welcome everybody. glad you could join us on this friday afternoon stocks are under pressure again today as u.s. tensions with china rise and tech stocks lead the way lower. the nasdaq down about 1% it was down more earlier intel, as you probably know, the worst performer on the dow this day. down about 16% one of its worst losses in years after guiding lower and delaying its next generation of chips by six months we'll have more on intel this hour as colleges gear up to reopen, some are employing

robots to assist in social distancing we'll talk to the president of george mason university about that school's high-tech higher education plan "power lunch" starts right now thank you. let's take a look at where we stand with the markets at this hour the dow and the s&p are on track for their first weekly declines in a month it's now down for the second week in a row. down another 92 points today big piece of that, check out apple down again today now down about 4% for the week the stock is still up 90% from its 52-week low. it's been a rough slog for apple. the bioteches are weighing os the nasdaq you can see the two themes playing out now as we look to close out the week

health care and technology, the underperformers today. there's only one sector in the green. it's consumer discretionary and just by a hair tyler. thank you. let's send it over now to kayla for news about the other story that is driving the markets today and that is those rising tensions between united states and china. kay kayla. >> it's been a slow build over the last several months and no mistake the hawkish language has been heating up from this side last night the secretary of state mike pompeo gave a speech against the backdrop of the mnixon library where he talked about the new tyranny of china china announcing it will be closing the u.s. consulate one of the six diplomatic outposts the u.s. has in china as a direct retaliation. reports of burning of documents in the courtyard of the houston

consulate earlier this week. china's foreign ministry calls theclosure legitimate and necessary for the u.s.'s unilateral provocation a diplomatic tit for tat going on there the secretary of state giving a speech last night against the backdrop of the nixon library. symbolic because president nixon was the leader of the united states when the u.s. and china officially reopened this modern era of relations pom ppeo pulled no punches in ti speech last night. he's been ramping up the hawkish rhetoric last night he took direct aim at president xi and said they are taking their awe tuthoritarian principles outside of the united states >> our policy aonly to see beijing bite the international hand that's feeding them

>> reporter: there are new warnings that china might be trying to interfere in the 2020 election the head of counter intelligence here in the u.s. out with a statement this morning that says china is expanding its influence efforts to shape the policy environment in the united states pressure political figures it views as opposed to china's interest and counter criticism of china beijing recognizes its efforts might affect the presidential race tyler and kelly. >> let me take you off into an area where maybe you've got the information, maybe yo cu can speculate a little bit it seems the united states is kind of a lone horseman here without a lot of back up from our european or american allies. am i right on this is this our fight against china and not the west's fight against china? >> reporter: it's becoming the west fight against china you'll remember over the last several years the u.s. was a

lone horseman on trade and on some of these national security matters. in recent weeks we have seen more western allies actually back the u.s. up you saw the united kingdom decide to officially ban huiwei from participating in the build out of its 5g infrastructure that was a reversal of its prior policy u.s. officials said that will put more pressure on countries like germany and other developed nations to ban huewei as well. there does appear to be an intellectual tide turning. >> thank you so much let's turn back to the turmoil in stocks. tech giants like apple, facebook, alphabet, amazon are all set to report their earnings next week. it's going to be a pivotal week for those companies. as tech starts to roll over just a bit, has been over the last

week or so, is the pain a sign of the bigger downturn heard and not just technology shares do you see what's been going on in technology as company specific, basically a blowing off of steam of stocks that had gotten to highly priced that maybe it was inevitable that some sell off happened >> i think a little of all three. the valuations have expanded to somewhat egregious levels. they became overbought as a group and were ripe for anything

to catalize some kind of pressure applied to share prices what was mentioned by the prooef previous reporter could be one they derive a disproportionate amount as a consequence of the increasingly intense rhetoric between the u.s. and china that has to be playing a role as well as investors a little bit worried about what the set up might be for earnings next week because the companies price so well, priced to perfection, demand exceedingly good news not just good enough news. that might be a bit of concern for investors at the moment. >> quincy, how worried a you this tech sell off affecting those big names that mark just mentioned and we have been ta talking about. how worried are you this may

pressage weakness in the broader market >> we saw the tech names sell off and once we finished the earnings season, money migrated back to tech they have been priced to perfection microsoft came out and they did pretty well. tlp was there was a bit of a shortfall in their guidance. the earnings will be important to see whether or not the market continues to punish them i think what you're seeing also is many financial advisers on the retail market telling their clients, suggesting to their clients they take profit while they can there are other concerns, obviously, that the market may be more jittery over the course of the summer.

