welcome to "squawk alley." jobs number came in better than expected lack of progress on d.c. stimulus talks and increasing china tensions which in this case have tik tok in their sights >> that raised tensions but the executive order targets we chat because it would bring on a new set of problems. tencent and wechat are intertwined and american businesses here and in china wechat is a popular messaging app for many in the u.s. chinese americans who rely on it to communicate with friends and family overseas. i, myself, have family here and abroad who use it exclusively. they don't use any other messaging apps and that limited contact would be cut off for

many people. tencent is one of the most active investors in the world. more than 450 investments under the company's umbrella and that is more than the number in softbank's universe and includes names like tesla, snap and epic. thirdly, american businesses operating in china, like mcdonald's and starbucks, they rely on the wechat app for their operations so being cut off could jeopardize their business there. there are so many questions still outstanding but it's really hard to understate the importance the daily role of wechat for chinese internet users. it's called a superapp people use it for everything from messaging and booking a doctor's appointment and we don't have an equivalent here.

tik tok is popular in the u.s. it's looking at a sale to microsoft so it could get around that ban there is no such option for wechat, carl >> we've tried to explain to investors just how important it is on the other side of the world. let's bring in global head of technology investment strategy at deutsche. welcome. good to see you. >> great to be here. >> do you have odds as to whether or not this order takes effect in 45 days? >> it's hard to bet what's going to happen given it's an election year a lot of talks as tensions keep escala escalating i expect more escalation coming up on u.s. side given the sensitivities. i think the big question will

the chinese retaliate? the reason the markets have been the way they have this year is because escalation is from the u.s. side. wechat coming up yesterday and tik tok before but the chinese have not done anything substantive this year. the issue is trust that's what the market is focusing on. if that happens, then perhaps it will become front and center >> so why do you think they've played their cards slowly and what do you think the first card they play would be >> there's so many options right now the u.s. supply chain, we did a study a few weeks ago and we estimated just for the global sector if there was a complete decoupling, the cost is trillions of dollars you look at demand every year

from western tech goods, the supply chain and networks that are hard to replicate would take five to ten years and to relocate would be a trillion dollars and the third is the tech world which is an example of what's happening where the world gets delineated into rival sides. so the chinese can react and there's a lot of u.s. companies with large exposure to china they can put them in an unstable entity list. it remains to be seen whether it will be pre-election or post-election. >> many would argue that that decoupling has already been under way for a number of years. many of the most popular american internet services and apps are already banned in china. so what do you think chinese retaliation might look like? is it going to be in the tech sector or could it encompass

other american companies that are quite successful in china like star bubucks and mcdonald's >> there's other places of vulnerabilities. tech is the crux of this cold war. if you go to 2010 and 2015 and 2018 front and center. the issue is china feels that they want to be a global tech superpower and the u.s. administration view is that this is a transfer mechanism and the two views are loggerheads. they say obviously ai is a big part but semiconductors is one area where the u.s. is 25 years ahead and china has a huge deficit. that's what they want to get in part with the u.s. for them to retaliate, i believe it will always come in tech. tech is where this battle will be forged over the next five years and a lot of hardware

companies, telecom companies in the west have exposure to china and that could come at risk if things escalate. >> we've certainly seen that over the past few years in apple in the crosshairs. you mentioned semiconductors i'm glad you did you said the u.s. is ahead by 25 years. china trying to catch up are there any areas that you think china may be pulling ahead or is in risk of pulling ahead you mentioned artificial intelligence >> china has large pool of people they are able to see big data. that's where they are ahead u.s. because of the pool of data they can analyze. we did an analysis and tried to quantify this relationship there's a lot of talk saying let's look at it and measure major sectors in tech. and compare the two. from 2014 onward to 2018, there was a steady rise.

china was run 40% of u.s. and in 2018, 65%. strong rally in terms of where they were and they want to be at 100% at par with u.s. by 2025. a lot of it came from ai we found fascinatingly in 2019 that it dropped for the first time it saw china slow down it begs the question where did this come from was it the result of a policies or the slowdown of their own and we found that semiconductors slowed down. that's the arroi areas you'll s china push forward on. >> the china risk as we've discussed is not a new story it's glaringly obvious in which direction it's headed. is the market mispricing china risk or do you think within sectors like hardware that it's been accurately reflected, this

increase in tensions >> that's the trillion dollar question the market is focused on liquidity. all bets finds a home in tech. it's just the fact that post-covid the world realized how relevant tech is the risk of u.s. china remains there. i believe the semiconductors have high exposure to china and if you look back last five years, semisuconductors reacted positively to tensions which is a counterintuitive finding if you start to see things escalate further, the maximum risk is in hardware and semiconductors >> really good insight as we continue to watch the story evolve thanks so much good to see you.

