million a day to his wealth this year or nearly $11 million an hour just this year. musk and bezos have together added $143 billion to their wealth this year that is more than the entire net worth of a bill gates. kelly, back to you. >> the tesla one in particular thanks thanks for watching "power lunch," everybody. "closing bell" starts right now. >> welcome to "closing bell. i'm wilfred frost with sara eisen. stocks lost steam in the last hour, nasdaq falling into the red. anything positive would mark another record close for those two. back hovering around that flat line let's look at the action fed minutes just out last hour put some pressure on the market. officials say that the ongoing public health crisis would weigh heavily on economic activity and employment that was the selloff about an hour ago but another day of blowout numbers from american retailers. target the key outperformer up

about 12% today. another market master, am's evaluation $2 trillion for the first time ever. tech was leading now 59 minutes left of the session and we're essentially flat apple not flat. >> $2 trillion company coming up in just a few minutes, we will speak with white house national economic council director larry kudlow about the stimulus stalemate in washington the rising tensions with china and a whole lot more. later rolling out the red carpet, ceo of amc theaters will be joining us with his company's plan to brink customers back to the movies it's not going to cost you very much. let's focus in on the big stories we're watching in this final hour of trade. bob pisani tracking the fed minutes. joining us to discuss retail moves from pro forma starting with broader market weakening a bit off fed minutes.

>> this doesn't happen very often. usually fed minutes is not a market mover it was as wilf rentsched we lost points in the s&p 500, that's noticeable given the fed doesn't move the market in the minutes. we'll see what we showed earlier this year. i think the problem is with how the fed characterized the reopening story. this is basically what they said, cited extraordinary uncertainty and risks. a lot of adjectives and adverbs. they saw less improvement in the business sector in recent months kind of echoing about what kohl's and walmart saying about the reopening stories slowing a little bit here. they implied, clearly, more stimulus was needed, and that's a major issue. on that what happened was bond yields went up, the dollar went up take a look at gold. gold dropped, interestingly, on that curiously as we mentioned, stocks dropped as well in the past implications would be positive for stocks in this case it wasn't

bank stocks which initially rose as the rates rose, that made sense. they fell back i think what's going on here is the fed -- there's some question about whether the fed's dire warning about the pace of the reopening and problems with it are now starting to get the market's attention to a greater extent than hopes for stimulus would move the market to the upside those two things are battling with each other. at least for the half hour you saw there, the concerns about the reopening story dominated. back to you. >> maybe the market doesn't want a remyron there's pessimism out there at a high level. bob, what about which sectors, you mentioned banks, what's working today. technology is on top yesterday we reached that record high and there was a lot of chatter about just how narrow it was. what are you seeing in term of the internals today? >> yeah. it's about even on the advance decline line banks are modestly higher today. the problem is it's really still

technology and -- tbechnology in amazon and google. cyclical, rally names, banks, other sectors like energy and industrials but they never last more than a few days the big money remains in technology there is no big volume move out of technology and into those value or cyclical names, whatever you want to call them, even if you can say three or four days they rallied that's where we are. >> thanks for that great segue for us, all the money in tech. no one company with more money in it at the moment than apple surpassing a major milestone today to become the first u.s. company to hit $2 trillion in market capitalization. josh lipton has more for us. josh >> so wilf, remember when tim cook was named apple's ceo back in august 2011 at that point, the market cap for his company was around $360 billion. fast forward to today. as you mentioned, apple hitting

a market cap of $2 trillion. the first publicly traded u.s. company to reach that milestone, doubling in valuation in just over two years remember apple first reached $1 trillion in august 2018. stock hassen about on a tear soaring 68% in the last year, last 12 months surging more than 120% apple reported and easily beat expectations when reported late july highlight three broad reasons for apple's recent run cash is king in uncertain times. the app we know has a lot of it with a net cash position of $81 billion. two, apple is benefiting from the work from home trend, too, certainly with its mac and ipad lines. finally many investors obviously this it's well positioned to capitalize on trends, like 5g, digital health and wearables

in july luca maestri, it's the size of a business didn't exist five years ago. >> lower big numbers didn't stop it electric doubling in size the last two years it's up nearly 60% year-to-date. but the one number that i want to focus on most of all, since late july as josh mentioned, when it reported numbers, it was down around 350, 465 now that's about a 30% gain since it reported numbers since late july, or you could say since it announced its stock split. i just don't know how much of that last 30% leg up to reach that level was down to the stock split. if it was down to the stock split, is it a legitimate part of the rally or not, i'm not sure i think it's worth keeping in mind just how quickly it's risen

in the last month. by the way, 60% year-to-date gain for apple amazon, which is perhaps a more clear 2020 work from home winner up 80% yesterday. >> i don't think we would be talking so much about the stock split being such a major bullish factor after tesla apple's fundamentals that quarter were very strong. >> absolutely. >> in fact, surpassed expectations lower cost iphones turned out to be a lot better sellers than what was initially expected. my question at $2 trillion how vulnerable is apple to things like antitrust investigation if it is a poster child, it's always been the biggest company in the world or has been for a while but does it make it more of a target for states attorneys general, in an election year european regulators looking into apps store, epic gaming and all-out war probably would say they can use this to their advantage now that apple is so big. they can paint a picture it

