it is 5 a.m. on cnbc and here's your top five at 5. stocks snapping their big win streak at seven. today a good day to test it. futures are higher historic pick. former vice president joe biden tapping kamala harris as his running mate we'll break down what that means for economic policies. shares of moderna rising tesla, maybe we'll call this

the model 5 new as elon musk does a huge stock split, five to one. and when does 20% equal 80%? it is your morning riddle. it has to do with bonds and yields we're going to show it to you coming up in your rbi on this wednesday, august 12th and this is worldwide exchange right here on cnbc. well, good morning, good afternoon, good evening and welcome from wherever in the world you are watching i'm brian sullivan the rbi is really interesting today. it maybe, just maybe shows you how price sensitive all-american borrowers really are that's coming up we'll get that a bit later on in the show right now let's get to the market futures are back on the rebound. up another 250 deja vu all over again

that's where we were yesterday higher across the board. today many technicians might say an important day because we had that huge reversal in the final hour of trading. the s&p 500 which at one point was within half a percentage point of the interday all-time high closing lower major technology leading that decline with the nasdaq falling more than 1.5% that marks the index's third straight day of losses that's the first time that's happened to the nasdaq all the way back on march 9th. wow, prelockdown traders looking to see if the up trend is still intact or was yesterday's turn a real turning point? also, we've got to check live trading silver and gold. the inflation data, producer price index coming in hot. gold got utterly smacked down a little bit now at 10 bucks an ounce silver held up better but is down 1.5%. let's check around the world. the show is called "worldwide

exchange," right shanghai falling nearly 2% there. you can see it's mixed in europe main land china down hong kong and japan are higher as well. the u.k. economy revealing that the economy there contracted by 20% in the second quarter. of course, the lockdown is absolutely hammering economic activity there as well all right. we'll get back to the markets now. big news in the 2020 race. joe biden officially naming senator kamala harris as his running mate decision, historic one with harris being the first black woman to ever appear on a major party ticket scott mcfarland joining us now with more from washington. scott, biden and harris set to make their first appearance together physically. what can you tell us >> reporter: brian, it's going to be a mid-day appearance and the presumptive presidential nominee's hometown in will ming

done, delaware it is an historic day like you say. first major party candidate woman of color for vp. the historic announcement was made electronically. joe biden and kamala harris spoke by zoom. then the former vice president tweeted harris is a fearless fighter for the little guy and one of the country's finest public servants. they say harris's record will boost a biden campaign that's already consistently leading in the polls. >> it gets us out of the valley and not to the mountain top. biden/harris can get us to the mountain top. >> she's a big tax razor she's a big slasher of funds for our military plus she was very, very nasty. >> kamala harris ran for president by rushing to the radical left. >> reporter: the trump campaign pinned a video to his twitter

page her four years included high profile questioning of then supreme court nominee brett kavanaugh. >> that's where the federal government must step in. >> reporter: in her run for the presidential candidate. >> let me take this opportunity to welcome her to the race >> reporter: she'll spar in a primetime debate. >> they will be a great team she will do a great job counter punching donald trump. >> reporter: swinging from both sides has already begun. in a statement former president barack obama said joe biden nailed this one. live in washington, i'm scott mcfar land, back to you. now to the latest in the race for a virus vaccine as the trump administration striking a deal with one of the key players in that race

frank is here with more on that and this morning's other top stories. frank, good morning. >> good morning to you, brian. that's right president trump announcing his administration has reached a deal with moderna to manufacture and deliver 100 million doses of the company's covid-19 vaccine once it is approved. under that deal worth $1.5 million, the doses will be owned by the u.s. government and will then be used and distributed shares of moderna jumping on that news almost 10%. meanwhile, mitch mcconnell is calling the white house and democratic leaders to restart talks on a virus relief package. the two sides haven't met since friday in an interview, he said it's time for everybody to get back to the table though he gave no indication that he would reach out to democratic leaders themselves shares of tesla on the rise after they announced a five to one stock split.