concerns over the fiscal cliff we may not see a resolution until early august you're supposed to have the commission talking to them, rather the agency in washington, d.c. with the big five i think it's been postponed. that regulatory concern over is not going away i think the market is also beginning to worry that if the democrats do win across the board, they have been far more vocal about breaking them up >> right mark, back to you, if i might. with a question about how dependent the market and the economy are on washington. both fiscally and monetarily if there's no fiscal

breakthrough here, what happens? if the fed just sort of pulls back a little bit, how dependent is the market on d.c.? >> i think at the momentum, highly i don't fear we will have either, the aforementioned considerations develop i don't think the fed is any position when you have the fed of the federal reserve saying we're not thinking about thinking about raising interest rate, you get the messaging loud and clear they will be pressing on more accommodation rather than less. i think it would be political suicide for either party to step in front of another phase, phase four, if you will in terms of the package that it's only a question of what size will undertake rather than if we see it should we not, should they fumble this and we go to some extended period beyond the recess on august 7th, i think the market would begin the worry. we're already starting to see hints the economy may be

decelera decelerating without the fiscal response, i think it would be a disaster for equities >> thank you have a great weekend now to the bond market where the ten-year yield is making headlines hits its lowest level since march. rick has more. >> if you start the chart on march 1st, what you'll note is we're toying with the 54, which was the low yield close on the nineth on the nineth which is a wild day, we traded down around 30 basis points the stock market isn't doing badly but look at the

correlation. not much bounce to the ounce the closest those two yields have been together in three months going back to mid-april, finally foreign exchange march 1st the dollar index toying with levels until this week it took out that march low now zoom back. we now trade at the lowest level in nearly two years. the chart goes back to august of 2018 back to you. have good weekend. >> you too coming up, it's tail of two chip stocks. intel pain is amd gain disney officially pulling mulan from its big screen schedule and dlelaying its entie movie schedule ttere's only one thing that maers to the bottom line he'll tell us after this quick break. experience the adventure of a bigger world in a highly capable lexus suv

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welcome back disney officially pulling mulan from its theatrical release and pushing back the next release of its star wars and avatar franchises julia has the story. >> disney shares are up at 1% today on this news that mulan that has been delayed multiple times is now unset disney say they are pausing

release plans as they assess how they can most effectively bring this film to audiences around the world. this and a one year delay in all after the movies in disney star wars and avatar franchises comes as production is largely shut down and movie theaters remain largely closed just want to look at the performance year to date amc shares are down 43%. this year's cinemark off 63% rosenblatagist says consumers will return to movie theaters at some point but if it's at significantly lower volume and revenue then disney will have to reevaluate if the con tetent is better served. chinese movie theaters are starting to reopen we'll have to see when enough theaters are open worldwide to

justify a release of mulan or another big budget film counting on an international audience back over to you. you say there's one thing that matters to the bottom line what is it >> when you think about disney's exposure to the covid-19, there's no question the theme parks continue to be by far the greatest attention but having said that, i think the film studio with the high profile titles, the delay of mulan and star wars and avatar, i think there's a lot to be said about the fluidity of the situation, not just for disney studios but across hollywood in terms of the

potential domino effect of this pandemic on the film schedule. it's really cast a lot of doubt and uncertainties. >> why are you so constructive on disney? >> i think we're looking ining e other side actually the indications of the gradual reopening that we're starting to see. the idea that there's a huge pents up demand from consumers that go back to the theme parks and you've got some of the major college sports gradually

returning which clearly will be a boon for espn. disney streaming, disney plus has been one of the main beneficiaries in all of this we continue to look at disney from a longer term winner when all the dust settles >> you're look at disney plus. what about the return of sports? it's easy to look through to the other side are you prepared to wait as long as that might take >> indications are there's signs of resumption as we see some of the other sports with major league soccer, nhl, the baseball just restarted kick off slated for september 10th that's one we're closely watching disney huge exposure, espn monday night football.

