business able to monetize the recovery in the growing consumer >> lstr, landstar systems into modal transportation logistics and increased commerce activity environment. >> weiss, quickly, please. >> skyworks. it's not a laggard but it's about to break out again >> bill griffeth, it's over to you in "the exchange." >> scott wapner, thank you so much i'm here for kelly evans at "the exchange." stocks have been mixed as we start the week as the president's tax stimulus action goes into effect here. but questions still remain over the limits and the legality of his actions on saturday. this as treasury secretary mnuchin says the white house does want to deal and is willing to make it this week if it's fair plus, will it be twiktock or

miketok? see what i did there how a potential lawsuit could end that deal. why mgm soared today and why you may want to turn to google search to find out what's happening in the housing market. that's all ahead here on "the exchange." we begin with today's market action kind of a mixed day, bob pisani. >> it is, bill, but we have a little mini trend going on here, and i'm talking about a rally in cyclical stocks, which are called today value stocks. take a look at what the main sectors are moving today this happened on friday as well. we're seeing banks, energy and industrials lead the way those are your classic cyclical names here retail is also doing well. some of those big box retailers, the macy's of the world, doing surprisingly well the last couple of days, and technology

is actually lagging. that's been going on for a few days now most of the month of july here. meanwhile travel and leisure stocks doing a little bit better world caribbean not a good report, but possibly 2100 bookings you see the airlines doing well on top of that meanwhile, the technology names, the ones that were going rampant a few days ago, microsoft and the bigger cap names as well as qualcomm and the semiconductors all being used as a fund source to buy those names this is a rather wild number, but so far earnings are beating by 22% above analyst estimates that's a remarkable number normally you have them beat by about 3% revenue is only beating by about 1% that's pretty remarkable, and most of that gain we're seeing, guys, is because of cost cutting. companies are laying off people and trying to save costs any way they can back to you.

>> all right, bob, thank you very much. so trade secretary steve mnuchin told cnbc this morning that there is room for a compromise and a deal on another covid relief package, and it could be reached this week, he said, if democrats would be reasonable now, this announcement, of course, comes after president trump on saturday signed those executive orders going around congress to deliver aid to americans, but it has caused some confusion in the process. let's try and make sense of it now if we can. libby cantrell is with us today. tony founder is a cnbc contributor. good to see you both to tony, what do the president's executive orders over the weekend do to congress >> i'm not sure it does a lot except to change the rhetoric around negotiations, bill. he's got -- we'll get to the ui

benefits in a minute, but just delaying the student loan and mortgage forbearance, stretching those out. those aren't huge things they are things the democrats can pocket because they were in favor of them also the payroll holiday, some wonder if you're just delaying the payroll taxes. businesses can't really rely on that the ui benefits are really confusing for states, and there are questions as to not just weather it's legal but whether they have the means to participate in a way the federal government is setting it up. secretary mnuchin this morning said there's leftover money from previous aid, but i think the states would say that we have a very deep hole and that money was committed to other things. i think it's going to be complex

and tough with the rhetoric, but not the math >> libby, in your view, is there more for congress to talk about with the white house or less to talk about as a result of the president's actions over the weekend? >> thank you, i would agree with tony that this was in some ways these executive orders we saw over the weekend were much more symbolic than substantive, but they do likely help to rebalance the negotiations this gives president trump maybe incrementally more negotiating leverage speaker pelosi over the weekend indicated that she was open to further negotiations obviously secretary mnuchin said the same thing this morning. so in some ways, i think there is probably more room for a deal than maybe many expect the state and local funding is where negotiators are quite far off, so there is quite a lot of room that they need to reconcile on that front. and then also the vote by mail

but outside of that, it seems actually like there could be a pretty straightforward sketch of a deal, so i don't think we're as pessimistic in terms of the likelihood of a deal there is another forcing inflection point, which would be the end of september, which is when another government funding bill needs to pass but my inclination and my suspicion is we likely will actually see something before that we could even see something in the next two weeks, although at this point that probably seems more remote. >> but there is one thorny issue that mitch mcconnell is having to deal with, and that comes from the fiscal conservatives in the senate we had one of them on this morning. kevin cramer was on to lay out the fears they have about all the money that's been spent so far, and it's been talked about in the current negotiations. here's what he said this morning on "squawk box." >> we've been concerned about the fact we already spent 3 million taxpayer dollars, more than half which is still