the split goes into trading after the 31st it does an an impact. >> it's a big psychological move you're getting 1/5 of a stock but you're paying less you eventually forget it's 1/5 of the original stock. we'll see if it works. stock up 5.5%. thank you. >> thank you, brian. back to the macro markets. we are joined by matt maley. today i called it at the top of the show an important day. i said that not lightheartedly only because this bearish engulfing pattern, some of this technical stuff we can do. that violent turn yesterday if

we can rebound from that, does that give you more positive momentum if we don't, then what >> it's a key day for the marketplace. it wasn't just the stock market that saw a lot of volatility we saw what happened with the dollar that bounced at a decent manner and what we saw happening with gold and interest rates the thing is, therefore, if that volatility picks up, if we see it in the entire market, not just the stock market, it tells you we're about to hit a more volatile period in general whether we see it today or later this week, it would be a problem. >> now right now it doesn't look like that's going to be the case up 262 by the way, no russia alleged vaccine news today if we are able to rebound and continue that up trend, does that make you more bullish for the next couple of weeks and months through what is

historically the worst month of the year for the stock market? >> we're vulnerable. look what happened to gold yesterday. it's comical the way some people were trying to put fundamental reasons for this decline when the news came out yesterday because of higher interest rates, real interest rates we have a number of -- a ppi number that should have been positive for gold. higher than expected it's bullish for gold. what happened, it was already down we got it even further why? it was incredibly over bought. it was incredibly over loved got ridiculously bullish everybody was on one side of the boat it had nowhere to go down but on a short-term basis sometimes markets and stocks move for reasons with nothing to do more than long term fundamentals a lot of these negative tech stocks have these similar types of moves i think they're all vulnerable

to 10% pull backs. it could be worse when you get the algos. apple could fall 20% and still be above its last february highs. it would present a great opportunity. it would be scary and could cause problems. >> let's talk about the presidential election not from a political point of view but from a market perspective as you note, i'm going to quote you, back to you, matt, how do you like that? since 1960 there's been 15 presidential elections in 12 of them, which my math tells me is a lot of the percent, the market tends to rally from about now through the end of the year because politicians on both sides tend to promise a lot of things do you think this year because we have this pandemic you may have heard about will be any different? >> actually, the -- the starting day is around election day, not right now. the starting day is around election day to the end of the year. >> okay. >> people should be looking to

buy. the market may go down if it looks like it's going to be a democratic sweep, maybe the market goes down going in or immediately after. people should buy. the average rally is between 5 to 8%. three times, two of those times the market was flat. however, the one time where it didn't go up, it didn't rally was in 2000. that was the year where we had the contested election if we go into election day, you've loaded up a little bit, you want to peel some off very quickly if it looks like it will be contested, we won't have a declared winner immediately. >> all of the mail-in, a lot of people concerned about that. i misquoted you, back to you from election day to the end of the year 12 or 15 times going back to 1960, very positive. big day. we'll let you get back to it we appreciate it, buddy. thank you. >> thank you, brian. all right. when we come back, new privacy

concerns surrounding tiktok and more claims of user data if your kids or your friends use the app, you're going to want to hear this story. plus,bu plus, burgers and fries. bad news for college football a shut down in the big ten and the pac-12 postpone play will the other three conferences follow suit. wait to find out futures up 275 we're back after this. guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean.

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welcome back and good morning. more big and potentially bad news for fans of tiktok. the china based app reportedly bypassing privacy policies implemented by google and the android operating system all in a bid to collect user data this allowed the tiktok app to track users online without allowing them to opt out that would be a violation of google's policies. the journal citing mobile phone security expert says the tactic was concealed through an unusual added layer of encryption. the report comes as tiktok parent company bytedance faces pressure over concern data collected by the app could be used to help the chinese government monitor american citizens. amid the continued tensions between the united states and

