strength in the housing mortgages, mortgages and refinancing. >> jon in a jair jan in. >> builder first supply, a lot of call activity i ball it during the show. >> quickly, josh brown, to you. >> i added some mover this week. >> good stuff. thanks, everybody. thanks for watching as well. "the exchange" begins now. thank you, scott in this hour i'm tyler mathisen in for kelly for those still under employed, more stimulus can't come soon enough what if it never comes we'll look at the potential fallout for the consumer and the markets. plus a closer look at well health care stock that's up 90% so far this year the ceo will join us with what's working and what's next for his company. and home improvement stocks keep nailing new highs apple may be muscling in on

peloton. america runs on cereal that's all ahead on "rapid fire." begin with dom chu who has the numbers. caffeinated cereal anyway, thank you very much. the markets are mixed and very modestly so. the dow industrial down by 0.1, one stock in particular one of the main drivers we'll talk about that in a second the s&p 500, now, again, right above its closing record high. remember 3393 is what it needs to get to the intraday high. the nasdaq doing some real outperformance now outperforming once again to that point, check out what's happening with the sectors, because the two sectors we most closely associate with the nasdaq composite are technology and communication services both of those sectors as you see here posting outperforming moves over the s&p 500 meanwhile, a source of strength near term, banks under pressure

today, and energy still in focus, under pressure, down about 1% we mentioned the key driver for the dow. it is cisco systems, the big computer net does that working company, now down 11%. that's taking after pretty much 35 to 40 points again. the dow would be positive if not for cisco on disappointing earnings reports so watch those shares on cisco a far cry from the apple and other ones out there cisco an old-world name that seems to be finding it way now >> when cisco becomes old world, it tells me how long i've been around this game dom chu, thank you very much let's take a look at the jobless number for that we go to steve liesman. hi, steve. >> good afternoon, tyler a welcome beat and welcome drop? jobless claims to a still very high and unwelcome level of. claims be down to 963,000, as

tyler celt said, the first time below a million since march. now there's a separate federal unemployment program called the pandemic unemployment assistance, for which the data is a week or two older, it saw a decline, but you have to add it altogether while claims are benefits well off their highs, some 28 million americans still receiving benefits some economists seized on the decline and the momentum other focused on the level over at citi, andrew writes -- this keeps us confident that the hiring rebound will extend into august but there's still concern over the economy with federal claims benefits having expired and unknown effects from that recent surge we had in the virus in certain parts of the country

jpmorgan is has begun using the daily decree card data to track spending by the level of unemployment claims by state they said it's likely too soon to see the impact, but spending is pretty much florida the congress is concerned that for millions of americans an the broad i economy, some kind of check needs to be in the mail. either a big are government check or a paycheck. steve liesman, thank you very much one report does not make a trend, of course, stimulus bill talks have stalled as republicans and democrats seem not to be able to reach a deal despite that larry kudlow told cnbc earlier today he is still optimistic. >> there's still a lot of hardship out there i get that, but i will say things seem to be trending in the right direction, and, you know, lots and lots of -- we could talk about this --

different sectors are showing significant recoveries, even speed spite the hot spot breakouts. again we lost some ground, things like restaurants and small business, but not too bad. so i'm relatively optimistic on this story >> so should investors also be optimistic about this recovery that we seemed to be in? with us now darrell crump chief investment officer for wealth and investment manage at wells fargo. bryce dody is senior portfolio manager at s.i.t. investment associates, and elizabeth congre conkell is at the indeed hiring lab. i guess the fact that the unemployment claims numbers dipping below a million is cause for some happiness, but still 900,000 plus the old rule of thumb was anything above 400,000 in a week was bad news signs of a recession. this is double that? >> right it's certainly a sign of the times when you're actually

excited about only 900,000 people filing for unemployment you know, it's still a huge number i like the trend, but it's very worrisome when you think there may not be an extension of unemployment benefits with how many people are still unemployed yet we find we are optimist okay bonds and a lot of the stock market it's a really strange message. you sound create that you tell clients we're concerned about the economic fallout can claims continuing to be so high while simultaneously the fed is supporting corporate bonds at some point between now and year end, you're going to get the darkest before the dawn type of moment where there might be another wave as schools reopen, just before vaccine starts coming online. that's going to create quite a huge rotation, i think, in the stock market so there's still upside there as well you sound crazy, though, when