we saw the nfl draft last april. all in all i think there's some key pieces of the puzzle when sports ultimately returns. that makes us to believe that disney will be just as well positioned as any other to ride the return of sports >> how long, if ever, before disney returns to the level of profitability it has before this we don't really know about people's willingness to go back to the theme parks or willingness to sit in a theater at one levels of capacity and at what levels of revenue >> we have disney losing about a billion dollars for this quarter. after we see them gradually rebounding next year we think they will rebound but in terms of return to the normalized level of 15 to

16 billion or more operating income, it will take some time we're seeing signs of return to semblance to normalcy. the hollywood studios are starting to reopen their productions. there's theme parks gradually reopening. as long as we see sequential quarterly improvement which is what we see going into next year, i think that gives comfort things are moving in the right direction. >> thank you very much thank you for having us into your home. i can see that you know how to decora decorate that cfra mural behind you you're a company man >> thank you let's take a look at what happened down in washington where major league, the washington nationals kicked off the season with a special guest. there he is taking the mound,

anthony fauci. the head of infectious disease and allergies. threw out the first pitch. having a little trouble with the curve. his throw was a bit wide of target unless he was throwing to first base seems he didn't want anyone to catch anything he may have been a little too busy lately to get much practice in dr. fauci on the mound i knew the nats bull pen went good intel tracking for its first day since march. could this be your best chance to buy this stock? check out this mystery chart. the stock is up more than 330% this year, folks it's out performing many of its peers in the health care area. we will tell you the name of this one up 330% when power lunch returns. d, right? yes it is. jim, could you uh kick the tires?

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welcome back to power lunch. take a look at intel falling to lows not seen since march of this year after the company pushed back the launch of its 7 nanometer chip by six months here is what bob swan told cnbc earlier today. >> make sure that we have options. an options mean either delivering products on our process node, using the ecosystem or other partners so in the event that we have schedule related issues that we can still meet the commitments to our customers

>> those delays giving micro a boost. shares hitting a record high for a third day in a row do you buy the dip in intel or stick with the current leader in amd up 24% in last week. the trading nation team is craig johnson and nancy tangler. let's play a game of would you rather amd or intel, right now in. >> it's painful but i think at this point, given where the stocks are trading on a relative price to sales ratio basis, you want to take a fresh look at intel. it's growing about 7% per year the earnings were good the report was good. it's just the delay in the 7 nanometer and on the heels of the delay in the ten i do think if you look at charts

from a valuation standpoint, what you'll see is that intel's chart is the i verse of amd ease and it might be just ready for a turn in growth and relative price to sales ratio i think that's why we're picking away at it >> all right makes a good argument there, craig. what do you see? >> we would not be buying intel here at this point in time it's a tail of two different takes. intel has more revenue coming from dell and those companies. to me moving to smaller chip size isn't as material as the unmarket being stronger for amd. look at the chart. we're breaking out of a classic triangle measure the objective here

subject this stock probably has another 18 be % to go. >> for more trading nation head to our website or follow us on twitter at trading nation. ahead, high-tech higher ed one college is using robots to help reopen in fall. we'll speak with their president. why deal makers are struggling to find sellers and restaurants caught in the middle the ceo joinings us to discuss reopenings roll backs. stock slices.

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welcome back here is your cnbc news update. massachusetts will require most travelers into that state to fill out travel papers and quarantine for 14 days this includes returning residents and college student pps the only exemptions are from people coming from seven low risk states in the northeast and hawaii michael cohen has been released from prison once again. a judge rules his imprisonment was retaliation for writing book critical of president trump. cohen will resume home confinement in new york city you can go to cnbc.com for more on that story. in siberia, reindeer herders

