>> sirat, what's your final trade? >> i like chevron. to joe's point, i think energy is going to catch a bid here when you see all the indexes going up, and i think this is the stuff you want as a core position in the energy sector. >> real quick, what do you have for me >> john deere breaking out here. agri equipment is at the best it's been in decades >> thanks, guys. kelly evans at "the exchange" now. thanks, scott. hi, everybody. no growth, no progress, no problem. the markets are unfazed by growth stalls. there are some points looking a little better lately we'll have more. plus the buffett, the banks and bonds. top analysts give three reasons why banks aren't as risky a bet as many current investors believe. disney soars as "mulan" goes

digital in a match made for covid. four-day winning streak right now, kelly for the s&p 500, you can see they're up about 18 points, up half a percent at the highs of the day. we were up roughly 25 points for the s&p 500. the dow industrials a 3% gain and the nasdaq actually lagging today, up only about one-third of 1% here another big trade is what's happening with oil the prices that you're seeing here for u.s.-based west texas intermedia intermediate, up 2%. earlier in the session we got to the highest levels that we've seen since march 6, believe it or not, before the full effect of the pandemic virus, energies soaring on this particular news here then we've got two ipos of the day. a tale of two moving in opposite directions we'll start with rackspace

particul technologies down 19%. it priced its ipo at 26. and e-commerce priced its stock at $24 some big news there. it's not all hot and it's not all fun and games in the ipo market, kelly. >> but certainly if you're a platform like shopify, big commerce, at least it is today dom, thank you investment. let's move on to payroll growth we found out it's slower than ever as covid rolls across the country. still, the june number rose sharply higher that continues a recent trend. steve is here to break the numbers down for us. steve? >> thanks, kelly, a big miss on the adp jobs report for july that suggests the economy slowed during the month, the adp at 167,000. that compares to an estimate of 1 million. the june number was revised up, however. it doesn't really tell us that

much, in part because they immediately true up, adp does, their number to the report there's the number, 167 estimated at 1 million t the goods sector up 1,000, services 166,000 the report showed jobs losses in medium-sized businesses and construction and finance also hospitality and health care services growth in brean capital, john ryding this report adds to the view that there is a risk for a negative point for the month daniel silver wrote, we think the adp report suggests some do downside risk to our bps and also reinforces our view

that the economy has lost momentum in recent weeks following a period of strong growth we found at cnbc that neither wall street nor adp has done a good job predicting the jobs numbers, but adp has done a better job for four months of the pandemic, they're off by 7.5 million, wall street off by more than 14 million. fed's clarida maintains that he is sticking with >> i like how john ryding put that, saying it appears they're picking up because of job growth i'm curious, where are we on estimates for gdp growth and q3 and q4 after being down 30 what's the latest thinking there? >> minus 31.9 2q

7% for the fourth. put it all together and the expectation is for 2020 being down to 5% >> all right, which given everything that's happened isn't so bad, but still one of the worst downturns we've ever seen. we'll see if it stays there after all the downturns we've seen job growth may be slowing. we're also nowhere near a deal on stimulus yet, but the nasdaq setting another new high today the s&p and just 2% away from its. john belsky and michael chicami. it's good to see you both. brian, to me, at least the manufacturing, the service number is pointing more in the direction the markets are pointing to. there is some data out there that says this economy still has momentum >> great point, kelly, and thanks for having us on.

i think the ios number is important because the economy has been strong. in the month of july with respect to stock perform arngsp was more strong than people remember should i be a growth investor? what's going on in tech? some of the rhetoric scaring people off in the market it seems to us, kelly, most of our institutional clients are looking for reasons not to own the market instead of owning the market here, and that's not surprising given how much we've seen the market go up. but this is what people like to talk about, this high-frequency data continues to increase, and just also caution, too, that employment data is a lagging indicator. mr. liesman did a wonderful job kind of relating the longer term in how bad the street has been in looking at employment data. i focus less on employment data and more on the services and economic data that actually has