you're telling the clients the mixed message about the economy versus the financial markets. >> elizabeth, why don't you react to what bryce just said. also, i would like to ask you how concerned you are that there may be another wave of unemployment coming sometime this fall, as perhaps restaurants that have opened, small businesses that have opened, either retreat, fold up or are faced with another wave of virus. >> yeah, so it is a good sign that the numbers are falling a particular bright spot is for the nonseasonally adjusted claims, this is the fourth week in a row of the downward trend, has been set up to this point. the numbers are extremely high it's just another sign that through recovery, but there is a long road ahead. the impact on the entire economy

as well as possibility of, you know, a second wave is right now there are -- there are more reports of people struggling to pay their bills, purchase medicine, so the absence of this additional money is a tremendous negative impact on their overall economic well-being. and it is going to have a very negative impact on consumer spending. >> i want to come back and asking, after we take a quick intermission to go to rick santelli with the 30-year bond auction, i want to ask you anneelizabeth whether you think the economy is in recession. >> the last of was a record amount 26 billion 30-years bonds, by far the worst auction of the three i grade i gave it was d-minus. 1406 1.406 is the yield at the

auction. it was trading around 138. higher yield/lower price, all the metrics were just week bid to cover at 2.14, the weakest since july of '19. indirect just under 60, dealers take over 28%, the most since july of '19. no matter which way you look at this on the actual pricing of the low price the high yield or all the given metrics, it was a weak auction i think part of this is there seems to be a new thought out there that long data in treasuries may see a bit more selling, pushing rates you will. back to you, tyler. >> let me turn to darrell and get your reaction to the bond auction there, among other things i guess the among other things would be this -- how can the stock market be so good when the economy isn't? >> good afternoon, tyler it's a great question. we get that question all the time i would say the key is, when you

start to break down the stock market info tech at 27% as a sector exposure plus comp services at 11%, plus the e-commerce sections, you're quickly well over 50% of the stock market is e-commerce or some type of tech-related work from home stay-at-home type of exposure. so that's very different than main street and what we see on the actual up-and-down market. investors have to understand the difference and how to play it in their portfolioen. anneelizabeth, in line of the jobless claim numbers, in light of the unemployment above 10%, is it the economy still in recovery or in recession >> i believe the economy is

still in recovery -- in recession and recovery kind of at the same time, but the recovery is slowing. we're seeing this trend in all the data as well as on indeed.com we track the overall job postings trends, which is in its 14th week of improvement, but this past week saw the smallest improvement since it started turning around in may. so kind of both, that is it is the "r." in resectiocessionrece losing steam in recovery brian, forgive me if i misunderstood, i thought you were making sort of two cheers for bonds here i wonder what you think about bonds, giving the fact if you look at short-term treasure requires, they're basically cash, and you don't earn much on

them, and if you look at what rick just said, it might be some tough time for long dated bonds if interest rates go up, and oh, by the way, if i buy a 30-year treasury, i'm getting paid a whopping, what was it 4% for 30 years? i don't want that. >> right i think it's two different markets, the corporate and credit bond market where you still get yield and a fed of is buying a ton of those bonds. then you have the treasury market that is terrible. you just said it there's almost no yield there, plenty of volatility, and i think this 30-year auction, the way i read that is by the yield being higher than people expect, that's kind of a hope trade or an indicator of hope by investors that, hey, maybe there will be a vaccine sooner than we thought, maybe we'll gelt out of the this pandemic a little sooner than we thought, the phet

isn't going to be -- it if that's the case and there is good news on the vaccine front, corporate bonds will still do well i appreciate you coming back to me it's the credit risk we're positive on, not so much on the government treasury yield. they're clearly going to be moving in opposite directions oftentimes gentlemen and lady, thank you very much. we have to leave it there. see you soon this healthcare stock is up almost 18 on% one year, up 90% so far this year we'll tell you the name when the ceo joins us next to tell us what's been driving the gains. plus amazon's contract delivery business has been booming, so why is the company cutting more than 1,000 jobs in that area we have the details ahead on that