unspent, and certainly the impacts of it are unknown. some people are going to look and say, oh, my gosh, we've got to get to the negotiating table and fix this, and others will look at it and say, there is no need to go back to the negotiating table because the president has largely fixed it >> tony, how does mcconnell bring those concerns under the tent >> i don't think he's going to bring them under the tent. they've essentially indicated there is nothing they really can support, so i think what leader mcconnell does have is a majority at this point there are too many pieces not in this deal, one which is hugely important to the business community and to leader mcconnell, and that's on the liability protection that was going to be in a package we also have the one-time payments that were supposed to come through, ppp reforms, money for schools. if you want schools to open, there needs to be money. there is a lot of support in the

republican caucus, in the senate, to get something done, and those guys have given away their negotiating position by saying they won't support anything >> libby, from a conservative standpoint, the fiscally conservative senators out there who are worried about spending even more money, the best case scenario for them is no deal is that a good situation or a worst-case scenario, in your view, if there's no deal >> leader mcconnell is dealing with two different dynamics within his republican party. one is, as you said, this group of fiscal conservatives who are uncomfortable with sort of the largesse they have seen, in their view the other one really important here is he has many folks who are defending very vulnerable senate seats come november they are in colorado and arizona and iowa and north carolina. so i think -- but to tony's

point, there is likely going to be more support to get something done he knows he will not get everybody in his caucus to go for a final deal that's okay because he'll get all the democrats, mostly, and enough republicans so he's going to thread the needle here, but i think for him and for his own political calculus, getting a deal is much more important than not getting a deal so i think he's going to be assuaging those folks who are in vulnerable senate races, not necessarily the fiscal hawks >> libby cantrill and tony fratto, thanks for joining us today. in the meantime, lots of economic uncertainty still remains despite the executive orders no word on another round of stimulus checks, remember those, or clarity on the small business loan program, and don't forget national unemployment still above 10%. so with the s&p 500, about 1% from all-time highs, should

investors sort of pivot to wait and see moment at this point mariann montagne and good to see you both i think the market is assuming we're getting something. do you agree >> i think the market is expecting to get something with that, is it a trillion dollars, is it two, is it three million? if we're talking on the federal end, we're talking about adding to the federal debt, and just putting it in line for further inflation down the road. again, the amount of the dollars determines how far down the road and that's why i think a lot of people have been turning to

gold, because of that risk of higher inflation, also with the rising u.s. -- i'm sorry, the falling of the u.s. dollar and then just the whole period leading up to an election, gold becomes a safe haven in volatile times and we expect volatility between now and november 3rd >> i was going to ask you about your gold position a little bit later, but you've already brought it up. i'll get back to that in a moment here. richard, all things being equal, how do you think the economy is doing right now, and is the market accurately reflecting that or anticipating a better economy down the road getting ahead of itself? what do you think? >> all of the above. the economy is treading water right now, right, waiting with baited breath on the fiscal package 4 here the market has obviously discounted a trillion and a half to 2 trillion in this new phase and is looking past, admittedly, probably the coronavirus at this point, a market, as we all know,

typically peers out 12 to 18 months past. hopefully we'll have a vaccine and we'll be off and running again. the key question for investors is at what level do we come back to after being this ill for a while, the so-called long-term scarring effects in the labor markets, that's where we have to keep our eye on for now because it's not clear that once this is all over that we'll be back to where we were. and i think that's going to hold the markets in a trading rage for some time now. >> the debate they were having last hour was, is it value or growth that you should be in right now, richard where do you see the best opportunity right now? >> the value/growth tug-of-war is episodic. has been for decades we have been and continue to lean towards domestic growth issues for a number of reasons, primarily momentum low interest

rates. until you see the economy recovering, interest rates rising and general health levels rising, we don't think value stocks are going to make a real comeback for a while >> mariann, let me go back to your thoughts. i did want to talk about gold. the old debate before i retired was, is gold an inflation hedge or is it an investment platform right now? is it a breath mint or is it a candy? are you investing in gold just because the dollar has been going down is that why gold has been going up this year, or is there an economic reason? do you really think that inflation could come back at some point we've been waiting for that for more than a decade >> yeah, so the answer is yes. we've been anticipating that the dollar would fall against other countries, and also we do think that inflation will rear its ugly head. what's anticipated right now is a rate of maybe 1.4 to 2%, and i

think that because of all this stimulus that it's going to be more in the 3 to 5% area as the dust clears and looking out, you know, probably 18 months or so from now so that is going to be an issue. all right. good to see youmaria mariann montagne and richard weiss. thank you. what happens if they sue the trump administration as parents and teachers weigh getting back to school, they're being asked to assume the risk should something go wrong. we have details on that coming up and royal caribbean may be jumping back in the waters soon, and marriott seeing signs of

recovery could the worst be over for those two companies? a debate, straight ahead on "the exchange." hey you, yeah you. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi because of their low interest rates. thanks sofi for helping us get our money right. ♪

