welcome back welcome to "power lunch. stocks are higher with the nasdaq hitting a record high as tech leads the charge. wall street awaiting more stimulus from washington, of course that could put a different cast on the day if we get some news plus, microsoft could be on the cusp to buy tiktok

we'll talk to an influencer and you have no idea how much i want to be an influencer about how she is making money on tiktok. later, godiva chocolates is remolding its business amid the coronavirus pandemic the ceo will be here to tell us what's working and a lot is working for this company in the consumer space "power lunch" starts right now thanks welcome back welcome to "power lunch. you can see that tech continues to dominate the market today the sector up more than 2% outperforming everybody else that's in large part to apple up 3% today shares of apple are now up about 50% on the year. it's been an incredible run. that brings the company's market cap to $1.9 trillion and change.

we're within tuouching distance of a 2 trillion dollar market cap. also take a look at nvidia today. it's up more than 85% this year. nvidia has been a monster. tesla up about 4% to just under $1500 share. there's one wall street analyst chasing shares we'll have those details shortly. tyler, back to you congressional leadership also today and the white house trying to find common ground on the next stimulus package even as we speak here kayla has the developing details. hi, kayla. >> compromise has been elusive on this front. trump administration officials are sitting down once again with top congressional democrats for the first time since saturday to try to figure out if a compromise is possible

republicans have been open to partial deal while democrats have been seeking a larger stimulus package opinion mark meadows entering the negotiating room earlier this afternoon. when asked about his expectations for a deal, he said none yet besides funding for schools and new stimulus checks, there appears to be agreement on little else. both sides accused the other of misrepresenting their positions and not negotiating in good faith. president trump says he remains personally involved in shaping the white house's stance on this but he's still finds a third of the democrats proposal to be a non-starter. >> they want to bail out cities and states they want bail out money they want a trilliondollars in bail out money a lot of people don't want to do that because we don't think it's right. >> reporter: that was president trump in the roosevelt room speaking at an event for tech workers just last hour we await any news out of capitol hill back to you.

>> i was going to say as the president pointed out there, there are multiple areas of disagreement but one of the key ones isthe difference over the extension of the $600 a week supplemented unemployment insurance. the republicans are on one end the democrats are on the other how hard is it to bridge the gap and meet in the middle >> reporter: it's not only hard to bridge the gap between the proposal of $600 a week in the supplement that continues until the end of january and the republicans proposal which is $200 a week until october and changing it to about 70% of workers base pay pre-pandemic. the question is how do you do that calculus. democrats said it's impossible the state systems are antiquated and can't do that type of math why they selected a flat dollar amount is they did not think state's computer systems could handle that but they believe it

should be a percentage and there is quite a bit of distance between where they stand the administration tried to advocate for a short term extension of that $600 just last week and democrats said, no. we want the full thing until january. >> thank you very much kelly. what does washington, in terms of what they do or don't do this week, what will be the impact in terms of what it has an on the economic rebound >> kelly, after a historic gdp plunge in q2, economists forecast an equally historic q3 surge in gdp but economists are not confident in the survey and not united about it. aft the big 33% plunge, the average of economists look for a 21% gain in q3

after that growth is forecast to increase by 7% and 5%. it's not enough for the full year gdp is seen declining by 5% in total. the range is also large. almost a 15-point gap between the bulls and bears between the optimists and pessimists the swing factors are what kayla was talking about. what happens with the virus in washington and how quickly and fully the economy ends up reopening. over at barclays they said the july data is a reminder that downside risks we main and the economy has not transitioned to a self-staining virtuous cycle a strong judge number got it off to a strong start. jum and august seem to be flat gdp will grow robustly but the high frequency data turned flat to negative. goldman beginning to worry about the jobs market. here is what they said in a comment tear over the weekend.