"the exchange" returns in two minutes. - [narrator] at southern new hampshire university, we're committed to making college more accessible by making it more affordable, that's why we're keeping our tuition the same through the year 2021. - i knew snhu was the place for me when i saw how affordable it was. i ran to my husband with my computer and i said, "look, we can do this." - [narrator] take advantage of some of the lowest online tuition rates in the nation. find your degree at snhu.edu.

simon pagenaud takes the lead at the indy 500! coming to the green flag, racing at daytona. they're off... in the kentucky derby. rory mcllroy is a two time champion at east lake. he scores! stanley cup champions!

touchdown! only mahomes. the big events are back and xfinity is your home for the return of live sports. welcome back to "the exchange." you're probably familiar with most of the high flying names in the nasdaq 100, tesla, moderna, dr. ocu sign, moderna, but

here's one under the radar name, dexcom it's innovating with continuous glucose monitoring systems the stock has nearly doubled, as telle medicine trends acceler e accelerate joinings us is the ceo, mr. kevin sayer. nice to have you with us. >> good to be on the show. >> we're delighted, and your to be i should point out is the fifth best performing stock in the nasdaq 100 over a one-year basis, so congratulation how does your device work? is it an implantable device or attacked to the skin in some way? give you the quick and dirty >> a small sensor, a small wire about the width of a human hair

is inserted with a skin, and it's attached to a base, that base remains on your skin. a transmitter is placed in there. it takes the electric roe chemical signal from your sensor, terms it into an estimated glue koval and sends that value directly to a phone s thing that's so fascinating about in company and technology is we have every engineer of every kind develop this -- electrical, software, mechani l mechanical, every aacross the board to give this technology to patients when that value goes to the phone, a patient can look at their phone and see where the blood sugar levels are, how fast they're trending up or down, they get alerts or alarms. on top of that, they can connect with others who might be concerned about their conditions, other people can follow them. you can send it to a medical practitioner, hospital i gather.

how big is the external device the size of a what >> the current device is probably bigger than a quarter on your skin our device has a ten-day life. you put it on one site for ten days, take it off. another one on ten days after that, so you don't have it all the time. >> do you bathe with it? >> yeah, you can bathe, shower we have -- there are amazing stories of athletes who have run marathons. one athlete can seven marathons on seven continents. >> since we're working with an egg timer, two questions at once -- what has been the uptake among insurers to cover or reimburse for this and number two, how has covid changed your business and the uptake of this device?

>> access through the insurance companies is very widespread now. we're covered by most ever major plan we have medicare coverage for medicare patients, covered in most of the medicaid environment as well. with respect to the covid environment, there has been an increased uptake, as you can see by our financial results what we have learned more interesting here is the effect of our device on telemedicine, when patients can't go to the clinic, because our device goes to the phone and the cloud, they can have their figures right at home add to that we've been an emergency exemption from the fda to where our product can be used in hospitals as you know, dibeads and covid are very much comorbidities. patients in the hospital have seen significant decreases on the health professionals, the time they have to spent with the patients, and they get to leave

the hospital much faster, covid, while it's hard and been difficult, it's validated the importance of our technology what is the name of the device that we're talking about? >> we call our current one our g-6 technology we're not very innovatives on the names. the dexcom g-6, you can see it on our website >> kevin sayer, thank you very much. >> thank you have a great day. >> you too coming up, in the private -- is the private sector the solution to solving the covid testing crisis we'll bring you the story of several biotech companies that have teamed up plus home improvement stocks keep hitting highs we'll take a look at some of the winners in that trade. "the exchange" is back in two minutes.

♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out.

we've just been finding a way to keep on pushing. ♪

we will pay more than $2 billion to settle claims with several authorities, related to the emission control systems of roughly 250,000 diesel passenger vehicles coronavirus cases hitting another post lockdown high more than 2600 confirmed cases were reported over the past 24 hours. the european commission has reached a deal with johnson and johnson to secure 200 million doses of a candidate, making the treatment available for purchase the world health organization downplaying the threat of contacting covid-19 from food packages on the surfaces of some imported food products the global health agency says

there's no evident the food change is participating in transmission of the virus. that's your cnbc news update at this hour. >> thanks, seem that get yourself ready let's turn to good news on the covid front, specifically on testing. meg tirrell has a closer group banding together to tackle the crisis while covid-19 takes an ever larger toll on mortality, heart disease is still the country's number one killer. boy tech company verve therapeutics -- >> to treat heart attack, so really think a one and done for cardiovascular disease, permanent lowering of cholesterol. to do that work, verve's employees has been to be in the labs covid-19 makes that complicated. >> our work involves work in cells and animal models, the kind of work can't do at home.

>> with an many at 30%, verve's ceo knew that surveillance testing, about you it wasn't immediately clear how to access that testsing. got together with a cup the ceo, and we developed the infrastructure the green partnered with the broad institution in cambridge, massachusetts. that's one of the largest genome research centers in the world. >> we ran from around 1,000 tests a day to 10,000, and right now we have the instrumentation in place for around 35,000 tests per day. >> it also engaged color, a bay hear health technology company to operate and streamline the testing process. >> from the moment somebody books a testing appointment to the moment they get results back that entire process is digital streamlined.

employees get tested in a set the trailers the biggest landlord to the biotech industry results are returned in an average of 12 hours. verve's employees get tested once a week. each test costs $80. they say it's an expense well worth it. >> i can't think of a better use of resources than making the employees' work environment as safe as possible. >> meg joins me now. how scalable is this >> it's a great question, tyler, of course, they are biotechnology companies, private companies with investor funding. this is not cheap. 8 $80, that's more than $3,000 a week for testing but he does expect the price will come down, new technologies will help. at the get streamlined, so that could help, and, you know, it's a matter of figuring out the

logistic to makes these kinds of things work. >> meg, thank you very much. meg tirrell reporting. so is the private sector the key to solving the testing shortage for covid-19 in with us is michael osterholm from the university of minnesota. doctor, welcome back to cnbc. >> thank you, tyler. >> i should start by asking you to react to what meg reported on there, the consortium, costs $80. it apparently delivers results very quickly what do you think? >> first of all, we need all the testing opportunities we can get. so we need to look at ones just like those, but also understand what is the scaleability, not just in terms of how many tests you can do today, but what is your supply chains, and we've had many promising about how much can be delivered by any one lab, only to find it falter substantial when shortages occurred of the kinds of

material these needed to run those tests. as you say, it's not merely the ability to have the test, but it's all of the things that work behind it -- the vials, the swabs, and the entire supply chain. so if you were to grade the american testing effort from beginning to where we are now, what grade would you give it, professor? >> well, from a standpoint of a national response, clearly we're down in the f-level range. our center butt oput out a docut several month ago, to expand testing to make it more useful, what we call smart testing, and very little of that has actually been enacted it's still pretty much a wild, wild west scenario, with a few private sector companies really having the almost monopoly on testing capacity, because their machines are the ones in all these clinical labs.

we have seen major challenges with reagents. we've seen states competing with each other to find testing capacity so we just really -- i think one of the real lessons that will be lenders out of this pandemic, don't do it this way. >> i think one of the other things people are frustrated about, is how long it takes to get results back, which sort of mitigates, if not eliminates the effectiveness of the test, to my way of thinking. can you lay to rest the question of whether we have more cases because we test move >> well, we sure already i seeing more cases with test, but remember we're also just tessing a very, very small proportion of the people who actually have infection. we estimate that at least tenfold the number of cases that get reported each day are actually occurring in our community. when we add additional case numbers because of the testing, it really is obscured in the sense that the vast majority of

cases are not getting tests. >> i'm going to ask a dumb question here. if we are missing so many people, ten times the number you just said, is that adseriously a good thing, because it might suggest we'll get to a sooner point where a large are proportion of the community -- >> that's hardly a dumb question it's right on the market the challenge with that is only about 8% to 10% of the u.s. population has been infected to date for all pang, suffering, death and economic disruption we've had, it's only 8% to 10% this is true in countries around the world. we still have a long ways to go. that's why if we look at the number much deaths twelve today, at one point 160,000 we could easily have a million deaths if we had to realize herd immunity as a result of diggal illnesses. that's just unacceptable