squashes the little guy in the competition epa though it is a reflection of just how far it's come when it comes to selling iphones and services. >> the apps stores the obvious touch point. weirdly, the thing that makes up most of the valuation is selling iphones. while they are the leader in the u.s., global they are the third biggest smart iphone seller samsung and huawei it's not even the biggest. another factor we refer to, $2 trillion in market cap in part because of an attractive multiple which it didn't necessarily have a couple years ago when it crossed $1 trillion. maybe not so much this year because we touched on strong earnings but last year in particular its gains were pointed to as purely multiple expansion as opposed to earnings growth just a fabulous, impressive, outstanding milestone across apple today. congrats to tim cook congrats as you pointed out as

well to elon musk. >> who recently became a billionaire. >> put to shame by elon musk and robert frank's piece, $10 billion in gains just last week. quite extraordinarily. he's only fourth on that list. >> also wilfred of the whole market we're in, the haves and have nots. spending happening in things like technology around apple and online, around apple when other small companies are suffering. >> absolutely. just extraordinary stuff helped by the likes of apple, tech best performing sector financials the best. the s&p is higher, which will be another record close but the nasdaq isn't it's just fractionally lower be interesting record nasdaq close not once a blowout quarter for retailers pointing to strength in the consumer both target and lows smashed expectations when they reported this morning. target's profit number jumped will 0%, sale a record high, a 135% jump in e-commerce after

both home depot reported expectations yesterday after pressure wider than expected lost for q2 also this morning. joining us now to talk retail liz dunn thanks for joining us. i want to start on target, if i may. how impressive was that number >> extremely impressive. i think the key things for me were really the breadth of performance, the fact they saw strength across multiple categories the growth in their digital business, the growth in offerings like buy online, pick up in store or curbside and earnings flow through was actually quite strong as well. >> what about the outlook? it's interesting target rallied on the back of a good quarter. yesterday walmart and home depot filled off on the back of very strong quarters because there were questions, liz, about what happens when the stimulus checks and extra unemployment benefits wear off and there's no back to

school and holiday season visibility is very low, what happens to all of that. >> yeah. those questions are very valid obviously back to school is an issue. brian cornell addressed it and talked about the 66% of students that are starting digitally. but what's important for them is they have seen that double digit momentum continue through this month, which ors aren't seeing so others are seeing -- target is seeing a little bit of a moderation but they are seeing much more strength to flow through. i think this whole crisis has really upended how consumers are shopping, where they are shopping and what they are shopping for target is really winning on all three of those points and particularly with how they are shopping, reconditioning consumers to shop through these extended offerings, buy online, pick up in store or curbside pickup it's a game changer. if you can keep people exhibiting that behavior beyond the crisis, that's a real win

for target. >> how much do you think, liz, that home depot and lowe's rely on the stimulus that we had over the last couple of months that we no longer have? >> stimulus was important but they are also seeing strength continue i think one of the things i'm wondering how much it impacted their business is small and mid-sized enterprises, smes, retooling their business to do business in a distance world i know we've all gone out -- maybe not. some of us have gone out to restaurants outside and created outside dining rooms where they have had to buy tremendous amount of carpentry supplies, plants, so it's safe for people to dine. retailers are doing the same thing, taping off sections of the store, putting up plexi glass. all of that is benefiting home depot and lows as well as people having more money in their pockets because of the stimulus.

i think it's a trend that will last a few quarters because people will be retooling for living and transacting differently and living in their homes a little bit more a target's long-term trend, they are acquiring customersthat will stick with them beyond this crisis >> that explains strong share price. liz dunn, thanks for joining us. >> thanks for having me. >> after the break, despite the record run for stock market, bank of america says u.s. and global economy are in a very bad place. we'll discuss all of it with national economic council director larry kudlow next you're watching "closing bell" on cnbc. turn on my tv and boom, it's got all my favorite shows right there. i wish my trading platform worked like that. well have you tried thinkorswim?

this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim. ♪

you say that customers make thelet'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. 43 minutes of trading. stocks at record highs, a ferocious rally back from the march lows u.s. economy still remains sluggish with big parts of the economy struggling and millions unemployed the federal reserve just raising

the alarm itself saying economic conditions would remain weak joining us now from the white house national economic council director larry kudlow here for a first cnbc interview welcome back, larry, good to see you. >> thanks, sara, appreciate it. >> so you got your v but it's in the market but not in the economy. why do you think that is >> i don't know. if you rundown all these, housing sentiment, starts, permits, manufacturing production, auto sales, consumer spending in general, retail sal sales, i think it's a very strong economy coming back and the fed will do what the fed is going to do. they have done a good job up to now seems to me. they will probably stay on the easy side. look, it's hard to recover but i think the third quarter is going to be a very high number, 20%. atlanta fed talking 25%. that's their view, not mine. but still it's a great number.

it's interesting i think and suspect as some private analysts are saying this is self-sustaining two reasons. number one, inventory basically collapsed in the second quarter and now here in the late spring and summer months we've seen a huge pick up in car did heened make, auto demand, used car prices rising as an indicator. they are going to have to rebuild inventories, great for factory sector, manufacturing sector and the entire economy. >> one of the reasons we've seen this nice bounce off the bottom is the stimulus your administration provided. i'm confused why the white house is taking such hard time against expanding stimulus or going in the democrats' version of trillions of stimulus. isn't it in your interest, the president's interest trying to

get this economy back on strong footing to keep those unemployment benefits flowing and keep money flowing to the broke state and local governments? why are you drawing a line here? >> look, we are providing assistance we've been trying to negotiate with the other side for several weeks, for many weeks we're mid to late august, started end of july we've already given $3.5 trillion and the economy is in better shape than it was last winter on the other hand, sure, the president has taken quick action on executive orders to provide unemployment assistance with the states you can get $7to $800 per worker per week that's a very handsome and generous number. we want kids, schools to open,

