Of mind blowing. Check out these numbers, the six biggest tech stocks losing more than 1 trillion in value in three days apple, microsoft, amazon, microsoft, tesla and facebook. This is kind of unbelievable on the way up, we kind of get i wont say we get used to it. Complacent. We dont quite notice it as much after the split, was apple up 40 or something remember when we were arguing about tesla at 500 a share . Look where it went eastbound the s p was up almost 60 since march. You get these crazy moves to the upside we should have been able to watch this after all these years and how quickly the corrections can come to get that move and have a correction in three days maybe we need to even revise the terms for how we talk about it given what the nasdaq has done, that perspective it is nothing it is not that shocking if you are a longterm investor, this is no big deal. If you were looking at this. Those six stocks losing a trillion in value, they are still up several trillions you are still sitting on winners. If you are a trader and there are so many traders who have come into this, then you could be sitting on pretty substantial losses if you bought into tesla when it issued additional shares last week, that falls on gains it built on several trading sessions it is down 30 this bhoel thing has been so head scratching for the past two or three months. Anybody who has come on the show and talked value has made that point. You talked, becky to cooperman a week ago now he said it when the stock splits, it doesnt just go up because people are making money in many heaven or how they think this is supposed to be happening. I dont know maybe im being cynical. I feel like we watched this movie. The pandemic play. Okay now we found some. Digital is going crazy everybody is staying at home they allow for the new normal. Thats wherewith he can go that gets to a point where 0 okay, that makes some sense. Then it triples from there it compares to where it goes based on momentum. Robin hood and all this stuff. You see where it gets. It is so far removed, this is what can happen. People buying tesla or apple or some of these other really stretched faang stocks that are piling in, maybe they do have other jobs and maybe these are the famous day traders that get in at the end of the moves and stuff. I love apple but at 2 trillion, are you ready the the soft piece tof this pushed this up and then professionals were scratching their head and jumping on the train a little bit im going to talk treasury yields well have a big interview later. Talking about a piece. I dont know if you had a chance to read through it fed is a big part of our lives there onthis slope it might be good for wall street but not so good for main street most of this is about the interviews well talk about that. Agreeing to talk about the markets. You saw the line up. It is great. Yields this morning, dont look there if you are retiring lower your expectations of quality of life. 68 now this is troubling. Wti up brent fell for the First Time Since june i got used to seeing the forehandle i guess 37 was better than minus 18 oil is easier to take care of than cows. Although cleanup is not good. That kleinup and in your face type stuff i already know about that from dogs that are basically horses telling the audience about this big show today. We have a big line up of news makers wed talk to Reed Hastings from netflix. Investor stanley drukemmiller and then from childrens hospital, and a huge lineup. So much to talk about including this astrazeneca news. Did anyone else google transfer myalitis. It is troubling. This is the one patient. Yes. It is spinal it exists. There is a reason we know all about it it exists. It can come from ms. This is a vaccine you are talking about. Well talk to dr. Scott gottlieb this is one of the adno vaccine. The adno vector does give its own immune response in addition to the added protein it should be great to talk to gottlieb about this. Well point out hes on pfizers board, so keep that in mine. So astrazeneca pausing for safety concerns. Hes up next well check out this mornings biggest s p winners and losers stay tuned to squawk box on cnbc another day, another chance to bounce forward. Lets do this. By making internet speeds fast and reliable. So you can keep up with your customers. By ensuring those speeds have wireless internet backup. So if the power goes down, your connection doesnt. And by covering all your connected devices with serious security. So we can handle this. And this. While you get on with this. And this. Be fast, be secure. Bounce forward. With comcast business. Get started with a powerful internet and voice solution for just 64. 90 a month. Call or go online today. Welcome back to squawk box. Green now. The nasdaq may be giving us a little hope in terms of the overall averages yesterday, it wasnt that bad. It got nasty when it was all said and done. Would like to see Something Like a six handle but we did. Pr pretty nice move but has been hit hard we try to keep it all in perspective. Well take it. Becky. Up 206. It was down 465 yesterday. These are some big swings. You are right. It was more gradual. This is more shocking when you watch that pull back in the span of three days. The month of august was a good one for the nasdaq and the rest of the markets. Telling you about other top stories. Astrazeneca has paused global trials after a study participant came down with an unexplained illness. Reviewing safety data. Joining us now to talk more about this is dr. Scott gottlieb form fda commissioner and serves on the board of illumina and pfizer it is good to see you this morning. Thanks. When you consider this that this was just one person with an adverse, unexplained illness maybe it doesnt seem like that big of a deal but it is shutting the trials down. What are we looking at this is not a large trial it is a 10,000case trial. One case is goes to cause them to go pause and go through the data carefully theyll probably ask for data from other trials as well to see if there could have been a case Something Like this or similar to it. This is transverse myelitis. It is associated with adults and children that