it is 5:00 on wall street. your money topping the "five@5." and no deal. president trump pours cold water over agreements with the democrats on a relief package. >> red light riders in california may be saying goodbye maybe permanently to uber and lyft we'll tell you why a new report from the iea report for this year and next

continuing through the pandemic. plus what will $125 million buy you? one of the priciest deals to close in l.a what pandemic? >> this is thursday, august 13, "worldwide exchange" on cnbc welcome and good evening from wherever in the world you may be watching. good thursday morning. thank you for joining us we are the "worldwide exchange." the exchange is what people exchange money for stocks. that apparently is going just fine, thank you very much. stocks up again on wednesday the s&p 500 now up eight of the last nine sessions and closing in on a record high. we are six points from a new

record cloeing hising high. futures may be too far futures are mildly lower we are not down by much. the nasdaq reporting the first full-day losing streak maybe trucks should replace tech don't look now but the transport index up 11 days in a row. that has not happened since october of 1992. when end of the road by boys to men was the number one song in america. you may wonder if this may be the end of the road for the rally. often leading indicator and they have been on fire. >> focusing on a number of stories out of washington including the stimulus talks or lack thereof

more on that >> no sign of progress on capitol hill this morning. treasury secretary and house speaker spoke for the first time yesterday since negotiations fell apart last friday they did not get far last night, president trump said a deal is, quote, not going to happen >> we can't give them the kind of ridiculous things they want that have nothing to do with the china virus. nothing to do much of what they are asking for there for, they don't have the money do the universal mail-in voting when we win the election, when i win the election, i'm going to forgive all the payroll taxes without hurting social security. that money will come from the general fund >> the money says executive

orders against tiktok and wechat would be broader than just those apps he made a speech in prague but did not elaborate. >> the leaders of lyft and uber in california. lyft shares fell on those comments following better than expected quarterly results and numbers saw ride hailing improvement in july >> doordash faced with an injunction that would force it to see its workers as employees as well. >> many of these drivers drive for both uber and lyft i assume if you are an employee of one, you have to choose one you are not going to be able to

pick both. >> for a lot of people, this is quote/unquote a side hustle and this is a way to get additional revenue. >> right a lot on the depreciation of the cars uber and lyft may be going away in california. thank you. we know health care and biotech has been two of the leaders of this market you often hear the same stocks being recommended over and over but not right now. let's bring in chair of sustainable vesting at brown advising it is great to have you on "worldwide exchange" i love your

picks. great to be here good to see you. you have to find opportunity in any kind of environment. those may be broadly owned biorad laboratories have expertise in identifying biomolecules we owned this previously and are certainly at the crosshairs. they have expertise in chain reaction pcr technology.

those are the kinds of tests we are able to understand antibodies >> you are not scared off of that stock >> there are legitimate pathways of growth and market some of these that we like to finderly in the market would be dismissed or maybe uncovered there is also a path way to closing the gap of valuations of some more valuable names >> another name largely unfamiliar with our audience and i mean myself. i never heard of west

pharmaceutical services. who are they, what do they do and why do you like them >> after all of this effort to develop a vaccine, we shouldn't then mess it up in terms of delivering it. let's not contaminate it and deliver it in a proper way with a proper dosage. west pharmaceuticals, ticker wst, they provide the container particularly for injectables again, you are going to go with the leader and they have the capacity for the vaccine once in short order. >> that name that is familiar.

is this related at all to health care we are not familiar with? >> the way i think of opportunities some of these have tale winds you think of industries that have been undervesting it is places like construction, building management and structure. they have solutions to design

more sustainable buildings and infrastructure anywhere from 8 to 30% of a construction project could be waist. that helps in reducing the cost on the bid that was able to grow through it even though it was a very tough time in growth market to win the bids that are out there. >> another stock higher than it was pre lockdown up year to date. i love it. a couple of new names there. >> have a wonderful day.

take care. when we come back. shares of cisco systems are down sharply. we'll tell you why later, can jcpenney be saved a busy hour still ahead. dow futures down 34. we are back after this hike!