been better than everybody expected >> bottoms of stock oriented s&p 500 by the end of the first quarter next year. michael, i turn to you all of this is talking about the economy we already have in front of us. it could all change in a heartbeat if we get better vaccine news there is a sense that there are so many different possible options here, there are a lot of different candidates, and hopefully one of them bears out. >> in all likelihood, one will bear out i think this is a time to ask yourself, what is your time horizon? if your time horizon is the next three months, you're going to end up being like all those that have been correctly predicting job growth because in the short term it's really hard to guess what actually matters, and this is why the market is up, something we talk to our clients about all the time, market is up because everybody is looking to spring of next year. that's really actually what

matters. if you look at spring of next year, as steve liesman was talking about with the up and down on the gdp where we're down 5%, you had mentioned that's not bad overall, if we're down 5% and then we have a positive uptick in gdp next year, it starts to make the market look a little bit more rational so you got to look and decide what you're investing on if you're investing in the jobs number in the next two weeks, who knows. if you're investing in april of next year, there is more certainty. >> we had some more negative news on the cruise line front today, delays on when they can embark the picture does not look great for the restaurant sector. that said, it's not the whole economy and there are other parts that are showing when you start to get into next year being able to look past this >> it really isn't, though, the entire economy remember, too, from despair comes hope, and every single

bear market weav've had, every single session, we've had new concepts we'll have new retail concepts we know the cruise line industry was an industry that had problems before covid and they're going to have problems coming out of covid in terms of how they're going to manage. same thing with airlines if you look at restaurants, the airlines and the cruise lines just in terms of their percentage in terms of how they make up the market, it's very small. we'll look at really what's leading the market there will continue to be strong discretionary companies like amazon, but other companies that play strong themes like lululemon, but i think too many people have tried to, quote, unquote, distech certainly when tech spikes, you want to bring it back to your core position longer term, but you should not be selling tech at these levels. >> michael, you agree with that, right, about tech? >> yeah, i totally agree with that i think that the tech should be

an anchor and portfolio strategy i also think there are a number of other sectors that are really attractive right now, health care, and believe it or not, financials i expect a lot of bankruptcies and credit problems, but that's pretty much baked into financials at this point even though interest rates are going to be low, low net interest margin, i hate to see financials that a it, but financials given what we're seeing right now will be a place to invest. >> brian belski and michael yoshikama, thank you i really appreciate it and jimmy buffett bought $12 million of banks of america. joining me is mike mayo, the senior banking analyst at wells

fargo. mike, it's good to have you. we just heard a more objective -- not objective, but when you're a banking analyst, there is some favoritism there economists say they're looking at financials. when other people say there's value there, how much value might there be given all the headwinds facing the sector. >> we think the banks might have the ability to increase by 6% in the next 18 to 24 months i think it's underappreciated just how much heavy lifting the banks are doing and how they'll be able to pump their way through this, and banks are experiencing four 100-year events at the same time. the decline in the net interest margin the worst in 100 years. the decline in the worst traditional banking methods, the worst in 100 years, total revenues, worst in 100 years banks right now have a level of reserves for problem loans equal

to half the level actually experienced in the global financial crisis so, you know, we think that the foundations are strong and earnings could be like a coiled spring if and when we have more of a positive light on the economy or vaccine or some other, you know, measures that get the economy going. >> yeah, and that answers kind of the first big question people have in a lot of the banks which is those credit problems they say, hey, look at examples from europe, look at examples from other places where they've been dealing with bad credit outcomes for a long time i'm curious about the differentiation. obviously each bank has their own portfolio, different types of the country, different types of consumers would you favor one type of name versus another in this environment? >> i would like to validate what you just said. these are sobering times, and in our models we have losses increasing by about threefold in the next several years, it's

just that the reverse for those loans hit an inflection point in the second quarter which is underappreciated you led off talking about warren buffett. warren buffett has bought stock in bank of america for 13 days, 13 separate days in the last three weeks. he is a serial buyer of bank of america. so we think he's on the right track. the largest bank, bank of america, jp morgan and citigroup, they are capturing more share when it comes to digital banking and they also have more scale to better carry expenses seen though these headwinds are a once in a 100-year event, we think it will extinguish this event versus others, as well as the buildup for reserves in those problems is the greatest for any recession experienced in the u.s. so banks have a war chest, they're ready for this, they are strong it the one word for banks would be

strength >> it's like the weights behind you. a 50% rally over the next 17 months mike mayo, thank you for joining us we appreciate it coming up, the global pandemic has shown the power of innovation in everything from finance to biotech ahead we'll speak with squares cofounder about that and more. plus facebook is hoping to reel in tiktok users as it rivals other reels how strong can it be for both platforms? we'll discuss, after this. what happens when a wireless carrier