our trackers suggest that current household employment has fallen by roughly one million since the june survey week as of july 15th, the unemployment rate has risen. he sees it as more as a bump in the road >> it was interesting that the ism report was as strong as it was this morning especially new orders some are saying don't be persuaded the recovery has lost a lot of momentum. >> it could be there's two tracks going on. i heard this explanation that you have manufacturing making a rebound from very low base but

it's the consumer spending at points of sale that and also the rehiring and reopenings that has really gone flat here. maybe you have this manufacturing rebound and that may or may not be met with what's going on. the best you could hope for is the july data, which the high frequency is already flat. wool see if that shows up in the government data. just hope it's temporary and that august, this is what bullard said, get the virus under control. have people wearing masks and the economy can have a really strong rebound >> can i ask you a freshman economics question that is are the numbers that come out, 30% decline in the second quarter a potential 21% gain in the third quarter. are those measuring sequential changes quarter to quarter, not year over year if they are measuring sequential change, how much smaller in the

third quarter of this year than in the third quarter of last year >> it's a great question you annualize that and get 32.9. that's why you get a big 21% rebound. the number i focus on if you want to bring that chart up, that bar chart up one more time is the full year number. the 2020 number. that's the number i'm focused on most is where we end up relative to where we were after the rebound. >> those other numbers are annualizing the quarter.

>> quarter change, yes it does over state the change. tech stocks are helping the market shrug off weakness in the economy and concerns about a longer road ahead to recovery economically and medically at what point does the economic slowdown start to pinch the markets too? welcome to both of you let me start, i just came back from vacation. i talked to lots of people and people's main question was can you believe this market. can you? >> well, tyler, first of all, the market is disconnected from the consumer sentiments.

it's not connected because of the drive or the push of the federal intervention with the subsidies and really putting over one trillion dollars back into the economy you're absolutely correct. those who you talked to, there's a disconnect with what's happening in the general economy and what's happening in the capital markets. >> so, are the capital markets there for risky right now because of that disconnect >> one of the things we look at is do our management or both the u.s. large cap centrstrategy and developed market strategy, we're noticing this disconnect the problem being is if we don't get movement within washington, d.c. to continue these types of subsidies of the market, the bail outs, we could see a much different market third and fourth quarter this is very tenuous ground that

we stand on around this capital market we're at roughly 3300 now. how vulnerable is the market from where you sit >> it's vulnerable to short term volatility we would call the market fully valued or even fair at the high end of fair valuation. that's really assuming the continuation of the very aggressive stimulus we have seen and the base case outcome. the market is justified remembering that the s&p 500 is very tech heavy now.

we think there's numerous potential catalysts for increased volatility and not just the budget negotiation and the lack of clarity around the next wave of fiscal stimulus but also uncertainty around the paths path of the virus uncertainty around u.s. china negotiations relations and the election coming up and the market needing to underwrite potential for significantly higher taxes change regulatory environment if you have a democratic tweet in the near term while we're still leaning into quality stock and credit, we're taking profits. taking some money off the table in order to weather some short term volatile and hopefully enter at better levels in the future. >> you anticipated my next question which was to turn the

corner and tell me what i should do with my capital allocations now. you said we're starting to take some money off of the table, what are you lightning up on and where is that money going. i sense you'll say high quality credits, high quality companies that pay dividends >> actually, we're using the large cap stocks, the winners, these defensive high quality companies that have been leading the market as a source of funding as well as investment grade credit we're still playing the theme of quality and defensive sectors, weights and orientation but we're shifting towards smaller and mid size stocks. we're looking at quality companies in europe and japan and greater china and looking at the better kind of raided components of u.s. and european high yield as well as emerging market hard currency debt where we still see both attractive

income levels but relative yield spreads compared to u.s. investment grade credit where we just seen such a strong move so far. really since mid march >> same question to you, in light of your forecast, somewhat cautious, where would you be putting money? what would you be moving out of and into and i note that you like technology and you like health care. >> exactly what we're do is we want the look at social license and what we noted in the technology sect sector, they are changing the way we work, live and play that's why we're seeing those tech stocks do so well what we're seeing is we still look at technology because we still see upside in technology names. we also look at health care.

health care has a major impact on the social license to operate through the vant age point of healthy lifestyles we're seeing those companies that do well in health care maybe those ones that are further away from the covid research and those solid companies that their business case is still strong plus they have a strong license to oerpts. we measure profitability of very common quality measure and we see that the profitability will be what will drive this market forward. >> all right thanks very much hi, kelly. coming up, microsoft is jumping on hopes it will make a deal to buy tiktok with backing from the u.s. government we're going to talk to a top

tiktok influencer about the future of the platform video game stocks are soaring amid the pandemic. we'll tell you what to watch after this quick break ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis.