have found a mammoth in local lake almost all of the bones remain intact ty, back to you. >> sue, thank you very much. stocks are off the lows of the session. the dow right now, let's take a look at where the dow is it's off about a half a percent. it's down by about three quarters earlier today the nasdaq and s&p also lower but nasdaq was down by more than 1% earlier today now just by .7 of a percent kelly. as colleges look to improve health and safety protocols in order to restart classes in the fall, some returning to high-tech robots to get the job done frank is here to explain >> safely housing and feeding the 12 million full time college students in the u.s. is major concern with the fall semester starting and no end to the pandemic in site one option, the robots that deliver food and backs on and off campus

you have to keep in mind, half of colleges expect to have in person college another third using in-person and online the 6,000 students on campus and the 12,000 off will be encouraged to use this option at bowling green. >> the robots will enable us to allow students, perhaps, to be in their small groups as their studying late at night and they don't have to walk across campus or go into the student union it helps us reduce covid-19 risks across campus. >> the start up behind the bots, each campus will have 30 or more that can dleliver in a four mil radius competition robot delivery is increasing post mates is in the bay area. amazon announced in atlanta and tennessee, it's makie ining deliveries with its scout robot.

this being looked at a way to reduce covid risk as well. back over to you >> thank you very much george mason university is one of the colleges using robots to help reopen its campus in northern virginia. they plan to welcome 4500 student this is fall a 25% drop from last year. joining the class will be 34 robots that will assist in meal delivery for more on how college will look is the president of george mason university, dr. gregory washington good to have you with us i understand you just began your role earlier this month. what perfect, market timing for you. >> yes i know how to pick them. definitely just starting this is a really difficult time. also a time of tremendous opportunity at our universities across the country

>> i grew up there and now that he gmu is a highly respected university in its own right. let's talk about what the fall will look like one part will be the robots. we'll get to that in a minute. how much will be in classroom? how much will be remote learning and i'll get to the question about foreign students and whether they will be able to -- whether you're be able to enroll them as you would like what's it going to look like >> it will look different. we'll have somewhere in the neighborhood of about 45% of aur classes online which will amount to somewhere in the neighborhood of about 25 to 50% of our students on campus at any given time we have a large commuter pop you lae -- population relative to our

total number of students on campus you'll still see upwards of 10 to 12,000 students on campus that's a far cry from the 25 to 30,000 in which we normally see here >> so many of them will be doing distance learning. they will be hooked up by computer some of their classes will be on campus and they will attend. >> that's right. we'll have somewhere in neighborhood of about half of our actual classes many of them are smaller classes but about half of our classes will be here on campus where student will have face-to-face learning the bulk of our larger classes will be actually online. >> let's go to the question of international students there's a tussle, clearly it's not resolved just yet about international students i know you have quite a few of

them they tend to be from a revenue standpoint, relatively more lucrative than domestic students what will happen there and what's your stance on it >> well, look, american institutions are among the best institutions, are the best institutions in the world for educating all students clearly, we have foreign student who is come from all over the world to our country and george mason is no different for an education. we have to provide that opportunity. we have to continue to educate the world's population it's a tremendous benefit to the u.s. it's also a tremendous benefit to the countries in which these students leave and go to the challenges we're dealing in terms of some of the back and forts with our administration on

how these students can enter the country, whether they can, whether they can't we're at a great place and the students can enter this is going to work itself out. we've been the country of opportunity and hope that will continue i have no doubt in my mind that over the next few years, we will continue to see growth of students from all over the world coming here. >> let me get a quick thought and i have one more question after. let me get a quick thought on the robots and what are they going to do deliver food to dorms to classrooms >> we'll use them in a significantly greater capacity last year we did 30,000 deliveries over the 2019 academic year. we'll do something exceeding that this year

it's the best mechanism to avoid the transmission of the covid virus. it's very few touch points of human to human when you're using the robots for tlidelivery >> you have begun some initiatives about inclusiveness, diversity and things that are timely i'm a graduate of the university of virginia whose founder was thomas jefferson, a slave owner. george mason university is named after george mason, one of the great founding fathers one of the inspi rrations of the bill of rights he had a very conflicted viewpoint on slaivery he was a slave owner who opposed the slave trade. he did not free his slaves in his will how are you, as the president, grappling with the legacy of george mason, the name of the university as you take this job

on >> well, look, this is a great question i will tell you that the legacy of george mason kind of mirrors the legacy of the country. we highlighted ourselves as being land of the free, the home of the brave yet we enslaved the large percentage of our residents. we are embracing that issue here at mason we're embracing the legacy and past that george mason had and using that as an opportunity to look at the lives of those people he enslaved look at their contributions to society, contributions to the corresponding area and we have found some amaze things in terms of what kinds of contributions these individuals have had it's a difficult subject nine u.s. presidentsed slaves.