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welcome back the coronavirus has disrupted life as we know it, and with other past crises, this is forcing millions of people seeking new solutions using innovation and technology. we're seeing it across many industries, including the development of vaccines. joining us to discuss this is jim kovi he's the author of "the innovation stack: building a better business one crazy idea at a time. jim, it's great to have you. what crazy things are you testing in the vaccine world >> i'm not an immuneologist or medical specialist, but along with a group i'm funding the

medical school that's super exciting we have a world famous medical school at yashu, and they asked alumni to give money for medical research, and it's going very well we have potentially two blockbuster candidates, and almost more exciting is we have a saliva-based test so we can tell if people have the sars-cov-2 virus or not. >> at a time when there is so much money in biovaccine companies, what makes you think yours will make a difsference? >> first of all, this wasn't an investment, this was a gift, and at the time the covid-19 was just starting. we were concerned if we waited for government money or traditional investors, we would lose months and months mean lives. so a group of us got together to

give a bunch of money to the scientists and they got into the labs and started working >> people may not know just how strong the medical program is at washington university. that is one of the reasons why people are hoping that this bears fruit. if you guys are able to make some early progress, does that tell you, again, not as a specialist but as someone active in this space, to think it's realistic that maybe we could have a vaccine for the coronavirus within the next 6 to 12 months, something along that time frame >> six months actually does sound reasonable based on the scientists i've talked to. we probably won't have one of our vaccines up before the end of the year, but the animal trials have been going exceedingly well, and we've got two candidates that are giving us a lot of hope >> yeah. let's pivot talk a little bit some of the innovation we're seeing in the fintech landscape right now as well with coronavirus. it is a great user experience. there is a lot happening on this

front that i think was a long time coming. what i want to know is how much more power is fintech and the payment space going to have as we come out of covid we were just hearing a bullish case tofor a lot of traditional banks, and i just wonder, what would you say bay role some of these start-ups may be playing >> i think there's been a problem with innovation in fintech forever and that's basically the big institutions are heavily regulated and they tend to be very conservative in their behavior, so they're not able to develop in certain technologies there are some great exceptions to this. actually, bank of america itself when it was first founded was a very innovative institution. as a matter of fact, they pretty much invented what we think of as modern banking. once these institutions get large, they can't keep up the pace anymore, so they have to work with startups >> again, you sound like you're bullish on maybe bank of america, but do you think this ultimately helps the existing banks do better, or is it a

situation where, hey, while we were all busy dealing with the pandemic, the next crop of financial behemoths is growing right under our nose >> i was actually not bullish on bank of america today, i was bullish on bank of italy, which is what bank of america was called about a hundred years ago. it was actually one of my case studies for the innovation stack, because they were super innovative back then right now what i'm seeing is a pattern that's been repeated throughout history, which is during times of chaos, innovators have an advantage it's a relative advantage, kelly, because, look, innovation itself is chaotic, but if everything else is smooth sailing in the rest of the market, then the innovators face an extra hurdle. but if the entire world is somewhat disrupted, then the innovators are going to make progress relative to everybody else >> yep, and we'll see again some of the positive that can come of that once we get to the other side of this jim, thanks so much. it's good to speak with you. >> always a pleasure

>> jim mckelvey and the co-founder of square there will be more retirement plans during this crisis will many companies follow suit? under our name today that's rallied 235% from its 52-week low and has no sell ratings on the street remb, u n you what it is. meeryocaalways listen to us live on the go from the cnbc app we're back in two.

