good afternoon welcome to "power lunch. stocks are lower across the board this afternoon pacing to snap now a five-day win streak as washington stalls on its stimulus deal talks and tensions rise between the united states and china it's the big risk to big tech right now as president trump bans the chinese app tiktok and we chat from operating in the united states in 45 short days what will the backlash be. where is the off ramp? the u.s. adding 1.8 million jobs in july that topped expectations but it's way down from june's number is the economic recovery slowing a bit. we'll talk to former new orleans mayor. mark rorial joins us he will join us as "power lunch" starts right now

the dow is up more than 3% >> good week for the s&p 500 as well the best since early july. as we close out this week it's right to point out as tyler just did we're not that far away from record highs and that trajectory has been little rocky but it's been, you can see to the upside. just a couple percent away from the record highs that we saw prepandemic back in february as we take stock of the week, check out these particular sectors. they have been a focus for many traders and investors. check out what's happening with industrial, communication services, internet related names and technology stocks. these three sectors have out performed the500 this week they are the more defensive, less economically sense tiitive

names. they're all in the green but not as much as the market overall. watch those as under performers. can you believe it, tyler, it's been two years since that famous or infamous elon musk tesla tweet about funding secured at $420 per share over two years, you can see a 277% gain. back on that day, tesla shares were around $380 a piece we know they got well above 1700 at their highs 1430 the last trade there. a nice little benchmark. two years old. back to you. >> i remember it very well i guess he's happy with what the stock has done since then. 1.8 million jobs were added in july and the unemployment rate fell to 10.2%. that seems leek good news for the u.s. economy and in many ways it is let's go to steve for more

detail >> it is good news it still represents a slowing from the strong rebound we saw in may and june and raises questions about august rick from blackrock writes in despite the solid job report, a more sober real estate when hiring will settle in. it's also reality that will keep the federal reserve on hold for a very long time here is where the jobs were. 92,000 new jobs in leisure and hospitality. that's a huge number it's also slower than it was government came back 301,000 but a lot of that is a seasonal adjustment teachers were expected to be fired. they weren't because they were fired in april retail back nen and education helping some of the doctors and dentists office reopen

we have come back a long way still a long way to go here is the count. nine million jobs back 13 million left to go of those lost in march and april. jobs will continue to surprise to the up side among the new concerns of economists, no new relief bill that could prompt concern a new round of layoffs this month. tyler. >> steve, a couple of things stand out here amidst what is on the top line a pretty good report two things stand out one is we have only regained something like 42% of the jobs lost from march and april. that's number one. number two, is that that critical u 6 unemployment number that reflects discouraged workers remain at something like 16%. >> yeah, there's still a very long way to go i'm watching two things, are we seeing any lasting damage in the jobs report and one of the things we're seeing, 4.6 million

have left the work force 1.6 million of the job losses are now permanent. that's rising as a percentage of total unemployed now what happens as the people go back to work, which are the easy jobs to refill, what's left are the harders jobs to refill that's why we talked about the kind of recession that will follow the recovery. >> thanks very much. have a great weekend despite the positive july job numbers, stocks are lower today as major market risks do loom. tensions between washington and beijing are one of those areas of concern they are rising after president trump signed an executive order banning the chinese social media platforms tiktok and wechat. the republicans and democrats are still very far apart on some very important issues. all this comes as we are just 88 days away from the u.s. election for more on the various risks

that face the market right now and some thoughts about the economic situation around the globe, let's bring in the founder of reality check allen, let me start with you here and talk, get you talk a little bit about what's going on between the united states and china. how big a collision is this? >> i'm not sure it's so much of a collision even economically than a very slow motion or perhaps steady motion divorce. certainly, the announce m made by president trump last night concerning these two chinese social media apps is part of that the trump administration is trying to reverse what has

become a very dangerous pattern dominating u.s. policy toward cl china. it's what i would call a normalization pattern. that's viewing china as a normal country with which we can conduct normal commerce which was nor hall lmally structured most of our economic partners or v rivals and whose system looked like ours or was increasingly looking like ours despite especially the evidence we have seen as we started to normal ieds ties or as we have been proceeding to normalize ties, president trump is rightly decided to start denormalizing otherwise that we really don't want to become more entangled with the chinese system. we want to become less entang