bewa we want businesses to stay open, jobs, that's our ask we put on the table $5 billion for schools, unemployment assistance the president has payroll tax cut as an executive order. we're plenty willing to talk they have come back to fund the post office, which we will discuss. now that they have come back let's be realistic let's stay on track this covid, make this covid only not a wish list from the democratic party. >> larry, as we get concludeser to the election, do you think either side, both sides red line will soften or harden. >> wizard, i don't want to negotiate on the year. steve mnuchin is doing a fine job and we'll see. we've had our asks out there for

quite some time. the reason for executive orders on unemployment assistance and payroll tax cuts and evictions and student loans is because we could not get a bipartisan agreement. our asks are in that deal but the deal hasn't materialized sorry about the noise, they are rebuilding something out there so the president took matters into his own hands i agree with sara, we have to be very careful we want to keep the economy liquid and provide as much stimulus within reason as we can. let's open schools safety and security. if we need more money for that, let's ask. >> i 'n' you'know you're a low . this has been a low tax administration sara mentioned the v in the stock market, clearly more pronounced than any recovery even heading in the right direction and economy highlighted by $2 trillion market cap for apple and the

fact that elon musk has gained $10 billion in wealth in just the last week. would you consider increasing capital gains tax just on stock market holdings, which have so clearly benefited from the loose policy from the fed and clearly benefited the haves in the society than have nots. >> whether it's financial assets or real assets, machinery, office buildings, whatever, why would we want to create or block investments or investment incentives the president, when he announced executive orders, he not only put in the payroll tax cut, payroll tax holiday, but he also mentioned lower income tax and tax reform and lower capital gains taxes. we want a big growth here. that's the big point trump economics has always been growthier. we don't want to put barriers up, reduce incentives. we want to make it as easy as possible for people to succeed

so no, i don't anticipate. those are post election questions. you'll have to let president trump weigh in on that, but i can tell you from our conversations so far he'd rather have low tax and reforms than higher taxes we'll leave higher taxes, $4 trillion, to the other party's ticket. >> you mentioned the executive orders on unemployment claims. as far as i can tell, larry, only arizona is set to pass out those additional funds only eight states have been approved for those grant loans from fema. so it's not clear how quickly that money is reaching unemployed americans across the states or if it's going to reach them at all. >> i think it will reach them. we've made it as easy as possible for the states because they can use prior unemployment benefits of $100 so we've made it very easy and

we'll give the effort $300 i guess eight or nine states have applied i can assure you those applications will be granted by the department of labor. we are accustomed to working with the governors on covid matters and, of course, unemployment insurance matters labor secretary has been very good at that i think really the next week or two, you're going to see a lot of checks minted to unemployed people at the federal level and the state level. the states do put federal money in it's in place, applications flowing in very fast so i'm optimistic on that. again, i want to keep this v-shaped recovery going. this is a moment when liquidity is absolutely essential. we have much more work to do unemployment claims are starting to go back down. the case rate, covid case rate is now going back down nationally it's actually off 35% from mid

july the claims are falling but we have work to do we have work to do 140 million people employed, 14 million unemployed, there's still a lot of hardship out there. that's why part of the mantra here is kids and jobs. open the schools and let's do what we can to get them back to work one is a reemployment bonus. go back to work and we give you a very handsome bonus. that is better than the unemployment but let's open the economy and let her rip. >> i want to ask you but tiktok. is the president serious about the deal. >> he has said that and he has repeated that. i don't know if that willend u being the case but the president has said that. i think he probably would like

to deny china, some of the proceeds of the tiktok sale. it's not something that's been done in the past but it's being done now i'll leave it to secretary mnuchin who is running the backs on that. i don't know let's see. >> really? isn't this a dangerous precedent, larry, guilt taking a banking fee? to me that's what venezuela does when it comes to foreign assets. >> i'm sorry i didn't hear that last sentence. >> sounds like something a country like venezuela would do when it comes to making foreign deals. it seems like a dangerous precedent for the united states to do to take an investment banking fee for national security reasons i won't call it investment

banking fee because we're not in the investment banking business. it's unusual the president has his own mind on some of these things. i don't know nothing is in cement we haven't had bids that go with it, that's not due until september. i don't know, sara, how that plays out. it may be there or fees may turn out not to be there. i will leave that in the process and not comment anymore. >> another huge story i've got to ask you about is the president calling for a boycott of good year tire? it's an agron, ploys more than 60,000 people. number two, you guys have been campaigning against democrats and their cancel culture, like goya brand why would you do this? >> what did he say about good year i don't know this. maybe i should it's hard to know everything.