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welcome back to "the exchange." let's get a quick check on the markets where the dow is up nearly 300 points today, sigh stro -- so a strong picture here even though things looked a little weaker when they first came out the dow subpoena more than 1% powered by disney as well today, by the way a quick look across the sectors, too, tells you there's only three in the red today, so it's

a pretty broadbased rally. we're led by materials, surprisingly, some different leadership for once. a 2% gain there. industrials and nationals all on the heels. here are some of the individual names that we are watching boeing is actually the second best performer on the dow today, the company saying it doesn't see an immediate need to raise cash with new debt investors responding by pushing the shares more than 5%, almost 174. etsy is in the green this stock is up 242% this year. it's been a big beneficiary of some of the pandemic-related products it sells. etsy up 3.5% airlines are also making a climb. a trav let's get to sue herera for our cnbc update. hi, sue. >> hello, kelly, hello,

everybody. virginia has rolled out a smartphone app to alert people if they've been exposed to the coronavirus. the app created by apple and google notifies users who have likely been exposed so they can reduce the risk of infection florida has now reported more than 500,000 cases since the pandemic began 225 deaths on wednesday alone added today. today is the 11th day that florida has reported under 10,000 cases the u.s. tennis association has reduced the overall compensation for players at this year's u.s. open both the men's and the women's singles champions will earn $3 million, down 22% from the top prize last year, and part of a decrease of nearly 4 million in total player compensation. and the united nations is ramping up relief efforts this morning to coordinate those efforts following a deadly set

of explosions yesterday. lebanon's economy minister says the company's main grain silo at beirut's port was destroyed in the blast, leaving the nation less than one month's reserves of grain you are up to date, kell i'll send it back to you >> that's awful. sue, we appreciate it. >> it's a terrible story >> thank you for keeping us posted sue herera there let's get to today's quiet climber. we're looking at ticker avtr this is a company that provides products and services to customers across bio pharma, education, equipment it does business in 30 countries with 12,000 employees. it was just recently added to the fortune 500 list currently has no sell ratings on the street, a market cap of about $12 billion. its 52-week low it was down to $6 a share it's since recovered to about

$22, and it's up 235% from that 52-week low. there's the store on avantor coming up, facebook's competitor tiktok going live david faber asking some tough questions, including what we're going to see beyond a promise. here's what the ceo says >> we're a premier revenue company and we told everybody at the beginning of the year, look, give us to the end of this year. people want us to be tesla in our first three weeks of debut, like we want all these trucks on the roead right now that's not going to happen we're going to have our first truck coming into production we have fwooive of them built. they'll be testing in the next four or five months and we have a handful of customers with full deliveries end of next year.

that's ahead of everybody, even our competition. come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪

welcome back let's catch you up on a couple stories that should be on the radar today. here's dom chu, kate rogers and julia boorstin thank you for joining me today tiktok has created what's called reels it will let you make videos and music. because it's embedded in the app, it has the built-in base of instagr instagram's 1 billion-plus users. can i try this now >> yes i don't know if it's on your

phone right now. you might need to refresh your app, but it will be available to everyone very soon it takes a while to roll out these changes, but one thing that's really interesting, kelly, you don't have to download another app this is part of instagram. facebook has had challenges in the past when it's copied other popular features in other apps people have not necessarily wanted to adopt them because this is part of the instagram, this is really about getting people to stay hooked on instagram, spend more time on instagram where they, of course, will see more ads. >> yeah. kate, what do you think about it >> it's so interesting that julia brings up lasso. i had never heard of it and i am a big instagram user, so i think rolling it out with instagram is a smart move it also seems more talent and dance focused, less beauty and fashion focused, which is what instagram is so popular for. obviously tiktok is the big elephant in the room, right? what happens with tiktok its future in the united states

kind of in limbo here. my question would be, would tiktok stars move over on this new feature on instagram and would the audiences follow them because they're two big and separate platforms >> dom, we know there are have been talks back and forth about poaching tiktok from other networks and platforms like facebook doing it for reels. if it does work, i wonder if facebook goes to tiktok and say, you can just ban tiktok altogether, there's other places to go. >> i don't know if from a pr perspective that's the way they want to go, but when it comes to creating content, you want to have people around the ecosystem. it is about funding developers, kraer creators, application type people, so if you do spend money on it, i wonder if they don't have enough money to pour into instagram reels for people to