entangled. >> i was to get ron's thoughts in a moment. are we moving to a kind of binary world where there's a chinese internet and an internet that's governed by western and u.s. kinds of standards with respect to what companies that control data do with that data, with respect to freedom of speech and so forth? are we looking at a two source world in the internet? >> that's certainly the question of the hour. in my view that movement is not only inevitable but highly desirable because china is to very different and so very dangerous. it's quite possible that at some point down the road technology could come up with a way to make interacting with chinese

technology truly safe in terms not only on the privacy of american citizens but u.s. national security. i don't see any choice but for the u.s. government to pursue this very steady divorce >> ron, what do you think? he's laid out giving the president credit for standing up to what's going on here with respect to tiktok and wechat what do you say? >> i've not disagreed with the administration's position that we had to take china to task on a wide variety of issues tactically right now i'm not sure it's the best time in the midst of this pandemic as the economy is slowing down to

launch what could be a trade war. the chinese still haven't fulfilled the obligations under trade one that was agreed upon last year. i think the splintserring of the new world order. it may have failed having said that, i think we have to be extremely careful about how we go about this. forced them to deal with an even bigger set of markets than our own. from a strategic and long term perspecti perspective, i don't quibble it's risk at getting too

aggressive at this juncture without risking what is an economic recovery that's already uneven at best >> alan makes the point, ron, that the purchase of tiktok, for example, by a western company be it microsoft, be it somebody else, does not necessarily solve the problem. he points out in the past some western proprietors who want to do business and see the chinese market as a critical growth area have not really put american or western national interests in front of their own commercial interest how do you react to that >> well, there's a reason they're called multi-national corporations that's been try whether it's automobile battery technology, conventional battery technology or electrical battery technology there's other concerns that many companies in the software and technology space have granted permission to the chinese, if

you will it's probably a generous way to put it the country is weaker than we think. maybe not militarily but i think there's some internal weaknds in china that will begin to show themselves over time in so, i wouldn't become complacent about this but i think that different tactics and different strategies need to be employed if we want to contain the chinese. i don't think these are necessarily the appropriate ones, overall. >> gentlemen, we appreciate your perspectives there we didn't get to the markets very much but we talked about

issues that will affect the markets in a major way >> i was going to say one of my best friends in my entire life just texted me to say i looked fat. how is that for being on television i just wanted throw that out there. >> how did he think i looked >> he said you look great. >> you look amazing. >> you look fabulous i look fat >> all right thanks very much on that happy note, kelly, it's over to you. >> tell him not to follow me on twitter. coming up, we'll have more on the markets with stocks under pressure energy and technology are leading the declines today you can see we're about evenly split between decliners and advancers. even as big tech takes a breather, these companies have been on a tear since the march lows we'll find out which names have come too far, too fast [ thunder rumbles ]

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with peacock premium included at no additional cost. no strings attached. welcome back the nasdaq is near session lows. we're down 1.3% despite these losses it's been a very strong run for tech stocks.

let's talk more about that now with who else, the dean of valuation. it's good to have you here my main question surrounds apple whose p/e mull approximatiple i time high and been building over the past weeks is that a red flag for you >> by itself, it's not i think the pandemic has played to the company's trend it's made them stronger while making the competition weaker. as i looked at the last five months, this pandemic has rewarded companies that have flexibility capital and can make it scale up and down think about the companies we're talking about, they're all have that capacity. maybe you can argue, but at this price they add value but i think it's a solid base. >> you would be comfortable with apple at these valuations?