>> how useful is a test, back to a question i asked a moment ago or to a thought i expressed, how use is a test if i don't get the results for ten days >> it's uses it's useless that's why we talk about smart testing. you have to test the right people at the right time with the right test to get the right result if you lose anything in that chain, you lose the whole importance of that test. in your case, as you laid out ten days ago out, what good is that to the individual who wonders if they have this infection should they quarantine themselves how can we use this for contact tracing or to follow up, to notify people they may have been exposed, you can't so to me that -- i wouldn't pay a penny for a test like that. >> doctor, always good to see you. we hope to see you again soon. stay well, sir. >> thanks, tyler. apple could be turning up it's resistian, yes that's that's little red knob, harder to the right, easier to the left

on peloton amazon cuts jobs my son ordered home delivery from dunkin' dutyeery.ons stda all of that and more coming up stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

i'm not surprised that the shares are back up i'm a peloton early adopter on the bike and recently got the treadmill. i've also been looking, scribing at dvds to beach body over a decade i still use them both. when you look about apple getting into the space, it's very crowded when the pandemic hit, every single major fitness brand went online streaming and beach body subscribers are

up 200%. they went to 20 million streams in may, so there's a lot of people using all of these different streaming apps apple gets in there, of course apple is a huge name they're going to have subscribers. >> is apple going to come out with a device like the peloton bike or is it really just an app? for example, i use my peloton app to do yoga that is streamed to me on my apple ipad >> exactly they don't have equipment. are they going to come up with equipment someday? i don't know peloton has the bike, it has the tread. they're also talking about potential rumors they'll come out with another piece of equipment. that brings people to peloton. again, i also use the yoga and floor stuff, but i also use it for other streaming apps. >> so here's the interesting part when i first saw the headlines of the story, the immediatee action, guys is to say my

goodness gracious there's a huge balance sheet competitor guess against peloton and lululemon, because they bought the mirror product. what if this somehow increases the t.a.m., total addressable market for fitness overall we think of it as my gosh, peloton will lose to apple, but that one user will be there. i'm saying to myself if apple hypoically gets into this space, this industry, what does that do maybe it opens fitness to people who weren't peloton users bef e before. >> seema, i just tried to change my screen name to gin and peloton-ic >> tim cook said one of the largest contributions he hopes apple will make to the world is

in health care we're seeing it play out some some of the devices. will they move into the hardware component and come up with a fitness device that's the burning question, to your point if you're not too tired, how about home broth improvement work the stocks have been ham eric away thanks in part to a remodeling boom and pandemic in my town the signs for redos are all over the place huge gains in the past three months, all up more than 20% can rising home sales, diana, keep this trend going? >> absolutely. it's people staying put and what they need to fix and backyard things, outdoor spaces we saw some names from houzz last week, with a 50% demand and it was pools, you know, back decks, screened-in porching, and kitchening, of course, because

we spend so much time. there are red flags. reifies are getting more difficult to get interest rates are rising that could be a damper in as we get into the fall and wind. >> i have a person that's about to join our extended family that works in the pool business he says you can't get a pool installed until next year. >> i've had this problem as well not because i'm trying to build a pool, but general contracting work there's a couple guise that are reliability, and they're booked solid, for weeks, if not months. even if you want some work around the house, unless you're handy enough to do it the, the people who are benefiting are electric trying, plumbers. i can't try to paint my own house, but i would rather pay something to do it professionally, have it well done it's going to take me a few weeks, because they're all booked solid. >> the contractors, electricians, plumbers, they're the guys with the nice beach houses. amazon abruptly cutting ties