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microsoft shares soaring after confirming that the company has held talks to acquire the popular social app tiktok josh lipton has the details. >> it could be microsoft's biggest acquisition in the consumer market. confirming it is pursuing tiktok its interest here understandable tiktok is wildly popular with 100 million users here in the u.s. microsoft would immediately become a bigger player in consumer technology and could monotize the pool of users with advertising. a business it knows well microsoft's former ceo was on cnbc this morning and talked about the potential benefits of this deal. >> some exciting proposition for microsoft.

obviously, it depends on the price. price is important as well as whatever restrictions come with it from the government perspective. i think it's an kpietsi inexcit for microsoft to increase its consumer base. >> there are risks here. the consumer market is fickle and microsoft would have to make sure that this would not over shadow the commercial cloud story. that sent microsoft stocks surging higher trump saying microsoft or another american company would have to buy tiktok by september 15th and he wants a payment to the u.s. as part of a tiktok sale guys, back to you. >> it's that latter point i'd like to hear more about.

josh, thank you. tiktok and many of its popular users are weighing their option if the social media platform does get banned or has a new power company. she joined the platform in april and has accumulated over a million followers. you can see videos of her sipging while being interrupted by indian dad. welcome. >> thank you so much thanks for having me >> are you worried tiktok get banned would you mind if microsoft was the new owner? >> i am concerned if the ban will happen. am i concerned that microsoft will take over no i'll be grateful i think this is a wonderful opportunity for everybody to keep moving forward. >> you're at the cusp now of being able to make some pretty good money as an influencer on

tiktok i know you're starting to get deal offers from other platforms as well. if tiktok were banned, would you try to just find -- i know there's reports that facebook or instagram is working on something. do you think you would go elsewhere if you were forced to? >> if i was forced to, yes i hope that's not the case because really i'm just scratching the surface now i've only been on tiktok for a few short months i'm definitely moving around and using platforms that i'm comfortable with instagram, facebook, youtube and engaging audiences there my numbers on tiktok, my largest audience is there. i have access to a million plus fans, followers, audience, members. that's really where the heart of it lies. >> were you ever concerned about the fact it's owned by a chinese company.

i think it's banned in india, right? >> it is banned in india just like when i driver a car, i don't know how it all works. i still enjoy driving my car i don't know the back ends i don't know about all these security issues. i can't speak to like an expert but i can tell you that personally i understand the concerns i don't know enough about it to really speak educated -- in an educated way on it >> i toetally understand what you're saying. explain how popular tiktok is right now. is there any other app that you and your friends really use or is this the go to? >> i definitely use all the platforms. instagram, facebook, youtube tiktok has been this amazing platform for people to be

themselves that's what i love about it. i started four months ago and it really was place where i came to sort of find my happiness and my -- i think i hear one of the videos going on in the background it's somewhere i come to just be myself and i found people who are happy and being themselves on the plats foform themselves. it's been very -- what's the word it's been real it's been really real. that's what i think the audience appreciates. >> four months to tens of millions of followers speaks to its popularity and your success with it. thanks for joining us. we appreciate it >> thank you ty all right. thank you very much. still ahead, tesla and rival

nicola racing higher today the traders will break down which electric vehicle maker is the better buy right now look at those gains today. plus, speaking of wild rides, take a look at this mystery chart. shares of this cloud company are up more than 200% since the beginning of the year. we'll tellouheamri y t ne ght after this quick break plap