>> great to be here. the other big story today are those job numbers and our steve liesman is here to break it down. steve? >> yeah. thanks a better than expected july jobs report that's representing a slowing from the strong rebound that we saw in may and june. 1.7, 6.3 million jobs created against estimate of 1.5 million. unemployment rate declined to 10.2%. it would have been higher if they count the unemployed the right way. despite today's solid job report, a more sober reality in terms of hiring will begin to settle in but it is also a reality that will keep the federal reserve on hold for a long time. here is where jobs were. 592,000 is a big number for leisure hospitality comingback government, a big number there 301,000.

part of that is seasonal adjustment where teachers were expected to be fired in july and they didn't. education, health and temporary help we've come back a long way look at how much further there still is yet to go 9 million jobs have been called back over the past three months. that is still 13 million shy of the number that lost their jobs in march and april two indicators i'm watching give an idea of how much permanent damage is being done in the labor market first, you have the 4.7 million that left the workforce since the pandemic began and 1.6 million permanent job losers where they were. two quick commentaries that i have here. it's a relief but august will be weaker hunter says recovery remains intact despite virus resurgence. people starting to get concerned

that the no new relief bill could mean another round of layoffs. did we lose carl >> on the other side, dropbox ceo after the break and a big show still ahead so don't go away

take a look at shares of dropbox they are falling sharply despite beating on top and bottom lines the company announcing the resignation of the cfo joining us now on a cnbc exclusive is dropbox ceo drew houston. thank you for joining us today >> good morning. >> now, as i mentioned, shares of falling quite steeply, but it was a solid quarter. there's some speculation that it may be changes at the top. how can you reassure investors that it will be business as usual and what does dropbox without him look like? >> as you mentioned, we had a great quarter. we're profitable a bunch of great launches. i fundamentally believe if you build great products and make your customers really happy, your stock price will take care of itself in the long run. and i'm excited for him.

he came from the world of investing and he's going back. that's always been his career aspirations. so i'm really supportive and also really excited to welcome tim, our new cfo, who is an amazing leader >> should mention that he led you to second quarter of gap profitability. i know that dropbox has benefited from the work from home trend i guess the question for you and many other companies in this space that have seen that increase demand, i know you put out new engagement numbers, how sustainable is it? >> well, our product is made for distributed work and our customers turned to dropbox for sensibility and since covid we've seen an uptick in demand we see the shift of distributed work as transformative as the shift to cloud or to mobile. i see it making our opportunity

a lot bigger the way i see it is we're in the first inning of this shift none of the tools we're using were purpose built for this environment, and that's what we're focusing on and that shift to working from home happened in the most dramatic and abrupt way possible so back in march we asked ourselves what if we made the work from home experience really great. what new tools and technology would you design for this world? we completely reorientated our development. i'm excited for the launches in the second half. >> a lot of your customers are in the small and medium sized business space what kind of trends are you seeing from them how are they faring a few months now into the pandemic and stay- stay-at-home orders? >> we have customers of all sizes including a lot of small businesses i think clearly we're all keeping an eye on the macro

environment and it's a challenging environment. in general we find that our customers tend to be businesses that employ knowledge workers that can work from home. they are relatively less disrupted. dropbox is essential to their business operations as opposed to discretionary so we're certainly keeping a watch on all of the trends, but we've seen a lot of health and stability in the business. >> in terms of their spending habits, drew, when they face so many uncertainties, you say it's not discretionary spending to them are they ramping up particularly that space >> certainly in q1 and q2 we ha elevated trial volume. we've seen strong demand so usage of the e-signature product

is up. so there's been a tailwind into demand and a need for our products in this environment >> i want to talk about one of your newest partnerships, the larger one, and that's the university of michigan to power their remote learning this fall. is education a space that dropbox is pursuing aggressively especially given that it looks like a lot of schools and colleges will be remote this fall >> absolutely. we have since the beginning. since we launched dropbox, people are bringing it into schools around the world and now we're doing that in massive scale. university of michigan one of the country's largest public institutions and they are deploying dropbox institution wide so we see dropbox as an important part of how you

