This comes after modest advances you did see gains. The second out of the last three sessions as joe mentioned it has been a rough week we are on track now if we continue on this pace to have the first down month weve seen since march. Looking at all the gains theyve built up on all of this. You are looking at fairly solid gains. It is a matter of days before we get to the end of the quarter. Take a look at the treasury yields now, especially the 10year. 0. 661 hasnt budged. Weve been sitting at these levels for some time weve got developing news right now. President trump asking a u. S. Court to let a ban on the tencent app wechat proceed the judge is giving the president to 2 30 this afternoon to postpone a ban on tiktok downloads. It doesnt pause the ban but says they must defend the policy in a sunday court hearing. The policy is currently set for 11 59 p. M. This sunday so a lot going on with the kvdel saga it was 11 59 last week too. What happens if you cant download it . Did you wait up no. Becky, what were you saying if you cant download it if you downloaded it to your phone and lose it or break it, does that mean you cant redownload it to your new phone or get an update is. Correct no updates the second eventually, it would eventually go away if you had it, you could use it. To the extend you dont break your phone, lose your phone, need to update or doesnt freeze or need to overhaul. For the black market for teenagers who rely on these things like a phone that hasnt broken and has it on it, you could sell that for a lot more lip sncing and dancing. I dont have it i never used it. I do know some teenagers who will be willing to pay top dollar to get a phone back that had it they spend a lot of time on it kind of like betting for me when i cant do it it does make things a bit interesting. On a losing streak getting the teams right. Not the total numbers right. Maybe i should stop doing that yeah, hello had the dolphins they picked by six just pick the teams horrible. I had the right team in the nba and they were over i wanted them to be under. Frustrating. This is easy to understand i figured it out House Democrats are proposing a smaller stimulus package a trillion less than the last proposal but a trillion more than what republicans are ready to do. Even more than that more but roughly. Sources tell us the 2. 4 trillion package would ininclude enhanced unemployment, Small Business and airlines. The price tag is still a trillion more than the republicans would like to offer. I thought the skin ji bill was 700 or 800 billion. In congress, a lot of rounding going on. You are just talking a couple hundred billion. Why not round that around. Not like we really have to pay that or anything is it . The idea that it looks like they are getting closer together but not really we are still talking a massive difference mnuchin said yesterday they are ready to restart talks but didnt give a time table i dont see how this happens before the election, i just dont. Probably not. It is weird. You saw goldman sachs. They went from six to three based on not having more prospects for the stimulus i can tell you the election will be over. Theyd like more than 6 well get that flash number for Third Quarter which should be 20 plus, like two weeks before or a week and a half before the election youll hear how great that is. The biggest ever well talk to phil about that. His estimate is 23. 5 that will be in contrast to earnings which will be down still. In his view, 32 before, it was expected at 40 a lot of companies will end up beating where the estimates are with much lower numbers. Phil is coming up. We heard from brian yesterday who said you shoild have additional aid but it should be targeted the democrats in this latest thing still have payments going directly to people across the board. President trump said that is something hed be interested in. It makes a lot of sense and something you would probably hear from most republicans with a smaller package. The idea of sending a check to everybody, regardless whether youve been impacted, we are past the time doing Something Like that. You feed to get it to businesses and the people suffering the most right now yes agreed President Trump signed a series of executive orders aimed at protecting people with preexisting conditions and looking for a way to prevent surprised medical bills. The goal is to ensure americans are protected whether the care act is ruled unconstitutional. Set to take place in november. Working with congress to pass legislation against surprise medical bills. Health care stocks have been under pressure after the death of Justice Ginsburg an uncertainty how her replacement could rule on Health Care Issues meantime, palantir shares could debut at 10 a pierce. Anticipates Revenue Growth to roughly 1. 1 billion it has never made a profit this is going to be the story. You never know what the story of the week next week is but in ipo land, this is the story of the ipos even though it is not an ipo. Sort of. Exactly. You are splitting hairs at that point. Of the offerings that take place next week, this is it. Should be exciting. Palantir, so sexy to a lot of people coming up, a tough week for the dow. The first down month since march. Down 3 . Phil orlando will tell us what is working next. Well get ready for delivering alpha next week. Back for a 10th year with a special guest. Visit delivering alpha. Com i cant believe how quickly these things come. It seems like we just did last years. Learn more and register. Things have worsened a little for the dow nasdaq indicated down 27 s p down nine or so. For an idea of whats happening and working in the markets for what to do, we are joined by phil orlando and i dont know what it has to do about ties you dont even have one on last month, you saw things get overheated and watched things go from average weight to neutral you made a switch. You think things are working and you are sticking with it a tremendous run in large view by the Technology Stocks