. welcome back the electric vehicle stock sector surging higher today and reporting more than 300% increase in tlideliveries in juy while nikola caught a buy rating

from deutsche bank tomorrow. tesla adding to a more than 100% rally in the past three months let's bring in trading nation team to discuss. boris, i'll start with you your thaoughts on investing in nikola a company with no revenue trying to rival tesla i guess the question is will it succeed. >> it's impossible to make an investment in the whole space because i consider it to be a bunch of lottery tickets at this point. having said this, nikola is the first real interesting competitor to tesla because it's providing the first true value with a 600 mile range and the ability to create a power plant out of its truck for a lot of the construction industry. to me, the big question is, if nikola can deliver 70% of what

it promises, i think it becomes an interesting competitor to tesla and that is very bad for tesla. that means tesla becomes just another car company and not fan boy stock. it's going to be very interesting in the whole industry to see how it develops. i can't believe there isn't going to be competitors to come in there it's a key thing the whole auto industry has messed up op goingg forward. >> you're always looking for themes, industry themes and you got one right here it's not just one or two stocks working but it's across the border, at least these three all are. to chart one, i think neo is interesting here the stock has consolidated since peaking in july. i think this consolidation is

allowing previously over bought conditions to recede it's allowing the moving averages to catch up the price what you'll see is a resulmption of the up trend. $10.46 is important support level. as long as the stock is above there, our assumption is this will make a new high above that july peak. >> all right thanks for joining me today. back to you. ahead on power lunch, it's finding a sweet spot amid the pandemic we'll talk to the ceo about changing consumer trends august rents are due will we see a wave of renters kicked out by landlords. did the company sever a boost from gamers stuck at home? stay with us on "power lunch." stock slices.

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welcome back, everybody. here is your cnbc news update at this hour. isias is still a tropical storm packing sustained winds of about 70 miles an hour it's expected to become a hurricane again before making landfall this evening. as communities prepare from florida all the way up to new england. that storm is moving north at 13 miles an hour. it's currently about 115 miles south of charleston, south carolina man hats han prosecutors want to see eight years of trump's tax returns to investigate criminal conduct at the trump organization the manhattan da cites undisputed public reports, end kwoets defense lawyers say the fight

for the tax returns amounts to harassment of the president. in new jersey, governor phil murphy is retightening restriks on indoor gatherings the max um size is being cut from 100 people down to 25. murphy says his hand was forced by knuckle heads ignoring health restrictions as that state's rate of transmission has surged. students this fall will also be required to wear masks at all times in school. you are up to date that's the news update this hour i will send it back to you >> thank you very much let's turn back to the markets now where we're near the highs of the session all three major averages are up. the dow up by 250 points the nasdaq at new highs led by the strength in apple as it approaches the $2 trillion market cap the oil market is closing up let's get over to eric at the commodity desk for more. >> oil prices up around 1% to start off the month.

they were about 2% a little earlier. july was the third straight month of gains and the fourth straight for brent analysts point to positive manufacturing data across the globe with the most recent domestic ism manufacturing data accelerating at its highest rate in more than a year along with similar numbers from europe and asia that being said, coronavirus cases continue to rise, spring some concern over return of demand and despite earlier production cuts in the u.s. and from pec, it remains at over supply of oil. a hint of demand combined with rising inventory could impact prices in the months ahead tyler. all right. thank you very much. it seems chocolate has found a sweet spot for itself even amid the pandemic what goes better with pandemic than chocolate between march and june consumers bought $4 billion worth of ch k chocola chocolate. that was a 6.3% inkreets over last year. how is one of the largest

chocolate makers staying in world and winning at the games joining us is annie young. she's the ceo of godiva. welcome. it's good to have you with us. give us some numbers about how your business is doing and it's doing very nicely because some of the strategic moves you have made and consumer habits talk to me >> thank you for having me we're very excited about the growth of premium chocolate. premium chocolate has been growing faster and we are actually going to enter into the consumer package goods arena which is about 18 billion in revenue and godiva want a big bite out of that category. >> when you say consumer packaged goods, you mean competing with what? grocery store. for space on grocery store shelves or websites or what? >> we have bone really well and what we have realized there's also opportunity and more casual

gifting, sharing and for self-consumpti self-consumption our customers have shared one of the biggest opportunity s to get more accessibility, be more available. it's a tremendous opportunity. >> give me a sense of how your sales are comparing year over year with last year. >> if we look at our digital business, it's growing triple digits if we look at the consumer package good business that we have entering into cross the world, it's double digits growing category we feel there's tremendous opportunity for us to continue to scale the premium segment is growing even faster because consumers are looking for that quality product in ingredients and with 95 years of heritage, our chefs