china, shake shack is actually setting its sights on the chinese market to try to jump start its growth the company is opening the first restaurant in beijing as it lays out big expansion plans for the next decade. eunice un joiniyoon joining us. did you get a chance to sample this >> reporter: i did i did. a lot of fun here. shake shack has arrived in beijing. the company plans to open two more stores in greater china this year with the overall goal to open 69 stores by 2030. so like so many other american companies, shake shack is betting big on the chinese consumer people's dining habits are changing, their diets are changing and shake shack is doing a little bit of changing itself by experimenting with its menu it's included, for example, a beijing fruit into one of its

shakes also a traditional pastry in its ice cream and they also added chicken on the menu here making sure that that item was here just because chicken is quite a bit more popular than beef at the same time, so far the reception has been pretty good with the beef. the classic hamburger, brian, is the most popular item apparently, at least talked about on social media. and also what's interesting is that i think there's a bit of food diplomacy going on right now because there were a surprising number of people today who said they came out to shake shack because they had either herd about the burgers or sampled them when they traveled to the u.s. and that they missed them in fact, one woman waited for five hours to get a hot dog. i didn't get a chance to try the hot dog but i think it must be pretty good. i didn't want to wait five hours. >> five hours for a hot dog. that seems a little bit extreme.

now, eunice, obviously we're seeing video very crowded of course, things new tend to get a lot of attention what's the menu difference between the united states -- obviously very basic burger, chicken shack, nuggets, shakes as the name implies what are some of the unique items there? >> reporter: the unique items are mainly with the desserts the shake. there is a shake that has a beijing fruit. it's called a hawthorne but i don't know how else to explain it, but it's something that's popular and candied in beijing they managed to crush that up and stick it into a shake. they also have two different ice cream items. so one includes chestnuts and the other one has a beijing traditional pastry personally, i'm not a fan of that pastry, but i've had the ice cream and it was really sweet and very good. i think that anything that has

ice cream to it though is probably going to be a big win >> oh, yeah. throw a little ice cream on a burger i'm kidding. how big are their expansion plans, eunice? you have one in beijing. what are we talking about here >> reporter: well, the expansion plans, they do have one in beijing. they have five stores in shanghai they have their eyes set on southern china, that includes hong kong as well as macao the overall goal, like i said, is to try to have 55 in mainland china and 69 in greater china. a lot of that is because like so many other companies, they see beyond the pandemic. businesses here have been affected but they do see longer term people here are going to continue to get wealthier and continue to want to try different types of food. >> shake shack mid levels in hong kong. i can see it coming.

eunice yoon outside of a shake shack in beijing which looks to be doing a robust business eunice, always appreciate it thank you. all right. still on deck, we'll go from restaurants to retail and how many more retail bankruptcies could just be on the docket this year your next guest going to let you know and maybe what companies they may be. as we go to break, let's take a look at shares of microsoft. the company announcing new xbox series x will launch in november, but one big flag ship game halo infinite. important stock. dow tufures up 280 back right after this.

let's get a check on other top headlines outside of the world of business including bad news for college football fans frances rivera is here. >> reporter: we start with another day of protests that are sweeping across belarus. the company's president has cut off internet in hopes of ending demonstrations that sparked after the election protesters say the process was rigged the opposition leader said she fled the nation for her family's safety. big time college football programs will not be taking the field this season.

two major conferences, big ten and pac-12 are announcing they are postponing all sports for the fall season over coronavirus concerns they join the mountain west and mid-american surfaces. they're eyeing a possible return in the spring. the world's last blockbuster, yeah, there still is one, it's renting out more than movies. it's transforming into a 90s theme airbnb in oregon it will be listed for three one-night stays in november but only to county residents they can live out their movie dreams for four bucks a night. that's a steal since the rentals are $3.99. no word on late checkout fees. they can add up to more. they are not kind if you don't rewind you can put a vhs in front of my kids and they would have no idea what to do with it.