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tiktok the social media platform held preliminary talks about a possible deal, but we are told microsoft does remain the frontrunner in all this. as tiktok fights for its life, who in silicon valley could end up saving the social media sensation? joining us, casey is the editor at "the verge. thank you for joining us today >> thank you for having me >> i'm frankly wondering why more suitors haven't come out given how popular tiktok has become what's your thoughts on that >> first, it's expensive someone will have to come up with about 30-plus billion dollars. plus the secret sauce of tiktok lies in itsal algorithms.

>> it was pointed out that with the microsoft talks, part of the deal would be they would take a year to transfer some of that coding, the secret sauce, as you put it there is that a viable expectation could twitter pull that off as well is there anybody else when you consider all the money necessary? we all know who has the cash hoards in silicon valley what do you think about that >> there is definitely 30 to $50 billion somewhere to buy tiktok. i suspect it's more than likely to be a coalition of groups if it winds up not to be microsoft. we know sequoia has a 10% stake in bytedance they could probably help a coalition of companies or interests that could sort of take tiktok off bytedance's

hands. i think it could probably take a year the idea you could unwind this company in 45 days seems ridiculous i will say i also think ridiculous the idea that twitter is going to buy tiktok it does not have the money, and it does not, frankly, have the competence to unwind that company for bytedance and then integrate it into its own operations >> but it comes down to what tiktok wants in that regard. do they want a partnership like you would have with twitter, and we all remember what they did with vine, and i think they regret that. they let it die. would they be a better suitor in that regard or go to microsoft and let them do whatever the heck they want to do with it >> i don't know, it's been like two weeks since a 17-year-old hacked into twitter and sold like 20 profile accounts on the service. i just don't trust this company with tiktok. bytedance is extremely angry that it has to sell at all, so i think they're going to be driven primarily by what is going to be

the best financial outcome for their investors. this could have been a company that maybe rivals facebook in terms of advertising revenue, and that's getting chopped up into parts they're going to be looking at who will give them the most money, and it is not going to be twitter. >> casey newton, thank you good to see you. we have the npr report out there over the weekend saying tiktok is going to sue the trump administration over the president's executive order on thursday banning the app, arguing that action is unconstitutional the law says it could be filed as soon as tomorrow. let's bring in danny sevales, news analyst, for that part of the story. do you know for sure if they're going to sue and on what grounds could they sue the administration here? >> there are unconfirmed reports they are going to sue as early as tuesday, but we'll wait and see. they may have some grounds to do

so, but it's going to be an uphill battle. federal law, particularly the economic emergency powers act, gives the president pretty broad and really undefined power to halt transactions or prevent transactions between u.s. entities and foreign entities. if he makes a finding that there is some national threat that is localized in some foreign country. and that's what he's done here, saying that these social media companies are collecting data, collecting information, which, by the way, is what these companies do because the product is, in many cases, free with social media, we are all the product but the only major difference here is that the owner is a chinese national owner in that it is a country that president trump has made a finding poses some national threat for collecting all this information. >> reports say they want to sue the president, the

administration, on grounds of due process was not followed in other words, there was no back and forth discussion between the administration and tiktok officials about all of this, about national security issues, about the technology involved in everything they just came out and issued this executive order did the president have the authority to do that, and what do you think of the tiktok position that due process was not followed here? >> executive orders exist in a gray area. the constitution doesn't say anything about them. but just over the years, it's been interpreted that the president has the power not to make law he cannot make law, that is congress' province but he can issue executive orders in the administration of the law or the enforcement of the law. and, of course, it's a gray area because at what point, if he builds upon a federal statute, does the president start to create his own law over the years, the supreme court has carved out a test where, if the president acts against the expressed will of