>> if i were entering apple right now, i'm probably asking for a bit of trouble because it's priced to perfection. if you have apple already in your portfolio, i'm not selling right now which i think is an indication of where i think apple is at the moment >> let's talk amazon do any of these jump out to you as being overvalued? >> i think they are all richly priced they all are building on three solid foundations. first is each of these companies has a cash machine business with apple it's the iphone. with amazon it's price with google and facebook, it's online advertising the second is we need a platform not just users but on their ecosystem for hours. third is they're collecting data on us all day every day. they know more about us than we know about ourselves i think what you see the market do is reward the companies and the expectations they will find

something to do with the platforms and data it's based on that expectation >> you say if you already own them, you can hold off if you already own them, you can stay the course. you just would maybe caution people against buying it here for the first time >> that's exactly what i would say. if you are interested in holding one of these stocks in your port fo portfolio, put a limit buy at 20% and sit back and wait. there will be a better time to enter these stocks if you're an active investor picking stock, i don't see how you can have a portfolio without one of these stocks, perhaps more in your portfolio it seems very difficult to build a portfolio that can beat or meet the market without these stocks >> if you're comfortable with valuations of big tech, what parts of market do you think are over valued? >> i think the younger tech companies.

the zooms. the companies that don't have the cash machines that the big tech companies have. i think the market is over reaching it's underestimating how many challenges these companies will face in getting from where they are right now. they have lots of potential to deliver on the potential i look at the younger tech companies if you're looking for over pricing that's where i think the over pricing is more likely >> would you invest in nikola? >> no. it exists to make tesla look cheap. i think that's one good thing for tesla. now you have something else yo ku say, we're cheap. >> i wasn't sure if i'd buy a few share and hang onto them and see if this company can do the big things some day. >> if i wanted to gamble, there's better gambles out there. i'd buy an out of the money option and hope for the best >> spoken like the dean of valuation. thank you for your time. >> thank you >> tyler, over to you. all right.

let's check out this mystery chart. it's an e-commerce player you've never heard of we're confident of that. the stock is up 150% so far this year that's nice. we will tell you the name and why i venvestors are piling in uber now about 6%. i guess that will be 6%. take a look. 6% lower after its ride share business grinds to halt during the pandemic what pain is lyft in for when it produc eniesarngs next week. more "power lunch" is ahead. introducing stocks by the slice from fidelity. 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.

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uber trading lower today after reporting a wider than expected loss one bright spot though, surge in deliveries here is what uber ceo said about the potential for deliveries offsetting weakness in ride sharing to cnbc earlier today. >> they are not just going to be about delivering food but about delivering grocery, convenience, pharmacy as well we think there's a huge market anything that you want from your local business or from your local market sent to your home inside of 30 minutes that's an enormous minute. >> lyft reports earnings next wednesday. let's bring in the trading nation panel to discuss. >> i think it will be a big challenge for lyft ridership is down and people are

scared to get into ubers and lyfts now. that fear will keep those stocks at bay uber is making an important shift away from pure ridership and ride sharing into deliveries and other services that's extremely important this is company that still loses money on every single ride that people take. their margins are negative and they have to figure out how to make money >> with the path to profitability remaping unclear, how do you trade these stocks. year to date lyft down about 30%. >> i look at uber and lyft there's nothing too special or interesting at this time both of these stock charts are av average. we can see both of these ride sharing companies have a series of lower highs in place. to me, lower highs mean that every time there's a rally in the name, the bulls are showing less enthusiasm than the privat

rally. i want to be in stocks making new highs, not lower highs before i said average at best. >> all right appreciate wroyour insight kelly. thank you so much. ahead, the u.s. adding nearly two million jobs in july but key signs still say we're struggling to recover we'll get reaction from former new orleans mayor. new data showing a jump in remodelling during the pandemic and a retail reality check we'll speak with the ceo of kimco realty for a look at how stores animals are holding up. stay with us feeling stressed?

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welcome back here is your cnbc news update at this hour. an update on the plane crash in southern india police now say at least 16 people were killed more than 120 injured. the plane over shot the runway in heavy rain and slid down a 35 foothill before breaking in two. the st. louis cardinals will not be playing tonight their game against the chicago cubs has been postponed after another cardinal player tested positive for the coronavirus bringing the team's total to eight infected players the cardinals have been sidelined since last friday. some bittersweet news. france has raised estimates for

this year's wine production thanks to a very warm spring but demand has sunk because of the pandemic major french and italian producers are cutting production of premium wines to try to support prices i thought wine consumption was up during the pandemic but maybe it's just the people i know. >> the liquor store, the lines, the wait i wonder -- you know how they've had a problem selling steaks i wonder if it's the same. the channels are moving downstream >> that could be get your wine now. >> the good wine >> exactly >> thank you very much markets are under some pressure now let's check in on the major aver ra -- averages that are at session lows we have been seeing some rockiness since the late morning and the nasdaq in particular is the unperformer today. it's down 1.6% the oil market is closing up