>> he called for a boycott of good year tires because he didn't like something that was in their hr diversity policies as far as not showing political speech a picture about banning maga hats but just in general calling for a boycott against an american company like that seems like an odd tactic for this administration. >> in general, we're certainly buy america and that's been our policy quite some time i'll have to ask the president i will ask him this afternoon and answer your question some other time yes, we are usually buy america. ening that's a good policy these days the president is in favor of reciprocal trade deals and we've had quite a few of them with china, japan, south korea, even

eu britain coming up. we've done a great job one of the mantra, buy american whenever possible. >> thanks nor joining us we hope the president's home extension with that crane goes smoothly. >> they are digging up the front lawn i'm sorry. thank you nor having me back. >> larry kudlow. we've got 31 minutes before the close. we just lost steam a little bit, dow, s&p and nasdaq all negative former ceo terry lundgren waist in and what we've learned. shares from nvidia up 100% this year we'll preview what to expect ahead of this afternoon's results. 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.

the dow turning lower in this final hour of trade we're down 14 points, way down by coca-cola and walmart nike and visa leading. still ahead the debate over post office funding takes center stage in washington.

we'll talk to the co-ceo of warby parker, a retailer who relies on the post office. the release of the fed minutes. a pop from that. 10-year t-note higher, .68%. two-year lower we'll be back on "closing bell."

check in on individual

market movers, biomarin falling after fda rejected one-time gene therapy for hemophilia what would have been a major milestone. it's down. momenta skyrocketing, after johnson purchased. j&j said it would increase treatments for autoimmune diseases you can see 69%. >> one of the biggest biotech deals of the year. time to get cnbc news update with sue herera. hi, sue. >> hi, sara. nancy pelosi told postmaster general louis did he joy his, quote, alleged pause in operational changes until after the election is whole insufficient and doesn't reverse damage already wreaked and could

disenfranchise voters. pelosi said dejoy told her he has no intention to replace sorting machines and mailboxes that have already been removed a postal service spokesperson said there's no response today beyond yesterday's announcement. a former fbi lawyer faces a sentencing goid line from 0 to six months in prison after alter a document to seek court approval to eavesdrop on carter page said in a court ruling he thought the information he added was factual but acknowledges he should not have made any alterations. the supreme court will take up the challenge to obamacare the week after election day. that would keep the lawyers arguments out of any campaign ads. you're up to date. wilf, back to you. >> thanks for that we've got 24 minutes left of the session. we are lower across the board for three of the major indexes, s&p down .2, nasdaq down .3.

russell, though, is still higher in part because of the banks outperforming. after the break target surging to record high after reporting 80% jump in profits. massey ceo terry lundgren about the strength we've seen in this weeked retail earnings weeked retail earnings 3w4r57 is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. get e*trade and get more than just trading. we're committed to making college more affordable. that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was.

- [narrator] find your degree at snhu.edu. 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. ♪ it is another blowout day for retail earnings target surpassing every expectation with same-store sales jumping 23%, digital sales 195% and lowe's seeing same-store sales climb by whopping 34% while

digital soared 135%. joining us terry lundgren former masseys ceo. terry, always good to get your insight. we've heard from major retailers, walmart, target, home depot, lowe's, explosive digital sales, retail sales. of those which strategy or management team do you like the best, do you think is doing the best job >> first of all, sara, isn't it good to be essential many of their competitors have been closed several months, so they have just put the pedal down and and accelerated everybody you mentioned i like, i own. i have to say the standouts to me were clearly have to say target of all of them. i think lowe's surprised me on the upside as well

i think those two are doing what other guys, walmart and home depot have been doing for a long time and that is executing, executing, executing on a broad basis. digitally as well as in-store shopping experience. i was blown away by target's numbers in particular. a lot of warnings on back to school some commentary yesterday at kohl's that back to school will come later they will keep the inventories, backpacks and clothing and supplies because it will happen. what do you think will actually happen with back to school is that realistic? >> obviously hard to predict just got news from notre dame last day or so more and more of these schools are delaying the physical return of students to campus. of course fashion apparel in particular, sara, is all about events

an event is going back to school an event is going out on date night. an event is going out to a concert. none of those appear to be happening consistently that's going to be a definite issue. backpacks, can you wait on those and hold them in the inventory over a period of time. the fashion changes over time so that's going to be more complicated to hold out for another date later on in the season. >> you mentioned, terry, how important it's proving to be to be considered or classed as essential. do you feel for some of the department stores and you mentioned you owned companies, which of the department stores do you own >> i own macy's. >> just macy's >> wilf, i didn't own any retailer for as long as i was a ceo both at neiman marcus and ceo at macy's. just out of principle i didn't own any retail the minute that i -- shortly

after i became executive chairman and moved away from the ceo title iii years ago, i bought home depot and walmart. those are the only two retailers i bought shortly after that i bought target i'm a relative newcomer to the lowe's bandwagon here but i've owned the other guys for some time and have been really pleased with the management and really pleased with how they are executing the strategy i saw walmart when they bought jet.com. i give doug mcmillan and mark lorry a ton of credit for what they have done to transform the company. target is all over that. target is firing on every cylinder and it's great to watch. >> this is great insight into your thinking when you pulled the trigger on some of these companies. more broadly for the department stores, do you think some of

them are too cheap at this moment or real threats to their future. >> they will prove to be cheap later on right now the fact of the matter is it's going to take a while for consumers to feel confident about returning to enclosed environment to do shopping for discretionary purposes i think it's going to take some time for them to come back to me there's going to be winners and loogsers in this other category i hate to call them nonessential it's a word i don't like to refer to my old company. these companies have been closed down for the majority of the last quarter, two quarters they eventually, consumers will come back to the business. when they do, there will be winners and losers some won't make it the ones with difficult balance sheet going into covid-19, they aren't going to come out if they come out, they will be limping out and not investing