are creating amazing recipes across the globe we're launching two new products that we think will fit straight on one is our signature bar consumers when they eat a candy bar, they don't consume all of it at once, unless you're me what we're launching comes in little sticks that you can consume and you can put in your hand bag and consume helater. every bite is as fresh as its first. we're launch that now in the u.s. >> it almost likes like a stick of gum that would be convenient to unwrap in your pocket, in your bag say it again >> it is delicious yes, it is a package innovation that we have just launched and we think it will do really well. we also launched our godiva g m

domes which is three layers of texture that will be delicious as well. >> you're making my mouth water here i'm really loving this segment you have no idea i don't know where the analogy is correct but forgive me if it isn't. i'm given to think back to a popular shoe some years ago and i'm not saying your chocolates are anything like shoes but ugg boots sold through very narrow sales channels for a long time you could only get them at a few high end stores or on their website. then they branched out which is to other outlets and they expanded their sales that's fundamentally what you're doing here if you're exploring different sales challenges, correct? >> absolutely. we're making sure that where the consumer is looking for that occasion, we're going be available. we have been really thoughtful of how do we ensure that all channels work together

appropriately whether it's for self, for gifting, for sharing we want to make sure that godiva is first chocolate brand that consumers are thinking of. >> thank you very much i'll get a box of them and send them to my friend kelly. >> thank you so much thank you, guys. >> i don't know if i should show what i've got here at my desk. it's a rival chocolate snack that gum stick looked pretty good coming up, we have power movers two big deals in a company benefitting from the hygiene craze. our must chart is a stock that's been soaring since we have been 'rba itwfr he. wee ckn o. machin businesses are starting to bounce back.

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. couple of deals topped today's power movers adt is soaring as google takes a stake in that company. adt will start offering google nest toit its customers that's hurting shares of alarm.com which has a deal with adt. varian medical system soaring. siemens will buy varian for $16.4 billion. we end with clorox lower today. thanks in part to sales of disinfectan disinfectant and cleaning products the new ceo will take over next month.

time to reveal our mystery stock. the stock is docusign. it's a big ben fir areficiary o americans working from home. >> docusign has been booming as contactless business becomes the new norm saw a huge up tick in popularity and stock price as people embrace digital signatures take a look at shares since march. those are up about 160%. up about 4% today. that rally has paid off for the largest shareholders even after the pandemic, analysts are betting people will be more germ conscious and rather science something over e-mail few people will go back to pen and paper. companies expanding from signatures into the entire agreement process. it's also moving into the remote notary business with a $38

million deal to buy start up like oak technologies. that was announced in july it's leaning into areas like digital document storage a few head winds, competition is one and a notable competitor was ecosign. thank you very much. the bond market is active today. rick has all the news all the cme. hi, rick >> hi, tyler if you look at one week of tens, you could see we have come down friday we made the all time new low yield close right around 52 basis points yields have popped back and some curve steepening the big news is alphabet

it will be an all time low for that maturity for corporate security ever. let's look at the two day of the dollar index and why is this important. it slipped 4% or thereabouts in july it had mounted a rally it was doing pretty good it's giving up its gains rather quickly. kelly, back to you >> something incredible about that google bond offering. a new challenge is paying rent landlords no longer have to let non-paying tenants stay. will we see a wave of evictions? we'll get into that next just over a year ago,

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the push and pull between renters that can't pay and landlord that's need the cash is taking a big step forward as august rents, of course, are now due. the moratorium on evictions expired without being extended by congress. diana olick is looking at the numbers. >> hi, ty. the democrats and the house passed a plan with $100 billion in renter relief but so far nothing clear from republicans other than president trump saying he wants to extend the eviction moratorium on properties with government-backed mortgages. that is less than a third of the rental market. now without relief, these are the states with the highest percentage of renter households that are unable to pay rent and therefore at risk of eviction as of july 29th that's according to stout, a financial advisory firm. the in some states like new jersey that, is half of all

renter households. by the numbers in california and texas each, that's well over a million households and close to a million in new york at risk of eviction over the next four months now not all landlords will evict. but it's hardest for the mom and pop landlord that's have to pay mortgages and property taxes and utilities. single family rentals make up half of all units in the u.s we'll get earnings from the two single biggest homes and american homes for rent on thursday as for the multifamily reitz, they're being pressured as renters move out of urban areas and they lose corporate and student tenants. coastal urban markets are hardest hit. sunbelt markets are beginning to normalize a little bit more. tyler? >> diana, i wonder what the courts will do with this because obviously evictions move through a legal process in the courts and the courts might draw it out, i would think >> well, it's not a question so much of will they throw it out,