make the content a viable competitor with tiktok >> julia, what this tells us is how social media hazs matured. you basically have to be one of the big four like any other industry if you even want your rival app to have a chance that's why reels might have a chance, but anybody else could have done this, it's just that it would have been hard to get the word out >> look, i think it's worth pointing out there is an app called triller it is very similar to tiktok and they actually have been lording over some of the tiktok stars, those creators i think the key thing here with facebook is it doesn't necessarily need to be exactly the same as tiktok or even have those stars, it just needs to work enough so people don't want to leave instagram for tiktok. it's all about growing engagement, make being sure their user growth stays up, and people really spend time on that

platform tiktok obviously very popular and they don't want people to leave for that >> it started with stories and people started going that way. i started it a year ago and i'm already bored with the action. restaurants show recovery from covid-19 still has a ways to go. transactions were down 11% year on year. that's after peaking on father's day. it comes as cases in hot spots continue to spike and that $600 a week employment benefit just expired. kate, you've been following this story, and i think what's interesting is we're starting to see a lot of differentiation across sectors restaurants are by far taking the brunt of this pandemic, and i wonder if ultimately the government's response is going to change as a result. >> yeah, certainly the $600 unemployment benefit expiring is certainly on the minds of leaders in the industry so basically every major company that have reported during earnings so far mentioned higher

average tickets because people were spending more money when they went out or they were ordering more. domino's, for example, to have leftovers the next day mcdonald's ceo even brought up the $600 benefit that it was a boost when it rolled out you have to imagine there is going to be an impact. as you said, traffic was looking better around father's day some pent-up demand people were feeling a bit more comfortable, but that's kind of shifted now data shows that fewer people are willing to go out and dine in restaurants, as we were talking about, even as more and more restrictions had lifted around the country. i think the $600 benefit is just the tip of the iceberg here, kel kelly. >> julia, what's up in california with indoor dining these days >> indoor dining in los angeles is banned. there is a lot of outdoor dining and you see a lot of restaurants which have created this outdoor dining space there was a period where you could have distance dining inside, but really the focus has

shifted to outdoors. one thing that's really interesting as kate eluded to, this idea of eating out, how it's changed there was contamination concerns but now people aren't dining out because of cost. it will be interesting to see how that shifts. but here i know we do order in, and i have to say we do order more food to have leftovers. so, kate, you're right on that one. >> if you're going to do it, if you're going to go through the whole process, you have to get at least more than one meal out of it. >> anything to not cook is my opinion. >> kate, 100,000%. i totally agree. shares of disney are surging today despite posting its first quarterly net loss since 2001. that's in part due to strong growth in disney plus subscriptions. as of monday they had 60.5 million paid subscribers, so disney hit that user goal four years early. the ceo said "mulan," the live

action movie, will debut in september after delays we were talking about the stock, and what can it do, you just have to wait for the pandemic to get better no, they've got disney plus and they're really leveraging now. >> you want to talk about getti not getting people to leave facebook or instagram to do something else, since this pandemic lockdown, my family has probably used disney plus more than any other streaming devi ining app,e a lot of them. it seems like a no-brainer to release a large live action film that you would have considered a blockbuster before because you have such a captive user base right now, and those earnings reports that came out show how many millions of people are now paying a recurring charge on their credit card to do this it seems like a no-brainer,

kell >> i think people could charge anything for "mulan" and they'll be glad for a type of entertainment. i just wonder, what does this going to streaming mean for the future of theaters >> it's such an interesting test, kelly, because remember, it's not just $30 for "mulan," you also have to be a subscriber to disney plus the question is people who want to subscribe to disney plus and how many people want to pay for "mulan." i have been texting people to ask if they think that's a great deal or if they think it's expensive. it will be interesting to see what disney learns from this and at an experimental time when theaters are closed, and really this consumer demand for premier on demand model. they said this is not something they'll do for every movie, for now this is just a one-off we'll see if they stick to that.