into the omni channel consumer we've seen at walmart, target, home depot and lowe's as well. >> there's another group, terry, i really wanted to ask you about, commercial real estate players behind department stores and shopping centers cbl entered into a structuring agreement, deal with debt holders. what's the outlook for companies that own the shopping centers or simon property trying to buy these retailers out of bankruptcy would you be investing there or optimistic at all about the future of these companies? >> sara, it's really been an interesting turn of events these reits and common you mentioned is an extraordinarily good operator as is brookfield and others we're a great investment last year as you go into this period of time now the shakeout is happening like so maybe things happening during the last

several months, they are happening faster so we all know that there's too much physical retail in america. i said this five years macy's took the position to make aggressive changes in that regard, reducing their number of stores that's going to continue to happen across the entire industry specialty stores, malls mall based happening faster, involuntarily in some places hey, i've got an opportunity in front of me. reopen the store or keep it closed a lot will choose to keep it closed and get the base right. with the online business growing to the degree it has, obviously it's not growing the total pie it's just moving it from one slice to another so you have to have fewer stores

if you have an online presence that is a the bit of a challenge for anybody holding real estate underneath those stores. >> yeah. a lot of bearishness around that group. terry lundgren, good to get your thoughts thanks for joining us. >> thanks, sara, thanks, wilf. we are seeing stocks move south. s&p off about .4 of 1% after the break southwest giving update on travel demand. key to watch from nvidia after the bell how to trade apple more when we go inside the market zone next at leaf blowers.

you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge

is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. "closing bell" market zone going into the close to break down crucial moments of the trading day with josh brown an j & p securities mark lehman markets are low, sold off markedly in the final hour of trade and final two hours since we got the fed minute, has

picked up in the last half an hour, half a percent for dow and s&p, nasdaq composite down 7%. josh brown, what triggered this? the minutes of the fed came out at 2:00 p.m. didn't say they were excited about the outlook for the economy but wasn't anything too surprising in the minutes, was there >> the minutes read super dovish, what was expected, wasn't really anything in there that people haven't already talked to death so i'm not sure we could point to the markets movement in the last hour or two as having really anything to do with that. i think markets are up a lot we just made fresh new all-time record highs probably people want to take profits. we've had huge moves in individual stocks. a lot of news priced in. we saw walmart and home depot put out blowout earnings and stock reaction, not much w why? markets forward looking and

priced that in target looks like a bit of an exception. for me interesting thing that happens, wilf, away from s&p 500 are some of the individual stories. that's interesting i don't subscribe to the degree copper has a degree in economics or whatever corny thing people had to say but involved in home building and globally economic growth people need more copper when building things. that's obvious that stock headed back towards december 2017 high i don't know how much you remember about the rally of 2017 it was the year we agreed we're having globally synchronized growth we're challenging those highs. i don't know if it's a bellwether for entire market and economy but i think it's notable. another one very sneaky, twitter is breaking out. nobody is really talking about it happened been a lot of news flow i think if you get to 40, not a lot of resistance up to 45 i have no position there

i used to. i'm watching those two stories and i think they are really interesting. >> mark, what about you? now that we've reached the critical juncture in the market, where do you think it takes us from here? >> saw fresh highs today, one thing we've talked about is summer slowdown because people are still home and not away from their houses but this is the time of summer when most people take the little break and the markets calm down given the fact fresh highs that's not surprising to me i will say capital markets activity continues to be strong even if it's late part of summer and i would expect post labor day to be no different a slew of ideas. you'll see market in september the ones we saw after memorial day were taken up to new heights and i think that kind of reseptemberivity is what we want to pay attention to in september. given what we've seen i think past is prologue, a buyers'

market, a lot of ipo people clamor for. >> let's hit southwest those shares are getting a lift today on an improved outlook for travel phil lebeau with the details. >> an encouraging snapshot of the business a couple of things people are focused on today first of all cash burn in july a little better than expected. $17 million a day. previously the guidance was for $18 million a day. that means the q3 cash burn comes down to $20 million a day. that's the rest of it. previously $23 million couple of things contributing to this first of all modest improvement in demand, close in bookings people saying, you know what, i'm going oppose a trip the next week or two. that's increasing. september revenue down 65, 75% one other airline/aviation note. today boeing received its first order this year for a 737 max

interair out of poland, ordered two maxes. guys, 800 cancellations and order adjustments on the max this year but today they got their first solid order for the max this year. guys, back to you. >> from poland interesting. fi phil lebeau. thanks. mark, in your overall positive view of the market, do you want to be buying airlines at a time when s&p is high, a group more than 50% off its 52-week highs, even though it's a bit of a rebound. >> it's hard to see being optimistic after cutting the burn from $600 million a month to $500 million a month. i think clearly the direction is good but i don't see demand into 2021 i just don't see that kind of demand people getting back on airplanes. it's really a question of when is the other side? i think a flat group until we see much better numbers. i think going into fall this is a sector that bottom fishing is

probably premature. >> josh, i'm interested in the action in gold as we approach the close today. down 3.3% caught a significant move for gold. do you think this is another sign people are ready to take profits in some of the big winners this year. >> that's a good question. i'm not sure gold would be part of that equation i think part of the buying is technically driven and not people saying this is a big winner, let me take it off the table. i think trend following strategies will stay on gold, gold remains uptrend short-term maybe it gets a little bit overbought, a warren buffett headline comes out on friday all of a sudden a whole group of people that are value investors or buffett acolytes take a look at owning some gold, owning some miners because he bought into it, which i also own short-term squiggles a lot of what's happening with gold is playing into what's