could make them concerned there is a causal relationship what joe was getting at is whether or not this condition is related to the vaccine con straukt. This is an intenuated chimp cold virus. So is it related to that segment or the covid epitope or the latter. The spike protein being the part of the virus used to infect ourselves and delivering that protein, we stimulate the production of the antibodies. Is it related to the addnal viral vector or the spike protein or Something Else . Joe okay. You answered almost all of my questions there, scott just a drill down a little more on that. Adno vectors have been used a lot. Ever seen transverse myelitis before is this the same or a new chimp adno vector . It is new and has been tweaked dlirchly they have been used in other vaccines those are vaccines delivered on a widescale basis you have seen cases of transverse myelitis associated with other vaccines. It is not clear whether that is related or a side affect or Something Else there are reports of this in an extremely rare circumstance. We have seen this before you have a reason why it could be related to the is vector itself or the spike protein. Assuming the fact that it is the case i trust the reporting from the New York Times dr. Gottlieb im sorry, becky. They said me next thats why i asked we are not getting great queues on how to do this sorry, becky 0 scott. The spike protein doesnt seem like what makes you sick the spike protein, they pick that as something to generate immunity on the surface but it doesnt seem like it is what gives you covid the disease. That would be very worry some if it was the spike proten itself wed have to go back to the drawing board with all of these . Not necessarily the spike protein does stimulate an immune response we have seen rare post viral inflammatory auto immune type phenomenon you could potentially see them with covid and with the vaccine. They might occur in low enough incidents that the vaccine still makes sense. We see this with the flu vaccine. People get a response to the flu vaccine but very rarely. It is possible that epitope is the same that is causing these rare conditions we are seeing. That is something youll figure out with these trials. Thats why it is important to do these trials the risk benefit profile still wouldnt line up youd want to understand that fully. That might affect who you vaccinate as well. You might reserve it for people who are at high risk we really dont know the answer to these questions and why it is important to do these large 30,000 patient trials. We talked about what the chinese were doing to move ahead quickly which was the dirty old way of doing vax eenz. I felt good that we were trying to do something more sophisticated. Does this raise questions about this more . We do sanofi, and glachl cosmith kline entered trials with the hold style vaccine it is a little behind the moderna and pfizer product and the astrazeneca trial. Novavax also has a trial the viral vector vaccines are further ahead. Well see if this is further from the epitope if it is the viral vector. It could be it is one case not related at all you haveto take it seriously we have seen this associated with covid and other vaccines. A 10,000 patient trial, to see one case, you have to take that seriously. Theyll get some clues based on when the condition developed and the history of this patient and whether or not there were risk factors and anything that could be suggestive of this side effect right now, you have a lot of data on people who have been vaccinated put a time line on this when a pause has been put in place like the ones now being put in place today, is this 24 hours, 48 hours, a week, two weeks out . How much communication is being taken place between astrazeneca regulators and all the other Drug Companies working on vaccines that may be models on similar profiles we just talked about to the extent they are sitting around saying, are we going to have to pause right, well i think the other vaccine trials what theyll do, pfizer is one of them. Im on the board i have not talked to the company. There has been reports moderna has been contacted by regulators there has been a statement put out. I wouldnt expect other trials to be paused i wouldnt be surprised if they ask the safety regulating board to go back and look for indication that this side effect is appearing in other trials and that this could be suggestive to this side effect with the astrazeneca trial, theyll go back and look more carefully and investigate this case more carefully before they continue that trial to continue to enroll. You are looking at days and weeks. Now that youve paused it, youll want to investigate this more thoroughly. I would expect that trial to get back sorted. Theyll be able to tolerate the potential risk it will depend where they are with this particular side effect some people think this is some form of good news that it will create additional credibility for the industry and how they are approaching these vaccines given all the pressure. It used to be any time we got a little shred of good news, when it came vaccines, the market would skyrocket. We had bad news today, i would have thought we are coming off a situation yesterday where the markets were under pressure how do you see that . In terms of good news, bad news. Whether or not it is a tolerable risk it could be that this is a rare side effect. We have seen it associated with covid in rare circumstances to your point of questioning whether or not the system works. The system works we have never been in doubt whether this works you have regulators and monitoring boards when you find something that could be associated with this quick action it worked here very enlightening. Good to have you here. Well see you soon thanks a lot. Okay netflixs ceo Reed Hastings but first, we check out tesla on the biggest oneday drop ever. Stay tuned here to cnbc. [ thunder rumbles ] [ 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. Welcome back a shake up longtime executive Cindy Holland will be exiting the company. Bela is a former employee of comcast years ago. There were reports she was being recruited back to nbc universal. In