will they be completely overwhelmed? we already heard of cases where they're setting up massive tents in states to try to handle cases outside of the court buildings we saw what happened, you know, during the last recession in the foreclosure crisis when courts were backed up with foreclosures for not just a year or two but, you know, five to eight years. so depending on how this turns out, whether we can get more relief for renters, if we do start to see the evictions pile up, there is no question that there will be backups in the courts >> all right diana, thank you very much kelly? with millions of americans spending spring and summer indoors, video games have become an ever more popular diversion the three big mid covid-19 yoe game makers are up 30% this year take two reports today, should you jump in now that's next. don't forget, you can watch us live on the go on the cnbc app. wel rhtac 'lbeig bk.

welcome back game on for the gaming stocks.

since the march lows, take two, ea and avtivision went up 60%. last week ea posted the strongest june sales quarter in the 38-year history. should investors expect more record numbers from activevision and take two matthew, it's good to you have here if if i'm reading this correctly, the analyst estimate for take two this afternoon would be a quadrupling of earnings per share from last year >> yeah, that's right. you're going to see something similar to last week with electronic arts. they reported gang buster results, really driven by the simms and sports franchise we expect to see something similar this evening from take-two and more so if you look at the twitch viewership and search interest trends it will be driven by the grand theft auto and nba franchise.

>> are we just so far out from normalization that these -- you don't have to worry as an investor in the stocks at some point once the trends reverse post covid-19, you have to imagine it's, you know, all the video -- look at fortnight people are looking for something a little different for a while >> yeah. i think, look, what happened during vivid is very clear we brought in a lot more players into the final engagement. we got more paid players and we have accelerated to digital. they buy package goods and opted to download digitally. so we have seen a lot of that we think things will normalize as the economies open up and as routines normalize we expect the industry to keep some of that bump that we've seen because of covid-19 they brought in new players. they brought in lapse players and we had accelerated some of the digital shift which they will continue to see some problems we'll return to normalization.

we think we'll be at a higher baseline >> you mention there is a down side of covid-19 for the game make che makers which is we can talk about the release of new games, right? >> yeah. there's no question. it depends on where you sit in the ecosystem, con voluntarily versus mobile. but productivity thus far from home environment held up very well we haven't seen much in the way of anything material delay wise. this year. we could see some into next year, for sure but again this is more of a timing issue as opposed to a lost opportunity issue so there is certainly reaping the benefits right now even if you have some pushouts next year, you're talking quarters or even a fiscal year that the opportunity isn't lost >> what is the tradeoff of owning take-two versus activision versus ea ea set the bar quite high. >> yeah. look, we actually switch our preference throughout the year, our department does a best idea report

we had activision to start the year we had another report in may and then it was ea the most recent note, we called for take-two to show the best calendar results based on the data we were seeing around that franchise. the we have buy rate all three games and like the group we move in between the three preference wise. but again, the fundamentals across the board are strong. >> right give me real quickly the main things you'll be looking for this afternoon >> things like what they have to say about work from home productivity and how that is influencing their content pipeline not so much this year. that will be key what they're seeing more recently in terms of the engagement in paying trends. so i think investors are laser focused on familiarity from that vantage point. i think those are really the big focuses for us. >> buy rating on all thee. talking us through why matthew, thank you for your

time s. let's take a look it at the markets. the dow continues up 250 points, 267 right now. s&p 500 up is 1ers up 1%. look at the russell joining in and european stocks were strong today. following on asia. so the world is moving up very nicely right now >> yeah. the apple will almost a $2 trillion company more on "closing bell. "closing bell" starts right now. thank you, kelly and tyler welcome, everyone, to "closing bell." i'm sara eisen here with wilfred frost. stocks rallying to start the month with nasdaq and growth stocks outperforming what is driving the action big tech apple, netflix higher. it's microsoft that is leading today. up more than 5% on the back of the potential acquisition of