with small delivery partners despite the boom in deliveries due to the pandemic, deidra bosa has the details. take it away >> hey, tyler, i her dropping in, it sounds counter-intuitive, cutting 1200 delivery contract jobs, especially when business is booming amid the pandemic here's why it likely comes down to efficiencies, right? they rely on these partners, the smaller contractors for last-mile deliveries, but if they don't perform, amazon can cut them so that is likely what happened here, though amazon did not give a reason at the same time tyler, you have to note that amazon is bringing on more than it is cutting, this is a program that has been growing at a quick pace. >> thanks very much. stick around, seema, your

reaction here, it looks as though maybe this is a pruning rather than a real lopping off of limbs. >> exactly we know delivery is such a hot space for amazon to increase its scale and position to deidra's points they have thousands of partners they work with, so perhaps getting rid of some of the performers, especially at a time when walmart is doubling down as well >> deidra, let me ask a question, when i see the amazon prime trucks in my neighborhood, are those owned by amazon, not contractors? do you know? >> those are not that's what i'm talking about. even though they're branded amazon, those are those contractors. >> very interesting. dom, you look like you said toup in >> when i heard this story, i saw it as a small business story. we were part of the summit just yesterday. one of the things i thought

about is many of these partners are actually small businesses in america. they are not necessarily mom and pop, but very 1345u8 in nature they have ramped up hiring and infrastructure spending to accommodatea customer as massive as amazon. in some cases these delivery service partners have amazon as the vast majority of their income so it just teaches you a lesson. sometimes you can be over-levered to a company and some are feel the pain because of it. deidra, thanks a lot. >> thanks for having me. you bet. finally, now you can have your coffee and eat it, too dunkin' is teaming with post, the maker of raisin bran to launch two new coffee-inspired cereals. flavors include caromenal mac ato, and even include a small amount of caffeine that's just what kids need a little calf five, alternates

sugar expected to hit stores later this month cereal sales were on the decline for years, now up nearly 12% cereal is a dinner, seema, in my home >> there are some people who love breakfast for dinner. i hear you, tyler. even though -- i thought career was dead maybe because of the pandemic we have more time or bringing cereal back? i thought it was all about greek yogurt and the acai bowel, but it seems like cereal is an area they want to get into. >> dianna, you look -- >> i'm grossed out from a health and fitness perspective. my favorite cartoon from the pandemic is the person running, the wineglass running after the coffee cup running after the winegla wineglass. the cereal thing comes back, because we can't go out for the

fancy breakfast. my daughter every day is whining over the lack of acai bowls. i sigh it ago beg popular -- >> have you ever had dunkin''s frozen hot chocolate it's good. >> i guess the numbers bear out. they say that 90% of u.s. households consume cereal. this seems to be in that ven diagram that the place they want to go to, but i would say this, tyler, the caffeine content is about one tenth of what's in a cup of coffee, so a bit of juice, but not enough to send your kid to a 12 out of 10, instead of a 10 out of 10. s. >> sugar, a caffeine, that's what we want let's go to the grocery store and have a meltdown. as the s&p 500 briefly traded above the record closing

high, we'll get a look at some of the big names. a reminder you can always listen to us live on the gog, anywhere you are, the cnbc app, we're back in two. ♪ ♪

[ engines revving ] ♪ ♪ it's amazing to see them in the wild like th-- shhh. for those who were born to ride, there's progressive.

welcome back markets in the doldrums a bit. here are some of the movers this hour shares of smile direct club plunging after they reported a wider than expected loss they did beat on revenue, however, and in the release, said it is seeing consistently strong demand. the shares are currently trading, as you see there, down 14%, or 1.35. vroom dropping as a publicly traded company, online used car saler cited the pandemic for the

loss the shares are down also 14% or 9.76 different story for fossil those shares surging after reporting a smaller than expected loss and easily exceeding -- the company says it expects continued growth in the e-commerce handle as well. still ahead, sill zen, a policy ullr neighborhood safety app started testing a beta contract feature and is about to boost its effort in the fight even more xte citizen ceo will join us, ne this selenite grey is so pretty isn't it? wow. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the color inside the car? oh sure. how about blue? that's more cyan but. jump in the back seat, jim. act like my kids. how much longer? -exactly how they sound. it's got massaging seats too, right?

oh yeahhhhh. -oh yeahhhhh. visit the mercedes-benz summer event or shop online at participating dealers. get 0% apr financing up to 36 months on select new and certified pre-owned models. you say the customers maklet's talk data.s.