>> it worked for "trolls." >> i think the key point, as julia just mentioned, is disney saying, hey, guys, it's just for "mulan." kate, i don't know why it has to be it's pretty obvious if this model works going forward short of litigation by the theater industry, what stops all these networks from rolling things out on streaming >> i agree, kelly, and it's going to be a while as we talked about with the restaurants not only for theaters to be fully opened but for people to feel comfortable going in theater and see sit near people. even with social distancing in place, not everyone will be comfortable with that. this allows disney to cast a wide net i think it's smart that you have to be a disney subscriber. i'm with julia, talking about $30, i don't think it's a high price tag. if you consider taking the whole family to the theater, it's a good deal. >> the theater, they'll miss out on the concessions that experience isn't going anywhere, it's going to be around as kind of a unique thing

to go to the drive-in, as everybody is iscovering. the owner of popular dating apps like tinder and match.com they had an 11% of jump in subscribers in the previous year, and the company is basically pandemic-proof, writing our products satisfy a critical human need and those needs aren't going anywhere. today up more than 12% now, kate, and we're learning a lot about the ways people are dating during the pandemic as a result of this. >> this is the exact opposite of everything i've heard from anyone in my life that i know who is single who say they're just not dating right now, so i was actually really surprised to see these results, but i think there is a boredom factor, right? if you're sitting at home and you want to meet someone and you have nothing else to do, and now they have these video features, why not give it a try? encouraging, people are still looking to meet people i think it's a great sign.

>> julia >> we just had the cfo and ceo of match group on "squawk" this morning, and they were talking about video chat now you don't have to wait maybe a month or two months before you can meet someone in person he said that's a really driving engagement now people are starting to do distance walks and things like that as a date, but video is crucial to make sure people don't stop dating entirely during these shutdowns >> and, dom, to make sure people are who they say they are, right? >> i was going to say, you need the video feature because they're not always what they claim to be in those descriptions the classified ads are a thing of the past. put the video proof of there maybe put a copy of the newspaper to your head to show it's really you on this day. i don't know what it is, but i'm all for the video feature. sometimes it is like being a hostage. dating >> thank you all today, we appreciate it. kate rogers, dom chu and julia

boorstin for "rapid fire." preliminary vaccine pricing today. we're going to dig into those numbers and see what they tell us first, this is the time of year college towns should start bustling again, but the online pandemic is turning them into ghost towns. we'll look at the fallout from the pandemic, next see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you. ♪ ♪ [ engines revving ] ♪

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now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. welcome back to "the exchange." some schools are starting to reopen in parts of the country this week, but in the area where doors will remain shut, vibrant college towns will be turning into ghost towns elon ma-- ylan has the story fo us ylan >> reporter: roughly 5,000 students would flood into the city to start college, driving the local economy. but this year the pandemic has put everything on pause. >> for the first time ever, we have absolutely no idea what to

expect >> reporter: typically, college students across ohio spend $960 million a year off campus at places like brennan's coffee shop, an athens icon but this college town turned into a ghost town once the pandemic hit now the university is slowly phasing students back onto campus, but owner jessica thomas is still preparing for the worst. >> so we're anticipating being down 25% at best, budgeting 30 to 50% down. >> reporter: what happens at the university affects almost every aspect of life in this city. revenues from the hotel guest tax were down $86,000 after graduation went virtual. revenue from parking meters and garages have been cut in half. >> we have trimmed everything we can without going down the path

of laying people off at this point. >> reporter: but even that is not entirely off the table kelly, it's also worth pointing out that the mayor actually taught at ohio university for nearly 20 years. the business owner we spoke to, she's an ou alum, so it just goes to show you how tightly connected this community was >> it makes sense when you present it, but the fact the water bills are down, the parking collections are down, all the little hits to the community. but i'm also curious what the impact from smaller college populations could be on federal funding going forward. >> reporter: yeah, so one of the problems that college towns are facing right now is that this is also the year of the census. and because there aren't as many students in the town, that means their census count is going to be smaller so much federal funding is actually calculated based off of that city's population that they're worried this could mean a $40 million hit to the amount of money they would receive from uncle sam over the next decade

>> that's so bizarre that they wouldn't be able to calculate this could be a one-time thing, but what if this all of a sudden does change the landscape for good >> reporter: right, so one of the things they're also saying is they need relief from washington this plays into the debate we're seeing right now on capitol hill over how much money to provide some of these local jurisdictions in any new relief package. the small business owner we talked to did get a ppp loan, but they're worried about what's going to happen in the future and at what level can they sustain their business and sustain the economy at the small town >> absolutely. ylan, it's a great story sad, but well done, i'm trying to say thank you so much for bringing it to us ylan mui in washington the reopening of schools and colleges across the country relies on the vaccines there are potential prices for vaccines i don't know how we get prices before vaccines, meg, but what can you tell us?