congress, then that is the situation where his executive order is most likely to be overturned by a court. then even congress has some power to overturn an executive order, sometimes even by a finding by congress. so there are many ways to attack an executive order these private plaintiffs will have to argue that their due process rights were violated, they didn't have an opportunity to at least be heard but, again, an uphill battle for these private plaintiffs >> in the meantime, the president's executive order thursday put a 45-day deadline on getting a deal done if there is a lawsuit filed tomorrow, does the clock stop, do you know? if i'm microsoft, does it give me more time to continue negotiations if i'm waiting for the litigation to be solved in the meantime >> if the clock stops, the plaintiffs filing that suit, the companies, are going to have to ask a court to actually make it stop we've seen a lot of these during the trump administration, applications for what are called

tros, temporary restraining orders, injunctive relief. a court can award money or it can force people to do or not do things that, again, is a real challenge for courts they don't like to force people to do or not do things, so they have to show that they're likely to win and that some crisis, some catastrophe will result if a restraining order isn't issued but on its own, the mere filing of a lawsuit does nothing to stop that 45-day clock the plaintiffsin this case are going to have to ask a court to intervene and somehow put a halt to the clock ticking on this executive order. >> nbc news legal analyst, danny cevallos, good to see you. thank you for joining us today >> thank you as schools reopen with covid-19 still very much around, who is liable if, or inevitably, when, something goes wrong we'll take look at that coming up plus the big news of shares of mgm soaring today, making it

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welcome back to "the exchange." markets right now, as you can see, kind of mixed technology is a bit lower today, but some of the major averages are generally higher here are some of the movers we're watching today simon property group higher after reports of talks this is interesting. amazon wants to maybe use some shuttered jc penney and sears stores as fulfillment centers. simon property group higher as a result by 6% foot locker higher as that group preannounced second term earnings that blew them out of the water. they expect it to climb 18%. the street was looking for a

decline of 24% so foot locker shares up more than 6% as well. different story, though, for dra draftkings those shares falling on the concern that there will not be a college football season due to the pandemic we heard from the big 10 that they don't plan to play right now. shares could also be under pressure on mgm versus the competition of online gaming we'll have that coming up in "rapid fire" in just a moment now. in the meantime, draftkings are down more than 7%. frank holland for a cnbc news update >> good morning, here's what's happening at this hour the lebanese prime minister resigns amid violent protest in a televised speech, he said, quote, i set out to combat corruption, but i realize corruption is bigger than the

state. today belarus is accusing the president of rigging election this after clashes between protesters and police sparked criticism in the midwest they have not judged the election to be free and fair in belaruse since 1975. and back in the u.s., florida reports its lowest single day coronavirus case since june just over 12% of test results were positive. that's our cnbc news update for this hour. bill, back over to you >> thank you so much see you a bit later. as washington weighs whether or not to include liability reform in the next coronavirus relief packages, colleges are now asking faculty and students to sign liability waivers in the meantime that's not sitting well with many students. ylan mui joins us now with more on that story. hi, ylan >> reporter: bill, that fight on capitol hill is also playing out

at college campuses across the country. schools are asking students to sign waiver consent orders in order to come back on campus some students say that could get colleges and universities off the hook if students or staff end up getting sick. bigtenunited is calling for an all-out ban on liability waifrz, and the students say they are the ones at risk >> they are sending the university the message that they can open while cutting corners and while cutting costs on the front end, and they won't be held accountable if they mess up on the back end. i think that's a really dangerous situation. >> a spokesman for the university of new hampshire system said the goal of the document was transparency, bill, and she said that students who sign it still will have the right to sue the school. back over to you >> could this come up in the

coronavirus relief package, though could they enforce the issue for major universities, or are they just going to leave it up to them on an individual basis, do you think? >> absolutely. this is one of the red lines that senate majority leader mitch mcconnell has laid out to be necessary in any new relief package. he received a lot of flak on this from democrats, but he said it's not just businesses that need these types of protections, it's also schools, hospitals, colleges, universities so they're saying that this is something that's needed for any type of institution that's opening, and certainly in the absence of any new relief package, that's one of the reasons why you're seeing these institutions of higher education take these steps to try to protect themselves >> all right very good. ylan mui, good to see you. thanks take a break travel industries rose the outlook. the transports keep trucking along and the bans on tiktok and wechat are roughly six weeks