dom is at the commodity desk for us >> oil prices closing on a more down beat note with west texas interneed y intermediate or wti prices world benchmark, $44.41. the bullish run for oil prices is hitting a bit of a ceiling now giving concerns about a slowing in the economic recovery for america since hitting the pandemic lows this spring. the near and more medium term trends have been higher for oil prices and it will be a positive weak overall for the prices as well earlier this afternoon, oil services company, baker hughes reported the number of active u.s. oil and drilling rigs fell by four to 247 that's the 14th week in a row we hit near record lows in rig counts all of that drop was due to oil rigs falling to the lowest levels since the summer of 2005. back over to you

>> wow all right. thanks very much let oos turn back to the july jobs report which sort of led the news today it beat forecast despite a rise in covid cases in many parts of the country. the economy did add 1.8 million jobs that was a lot lower than june even though it was above the forecast for the last month. here to weigh in is the former mayor of new orleans >> good afternoon. good to be here. >> are there nits to pick in this report in you have job gapgap gains but slowing. how do you rate this yobs report in terms of where we are in this incipient recovery in. >> i think the job numbers have be buoyed by the strong decisive

actions that congress is taking to pump more money into the economy through unemployment compensation, the $1200 checks the ppp program and many other measures that have been taken. to me, the jobs that have been created do not get us anywhere near back to where we were when the covid downturn began that's what's important. you got to look at the numbers in the context of what we lost it points to a strong, robust, additional covid relief bill i think a small business that does a few things is not enough. there's got to be support from state and local government it's got to been an extension of

enhanced unemployment benefits like the idea of a 1200 there are check. i like to see a more targeted approach that benefits small businesses and minority businesses congress should pass an additional robust plan because what's clear is that covid will not abate. the economy cannot get back to normal until there's a vaccine let's put the numbers in context and use the numbers as a learning tool to tell us what we need to do if we want to continue to create jobs and sustain the economy during a very difficult period. >> yesterday as you point out, covid is nowhere near gone from this country

2,000 deaths i think it's 42 or 44% of the jobs have come back that were lost earlier that's roughly two out of five we're not back to where we were in february. there are gaps between what the gop want and what the democrats are pushing for. those are gaps that can be worked through by negotiation. it would seem to me, you split the difference somehow maybe it's not $600 a week, maybe it's 400 i wonder. >> maybe the sticking point seems to be the support for state and local governments. >> yes state and local governments that are preparing their budgets for 2021 some already into the fiscal year

they are facing buckets of red ink, mountains of red ink because of the fact their tax revenues are down and economy as slowed let's not add insult to this painful injury by forcing these states, forcing these cities to layoff millions and millions of workers which would wipe out the gains that seem to have occurred in the private sector. the earlier covid build was family robust and that speaks to why we need a robust bill now. the differences can be ironed out. i think it's time to put some of the politics aside put people, put institutions first. to those who suggest we shouldn't support state and local governments, i would only add the first thing congress did was build lending platforms for, if you will, hotels and airlines and others whoo were impacted by

this the ppp program is a grant program. not really a loan program. i think state and local governments are on the front lines. their police officers, firefighter, teachers, social workers. economies cannot come back without state and local government a package without it would be incomplete package >> the other thing that worries me is the number of small businesses whether they are restaurants or retail places that either have just thrown in the towel or are going to have to as business does not come back as quickly as they'd hoped. this is an area of great concern in every community around the country. we have seen the ruls of it in my town where there's so much reality on the market. i think some small business help ought to be a big part of this >> i think you're right. it's so painful to see people who put their life, their passion, their savings, their

family into building small businesses in short order, they are evaporating. congress should act with a ppp program, which i think should be focused more on the smaller businesses less than maybe five employees or less than ten employees they are the life blood of the american economy the ripple effect is not only layoffs but property owners who have vacancies it's painful to see. i have friends whose businesses are eevaporating they are out of cash they have no business. they can't hold on for four or five more months we're in a depression. we're in a crisis. the federal government is only entipty with the power and resources to be able to act.