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the drop in cisco. frank is back with those >> cisco falling nearly 6% those beat estimates but the company is giving weaker than expected outlook for the fourth quarter. seeing revenue falling between 9 to 11% cfo is retiring. cost cutting have changed during the pandemic shares of vroom wider expecting a bigger than expected loss. saying the drop in demand and uncertainty around vehicle pricing early on lead it to reduce inventory in the first half of the quarter. the ceo will be on 7:45 a.m. earn time.

aspen technology soaring topping estimates prior to these results. the stock had been down about 19% this year. back to you. >> thank you very much. >> in global news, huawei is back in the cross air. showing their supply chain with other technology more from china. >> thank you there was a little provision tucked into the defense spending bill that will come into fruition two huawei related events. the expiration was a 90 day

reprieve they don't have a whole lot of business in the u.s some of those smaller rural carriers do business with huawei we'll see if they'll continue to work once this license expires or if it is extended by the trump administration the other event we are watching is whether or not the provision tucked in is called 889. whether or not that is going to come to fruition under that provision, the contractors that work with the

u.s. government are supposed to show that they have any surveillance gear. i was talking to one supplier today they haven't created any technical 1257bd ard and say it is impossible that these would be able to police the supply chain you don't know whether some of these parts are going to be with other suppliers that are perhaps in the united states. >> you are looking at your stock market

there really hasn't been that much of a dent china has seen money come in and dumped on the major china story. >> they are making decisions on policy especially these days president xi jinping has been forward looking. people are starting to buy into chinese companies or that they think is benefitting from other demand or push developing home grown sectors and to boost the stock market here that would

include hong kong, shahong kongn shenzhen >> thank you, eunice still on deck, every parent and school asking, should american schools reopen. should everybody go virtual? it is just too rkyis stay tuned

welcome back and good morning. getting a check on top headlines outside the world of business with frances rivera in new york. >> good morning. wildfires are ripping across the west coast mandatory evacuations have been ordered around lake houghs 100 homes have been evacuated. zero percent contained overnight in oregon. another plays burning in colorado the gloves are coming off in the race for 2020. joe biden and kamala harris took

aim at president trump on their first official appearance together also hosting the first grassroots fundraiser bringing in thousands a lifeline for college football. the big 12 announced it will play just a day earlier the big 10 and pac 12 sidelined the season. for some athletes, it is looking good your headlines today >> maybe we'll see a little college football this fall thank you. have a great day we are going to have more on the markets coming up. first check out this stat. yesterday marked 100 trading days since the nasdaq 100 hit

the covid closing low on march 20 it is up more than 50% which would rank the third strongest run. the only two stronger 100-day rallies january of 1999 and march of 2,000 only to tell you what happened late 2000 and early 2001 we are down a little on the futures. we are back with more on "worldwide exchange" right after this i had saved up some money and then found the home of my dreams. but my home of my dreams needed some work sofi was the first lender that even offered a personal loan. i didn't even know that was an option. the personal loan let us renovate our single family house into a multi-unit home. and i get to live in this beautiful house with this beautiful kitchen and it's all thanks to sofi.

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we are on record watch the s&p 500 points to an all-time high and caps the incredible come back global oilout look for the rest of this year and 2021. bringing broadway to you we'll show you how this thursday, august 13 on "worldwide exchange" on cnbc >> good morning and welcome. good to see you on this thursday a quick check on your markets and money. watch for the s&p 500.

we are just six points shy of a record high. futures are lower now. doesn't look like much of a follow through early and closing record high certainly would cap an incredible record setting come back of those march 20th lows. markets throughout the day on cnbc let's get you caught up to speed on corporate stories >> chinese online platform brought back ke holdings set to raise $2.1 billion the largest u.s. ipo by a

chinese company. jcpenney landlords nearing a deal to buy the retailer the deal would save pennies from a possible liquidation disney world actors to return to work after tests they are not able to wear protective face coverings. facebook will roll out the voti voti voti voting info mags senlter

we want to make sure people get accurate information on polls and where to vote. it was important before but now even more important. we'll be launching that later this week. >> for more from everything from big tech to small business go to cnbc.comment ba cnbc.comment -- back to you. now the latest change research states of play survey focusing on an issue many of us are dealing with working from home as kids go back to school or rather stay at home the important impact either way. more of what is arguably the conversation around covid which draws the most emotion and passion on either side >> that's right, brian you and i definitely both know it is really hard to work from

home if your kids are also trying to learn from home. that is turning what is a political fight over removing schools into an economic debate as well. we surveyed voters and many parents said they'll have to take dramatic measures if schools stay shut. more than 36% said it would be higher to do their work, 17% would have to hire additional child care, some said they'd have to leave their jobs and 49% said their household would take a hit. just one month of school closures would result in $50

billion in loss. why they agree getting kids back in school is important to the economy. the impasse is what needs to be in place to make that happen safely >> we are talking about safety of human beings. we know children have a much less likelihood of getting it. you and your family lived it you are talking safety no matter what argument, no matter how true it may be, the other side will say but none of that is worth the health risk. it is an impossible debate to have on many levels.

