that includes police and maybe optically that sent the idea that these players are in support of military and Police Action not just the country in general. So maybe to some extent this is a response to that maybe the support got tied to those ideas over the past decade maybe sport in general got tied to it. What do you think . I think you have to ask the nfl folks about that and the choices they made there. We came into the league, and brought by my good friend, we watched adam silvers new leadership at that point and to deal with the very forthrightly as players got more tied to demanding change in the way that policing is done in america, we have been broadly supportive and we want to continue to be pr broadly supportive and you know it is time for a change when black motorists are being killed by police and there is broad agreement among ownership about that, too. There has been reports that some of the players, including lebron james, want owners to become more involvemented and take more action there is always a position to do more. The work that we have done with the bucks and almost ten other teams incruding a number of wnba teams, coming out of some of the earlier actions, and the harassment of some players from the bucks lead us to start to take that action two years ago were opening up in our arena here in sacramento and in the