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oh, my favorite part of the day. let's catch up on a few stories that should be on your radar screen time for "rapid fire" and with their takes today, deirdre bosa, michael santoli and seema mody iac is looking at it as a once in a decade opportunity for online gaming.

mgm soared 21% and iac shares are down about 2%. deirdre, i can remember in the '70s when barry diller was creating it every week, and the question always asked was, what is barry going to do next? this is one that had everybody scratching their heads, but he seems to have a logic here, doesn't he >> absolutely, especially when in the letter he even lays out all the reasons why this sounds counter counterintuitive but it's an interesting way to go after the online gambling market, because they still make up a small part of the business. shares have been beaten down during the pandemic because its main business relies on getting people together. so instead of going for, say, a draftkings or a private company that hasn't yet gone public, he actually went to the open market to buy shares for mgm. if you think there is a lot of runway here, he got quite the

discount if you think mgm is going to recover and be a major player in online gambling. >> mike, he calls it an opportunity of a decade. >> it's fascinating. obviously the people at the interactive corp are known as being allocaters if you look at what they've spun off, it's essentially selling to a litst, angie's list, home shopping, lending tree, match.com. it's kind of a middleman matchmaker business, and their view of this opportunity is you have a list of people who are kind of mgm known, kind of gamblers or likely gamblers and a platform where you can kind of have that distribution tapes as a bit -- take place as an operator. it is an interesting glimpse of this opportunity, seeing the down side in penn national as well >> everything is going online, seema. >> it may be a small piece of the online casino business, but

it's a $450 billion industry that has only grown during the pandemic, so clearly barry diller rolling the dice. if he does something similar to what he did with expedia, which if you take a look at what he did in the last 18 months, firing the ceo in december, putting in a new ceo in march, bringing along apollo in april, you wonder if he's going to use a similar strategy with mgm, which is growing but facing a number of challenges as it tries to reopen its doors. >> not that i could invest in it, but i couldn't bet against barry diller it's not just tiktok and wechat caught in the middle of the u.s.-china tensions. chinese cloud giants alibaba and tencent holdings could be next deirdre, this could have big implications for the market

overall, right >> it's easy to talk about tiktok and wechat because we can see them they are apps in our phone at least tiktok here in the united states. the cloud wars could have great tensions a lot of american businesses in the united states don't use them, but they do potentially use them overseas. the european businesses use them, and tensent and alibaba are growing at a quicker pace than their american counterparts, amazon, microsoft and google in fact, alibaba is ahead of google in terms of global market share. so it will be very difficult for the trump administration to stop them now it could be this sort of huawei situation where european companies are used to using these companies' cloud platforms and then the trump administration has to go on another tour trying to persuade allies to get off it >> mike, i'm just fascinated by the business model of a lot of

these companies. they do one thing, and in the b back office they're doing cloud business that's where all the growth is these days, right? >> the growth, and also matching their infrastructure for a need of data storage and cloud in the back office. it does make a lot of sense that they would all, i guess, have a little bit of a stake in this game what is also fascinating, though, too, is that there is not really by the administration a sense of, let's set the rules and see if the foreign competitors can play by whatever rules of data sequestration or whatever it was going to be. it's just kind of, don't deal with them, we can't really trust that they're not kind of sharing all the data we'll see if that holds up long term or what it means for drawing the lines among regions in this industry >> and, seema, you wonder what u.s. companies that are heavily into the cloud will be doing to respond to all this.

ago i alibaba and tensent have been taking up their market >> and president trump is sort of taking aim at chinese companies, and the list continues to grow. it started with huawei and zdt on the smartphone front, then pivoted to apps like tiktok and wechat, and now looking at alibaba and tencent, but it shows they're trying to expand the pool of companies they're looking at >> the travel executives, they're starting to look optimistic about vacationing again. royal caribbean's richard fein told cnbc they might restart their cruise operation with shorter voyages and less people on board to try to restart their customers. they said despite posting its first quarterly loss in more than a decade, the company is seeing steady signs of recovery across all regions,

interestingly enough, led by china, seema i was telling somebody -- i heard the other day that a cruise was in alaska, somebody tested positive for covid on that there are actually some creuise out there right now. >> today just a fascinating day for the world of travel. you take a look at royal caribbean and where this stock is trading this is a company that saw a 94% drop in revenue, but the market remains fixated on comments by richard fain during our exclusive interview on "squawk alley" where he talked about pent-up demand growing as people stay at home and isolate, and they're particularly seeing interest grow among the millennials. so they thought, hey, maybe the bad news is built in they're burning $250 million of cachsh a month i even asked richard, are you confident you'll get some ships back to sea this year? and he said, i'm not sure about