happening with the dollar. yesterday the dollar touched a level we haven't seen for over two years. to the downside. i don't know what will change the equation there we know there's another mega stimulus bill. we know the united states continues to handle the virus more poorly than other countr s countries, which have gotten back to life we're not there yet. i think that pressure stays. i think that all goes well for gold and by extension for the miners i would stay bullish on this. >> yeah. and dollar is having a big surge today, up .8 of 1% after the multiyear low yesterday. let's talk about nvidia. stock doubled, chipmaker set for earnings in a few minutes. josh with a preview of what i think is the best performing s&p 500 stock of the year. >> it is it is. sara, pull up a chart and you'll see the stock has rallied 100% so far this year it's your best performing chip stock in 2020. it's capitalizing on two big

trends one, chips sold to the big cloud companies for use in data centers where they complete calculations needed to power artificial intelligence. we know that's important as we rely on cloud companies as more learn and play from home chips also used to improve video game performance in pcs and notebooks. that's critical as more look for in-home entertainment. guys, back to you. >> josh, lipton, thank you very much josh brown i saw on trading nation they covered the stock, momo and fomo, what are you watching in fundamentals to see whether that rally can continue. >> first, let me just address the josh lipton hair and beard situation. he looks like the road manager from almost famous but i like it so no disrespect, josh i'm feeling you.

at some point you're going to have to clean up when there's a vaccine. so nvidia, i'm in the stock for five years i have lived through some of the most bone chilling, heartrending moments you can possibly imagine. volatility has been off the charts at times. over the last two years they have reported eight quarters, 100% of the time they beat on earnings expectations. but only 75% of the time did they beatoon revenue one particular point i want to mention when they reported in 2018 the stock got cut in half on the heels of that earnings report literally from 300 to 130. i just would point out to people in the stock, it's 90 times last year's earnings, semiconductor 50 times it's very expensive. there is no room for error i'm hoping for the best and acknowledging it could be volatile if they disappoint. >> amazing they had eight quarters over the last two

years. not sure how they managed that 20 seconds left to the close, down 0.3 on the dow, composite down, all sectors fell into the red in the finally half an hour including financials which had benefited prior in the session because of the increase in yields but at the close, we are low, 0.4% lower on the s&p 500. not a record all-time closing high and apple below $2 trillion at the close >> lots of steam into the close. if you're joining us to "closing bell," i'm sara eisen with wilfred frost. take a look how we closed. lower for s&p 500 and nasdaq there's the dow down 84 points into the close it was its first down day in the last three -- actually third negative day for the dow s&p 500 had its first down day in the last three. it did hit a new intraday

all-time high 3999 in the session. ultimately took a little spill there. first after the minutes were released from the federal reserve from the last meeting toward pessimism over economic recovery and into the close. closing .4 of 1% nasdaq down after intraday all-time high in the session the russell 2000 index of small caps actually closed up for the second straight day in the last three. for the year, though, small caps down 5.8% for the year for the s&p just to compare it it's up 4.36%. apple becoming wall streets firs $2 trillion company in today's session. couldn't quite close there still what a milestone investors are now awaiting earnings from chipmaker nvidia one of the hottest on wall street, instant analysis of the results as soon as they are released plus amc entertainment set to reopen 100 theaters in the u.s.

tomorrow but are americans really ready to go back to the movi movies we'll talk to the ceo. first let's talk about the markets. mark lehmann here, sherry paul senior portfolio management at global wealth management thank you for being here josh brown i'll turn to you in the absence of mike santoli. to turn up the action new intraday highs on the s&p and nasdaq couldn't quite get there. banks surprisingly had a strong day. what was the narrative >> i do think there was focus on the fed minutes. i'm not sure that prompted anyone to say, you know what, i'm getting out. i also point out we took a lo at fresh all-time highs, that day and day after in terms of closing price. it's all over the maps i wouldn't take this to be a signal of anything

it's short-term noise. he would tell you backing an filling. it's perfectly natural, perfectly healthy. some people take gains, some people taking the opportunity of a down market to buy back in so far, so good, a lot of participation. i can find winners in any group you want to point out even if the overall sector was down. that's what market share should look like. >> do you think we'll end up seeing apple worth $2 trillion for only a couple of hours >> no, i don't twitter, supportive of $2 trillion market cap is special it's doubled its multiple over the last year, continue to gain market share, eyeballs, time on screen the question is what's the right valuation. in a market like this it will continue to be under

accumulati accumulation shockingly owned by a lot of portfolio managers we're seeing rotation albeit begrudgingly into tech still that tells you $2 trillion for some time. >> hmm so emblematic, sherry, of the market we're in where the big get bigger and able to weather the crisis better than so many others, particularly technology. is that where you're telling the market to stay, the group with tech, consumer discretionary, largely amazon >> right, i think what we're looking at is classic v-shaped recovery in the stock market while recovery pattern number one, good earnings out of primary areas and sectors

carrying this market along with a hand full of technology consumer discretionary stocks. number two, the stock market is the most immediate primary beneficiary of fed stimulus. number thee, we're seeing a lot more retail investors coming into the market when we're taking a look at volumes so while this market has recovered as other guests pointed out, more room in other sectors that have not benefited, many of which we saw participate today for investors to step into this market to continue to embrace this asset class as an asset class of choice by changing sector ratings and securities specifically to your question time to rebalance. time to rebalance at security levels particularly in the tech sect sector, so my primary advice, we don't want to get greedy, be reasonable, take time off the table and continue to own