distribute learning and get your students back to school even if they are physically at home. >> competition has always been, you know, i ask you guys about it every quarter, but when you go deeper into the education space, you're running up again against some of big ones like google and microsoft and how do you difficult rengs yseparate y? >> i think by making a product that easy to use in cross platform what we find -- university of michigan is a great example. they have a number of different solutions deployed and what they find is students end up choosing the one easiest for them and allows them to work across all platforms and that's why in the adoption of dropbox was a big factor in that we've been in a competitive environment. always will. that's what happens when you're working on important problems. but we're addressing a universal

need every student and knowledge worker needs an organized place for their content that works across all platforms >> okay. drew, i just want to get your thoughts on the topic we've been talking about all morning and that is potential executive orders on chinese apps like tik tok and wechat and microsoft could acquire tik tok. do you have thoughts on this you know microsoft better than many people. what might that look like? >> yeah. it's a fascinating situation you know, it doesn't really impact dropbox directly so we're relatively insulated from what happens on that front but obviously a big impact on the global economy it's something that we're watching closely >> you and us and many, many others, drew thanks for taking the time to chat with us today we'll talk to you next time. >> thank you

still to come, uber ceo on how the company is dealing with the pandemic we'll break down their quarter next stay with us shares of uber down nearly 5% toy.da

take a look at shares of uber today a mixed quarter. the ceo did join us earlier this morning on "squawk on the street" and talked about the company's results and the growth of the eats business which was up take a listen.

>> the eats business is growing at unprecedented rates eats is at $30 billion plus run rate to put that in perspective, when i joined uber this was less than three years ago uber rides business was at 30 billion so we now have an eats business in three years at a $30 billion run rate 113% year on year. >> we also got dara to comment on u.s. tensions with china. >> it's unfortunate how it is happening. i would say the speed with which it's happening and the process is not the kind of process that you want to run. but i do think that this is a part of a pattern of there being two different internets. china internet and non-china internet

china has been a protected market in certain strategic industries and i think the west has to make a decision as to whether we're going to be consistent that way outside of china as well. i'm not surprised this is happening and these are important discussions to be had. i think the dialogue can improve. >> in addition, he talked about use of pro forma and defended that saying he was giving investors two sets of information into the building blocks of the business and recovery around the world depends on how countries are managing the public health crisis and that's why he sees better results in parts of asia and europe rather than north america. >> i loved that question that you asked him on the different metrics that they use. yes, they provide two different sets of metrics. net loss for the quarter was $1.8 billion for the first half. nearly $5 billion. that's just an enormous sum. the one they lean on is

adjusted some take issue with that profitability. it's adjusted adjusted profitability. i would note that on the analyst call last night, they were short on details management said they still plan to reach that target of profitability by the end of 2021 they were asked several times how they get there it really wasn't clear he couldn't even really say what would make him comfortable to choose a quarter next year so i think there's some detail lacking. as for his china commentary, carl, i would love to hear travis's response to that answer remember uber went into china in the early days of ride sharing and they just couldn't compete i think he would probably have a lot to say i'm not sure he would want to say it on record to say about competing there and how the rules can get changed right under your feet at any time.

>> one of these days we'll hear from travis again on ghost kitchens and more. you know these guys so well. i think back to the early days where they went public, lyft went public and uber's model was not focused enough on rides and whether now that's been flipped upside down and they are grateful that they have eats to make up for some of the weakness in rides given what's happened in cities all around the world >> carl, that's a good point it feels like to me the narrative is constantly changing with this company. remember when they went public they wanted to be seen as the amazon of transportation they wanted to have a hand in everythi everything i think what the pandemic showed them is they need to narrow their focus. it's really quite remarkable what we saw this quarter they were ride sharing company in one quarter they have become a food delivery company. i would note that while that's a really fascinating shift and it