>> you're so right anybody remember tracking? tracking you had to adjust the knob. >> you had to tweak. >> tweak it. the tracking is off. by the way, i bought my daughter a couple years ago an adel cd. she said, thanks, dad, what do i do with this >> this is my phone case my kids get a kick out of that one. what is this >> i like that tdk, i used to make mix tapes for the high school girlfriend. >> there you go. >> a lot of richard marks. >> journey foreigner. styx don't get me started. >> styx. i like it "mr. robot tow," "lady. i'd like that. tommy shaw, by the way, of styx, a big friend of cnbc thank you. >> nice. >> good stuff there. "paradise theater. going way back coming up, we're going forward joe biden tapping kamala harris

and his bid to beat president trump in november. sarah bianchi will lay out what the 2020 election may now look like for economic and investment policy 90w futures up 2 we're back after this. what happens when a wireless carrier

puts its customers in charge? well, the good news gets shared. and it gets rated #1 for customer satisfaction.

but don't just take our word for it. take theirs. it's your wireless. your rules. only with xfinity mobile. call, click or visit a store today. call it i hump day bounce back stock futures up 280 stocks snapped a seven-day

winning streak. decision 2020. joe biden picking kamala harris as his running mate in an historic decision. we'll lay out what it means for your money and the economy. and making a play from a retail investor. tesla announcing a new 5 a 5 for 1 stock split that is. shares, they are higher on this wednesday, august 12th this is "worldwide exchange" right here on cnbc well, welcome or welcome back, everybody. good wednesday morning i am brian sullivan. thank you for joining us let's get a check on your markets. futures on the bottom right of your screen indicating a pretty sharp bounce for yesterday's swing. yesterday of course we were already higher, then we had the alleged russian vaccine news markets popped a bit more. up nicely most of the day but in a big turn late in the day the

s&p 500, which at one point was within half a percent of its interday all-time high actually swung lower and finished lower big technology helping the big flip nasdaq falling 1.5%. nasdaq down three days in a row. believe it or not, that is the first time that that has happened since pre-lockdown. in fact, march 9th was the last time we were down three days in a row for the nasdaq not sure when the last time is we were down four. smart people can figure that out. nasdaq futures are higher. we'll see what happens today also, let's get a check on oil oil did not move a lot on that russia alleged vaccine news. that might tell you something but getting a boost on the bigger than expected stock and right now crude oil is up again. we have the big multi-opec report due out later on this morning. one single stock to put on your radar is roku just minutes ago deutsch bank

initiating shares of a buy rating and $185 price target that's 25% up side to the current stock price. citing roku's 50% stock share in the connected tv market. argues there are strong growth opportunities as more consumers and advertisers spend time and money on streaming content roku getting an upgrade. stock up 1.4%. now to the political story of the morning and maybe the year democratic presidential hopeful joe biden picking kamala harris as his running mate. eamon javers looking at how investors should be looking at the new ticket eamon? >> reporter: yeah, good morning, brian. kamala harris 55 years old democratic senator from. >> krista: california. she's not in the bernie sanders socialist camp she outright rejects that label. she is a standard issue democrat when you take a look at some of

her financial policies and economic policies. she says she would reverse the trump tax cuts if she was in office she has a proposal in terms of income inequality in the country to give tax rebates of several thousand dollars of folks who are earning less than $100,000 a year she would take a look at the idea of breaking up facebook in terms of antitrust that company is ultimately a utility and might need to be regulated like one the surprising thing about vice presidential nominees, brian, once they get the nomination, their policies are very much more to be the presidential policies she will match up with joe biden's policies pretty quick. >> amid that announcement we got a new states of play survey at cnbc looking at some of the key battleground states.

you've got wisconsin, ohio i got a preview of some of the graphics i won't steal the thunder. some of these states you think go one way like georgia. these states really are in play. >> yeah, there's a lot of states in play across the board what strikes us is joe biden has a lead in all of these battleground states. measuring battleground states. those are the states we think are in play here from the beginning. we're looking at likely voters those voters that are going to show up to the polls or mail in their ballots based on their history and other demographics about that voter this is our best case of looking at how the electoral college is going to turn out. if you look at it overall in the battleground states that we are polling, joe biden does have an edge, 48 to 44% over donald trump. take a look at the edge in florida in particular. that is often such an important swing state. 50% for biden there.