that >> raise your hand, how many would go on a cruise right now anybody? >> i would, just because i'm obviously interested >> that's your thing you would do it for business purposes, wouldn't you yes. mike, i know that when everything was falling apart earlier this year, that was one area that people said, well, you know, everybody is still going to be going on cruises at this point. this looks like a good bargain right now. were they proven right, or what's the thinking about the cruise lines and other travel industry at the moment >> they were proven right in the sense that these companies have the wherewithall to ride out this period and not go away or not go into bankruptcy because the debt markets have been very generous and accommodating that started in thing of when will things start to trend back toward normal. i don't think anybody thinks a back to normal will happen very quickly. i think the idea there is going to be an industry down the road has likely been the right bet. interestingly, for cruises, though, unlike maybe the rest of

travel, it was never necessarily the greatest of businesses throughout an entire cycle i think if you look at returns on capital and things like that, so if, in fact, you get it back from the dead trade and these stocks were priced for extinction, they've come back some degree, but not most of the way. i do think that the bulls have the benefit of the doubt for the moment, at least on survival as to whether they get back to their former glory, very much uncertain. >> and airbnb, lisa, says they think they'll be replacing hotels and overtaking that industry, yet hotels are hanging in there and they see some stability this quarter >> i'm so glad i get to chat with seema on this as well, because behind the scenes we've traded back and forth what different tones we've heard from the established travel industry and an incumbent like airbnb just a few weeks ago, cnn's

brian cheski told us travel is not coming back like it was pre-covid. you're seeing people take more road trips i know seema raised her hand about going on a cruise. i know mike didn't, i wouldn't, and know about you, bill but will they ever get back to pre-covid levels will travel look the same? how long is that going to take that's still a debate very much in the air >> what do you think, seema? >> there is this growing debate, is the shift to rentals temporary or permanent they built morehotels this stam time last year, and they think the demand for hotels will come back despite the surge we're seeing in rentals that has helped airbnb and even expedia >> as my wife will tell you, i

had been a reluctant cruiser these last years she finally got me to one. it was supposed to take place in july, and darn, if that didn't get postponed. >> maybe next year finally the death of fedex and ups seemed to be exaggerated at the moment. the shippers are hitting new all-time highs, both up more than 70% since the march lows. fedex getting a boost today from an upgrade to outperform at bernstein with the analyst saying, quote, the global recovery absolutely, positively needs fedex. you know, mike, we all know the truckers and the shippers, they are a leading indicator or have been, traditionally, about the economy. is that the case now in this upside world that we're seeing at the moment, or why are they at all-time highs at the moment? >> i think it's partly that,

bill, for sure the moving of stuff around the country, business, has definitely come back faster than obviously consumer services, for example. so they do have a tailwind it's also worth remembering that fedex and ups had their own bear markets, even before we had covid. there were struggles in that industry fedex especially had a hard time kind of dealing with getting a proper return on e-commerce and air freight having taken a hit through the global downturn before covid so i do think they've had this period to kind of have a reckoning with it, to have some pricing initiatives that are in their favor right now, and this is without a lot of business-to-business volume coming back. i think it's a decent sign for the economy but also specific things going on with package shipping that are helping. >> deirdre, with online commerce you see the trucks all the time. it was a big part of our lifestyle even before the pandemic, but it has increased exponentially since then, hasn't

it >> absolutely, now more than ever, and as mike just said, you know, they had figured out business to business business to consumer the margins weren't quite as good, but now they're being forced to figure out how to make that segment profitable it's interesting, too, because typically it's been seen as amazon and walmart is the last mile players that are really creating a lot of competition. but i think what the pandemic has done is speed up initiatives by other smaller players, door dashes, ubers, et cetera, who are all looking to get in the last mile game >> indeed. good to see you. mike san tolltoli, deirdre bosad seema mody what's hot in the housing market all you need to do is go to google, of course. when we come back.