only george washington freed his slaves upon his death. this is a topic and subject we'll spend a significant amount of time. we think we have done it the right way. we have a george mason shrine that we have in place, that we have put in place to look at the contributions of all of the individuals that have been enslaved, many of the individuals that have been enslaved in this lifetime. that embracing of those contributions along with the life of george mason himself, we think provides a more holistic view of the con tri btributionsh man and tennessee che contradicf the man. >> welcome to virginia kelly evans is a graduate of another great virginia university washington and lee

i came from charlottesville and the university of virginia these discussions are very personal i know to kelly, myself and clearly we wish you all the best as you take on these new duties at gmu congratulations. kelly. >> thank you very much >> not a week goes by without some update on that front as the school struggles over its name still ahead, we'll reveal today's mystery chart. this name struggled after its ipo but now it's soaring 300% this year. main street is running out of time and money. without more aid, millions of small siss cldlobuneesou cse permane permanently. an update when we're back in two.

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vrj welcome back the stock is livongo health. we explain this wild climb >> it's ironic because the diabetes app helps keep people blood sugar down but the stock has shot up to record highs, up 400% in four months. they provide digital health services for employers some membership doubled in first quarter and boosted its second quarter revenue outlook now. big turn around after tumbling 50% from its ipo price two months following its nasdaq debut a year ago the pandemic is helping to boost employer demand for digital health services. bullish for the diabetes and hyper tension health but especially so for its mental health offering and heart disease app is due to launch later this year.

the company spent a lot on marking to boost growth. analysts note the hiring aggressively again and competition is heating up. united health lawning a diabetes offering this month which could lead to pricing pressure and margin pressure. they report earnings on august 6th. tyler. mna is taking a bit of r and r this year. no one is selling right now. we'll explain why when we return after this

welcome back, everybody. more money, more problems.

that's the saying and that is the case as many mna people have gone dormant this year during the pandemic deal makers are sitting on a load of cash but no one is looking to sell right now. leslie picker has more hi, leslie >> sounds like a nice problem to have, doesn't it deal making had actually been picking up now with the resurge unce of coronavirus cases mshgs of those would-be sellers are going back into hibernation mode. u.s. deal volumes so far this year have plummeted more than 60% from 2019 levels and several other deals signed last year fell apart before they were completed and now the recent spike in virus cases is causing a backdrop of high uncertainty creating headwinds to do large buyouts in more traditional industries says john gray. he is the president of blackstone which has an industry record $156 billion in dry pouder to invest

>> we have shown a willingness to deploy capital and into the most impacted areas. but there tends to be a little more resistance to that as people want to sell into a little bit of a healthier market >> in addition to greater resistance from sellers, the pandemic is making it harder for deal makers to conduct negotiations and due diligence without physically income the same place, in the right place and without a strong sense of future cash flows, finding an agreeable price, guys, is nearly impossible >> yeah. makes sense. it's going to be a tough slide, leslie thank you. leslie picker, we appreciate it. up next, we're going to speak with the ceo of one barbecue chain with 500 locations across the country including several covid-19 hot spots. how the business is doing amid the pandemic you can always watch or listen to us live on the go on cnbc app. [squeaky shopping cart]

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because putting you first is our job. it is no exaggeration to say that main street is in crisis in many parts of the country for many small businesses there. paycheck protection program loans are running out. the money is spent and as congress negotiates yet another relief package, the small business owners say they don't have time to wait. kate rogers has more kate >> hi, tyler that's right the ppp is set to expire once again on august 8th. while there are still billions of dollars worth of aid up for grabs, some businesses have already spent their ppp loans and are now running out of both time and money we talked to ryan german who owns cafe gilato in newark, delaware he used his ppp loan in full to keep the employees onboard now he's getting creative with the restaurant business in order to stay afloat