that's why you hear my voice for strong bills >> thanks. we have some movie theater stocks are spiking. >> we see amc and cinemark shares spiking these are decades old rules preventing studios from working together and preventing studios from owning theater chains this opens the door, this ruling by the judge opens the door for vertical integration that mean a movie studio could own a theater chain and removes rules that limited how studios negotiated with theater chains this means theaters -- studios can work together to set release dates together we see amc entertainment shares up 15% on this news.

cinemark up 4.5% on this news. >> this is so exciting because we're talk about the complete remaking of an industry that's been decimated by the pandemic do we know in the pandemic factored into this because the market shares that might have once argued against this don't make the argument anymore. is there a covid impact here >> this has been in the works for a very long time steps were taken toward this momo months ago steps definitely pre-dated the pandemic i think the impetus was the idea that studios and theater chains aren't just working together and competing against each other anymore. there's so much competition on the streaming space. when you earn a world where studios and theaters are competing against streaming, there's no longer the need to

have all of these rules limiting how theaters and studios negotiate with each other because the whole world is their competition right now. >> it is still major bail out for the theaters you see amc shares are up 17%. cinemark is up 5%. what kind of deal making could this open this up to >> the real question are those stocks up because this is a potential for them to be purchased, for there to be a deal a lot of unknowns for the movie industry >> we see netflix shares at session lows down 4%

imax is up 4%. i wonder if investors are a little skiddish about competition if this says nbc universal and peacock could be partnering with a theater chain and kind of do something innovative there to rival netflix. if they are thinking down the line that way? >> we have seen covid drive a closing of those windows i think there's going to be a standard of a much smaller window the question is what would happen if a studio owned a theater chain. that window would probably dispyre. >> what exactly does that mean on how they work together on release dates? >> there are these practices like block booking and circuit dealing. i think right now my understanding is that studios

have to be really careful not to seem like they are working together with they are setting release dates. i think the removal of the decrees open the field more now that it's clear the competition is in streaming and not within the industry itself. >> you wonder if that mean a future of this film festival type weekend with mull multiple openings we'll see. this is a new paradigm thank you for bringing us that news let's get to the bond market where yields, they are rising today. >> i know. it's like the sanford moment of a heart attack we have four weeks where the treasuries ten years have closed lower. look at the intraday ten we kind of lost momentum now it's been rising while

stocks have been falling that is unusual but it is a friday look at a july start you can see what i'm talking about. four weeks we'll break that trend of lower yields. the dollar index has been wide it's been six weeks of lower closes started on the 19th of june. as you can see on this chart, it looks as though we're breaking that streak as well. the wild streak, yesterday ata all time high close. since mid-july it's had 14 out of 15 last sessions higher it makes sense because fundamentals were pretty good with the jobs report tyler, back to you thank you very much. coming up, our mystery chart is a stock that might have some people named william looking at themselves stay with us

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welcome back here is our mystery chart. it's bill.com. it's down 7% today it's up more than 150% this year kate has more on this work from home winner for us >> bill.com, it's not one we talk about every day but it's one of the big performers during the pandemic the software company automates and digitizes back office operations and takes invoices and other payments two things are making it a wall street favorite. digital payment. businesses and consumers are moving away from paper based payments

analysts call infishefficient processes. second is sass it stands for software as a service. investors tend to love that predictable subscription revenue. core customers are small businesses getting hits hard by covid related shutdowns. wall street is looking past those near term challenges and betsing on the bigger trends at play here. new opportunities include some more partnerships that have come deals with bank of america and jpmorgan as well as intuit and grabbing the 30 million small businesses as the economy goes digital. the company just went public in december it did see about a 30% dip this year as the lockup period expired in march it's up 80% since then and about 160% this year some of the biggest investors got in when the company was a private silicon valley unicorn kelly and tyler, back to you >> all right

thanks very much coming up, a tale of two real estates. commercial versus residential. the ceo of kimco realty will tell us what's happening at their retail locations closer to home, a lot of we'll tell what you your neighbors are doing and where the payoff lies.