you look at those trading all 50, 60 times earnings. You have a lot of these other sectors, domestic large cap value. Small cap stocks, International Stocks where we are trading back in the teens we really thought the overall market had probably gone a little too far too fast. Largely driven by the tech stocks, the faang, et cetera dialing that back and reemphasizing the neutral and some of these areas were cheaper to spread the risk out better. You felt the catalyst to get the underperformers going. The role in the Third Quarter will be a lot better than the Second Quarter once investors got a sense of that, we felt wed be able to play a little catch up with those laggards the catch up to this, it is a deeper recession than we are seeing in a long time and probably the quickest rebound in the economy and the stock market that is totally justifies the move we have seen in stocks. Still going. I know you have a feeling about Third Quarter gdp. There is a lot about the Third Quarter. There is a lot of hammering the reality is that the equity market has been a forward looking discounting mechanism of what will happen six to nine months in the future no question you suffered a water fall decline in march and april from an economic standpoint across the board housing, auto, manufacturing as we look out to what those numbers look like as of next year and price that back in to where we are now, there is justification of the rally that market went a little too far. In our view, a Risk Management and appears to work. Something working was clearly over the second face of the market ready to kick in and clear out it might be true. Trying to make a bottom already. If we could know that, that would be a second wave fears, election and all that stuff. If we knew we were near the bottom, it could give some confidence exactly we think this is have goodiing o be very ugly, contested election that may not get settled until middecember the last time we saw that was in 2000 the s p 500 dropped 10 or 15 . Down 10. 5 here over three weeks or so. That market ripping the page pricing in uncertainty to the election phil, ive been looking at that shot. I get a little bit distracted. I was listening but trying to see all the stuff behind you you know what they do in a slasher film, they take a shot of you, we go away and come back and there is one missing and you know that person there lurking behind that countriy on the lef. Hes got that knife now. It didnt happen to you. I think im the only one awake in the house the likelihood of that is low. You dont have a dog. Remember that geigo commercial where they are like, lets hide behind these chain saws do you see them i didnt but it is so weird you bring this up. Yesterday, i noticed two of my knives were missing when i was doing dishes im looking around thinking what the heck am i standing in a horror movie somebody took them to open boxes. I hope. Thats true thats why the geiko commercial is so funny. Even the guy, the killer hears them and just shakes his head. Lets not take that cars that running out there. You cant do that when we come back, we are going to give you new data on where americas youngest consumers are spending money the biggest premarket movers in the s p 500. Bristolmyers getting a boost after reports of positive tria who is usaa made for . Its made for this guy on immune ootherapy we are right back. Shes serving now we made it for all branches and all ranks whether they served one tour or made a career of it. We also made usaa for military spouses and their kids usaa is easy to work with and can save you money on auto, home and renters insurance. Become a member today. Get an insurance quote at usaa. Com quote usaa. What youre made of were made for. Todays executive edge more than half young genzers are living with their parents. 18 to 24yearold have been hit hardest by job losses. Unemployment was at 14 in august one in three has filed for unemployment in the last 30 days according to Research Firm cgk no wonder the percentage of young adults has swung to the highest level since the Great Depression over 61 of agagen zers were bak at home. Cities hit hard. Zillow estimates the rental market had over a billion decline. Without rent to pay, spending has recovered faster than for their parents generations what they are spending on, entertainment. One in three has upgraded their streaming service. College students who arent at home, most are still gathering with friends, doing it at home what they are spending it most on is food and booze at home, andrew before you go what about when social distancing ends, we can all hope or when we go back to some version of normal, what do you think theyll be spending money on then . There is good news there for retailer the top priority is spending ongoing out they want to buy on clothes, entertainment out. Going out to bars and restaurants and to live events all the things we cant do now, they are inching to do those and saving a lot more. Saving and investing theyll have a lot of dry powder those ones still working thank you well see what ultimately happens. More coming up on squawk box this morning we turn back those manuals about how to distribute a vaccine and how front line workers shouldnt be among the if irs to receive it that is next a look at yesterdays s p 500 winners and losers that was wonderful, bravo, i loved it pretty good wasnt bad d. Parts werent reelgally goo i didnt really like it it was bad. Awful. Boo. As business moves forward, were all changing the way things get done. Like how we redefine collaboration. How we come up with new ways to serve our customers. And deliver our products. But no matter how things change, one thing never will. You can rely on the people and the network of at t. To help keep your business connected. Good morning welcome back weve been watching u. S. Equity futures this friday morning. It looks like things are taking a legal leg down down by 20 down 35 points a half hour ago s p down 15 and nasdaq off by 45 it has been