>> if we have to do power washing or rake leaves in the fall in addition to serving food, that's what we're going to do we don't intend to lay people off. it's just that even with all those different endeavors, we do need help from the federal government we need congress to act. we need congress to pass a second round of stimulus >> at a hearing last week, house small business committee chairwoman projected that some 110,000 small businesses have already closed due to the pandemic and 7.5 million more are facing the same face many need help but trade groups are pushing back some of the proposals that have been floated for the next round of stimulus in particular a revenue test it's something that treasury secretary said he supports, a revenue test of losses of 50% or more, for example, would not apply to ryan because he actually has gotten creative to stay afloat.

he doesn't meet that 50% decline. but he clearly still needs help and would want another ppp loan if he were able to apply for one. back to you. >> you wonder how much political appetite there is for people to go to the well >> i think there is an appetite. businesses are open it to. the higher priority is targeting both smaller businesses of under 10 or 20 employees and also minority owned business. that's been a big focus. many say the ppp didn't serve that cohort of business owners it is something that many people want to see a more targeted focus on in the next week of stimulus guys >> kate, thank you kate rogers. our next guest runs a family owned restaurant chain, dickie's barbecue pit they have 50 restaurants in florida, texas and arizona. dining rooms currently closed in california and arizona thanks to a surge in online

ordering and ppp money, they're on the road to recovery. laura ray dickie is the ceo of dickie's barbecue pit. third generation business, right? >> that's right. >> super cool story. so you are now ceo of the family business at an incredibly difficult time i'm impressed with the numbers though your business is able to put up tell us what business overall is like >> you know, we have been incredibly fortunate that our infrastructure has allowed us to shift from dine in to our online fr infrastructure while the first four days during the pandemic, we lost over 41% of our business. but we were able to immediately switch that and now we're doing 91% of our business through our online and off premise channels. without that infrastructure, we wouldn't be able to sustain. that's what you're seeing throughout the industry and a lot of our really worthy competitors that just didn't

have the ability to have online ordering, third party delivery and off premise the way we had placed. >> i see here you guys are trending towards a record sales month. same-store sales up 14%. the entire system, positive for the last couple of weeks any flattening of late, laura, as tcovid-19 cases spike >> we're up over last year which is wonderful for us. we are seeing a challenge in our hot spot markets where those folks are having to deal with the fluctuation of are they open for dining rooms, are they not so we're seeing little micro kind of business anomalies related specifically to the hot spots. but overall, we're up. >> yeah, and that's encouraging news again, speaks to how you've been able to pivot your business. you did take ppp money, we were just discussing they should allow businesses to go back to that well s that something you would do again if offered if, you could? >> you know, thankfully for us

at the home office level, we would not from corporate although i believe many of our owner operators and franchisees where they're looking at a much smaller business footprint ais much shorter, they likely would. >> i know you're also frustrated by the changing regulations. is there a solution for that >> you know, it is probably one of the two largest issues that we're facing is the disparity and the regulation because it is so hard to keep up not just state to state, city to city but even municipality to municipality what the occupancy is, whether that allows you to have chairs or tables in the dining rooms or whether they actually have to be removed h whether or not folks are required to be in masks. that's been particularly challenging. >> right >> for our pit crews to navigate all of our folks from team member standpoint are in masks they are in gloves

we have added disinfectant to cleaning but definitely the regulations have been one of most challenging. when you're looking at owner operators -- >> laur yashgs a, we appreciate. i could go for barbecue right now. >> i'm getting hungry. >> have a great weekend. "closing bell" starts right now. thank you, kelly and tyler welcome, everyone, to "closing bell." i'm sara eisen here with wilfred frost. stocks in the red to end the week dow and s&p 500 set for the first weekly declines in a movement we're climbing back from the worst levels in a day this could make or break the week for the s&p 500 rising tensions keeping investors on edge. big tech continues to roll over with intel's weak guidance the latest chill on the sector housing is very strong new home sales surging