americans stuck at home looking at wall paper or cooking in an outdated kitchen are increasingly deciding to remodel. he says, as he sits in the million dollar kitchen here that we redid last year

d diana olick joins us with what projects people are doing. >> now i'm jealous but, yeah, it's hot tubs, screened in porches, back decks. outdoor is the new indoor. there was a 58% annual increase in project leads for home professionals in june. outdoor spaces saw the big jump. pool and spa three times what they were a year ago landscape contractors, deck and patio professionals, all saw more than double the demand. kitchen and bath popular also up 40% justin vaunl had plans to update the home and then he upgraded the plans after. >> the pool, the home gym, the sauna, those are things that when you're not able to go out your house is sort of an enjoyable space where you can live and still be active

>> now pool demand is so strong that even wall street is paying attention. pool corp, an international pool distributor supplies and outdoor living products hit a high this and is up over 54% year to date. okay so how are homeowners paying for all this well, homeowners have more equity in their homes than they ever had before. sullivan is a contractor he says a lot of folks are doing cashout refis and using the savings they have because they saved so much from not going out and not eating out, no entertainment, no vacations. they're using that savings and throwing in the tub, ty. >> we see it in my neighborhood all the time >> thanks very much. diana, thank you diana olick. shares of kimco reality are higher the pandemic has been a huge hit to the company's business. we'll talk to the ceo off this [squeaky shopping cart]

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shares of kimco reality are jumping to day after second quarter earnings the stock is down 40% this year. they have a good pulse on what is happening in retail the top tenants include tjx, home depot, whole foods and walmart. joining us is connor flynn good to have you back. you were up to 82% of rents collected in july from 70% kind of overall in the second quarter, 76% in june what are the expectations for august and the rest of the year? >> nice to see you yeah, we are pleased with the trajectory of the rent collections. there is over 94% of the tenants are now open there is a tight correlation between those two. no one can predict the future of the pandemic but we feel like with the tenants open, obviously we're pleasantly surprised by really the shoppers re-engaging and shopping centers

and there is really interesting dynamic that's we're seeing playing out. and some of the trends that are pretty interesting that we've seen is that the store is starting to blur with really a distribution and fulfillment point. now that we launched curb side pickup, you're starting to see shoppers utilize that last mile scored in a number of different way wlz it is online, buy in store, curb pickup, shopping in the store or home delivery >> tell me how you're going to remake some of your shopping centers. i can speak from experience, you know, they're not set up for people who want to just like roll their car up, hop in and out real quickly, keep going you know, for some of the new auk s access points. there are significant investment that could pay off in the long run. >> we have to reimagine and look at what the future of retail is going to look like a lot has to do with ease of access and it's all about value and convenience. because of our transformed portfolio that, is now concentrated in dense areas across the country, we really see that these last mile stores

are in high demand because retailers can utilize them as distribution and fulfilling points since we rolled out curb side pickup, it's really an easy way for the customer to get goods and feel comfortable in this environment. so what we've done is striked certain stalls inside the parking lot to be deemed for curb side pickup only. and retailers are loving it. customers are loving it. you're seeing a huge adoption rate and traffic is up significantly. >> quick last word. >> what have layoffs been like >> we're in a challenging environment right now. we're working 24/7 we know there is acloud that is going to break on this we're all in on trying to make it to the other side of this so we've got our entire employee base focused on what we can do to prij the other side of this >> connor flynn, that uk for joining us wish you the best of luck. ceo of kimco reality we have a couple seconds for our big happy birthday wishes. do you know about this, ty do you no he what is coming up we have a wilfred frost, sara

eisen double birthday special. am i wrong >> no. you're right is my mike on? >> i can hear you. >> wish them happy birthday. and many happy returns >> there we go big day, guys. >> thank you >> take it away. >> thank you and, yes, it is destiny. wilfred and i were meant to be together it is our birthday i'm sara eisen with wilfred frost. bumpy session for stocks we're higher on the week we're selling off here into the close. down more than 1%. let's look at what is driving the action with an hour left of trade. a better than expected jobs number unemployment rate falls to 10% still tough conditions in the labor market that wasn't enough to offset lingering tensions between china and the u.s. as president trump moves to