a rough week already for the markets. Major averages were up two of the last three sessions. Red arrows turning steeper 6 30 on a friday morning. The latest news for the race for the Covid Vaccine and how to distribute one when approved with us now, form rp Health Advisor under president obama. Former advisor to the Biden Campaign on vaccine recommendations. Thank you for joining us great to see you great to be here. I thought it was a bit of a counter intuitive idea when i first read it. Thinking when and if we do, thinking that front line workers would be the first in fact to get access you say not so fast. Well, it is the conventional wisdom it is what the National Academy has suggested and what other groups are moving towards approving. The real question is when you distribute the vaccine, what will bring down the morbidity Problems Health care workers and responders are at that high a risk of getting the vaccine or transmitting this era of ppe. I know at my institution and ive at many other, transmission has gone to zero there may be other sites where there is transmission like Nursing Homes or other personnel in the hospital. But i think we need to take a very careful look at who is at high risk of both having severe consequences and transmitting the virus. Weve learned a lot about how to transmit and that has changed practices. Id like to try to avoid politic sizing the vaccine it appears to be politicized in many ways. In terms of the credibility of whatever vaccine comes a member of the public or of your family, who would you be looking to to find out whether you would decide, you know what, ill take this im not going to be interpreting those results thats not my skill set. I am going to be relying on experts like everyone else in america. For me, the best experts to look at is the independent Advisory Committee at the fda that is going to oversee the vaccine approval made up of people that are not Government Employees by and large academics very, very respected people. Theyll look at the date you and make a recommendation. That is the group, the Advisory Committee overseeing the vaccine trials that i will put my stock in i think thats a very, very trustworthy group. I notice other groups have put together independent groups to also look at the data for various subcommittees. I think that will be my Gold Standard do you feel confident the fda is not being pressured by politics in this case . No. I dont think anyone can feel that we had thydroxychloroquine example. The con voeles enter plasma example. They have the job to keep americans safe there is a lot of political pressure and the agency is headed by a political appointee, we have to revev judgement on that what is your time line i had a fascinating conversation with a doctor saying even when a vaccine is available, that they would wear masks for some period of time. It isnt clear that just getting a vaccine unto itself would protect you. It depends on the effectiveness and whether it prevents transmission, not just reduces the intensity of the infection. That is an important question we wont know at the moment ive said sort of november 2021, is my touch stone. If you think of the vaccine at 75 effective. We need twothirds, roughly 220 Million People to get vaccinated just put out the time line of vaccine production, distribution and administration according to the offers of warp speed, well have roughly 300 million doses by the end of june 2021 thats a very optimistic view but lets say that works if you need two shots, thats 150 million americans. I think we are looking at the end of 2021 before we get up to the 220 million americans who need to be vaccinated. That means it is another 15 months from now at the earliest. In terms of some of the ethical implications, youve fought about the distribution of these, who do you think would be in charge . You need federal coordination there is no doubt about it the recent guidance again, when we look at the Trump Administration the main approach they had was to distribute responsibility to the states this is the case where theyve done the buying. The federal agency will be in the drivers seat ensuring each step of the way would be done right. Putting that in glasses and shipping that out. Tho easy are things only the federal government should do, not each individual state. We saw what chaos happened when each individual had to secure its own ppe or ventilators we need a coordinated response weve seen companies with a coordinated response do better given your involvement with obama care originally, trump signed that executive order protecting preexisting conditions as a way to try to prevent people from getting surprised many he had call bills. What did you think of that i dont want to be political here but it is a given the republicans have had 10 years and 6 months to pass a health care proform to offer a comprehensive bill to go against the Health Care Act and theyve failed over and over again this is a gimmick here to say, no, we are really serious. You might remember before the 2016 election, the president said we have this plan to keep drug prices down where has that gone . These gimmicks to try to address concerns the public has about their health care, their Election Year announcements without any real teeth you are suggesting this would not be effective im suggesting this is not an alternative to a comprehensive plan that actually addresses the publics concern we have a lot of concerns. One is the uninsured rate is actually going up. It was going up each year on president President Trump. People being laid off and losing their employ year sponsored insurance. That requires a serious exclusion. It doesnt require an executive order of one thing carved out that is popular in the polls thank you good to see you. Thank you for having me be well, we safe thank you comeling up, the biggest market catalyst and what to watch well talk to ftc commissioner on the push to diversity in company franchises you can watch or listen to the total