>> that's right. it is not just the children but the adults and the staff teaching those children. yesterday president trump sboek this saying money and funding for schools should follow the students saying schools that don't reopen physically should not get the funding. teachers slammed the idea. saying this is really an attempt to push a voucher, school choice program. not only are we having an education debate but deep-seeded fundamental arguments about how education in this country should be run turning this into a difficult issue. >> also bringing into question virtual learning for younger

kids you've got the situation where the education gap, i'm not advocating either way, the gap and those with means to give a kid their own bedroom, their own high-speed internet and their own mac book different from a family with three or four kids, poor with slow wi-fi and mom and dad going to their service job have you heard anybody talk about the idea, maybe we write the year off and everybody start next year where they were supposed to start otherwise that gap is going to grow and you can't get it back ever you can't unlearn or unnnot

unlearn? >> the idea for me as a mom, yes, we are in this boat together everyone is trying to figure out how to educate our kids being at home our school district just announced that they are going to be opening up. the school district is going virtual, they are going to open learning centers there are certain schools aimed at areas with not as good internet connection and households that don't have a good connection. they'll open up centers to have people go and receive those services and have someone oversee their learning >> isn't that called school? >> right the problem is that it is only a

few schools doing that >> a room with -- a room with children in it supervised by an adult who teaches them isn't that -- >> overseen by an adult who is overseeing their online learning >> how do they get there >> no bus service. >> is there a way for teachers to teach in front of plexiglass? i know that sounds ridiculous. i know there are children who have gotten covid. >> that's happening. i'm not add oadvocating

>> we've seen photos where teachers are kind of behind a plexiglass shield. i have friends who say forget the mask, i'm going straight up face shield because they think that is the best way to engage again, the question comes back to money it costs something to put that plexiglass shield there and who is going to pay for it >> can you consider if 8% of the work force has to quit their job? i know this, i get up at 3:00, sometimes 2:45 a.m. and i don't have the energy to help my kid

learn. i say just take the year off thank you. it is a big discussion we could do a whole show on just that those figures coming as joe biden ramps up the push that he, not trump, should be the commander and chief. making his debut with kamala harris meanwhile, capitol hill saying democrats and republicans are, quote, miles apart as millions of americans are waiting what happens now senior managing director, the head of u.s. public policy and strategy research. also searched as director with the former vp and director of consumer affairs

we could do a whole show on education. if the election were tomorrow, what do you think would be the outcome? >> sara's audio there we'll have to flip that on. i'll ask you the same question based on polls and surveys, it looks like the democrats have a darn good chance of taking the white house. what kind of policy changes do you think would affect the cnbc audience >> i think you are right at the end of the day, it will be

biden-harris we do not see a major impact whethers it trump or biden on a macro level. we've seen what they are impacted by on the microlevel on different sectors on the economy that could be affected on a biden versus a trump administration >> sara, i'll ask you that same question do you believe it will be a democratic sweep or that market could be underestimating a trump reelection >> i think if the election were today, it would be a democratic sweep. we have a long way to go

i think this is going to be closer than people think right now. i think with the loss of the senior population and the vice president announcement this week will give a lot of energy. in terms of the market, i don't know that they've clearly priced in it may feel a little bit of relief >> the likelihood of the

democratic policies, the white house or a sweep what are those main things that would push through to impact the cnbc audience? >> mostly we'll look at what would impact the taxes and earnings they would have to take a close look at where the economy is when they take office. there are things like china that would stabilize a little bit as we return to a more traditional form of diplomacy. >> stuff i hear if we get the

democratic win or sweep, it would be a blue wave of policies and changes. not much changes no matter what occurs, right? >> that's right. going back to the harris pick and the historic nature of that. kamala harris is on the more progressive side when we are talking about things getting through congress and the senate, it is about getting through the filibuster i think if they can get through, they'll try to work with the

other side rather than try to ram things through it will change the likelihood of major things getting through >> the executive order used in big ways by president trump. whoever takes office may start to use the executive order even more doing one thing with an eo, what do you think that would be >> i do believe vice president biden is a legislature at heart and would like to get back to legislation so we don't see some of the instability back and forth. noting those standards are a difficult thing to rally against.