a memo, it was said they wanted to simply the way content is created a new book out entitled no rules rules. I asked him about the title and how is that really supposed to work we are fundamentally dedicated to employee freedom because that has made us more flexible because weve had to change so much from dvd by mail to leading the streaming the book is about how do you give freedom and not have chaos. Part of that keeper test, your coauthor said this really amounts almost to like the hunger games to say, the keeper test you think, would i keep this employee, if you wouldnt, you are not supposed to keep them. Thats a pretty high bar . It is we model ourself on professional sports if you you are going to win the championship, you got to have incredible talent. You focus on who of your employees would you keep going to another company those are the ones you would hold on to i dont know if you read the article dowd put out she called the culture of ar owe against and fear and only now are you not too big to hate. What did you think about that . Shes talking about the hollywood contenders and us as an upstart it is natural for the new guys to be threatening. Youve got from being a small startup to a big giant yourself and global at that do you think the culture you had in the beginning is the name or does it have to change our culture is much better than it was 20 years ago weve continued to get more honest, thoughtful creative we are focused on inclusion and all kinds of dimensions. I should mention reed is in his sons bedroom doing that interview. I should also mention that netflix mentioned it would move millions of cash to blackowned banks. I asked hastings about what he thinks the role should be on all of this talking about equality and injustice. I think there is a broad opportunity to be thoughtful in the society you operate. Costco also made a deposit in black banks as we did and many others are doing that. These are things every corporation can do to put 1 or 2 of assets in black banks which will make a difference to close the wealth gap it is the wealth gap between black families and white families that the power gap comes from i commend costco for doing that. The larger picture with silicon families and other families like your own have opened your books of what diversity looks like intheir companies. What do you make of quotas or goals . Our goal is to be more diverse in the areas we operate. Looking at top executives now are half women, half men, 25 leaders of color weve made Real Progress to tell stories that reflect our audiences. Some say we should set a goal nbc University Says you should set a goal are you a fan of goal . Does netflix have a goal our goal is do better every year we dont have a goal around membership or other kind of things our goal is to get better on a continue uous basis. We talked about a lot of things well share more later in the show ied to ask about the megadeal with Meghan Marklend prince harry and how it came about . Going to be epic entertainment. So excited about that deal they are smart they were shopping it around all of the Major Companies we put together the best complete package well do a wide range of entertainment with them. I cant tell you more about it the most exciting new contact. Will Meghan Markle be acting in think of these. Their foe cushion is on producing and Production Capacity thats the key thing theyve developed a great eye for story. Well be working with them on that basis in the next hour, well show you more on that interview with netflix ceo Reed Hastings and what he says it really means it means to work from home. We talk about his time as a board maybe of facebook. His take on whats happening on disney plus and his words on hbo max and we get into china and tiktok as well so a lot coming up andrew, i keep going around in my head about the keeper rule tell me about that im nervous trying to figure out if any of us pass that rule. The keeper rule is literally, do you want to keep the employee or not if you wouldnt kill yourself to keep them, you should get rid of them thats pretty much the rule. So the important decision is who gets to be the decider, right . Yes the decider matters a lot. Being the boss matters my favorite thing hes got a lot of confidence. You get really big and how is the culture change he said, its unbelievable but the bigger we get, the better our culture gets. Its unreal. The bigger we get, we keep Getting Better with culture. The same with squawk box. It is better and better. And we are all keepers. Yeah. We are all keepers didnt you notice that he goes, god, sometimes i surprise myself how good we are doing this you know, you can look at the stock price and laugh every morning, right exactly he has every reason to laugh. He can look at the stock price ever day of his company. I have thought there are times, you know how you go back and forth between cable and netflix and it is a pain ive found, i have just left it on netflix me too. I finally figured out how to flip back and forth. When we come back i always go back to cable there is a big nba playoff season going on. Thats right. When we come back, the six biggest tech stocks have lost more than a trillion in value in three days well talk about investors should do now. Well be right back. Waistband and 360 fit that adapts to every wild move plus up to 12 hours of pampers protection so anything your wild child does cruisers can too our best ever fit is pampers cruisers 360 fit nasdaq quickly falling into correction jeff mills chief Investment Officer and contributor and globe al fixed income cocio at river front Investment Group kevin you talk about fixed equities things like stock splits dont change anything. They get the momentum going and go to levels that are sort of unwarranted given current fundamentals a sharp pull back is not to be unexpected and may not be the end of things. I think thats probably right. If you look at 50day moving average, whether you are looking at triple qs or individual stocks, they are right there at the Technical Support. Those days would be interesting. You are right. There is a weird thought process going on driving the share prices look