>> everything is moving in weird order during this pandemic, but johnson & johnson announcing this morning that it struck a supply deal with the u.s. government for a potential vaccine if it gets through phase 3 trials successfully and gets approved for emergency use authorization. barta will be paying more than a billion dollars for those million doses. there is also a plan to acquire 2 million more doses on top of that j&j does say this will be price odd a not for profit basis globally moderna also making some potential pricing, saying they've struck some agreements at $30 to $37 per dose that's much higher pfizer striking a deal for $19.50 dose for 100 million

doses. sanofi and glaxo up higher there, $21 and novavax and j&j are probably going to be higher because they also support development and not just the supplyingdoses. kelly, it is interesting to see how these prices are stacking up they're really all over the board. moderna much higher and handle yet struck a deal with the u.s. government, perhaps because they're looking for such a high price. >> true. i'm wondering if they're -- the government will say here's the price and effectively we're the biggest buyer? >> yeah, we're going to have they don't need to depend on these products for a revenue the way a company like moderna does, when this is its first product we'll have to see how these negotiations go based on how

strong the data are. >> that's a great point. meg, thank you meg tirrell with the latest information. still ahead, a news platform launching today for investors to gain access to the liquidity we'll delk talk to the ceo nextn "the exchange.

welcome back investors with alternatives assets are often left frustrated when they can't get liquidity during market volatility now a company is helping investors tap that money for more on what this could mean in practice, i'm joined by brad

heppner. welcome, brad. >> thank you, kelly. appreciate your time here today. >> how did this change the options for people who need access to the money and usually can't get it right away. >> the objective we have is to provide it raptly for individuals. we've been built for individuals. that's the growing segment of investorses in alternates tiff assets today. >> what is the cut that you guys would take in order for me to -- let's say a life insurance policy or invested in private equity, something like that. i want that money. are you kind of fronting it for me taking the cut we deal -- how did is it work. >> think of us more like a bank. we operate on a spread business. you have an expected return on your asset we have a cost-to-capital. we will advance you the cash against your investment, and then we earn a spread on the difference over the life of that asset. >> you've been in financial

services alternative assets for over three decades obviously you have a lot of at the times experience here. what would you say is the biggest need what happens if you're making it easier to do financial harm in the long run by tapping something that would be better left untapped. >> that's a good point our business is built for uncertain markets and for the individual the marketplace has been built for institutions offe over the last 25 years. individuals have been left to the side and don't have access they have very different needs individuals experience more severe financial stress. individuals die, they get divorced, institutions don't have those three type of life events we started learning about this when the big private banks starting offering alternative assets to their wealthy individuals, basically the ultra-rich we're going to see the number of individuals investing in alternative assets grow from

890,000 households in the united states to over 6 million households in the next decade, 15 years that's a huge change those individuals will be investing through their retirement funds, what needs to come along with that is simplified liquidity the market can take 6 to 18 months for an institution to gain liquidity off an alternative assets. >> and you'retrying to do it i 30 days. you exchange your ownership in ansh for a liquidity bond, and your expenses are factored into the underwriting as eposed to being out of pocket. there's other situations here, where people may need money for kids' education, and so forth. how big do you think this market could get? >> this market today, if liquidity was available for individuals, it would be a $30 billion market as we grow and move from 900,000

households into 6 million households it would more that that double in the amount of demand in the space. we're going to see the demand for liquidity outpace the liquidity by institutions in the next ten years this is a large, untapped, unserved marked. >> brad, thank you so much for joining us we appreciate it. >> thank you very much kelly. >> brad heppner is founder and ceo of beneficient. fauci adding that he says we can do much better without full locking down and americans should keep wearing masks, do physical distancing, shut down bars, wash their hands and favor outdoor activities so, again, you can see the market near session highs today. that does it for "the exchange." mark thompson joins us about the digital surge, and i'll join

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welcome back, everybody. glad you should join us today. stocks are in rally mode the nasdaq hitting an all-time high, the s&p 500 just 2% away from the record high back in february a big tech battle is brews today we have the detail