i do think climate change will be some place you see an executive order. >> we have a guest on just that in a few minutes good discussion, i'm sure the first of many. thank you. good day to you both coming up, speaking of energy heal helima croft and first netflix will stream the musical "diana" based on the life of princess diana and jeffery katzemberg closes his home for $125 million in california ♪

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♪ i let it get away servicenow. the smarter way to workflow. the u.s. military says it briefly boarded and seized an oil tanker u.s. central command says iran held the vessel about five hours and the tanker made no distress

call bringing in helima croft it looks like iran is maybe back to rattling the sword. you and i know what that means >> we've had incidents over the summer with iranian ships getting too close to u.s. ships in the strait they think maybe it was tied to

israel there are hard liners there that don't want to go back to a nuclear deal making it a come bustable mix right now we have an opec meeting next tuesday that will do anything in reaction to those headlines. they started their easing progress trying to make sure everything is clieompliant and

make come penpensatory cuts tha smaller because of what is offered up it is kind of a delicate moment for those put back on the market we've seen those put back but it really remains muted in the u.s. >> they are cutting by 7.7 million barrels a day. do you think that stands >> that will stand the bigger questions now is do the bigger countries start cheating we'll start the process of bringing those back? the saudis have said their increased production only go to the domestic market and surge for power demand

it is a question of how will russian compliance remain solid and will other countries comply to the quota it looks like compliance is holding. this is something that they'll searchly watch we'll start to see more demands and situations in lockdown conditions can they change course and take more off the market. it is being held up by chinese demand and buying. >> heallima croft have a great day good to see you. >> thank you on deck, under the radar stock picks. dow futures are down 50. we'll be right back on "worldwide exchange.

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leaders struggling to hash out the details of an additional round of coronavirus relief. former chief economist i want to focus on what you focus on and that is clean energy talking about what would happen if we get a democratic white house or sweep a lot ofpeople believe there would be money put into the renewables clean energy jobs like so many are really, really suffering >> thank you, brian. yes, we just completed a survey over 250 responses what we found was that over half actually took advantage of the ppp program. we had about two thirds that had been adversary impacted and see their customer orders really

starting to hit the skids. so there is a big concern out there. >> is there a real risk, this is scene as a job creator we are getting all the power we can get. it is not a zero sum game. how many of these might be at risk of going out of business? >> that's a huge risk. that's the thing we have to focus on here. it is a big issue there. we have to make sure our clean energy not only thrive but supply there is a lot of policy tools

out there. let's see if we can get them working. you look at clean energy etfs. year to date, they way outperform we have seen a lot of movement in growth. even the fed in the purchase program has acquired a purchase bonds from the fannie mae, multi-family so there is a lot going on in the financial markets. with he have to make sure we true up the fiscal policy and get moving ahead >> we do even your dog is upset we have a lot to do and a long way to go. an important topic and important sector have a great day as well that does it for us on "worldwide exchange. we'll see you tomorrow on a friday a big day. will today be the s&p 500

record we'll find out next. you say the customers make their own rules. let's talk data. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g, everybody's talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. -that's good. next item: corner offices for everyone. just have to make more corners in this building. chad. your wireless. your rules. only with xfinity mobile. now that's simple, easy, awesome. switch and save up to $400 a year on your wireless bill. plus, get $400 off when you pre-order the new samsung galaxy note20 ultra 5g.

good morning stock futures slightly lower yesterday's stock futures brought us closer to a rally no deal, president trump says the relief deal srcisn't going o happen and a ride sharing shutdown in

california we'll show you how stocks are reacting thursday august 13, 2020 "squawk box" begins right now. good morning welcome to "squawk box" here i'm andrew ross sorkin with joe kernen and melissa lee becky is off we are back on record watch. briefly trading above the record closing high finishing more than six points away. take a look at futures this hour we'll show you how things stand. a lot can happen the nasda