primary growth sectors. >> you said earlier, we know we're going to get a stimulus bill do we know that for sure has the market priced that in 100% >> i don't think the market has priced that in i think practically speaking something will happen. i highly doubt it will be as generous as the democrats would like it to be for people on unemployment or recently unemployed but i do think constructive for the market for something to happen. and by the way, i don't think the market is looking for that to be imminent they know how far apart both sides are. both sides have gone out of their way to emphasize but we've heard that before on previous negotiations at a certain point something does happen. i think when you have 20 million unemployed, underemployed an unsure about their employment going forward given the fact that they work for businesses that are closed, there's

absolutely no way we can continue on the way we are without addressing that situation fiscally that's what i mean by i say i know we're going to get i think relief i'm not sure it will spark a huge rally >> the president said he wants u.s. treasury to get a portion of tiktok sale they are forcing will we asked economic director larry kudlow last hour about it. >> i don't know whether that will end up being the case when treasury gets its bids in from potential bidders of the president has said that. i think he probably would like to deny china some of the proceeds of the tiktok sale. it's not something that's been done in the past but that doesn't doesn't mean it can't be done now i'll leave it to secretary mnuchin running the books on

that deal. >> >> the very fact this continues to be part of the conversation potentially any deal for tiktok, does that not suggest to you a lot of hurdles and complications and this might not happen and perhaps that's a good thing for facebook? >> listen, the factlerry kudlow made a comment that was under consideration, the banker for the country is kind of silly i agree. it's good for incumbents i think the more we pause to figure out whether there as deal or not, the better it is for companies like facebook so they can get their act together i can tell you from personal experience with my daughter, tiktok is where it is and where it's at right now. somebody is going to figure this out. incumbents as we continue to pause, we'll talk about washington getting hands around antitrust. they aren't going to do anything it's free time for people like microsoft and amazon and facebook washington is not going to do anything i agree with you, the odds of

this flowing through as the president describes are very, very low, and i think it is good for facebook and incumbents taking advantage right now >> check out oracle, might be a front-runner for the purchase. strong ties to the trump administrati administration are you picking a winner here? do you agree with the market's reaction which appears to be they like this idea whether it's microsoft or oracle or whoever gets it. twitter got a pop on it. >> sara, i wasn't going to do this but i would like to take this opportunity to announce i am in consideration to be buying tiktok, so i am in discussions currently o. >> your stock went up. >> market cap up 3%. >> will you give the president a fee? >> say again >> will you give the president a fee? >> of course it's an investment banking deal,

this deal wouldn't happen if it wasn't for the white house i will gladly pay investment fee to secretary mnuchin and say thank you for bringing this deal to my attention. whether or not other deals can we do, deals around the world, foreign companies that operate in the united states where we can do shotgun weddings. i'm all for this it's great maybe that's how we pay down trillion dollar deficit this year and $2 trillion next year maybe get our way out with m&a crazier things happened. >> sherry crazy thoughts, underperforming sectors that could benefit if there's a rotation, which would be a top pick >> i think my top pick would be industrials. when we look forwards recovery that's where we see good value in that area i think you want to own health care, political winds behind in a way if you look at government support remind you old days for industrial recovery

or military stocks, for example, so as we continue to fight the pandemic that would be another area. >> thank you all very much for joining us josh, mark, sherry, great conversation as always. amc set to open 100 theaters in the u.s. tomorrow next we'll ask ceo adam aron about steps taken to keep moviegoers safe and silver screen comeback can help turn the struggling company and sector around. back in 90 seconds 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.

s&p 500 hitting intraday higher and slipping through the afternoon, closing lower bob pisani looking at market action bob. >> pretty rare to move but it happened take a look at the snap, cost us 20 points. that's a little on the unusual side i think the fed's tone around the reopening story is a lot more cautious and concerned than the market's own narrative and that's an issue. look at the fed minute and comments reopening story, extraordinary level of uncertainty, less improvement in retail, kohl's and walmart about concerns back to school. more stimulus they implied was clearly needed on this what happened bond yields went up, dollar went up and gold interesting which has been choppy recently went down, stocks dropped including mega caps it's true a true million dollar market cap intraday today,

didn't quite close, was the on the upside just barely other big names with the exception of facebook to the downside guys, back to you. >> bob pisani, thanks so much for that lights, camera, action for amc entertainment. that's the question the movie theater chain planning to reopen more than 100 u.s. theaters tomorrow after being forced to close it's doors due to the pandemic a limited quantity of $0.15 tickets in honor of 1920 ticket prices the year the company was founded. joining us amc ceo adam aron good afternoon to you. thanks for joining us. >> thank you, wilf, sara, what a happy day it is for amc after all these many months of the pain and trauma that our company and country have gone through. started opening in europe, opening in the united states tomorrow. >> how happy do you expect it to be what's demand been like? >> well, you know, you said

we've got this $0.15 centennial celebration tomorrow no surprise those tickets went brirvegly. but we are strictly limiting the supply of seats. not to $0.15, all seats are $0.15 but the supply of any of our seats, even $0.15 because we're taking social distancing seriously. when we open doors we're not going to sell more than 30% of available seats. we have a whole host of initiatives under way to make sure we operate safely and cleanly. it's only when we can guarantee the public that they will be safe to come to a movie theater will we actually smile and take a breath of relief at amc. >> what about some of those measures you're taking to make sure it's safe for people coming back within that, adam, what about the air conditioning and