just 44 for donald trump so the president does have some ground to make up in florida if he wants to be competitive there. the president is going to need to win some of these arizona, 45% for biden wisconsin, 47% for biden florida, 50% for biden michigan, 48% for biden. pennsylvania, 48% for biden. north carolina 47. 48%. that one is an interesting one overall you're looking at biden having a substantial margin or a margin in these cases. north carolina is an outlier there. remember, brian, all of these states or most of these states are winner take all. so if you win it by a point, you get all of the electoral college votes. you can win narrowly in a bunch of these swing states and have it be an overwhelming blowout in

the electoral college. if you are joe biden, you don't want it to all be there. >> no. as we have learned, polls can necessarily not reflect what people are thinking. there's a lot of reasons for that, right? people will lie. are you home are you calling their cell phone? do they not pick up what they think is a robo call i look at the predicted marker. >> and trending. i was going to say, brian, the trump campaign says the demographic that won't answer a poll or that will lie on a poll, that's to their benefit. they think there are a lot of voters out there who won't talk to pollsters for their

preference to donald trump they're embarrassed about it, don't want to admit it in public or what the trump campaign says, they don't trust the pollsters, scientific people from coastal states calling them up to ask them about their preferences they think there's a secret, sort of hidden trump vote that's not showing up in the polls. they say that happened in 2016 and they say that's going to happen again in 2020 >> yeah. and i was just -- exactly right. it's also the way questions are worded, things like that if you look at the predicted markets, betting markets, as i was saying, eamon, they're not perfect. we look at them because we're market guys. they have wisconsin at 68, pennsylvania 67, those are probably the key states that will decide the election maybe throw in arizona or north carolina those three, the former blue wall

they're more bullish than the states that play poll. >> that's right. that's why we're looking at the predicted markets. may be looking at the cumulative momentum in some of those states biden definitely has that. what we're looking at is the likely voters who we think are the people that are going to show up. you know, it's not an exact science. there is a margin of error there's always the uncertainty that you talked about and it's a long time between now and election day right now joe biden does have an edge it's a narrow edge and it's not as big as you see in the predictables. >> no, it's not. we've got to go. new york, new jersey, california, they're 95% in the predicted market i'm surprised they're not 100%. >> doesn't matter. you can only get so many electoral votes in the state and he's already got them all. >> yeah. there you go virginia, solidly blue according to betting markets eamon, we'll see you all day long thank you very much. >> thank you.

coming up, tesla announcing a five for one stock split what this may say about the so-called robinhood trader right now. big reminder, do not miss the cnbc small business playbook virtual summit that is at 1 p.m. eastern time today. we'll provide small business owners, so many of you out there, resources to survive the crisis we'll hear from facebook's sharyl sandberg. 1:00 today cnbc events.com/smallbusinessplaybook there's the web address. a big one. a lot of small businesses out there, folks they're closing, suffering from big tis.me close in dow futures up 172 we're back in a minute

welcome back and good morning. 1450 is a little rich for you, don't worry. elon wants to sell you a stock he is cutting the price five to one or one to five phil lebeau joining us now with more on the cnbc news line about tesla's big stock split. we'll call this the tesla model 5 for 1. >> reporter: very nice he would love to sell you stock and a car or two

this is a stock split that when it was announced yesterday after the close of the bell -- business after the bell, everybody sat there and said, look, for the retail investors, this is going to be attractive this is a five-for-one stock split. it is for shareholders of record at the end of next week. if you are holding the tesla shares on friday, the 21st, at the close of business that day, then you will get the five-for-one stock split which takes effect at the end of the month. that will happen on august 31st. not a whole lot of analyst reaction aside from people saying, yeah, if you're a retail investor, this will make it more attractive ben out with a note that says we believe the stock split a recognition of the fact that the market is increasingly influenced by individual investors. and this is the first stock split for tesla shares since its ipo back in 2010 so you've got a stock now that's

going to be trading, you know, theoretically from where it is right now, brian, down to the $294 level will that make it more attractive saying, look, i'm going out and going to buy a couple of shares to tesla as opposed to saying, i'm going to buy up when i have 1500 bucks i'll buy one share. you and i realize they're not buying one share they want more than that we'll see what kind of an impact it is for tesla. it doesn't change the fundamentals it may make the stock more attractive to retail investors >> now you have the partial share. that puts stock splits in the bin of history elon musk does not think so, phil again, the stock keeps going up. if it keeps going up, maybe he will sell people more cars because they'll cash out and buy the model s they wanted or model 3, whatever it is.