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then, hasn't it? >> absolutely. now deid welcome back. mortgage demand is way up as

rates sink to record lows yet again. and to really get a read on the housing market, you just look at what people are searching these days. diana has been doing that and she joins us with some incites. diana. >> reporter: yes, bill. consumer sentiment in the housing market weakened a bit in july, but consumers are definitely still interested in all facets of it. no surprise. google searches for refinance home loan calculator jumped nearly 4,000%, according to google trends. this as the news hit of a another record low on the 30-year fixed. and of course searches for how low will mortgage rates go quadrupled. process of buying a house jump 950% and minimum credit score for buying a house was of. this sin tictive of a surge in first time home buyers and we're seeing that in the sales numbers. some consumers are stretching to buy searches for can you use your 401(k) to buy a house, those are up 2,800% in the last

five months. thousand buy foreclosures has been a breakout. as well as buy a fixer upper or move in ready. so maybe investors are looking for ab opportunity. and interest in suburbs hit an all-time high worldwide. u.s. cities with the highest search engines in suburbs in the past three months were chicago, philadelphia, new york, los angeles, and houston. surprised not to see san francisco on that list but the outflow from san francisco really began before the pandemic hit. back to you. >> i'm from the hoax booms and busts and real estate over the years, and i'm seeing it where i live in new jersey now, the tremendous interest in the suburbs. i mean, we're getting bidding wars again for some properties. >> reporter: absolutely. yeah. and redman just reported that more than half all the offers on redman were in bidding wars. so the market is heating up

again. you're seeing bidding wars and prices continue to surge and actually those prices reaccelerate. >> people are not talking about gold right now, but they are talking about real estate. diana, thank you. see you later. and still ahead, former mcdonald ceo steve easterbrook back in hot water. the details of the company's suit against him when we come back. and a quick note, this wednesday the cnbc small business playbook summit will gather the most trusted inspirational voices in business to provide small business owners the resources to survive today's crisis and provide a path forward for tomorrow. visit cnbc events.com/small business playbook to learn more and to register. - [narrator] at southern new hampshire university,

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welcome back. as we said, mcdonald's is suing former ceo steve easter brook for allegedly lying during an internal probe into his tenure then. kate rogers joins us with the rather lurid details. >> they're seeing steve easterbrook related to his firing last year they say they're suing him for fraud, destroying and concealing evidence in order to retain his compensation package, and moral turpitude. it says that he had physical sexual relationships with three mcdonald's employees in the year before he was fired. he also approved and, quote, extraordinary stock grant worth hundreds of thousands of dollars for one of the employees during the relationship. and adds that he lied to investigators in 2019 and goes on to say that an internal investigation uncovered photographic evidence of those physical sexual relationships while he was ceo with three employees. this was discovered as easterbrook did not delete the

emails off of the company's server. he was fired initially for assessmenting in sexting in a nonconsensual relationship. it was estimated in the tens of millions of dollars by firing him with cause instead of without cause. we've reached out to mr. easterbrook's lawyer for comment and we'll bring you anything else we hear. meanwhile, the current ceo writing in a letter to employees today that mcdonald's does not tolerate behavior from any employee that does not reflect our values. these action res flect a continued demonstration of this effort. >> as successful as he was, did he not go out in a good way, did he >> truly shock williing and unprecedented to fire him without cause. be interesting to see what happens here. >> and that does it for today's exchange. coming up in the next hour, collin morikawa california boy will join them to discuss his

historic win yesterday. "power lunch" starts after this quick break. i'll see you tomorrow. (mom) come on, hurry up! all systems go? (mission control) 5 4 3 2... and liftoff. (vo) audi e-tron. the next frontier of electric. get audi at your door remote services through participating dealers. good morning, mr. sun. good morning, blair. [ chuckles ] whoo. i'm gonna grow big and strong. yes, you are. i'm gonna get this place all clean. i'll give you a hand. and i'm gonna put lisa on crutches! wait, what? said she's gonna need crutches. she fell pretty hard. you might want to clean that up, girl. excuse us. when owning a small business gets real, progressive helps protect what you built with customizable coverage.

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good afternoon, everybody, welcome to "power lunch." "time" i'm tyler matheson. good to have you with us for a monday. the dow support nearly 300 points, oil is higher, but the tech-heavy nasdaq is under pressure. and that's as the battle over the chinese social media come tiktok is heating up. twitter reportedly now jumps into the fray. we've got those details. plus, collin morikawa has won the pga golf championship. he is only one of a handful of 23-year-olds, and you know their names, folks, to do so