happened really quickly, the margins are not the same take rates are far different ride sharing was getting to profitability. that adjusted profitability. food delivery is a long, long way away from that carl >> great point i think you're going to send us to some news on european slows, right? >> that's right. the european market set to close in just a moment seema mody has the details for us over to you. >> european markets are mixed as escalating tensions between u.s. and china offset both the strong jobs report in the u.s. and better than expected data out of germany and france where we saw industrial production output jump 13% in france, 9% in germany as factories reopened in june both topping analysts forecast a number of travel stocks in focus today after the u.s. state department lifted its international travel advisory warning on going abroad. a warning it issued at the height of the pandemic on march 19th

however, europe is not allowing americans in the country or in the nation a review of that ban is set for next friday. given the high number of covid cases in the u.s., experts expect that ban to stay in effect and travel in europe stocks are set to post their best week since early june rates are improving in parts of europe as domestic travel picks up finally, take a look theu euro. they say the dollar continues to depreciate due to a number of factors. carl, back to you. >> thank you so much let's get to sue herrera and a news update on this friday >> hello, everybody. here's what's happening at this hour a victory for congress in its efforts to get former white house counsel donald mcgahn to give testimony the white house refused to let

him testify citing immunity. today's ruling means litigation is going to continue for the foreseeable future "the wall street journal" reporting that a small government contractor has embedded tracking software in hundreds of mobile apps that allow it to track the location of hundreds of millions of phones worldwide the company is called anomaly 6. it sells location data to government and private clients however, the company says it does not sell info on u.s. phones to government clients and a former national security adviser who served four presidents and counseled a fifth has died brent scowcroft served under ford and both bushes and a republican voice against the 2003 invasion of iraq. he was 95 years old. you are up to date that's the news update this hour i'll send it back to you >> thank you so much for that. coming up, what the president's

executive order means for one of n'gowak's biggest competitors. dot ay. where are you?! honey, did you hear about these new geico savings? mom? you'll get an extra 15% on top of what geico could already save you. can i call you back? your father's been researching our geneology. we're vikings! there's never been a better time to save with geico. switch by october seventh for an extra 15% on car and motorcycle insurance. hey, we lost the wifi password. do you remember what that is? 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.

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carl, good morning the pair of orders released by the white house lays out a new uncertain terms the administration's view that these apps, tik tok and wechat capture user data and that the communist party in china use he's apps to surveil chinese nationals outside of china using his emergency powers, the president directed the secretary of commerce to identify and ban certain transactions beginning on september 20th. that's in 45 days. we've reached out to sources at the white house and the commerce department for clarification on whether these are business or user transactions.

now, the order effectively codifies a deadline for microsoft to acquire tik tok which says it's shocked by the order saying we'll pursue all remedies available to us in order to ensure that the rule of law is not discarded and that our company and our users are treated fairly if not by the administration then by the u.s. courts now, over in china wechat's parent company tencent tumbled in trading they make up china's equivalent of the fang companies and it took the market along with it. china says it opposes the ban and is expected to retaliate against this and other actions by the u.s. like today's sanctions on hong kong's leader to crackdown on the party's infringement of freedom of speech >> thanks for that let's get over to julia boorstin

now alongside the ceo of triller. julia? >> thanks so much. i'm joined by the ceo of triller, one of tik tok's up and coming competitors here in the u.s. mike, thanks so much for talking to us today. >> thank you for having me >> we were just hearing about the additional pressure on tik tok today. the threat of deals or of that business itself being shutdown from operating here. how much is that pressure already helped your business. >> here at triller we've seen a tremendous growth in the last month. leading up before the announcement last week but triller at this point has become the number one app in the world. we hit number one on the apple rankings across 80 different countries making us downloaded more than tik tok but also instagram, youtube, facebook, in

countries like australia, france, u.s., uk, and it's been crazy growth and we're very, very excited about it. >> you have been around for a while now. you were around two years before tik tok launched but now you're positioning yourself as the tik tok alternative. you brought over tik tok creators how important is it to you and success of your company to pull over some of those tik tok users in this moment of so much fluctuation for that company right now and so much uncertainty and i guess the question is how are you positioning triller is different or better than tik tok, which has so much content and such a strong algorithm in terms of recommendation >> we've always been focused on building the best product, the best technology, the best services that we can provide to our users who are really our