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.

welcome back the safety app citizen is launching a new covid-19 tracing tool called safe pass after testing it since may and adding a new incentive for users. julia has the details. >> safe pass is designed to be a shareable summary of users covid-19 health history. part of this is designed to help stop the spread of the virus by instantly alerting users they have been within ten feet of one who tested positive and offering free at home testing users of citizen are prompted to down load a bluetooth enabled app called safe trace. that will enable the citizen app to track who they have been near if they have been close to someone who tested positive for covid, they are told where the exposure happened and for how long

then they ask if they want to get a free at home saliva covid test they can mail back in for results. they have about 5 million users. safe pass will be available to anyone, anywhere it's been tested by 700,000 users since it launched in may with more than 10,000 covid test results reports. joining us is citizen founder -- >> i was going to ask you a question i'll save it as you welcome the guest and maybe i'll ask him go ahead >> that's right. we're joined by someone who can answer all of our questions. andrew, thanks so much for joining us here today. i understand this app has been in beta for a while. you've been testing it out you've had over 700,000 people tested how will you get people to adopt this and to feel comfortable with so many privacy concerns about being tracked everywhere with bluetooth

>> first of all, i'd like to cover what it is we're launching today so everybody understands what the product is. safe pass available today is a full social system for contact tracing, symptom tracking and at home testing provided by citizen. it's not a free test if you just want to take a test for the sake of taking a test it's free if you've been potentially exposed by the contact tracing network. then you're qualified for a free test the wap it wory it works, is you download citizen, hit safe pass. it will add contact tracing. you enable the bluetooth and you are immediately contact tracing. what this means is while you put this in your pocket and you go about your every day life, it's keeping track anonymously with all the people you're coming in contact or physical proximity with if one of those people later

tests positive, it means you have been potentially exposed. the the app will give you a notification -- yes? give you a notification -- >> because we're getting to look at what it looks like now. give me a sense of how you will convince people the download this especially because bluetooth means they will be tracked where ever they go how will you address those privacy concerns >> everything is anonymous everything is encrypted, fully secure our mission is to keep our users safe that means protecting their data the information is deleted permanently after 30 days. all of the quacontact tracing information. it's no longer useful and permanently deleted. it's all anoun mounymous >> how do i know if i have come in contact with someone who has tested positive?

if i'm going through a grocery store, don't they have to have the app and put into the app that yes, i tested positive? >> that's correct. through our tests, we reached 3.5% of the population of l.a. with very little effort. in other words for contact tracing to be successful, depending on the data scientists you're speaking to, it's anywhere between 60 and 80% of the population contact tracing has been a huge missing component of the national response here in the u.s. and maybe we can get it to critical mass alone. maybe we need to partner with other contact tracing systems as they emerge. crimin critical mass will be reached by a cumulus basis. >> andrew, i think it's really important to note here you're not generating any revenue from this you're going to be giving away

these tests to people if your app alerts them they have been exposed. you're making a really big investment in this how does that fit into your long term business strategy for citizen and also for a safe pass >> we are -- our two goals are to grow and monotize this particular thing is completely on mission and there's an urgent need for us and it does grow our network it's number one in the u.s. and turn it into a contact tracing system for those users that have opt in beginning monday we're the official contact tracing app for stockton and we'll be doing a full contact tracing solution for stockton and that is the area that we're hoping to achieve critical mass and make stockton the most successful covid area in the country and then use that as a blue print to bring it to the rest of the u.s. >> great thank you so much for joining

us we are out of time we look forward to seeing how this grows and helps address this big issue really appreciate it tyler, back over to you. >> that does it for the exchange our retirement plan with voya gives us confidence... ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement.

(music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. welcome to "power lunch. the s&p 500 just a couple of points away right now from its record high as jobless claims fall below a million for the first time since the start of the coronavirus pandemic can the market rally really keep going without stimulus from the