do we have any update on how sales are going at tesla >> reporter: no, we don't. at this point usually you don't get some sense of that until a little bit further along sales for the industry if you look at last month, they were better than they were in june. you're starting to see i wouldn't call it a recovery but you've got autos here in the u.s. that are now selling at a pace of about 14.3, 14.4 million. that's far better than where it was back in april when it was 8.6 million. nowhere close to the pace of sales last year, which was 17 million. so, yeah, we're seeing that gradual recovery for eds, the market remains very optimistic in terms of sales in chi china, which is promoting people buying electric vehicles and sales in europe.

>> phil lebeau, tesla five-for-one split phil, thank you very much. appreciate it, buddy well, from cars to clothes because this year, you know, hasn't been difficult enough 2020 is now on track to see the most retail bankruptcies in a decade big names you know, j. crew, nieman marcus, jcpenney, lucky brand, true religion i could go through it but we'd be out of time all filing for chapter 11. the former president and ceo of american footwear and apparel. familiar face to wor"worldwide exchange" and cnbc i use this term gently because a lot of people do lose their jobs and it's very difficult on things, it has become a little bit fashionable to file for chapter 11 in a way, has it not,

because it enables you to dispose of the under performing stores under the umbrella of the court? >> that's right. realistically speaking it has become fashionable in our industry to go bankrupt. in the month of may we were down 3 6 63%. july 24%. we've got 28 million people in america. you go to china with 1.4 billion and they have 2.8 square foot

per person so we have space we have too many leases. we have things that could be removed. you know, brian, i'm a fan of the xrt index. look at it a year ago, it was a little under 40. look at it today it's almost 51. so clearly the stock market believes that retail is coming out of this and retaillike in l be in a betterplace. retail is the first one to go into the tank in a recession and the first one to come out. depends how you look at this it could be bad news or good news it's unfortunate. >> you have some of the weak equities, weak stocks. many of those are going to go away through the bankruptcy process as we know some might reemerge in a different form i think the reality of this is it's hard to talk about given how many people are suffering, but if you are employed and your

job is pretty steady, you are probably saving a lot of money you are not commuting, traveling, going out to eat. i imagine when things blossom across america, there could be a retail rush. are you hearing anything like that >> yeah, i think there will be a retail rush. it's just that it will come in a different form the migration to online. the migration to comfort clothes versus dress clothes, there's pent-up demand to buy. it will take a while everyone talks about what shape the recession is going to end with what letter? i think we're talking about an l. a little bit down and more like 2008, if you will, take a little bit longer to climb back demand will be very good weaker ones will fall by the side america will be in a better

place for it when it's all over. >> you know, i don't know if you saw it i don't want to put you on the spot i'll give you the news "the wall street journal" reporting authentic brands is in talks to buy brooks brother out of bankruptcy. doing a good job there what do you make of that because a lot of money behind it this is the trend right now, they buy up the really big names. brooks brothers is iconic. 102 years old, i don't quite remember all i can tell you is people love brooks brothers people shop at brooks brothers and the idea of taking a good label, getting rid of all of the liens against it, if you will, and coming out real strong to go forward, i think that's a win.