customers. that's never going to stop and hasn't stopped for the last four or five years. for us, we want to provide a place where tik tck tokkerers ha safe place where they don't feel like data is being violated and where they have technology and product to really express themselves i think we live in an era that has moved away from just updating status. here's where i am or here's what i'm eating to more creative content. people who put on costumes and come up with scripts that are 30 to 60-second videos. we at triller have been at the forefront of that with creation tools and discoverability tools. that's been our bread and butter we're very happy to see that the market now has seen that should be the place we continue to hope to carry that torch forward >> mike, now you're not just

competing against tik tok. this week facebook introduced reels as part of its instagram platform that's a tik tok and triller alternative. facebook has so much money to promote this tool. how are you going to compete against that >> i love being the underdog, i guess. i think, you know, it's great to see, you know, more companies realizing the potential of what triller is of course facebook has a lot of money. i think facebook has tried this once before with another application where they launched three years ago now and they actually shut it down. it was a direct copy of what triller and tik tok was but they couldn't find the identity, the spirit of what they were trying to build and now with reels, it's buried inside instagram it's not a separate app.

it's a new camera functionality that is next to boomerang. i have made a couple reels myself i think what the market will see is that it's not so much a new product. it's just instagram. i think at this point everyone has instagram. >> but, mike, i would just sbur interrupt you to say that facebook struggled to launch apps in the past but it had great success copying other features within its own apps i think of snapchat stories and augmented reality filters which have been crucial to instagram's growth and strong engagement it seems like this would be a much better way for facebook to get the tik tok or triller audiences by making another feature within its own app rather than trying to create a separate stand alone app it seems like it would make it a bigger threat to you >> i guess one can see it that way. i think the way that we view this launch is that unlike

stories, which is a great launch for instagram, they identified the user interface and user experience and you couldn't open instagram and not see stories in your face. i think with reels it's buried i think for what i've seen is that the focus is still around stories and posts. not so much just adding another set of features. but like you said, we are playing in the world stage of course as the ceo i'm always going to be paranoid about every competitor and everything that comes out and obviously instagram does have a large bank account. what we've also seen is people find an identity to these platforms. if you think of twitch and youtube, there's always a spirit of identity to what they associate that product with. i think instagram product, which has been around for almost ten years now, has a pretty

solidified identity to what it is i think that's going to be hard for the young kids, younger generation to see that differently. >> mike, twitch and youtube, two of your examples, they were acquired by bigger companies is there ever a point that you would consider teaming up or being acquired by a big tech company, say microsoft if it's unable to get the tik tok deal done >> no. i can't really speak to specifics. i think for us our goal and our vision is to build this to become the next microsoft, to become the next google along the way we're going to find partners. we're going to find challenges and we want to be able to overcome them and sometimes we need partners to do that and sometimes we need a big war chest to do that i think as we grow we have seen that the big leaders in our space have taken notice of triller and have seen our tremendous growth.

so the future is uncertain i know for certain that triller's focus will be about building great products, great technology and servicing our users. >> mike, just wondering if we could get you to comment specifically on facebook because mark zuckerberg just testified about those antitrust concerns do you see facebook as anti-competitive >> you know, i think facebook as facebook itself, you know, is a dominant platform. they've done a lot in perfecting the way they collect data and the way that they created a monopoly around instagram and part of the facebook ecosystem i think with the antitrust specifically, you know, there hasn't been anything like this in the past in terms of social and internet but there has been a monopoly in the past with big tech and big oil or big capital.

th history has always repeated itself i think the future is looking very promising for a company like triller who have built its own reputation so i love to see where this goes >> well, we would love to see where this goes as well. we hope you will come back on and talk to us about it. mike lu, thank you so much for joining us, ceo of triller >> thanks for having me, guys. >> julia, thanks for bringing that to us a short break here look at the dow gainers so far disney is in the lead with a 12% gain followed by boeing. dow is down 63 points.

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on new york city schools >> it's hard to plan for how you go back to work if your kids don't go back to school. governor cuomo said he will allow in-person instruction at schools statewide but he's leaving it up to districts to figure out the if, the how, and the when we know that the nation's largest school district, new york city, plans to open a hybrid form with a couple days of in-class instruction, socially distanced kids, limiting the amount of people in the building at one time with remote instruction and they are making available to all parents the option of full-time remote learning but this in some ways will allow parents to plan how do you return to work if that's an option for you? one of the other things that the governor has just said is that 127 of the 749 school districts in this state have not yet submitted their plans to a health department and another 50

school districts have incomplete or insufficient plans to continue those are school districts that are going to have to come up with some plan this is happening across the nation as we know. los angeles school district has decided not to reopen in-person instruction. chicago schools will not have in-person learning to begin this fall that leaves new york city as one of the only big cities across the nation to try to offer some kind of in-person instruction. deirdre? >> we hope they can stay open. new york is facing a significant budget deficit at the moment how are they going to pay for it >> well, one way they could and one way that new york state lawmakers are hoping that the governor will consider is sport betting. new yorkers are actually out of luck if they want to make a sports bet, the only legal casino that

offers a sport bet is a two-hour drive from here. cross the hudson river to new jersey, pull out your phone, you make a bet on the mobile app and there you have it. >> studies have shown that new jersey has taken from us $837 million last year in wagering, mobile sports betting wagering we look to recapture that money, keep it in new york state. >> they think $800 million last year came from new york to new jersey for sports betting. new york lawmakers are proposing legislation allowing mobile sports gambling and governor cuomo might reconsider his position nebraska, vermont, hawaii have bills pending. voters will get a referendum this fall. massachusetts actually added mobile sports and retail gambling to this economic package they put forward

the senate said no thanks. maybe we'll consider it as a stand alone bill and then here are the states that have legalized sport betting right now. some of these do not permit online wagers or sports betting is legal but not active. only seven states permit i gaming these are online casino games. they bring in so much money. michigan expected to launch later this fall. that first year, the state is projected to bring in $93 million in tax revenue pennsylvania raked in that much from its first year of mobile gaming and it taxes that revenue at triple the rate here in new jersey new jersey brought in less than 40 million last year tax rates are something that really matter here carl >> between that and cuomo, two somewhat encouraging stories for states that we know are under a lot of pressure. thank you. when we come back after the break, today is the two-year anniversary of a very famous tweet by elon musk

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on this job's friday it's a special edition of the santellie change let's get to rick. >> thanks, carl. i'd like to welcome my special jobs guest that is ed lazear thanks for joining me today. let's get right into it. the numbers are pretty good but less than half of what they were last month >> right as you say, the numbers are good there's a number of things to look at in numbers as well the first thing i would point out is the composition leisure and hospitality up 600,000 jobs that's good. it's is sign of a healthy recovery when you gain the jobs you lost earlier, that's a good thing the other thing i point out is

that the unploim rate down -- un rate may be a bit of the understatement of the true unemployment rate. look at the employment to population ratio that's the right thing to be looking at it's about 55% it's about 3 percentage points below where it was at the same time we had this unemployment rate in the 2007 through 20709 recession. i'd say that's probably a little bit low. the unemployment rate isn't quite as low as it was otherwise, things are much better than i think we expected, rick >> now, seasonal adjustments are an issue especially when we talk about teachers going back in closures for autos i noticed on the non-seasonally adjusted data, the jobs total --

nonfarm jobs is 190,000 versus the entire payroll which was close to seasonally adjusted number around 1.4 million. how much are we missing because of seasonal adjustment issues. >> that's a good point. the easiest way to deal with seasonal adjustment is to look at it the same a year ago. it's about where we were last year it's pretty close to flat on that dimension the private sector is 1.4 million quite good that's what i would base my optimism on.

>> the stock market has gone up a lot since its big correction in march you did some research for me and roughly 60% of americans are involved either through retirement or direct investment of stocks and the stock market is owned 73.5% is owned by pension. that would be an amount of close to 21. -- 13.3 trillion if it's three eights of a stock market >> rick. >> they are definitely contributing we have to go back to. breaking news. >> rick, thanks for that enjoyed what we did get of that interview. carl, as we head into the weekend, i would just note, take

a look at shares of lyft on the back of uber's earnings. they are down more than 8% today. they will be reporting next week we'll have to see what kind of operational efficiencies they put in place >> even though i think the argument kuld be made that stocks are trading a lot better than you might have expected given the china tensions. interesting series of all time highs this morning we'll look for some progress out

of that. schools are set to open given the infection rates in new york state. we're going to get berkshire tomorrow it's not a quiet august by any means. >> we'll see what happens and happy friday to you. thanks so much welcome to the halftime report front and center this hour the great rotation and why one well known watcher says the massive rally into the epicenter stocks is coming next week we'll debate it with our investment economy joining me for the hour is jim, pete, liz plus degus wright is back tom le