>> if you're part of that deal if it does get done would be to keep 125 out of 200 stores of brooks brothers open and running. rick, appreciate your time today. we'll see you soon take care. >> thank you, brian. >> thank you all right. on deck, why you should be paying close attention to bond yields yes, bond yields because they're a big help and a big view into the housing market this will be the answer to your morning riddle when does 20% equal 80%? it is your morning rbi and it's next ♪ ♪ i keep working my way back to you, babe ♪ ♪ with a burning love inside ♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away

servicenow. the smarter way to workflow.

time now for morning rbi let's talk about housing i know when we talk about bond yields, unless you're a trader your eyes glaze over so boring. this is why it matters

just how price sensitive are american consumers check this out one year ago mortgages would cost you about 4, maybe a little over 4%. this year as of a week ago they're about 3.15% on average about a 20% drop in rates. doesn't sound like a lot, but that 20% drop led to an 80% jump in mortgage refinancings from a year ago many, of course, of those refinancings probably involve people taking money out of their home to do things like long awaited home improvement projects someone will ask you when does 20% equal 80%, you'll know the answer weekly mortgage numbers are out at 7 a.m we'll see this trend of refinancing and cashing out continues. back to the markets. this could also be a good rbi. the s&p 500 is nearing its all-time high. if it hits it soon, could hit today, who knows, it would mark

the single quickest turn around from a bear market to a new high roughly 120 trading days bear market to new high that would obliterate the current record of 310 days between february of 1966 and may of 1967. get this, the average recovery from a bear market takes 1447 trading days wow. joining us now on the cnbc news line is candace bangsund candice, i guess we can say that because this is not your normal bear market. i mean, this one was induced by a pandemic and lockdown, maybe kind of like 1968 in a way although they didn't have a lockdown then. it's kind of hard to make the historical comparison. >> yeah, absolutely, brian it's been unprecedented to say the least, the strong rally we've seen off of the march 23rd lows this is largely a story of stimulus, that unrelenting

support we've seen has been instrumtal in guidance to get the economy back to health and supporting equity markets at the same time. >> what you've done is broken out the probabilities, various scenarios, rapid recovery, subdued recovery and economic stagnation you allocated based on those what do you think we're going to get? which one of those is most likely >> well, our most likely scenario is the rapid recovery scenario this ultimately hinges on the definitive breakthrough on the vaccine front, which is appearing to be more likely here by year end. this would remove a key headwind from the economic outlook and allow the recovery to continue a fairly abrupt pace amplified by all of the stimulus in the system as well. >> we never talk about canadian

stocks we probably should many of them, a, are listed in the united states but, b, you guys are overweight using canada and real assets in which canada plays are better known than the straight up american stock market. >> we think the growth outperformance has likely run its course since the marleach lows it's be an equity market with the high flying technology, health care sectors largely driving it with the economic revival becoming more durable and self-sustaining, we expect it to facilitate a rotation towards the more cyclical value oriented space that's lagged on the latest run up. we think this inherently is positive for the canadian stock market being fairly concentrated in the more cyclical sectors such as financial resources and industrials. >> yeah. we don't talk about it enough but maybe we should look to our friends to the north for better

investing opportunities. candice bangsund. >> let's all hope that is right. speaking of rapid, it's amazing how fast the show goes that does it for us here on "worldwide exchange. we will see you tomorrow joe and andrew up next "squawk box. u' wcoup60s 2 yoreelme what happens when a wireless carrier puts its customers in charge? well, the good news gets shared.

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good morning stocks set to surge at the open after the s&p flirted, what, with a new record during yesterday's session. however, it closed lower full market rundown is straight ahead. the vp stakes is over for the democrats. we'll see. joe biden picking kamala harris as his running mate.

we'll tell you what it could mean for your money. two of the five major college sports conferences calling off their fall seasons like a dagger in the heart we'll tell you what comes next wednesday, august 12th, 2020, and "squawk box" begins right now. good morning and welcome to "squawk box" right here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today welcome back, joe. it's nice to see you hope you had a great time off. >> thank you thank you. >> i've been off the last two days we had a little bit of electricity problems, you may have heard about, on the east coast up here. we've been down for a couple of days very nice. >> you had the hurricane, right? >> in your own studio as well. you're looking good. >> yeah. >> wel