ventilation? i know that's one factor slz sis have pointed to whether or not it spreads indoors. >> so we've been working for months now literally every since we started shutting down in march figuring out what it would take to safely and responsibly reopen our theaters. we instantly consulted top experts. you said way with clorox company, number one cleaning brand and very importantly started talking with current and former faculty of harvard university of public health. they were way ahead -- no surprise -- way ahead of the rest of the world on how important air filtration and ventilation are to buildings operating safely so we're upgrading everywhere. we're putting in air filtration filters, much mayor fresh air through hvac systems also installing hepa vicky ums

in all theaters, putting in electrostatic sprayers for disinfectanting and combining with what you expect, mask wearing, hand sanitizer gel everywhere, social distancing galo galore limiting seat capacity to 30% of normal as we open up measures we're taking are extensive. i think our theaters have never been cleaner i think dirty movie theaters is something people have been anxious about for decades. not anymore. we simply can'tafter forward to operate our theaters unless you can eat off the floor. we know how important to the public and future of our company to operate these theaters safely, cleanly, that is amc's commitment >> no more popcorn on the floor.

all safety procedures sound good i know you have a business to run, you're eager to get back to normal as we all are what do you say to people who say, look, this pandemic is with us is it necessary to open theaters now. we need schools to reopen, businesses to open so people can get jobs back. as a society, in order to prevent the spread, do we really need to be going to movie theaters right now >> i'm going to answer your question in a way that may surprise you first, let me state the obvious. we have 35,000 employees around the world, 25,000 in the united states they want their jobs back. many of those employees are at the lower end of the wage scale. they live paycheck to paycheck they need their jobs back. i'll tell you if you go back to the great depression, they are full during the great depression in tough times people do need to be amused and entertained and

escape going to the movie theater is one of the things that makes life worth living. but having said that, we could have opened our movie theaters back in early may in many jurisdictions all over the country and we didn't choose to do so. we're not going to open until the end of august. we delayed that opening because we agree with you. we need to make sure that our theaters are safe and that the public can be confident if they come into our theaters they will be safe if we do. >> we hope all of that goes very, very smoothly. i want to ask about a potential longer term impact on your industry by the deal you struck with universal collapsing the theatrical window to 17 days or three weekends how much damage might that do even back up to full steam and coronavirus is a thing of the past. how much damage would that do to

your ability to maximize your revenues if top release movies will be delivered top video on demand over the weekend. >> as you know, that's an agreement signed with your corporate parent, nbc universal. i can tell you they are happy about the agreement. so are we. movies aren't going to disappear in 17 days from theaters, they are just going to also be available in other distribution channels with all the billions we've ininvestigated in reclining seats, food, alcoholic bars everywhere if the pandemic taught us anything, people want to get out of their houses and apartments we've all been cooped up at home for months it's horrible. i have a nice house but i want to get out if somebody told me i could go to a hardware store for three hours i'd say what an exciting

afternoon. i think our agreement with universal, as opposed to movies, amc shut out of that process, we were able to get amc ncluded we're going to get a share of that home revenue. we saw home revenue. we also have theaters and drive money when people watch movies from their couch at home capital costs are a little less in your couch at home than it is in our theaters. >> just a follow-up on that, not just comcast our parent company, disney, everybody is focused on their streaming businesses and providing content there, growing like crazy, adam, with people at home what leverage do you have in the future on these negotiations are you expecting to strike a number of these deals? >> we are expecting to strike a

number of deals. there are two things we're doing. number one we've launched other own amc deals demand on website, when we're open in full swing gets 60, 70 million a month. amc will become retailer for movies at home what people think about amc as the place to go, we think on demand will be good. but coming back to the other studios, not just universal building up streaming businesses, when disney decided what to do with milan, it only had two choices. it could launch theatricaly and not at home or on disney plus and not they atrictheatricaly. we've given them a third option. that's better for disney and better for amc to keep these

movies in theaters and to get us a cut on home revenues as opposed to just digging in our heels and only getting theatrical movies or run the rick of going home and we don't see a penny from them. >> what does the slate look like milan has been postponed has any production happened? now that you're bringing people back to the movies, show them new content? >> we've got a lot of new movies coming i'm happy to report warner brothers new christopher nolan movie, i haven't seen it i'm waiting for it to reopen in the theater. i'm going to sit in one of our theaters where it will be safe and clean to do so but all the wonderful movies, a lot coming out in the fall disney has a full slate. the new mutant, x man film opens

august 28th. the kingsman currently slated for september, candiman, jordan peele's new horror movie, wonder woman 1984 will be a big movie economically 2020 is a throwaway year for every company in american business, certainly for amc. we've been shut for five months. when you look at the movie slate in 2021, so many that were going to come out in july and august have been pushed to 2021, coming here, right around the corner. hopefully after we're passed a lot of this understandable corona scare, 2021 will be spectacular. looking forward to a much stronger year in 2021 than obviously 2020.

>> adam, good luck have a safe reopening launch thank you for joining us to talk about it >> thank you so much we've got nvidia earnings out. let's get to josh with the numbers. josh. >> sara, reporting $2.18, "$1.97, revenue 3.87 billion estimates 3.75 billion q3 forecasting plus or minus on the top line, closer to $3.97 billion also forecasting gross margins of 65.5% in terms of their two biggest segment data center comes in $1.75 billion and $1.71 billion. gaming comes in at $1.65 billion, looking at $1.41 billion. kicks off at 5:00 p.m. eastern and we'll be on it back to you. >> sounds like a beat among a

number of metrics. josh, thank you very much. shares down a bit after hours. we'll talk a lot more about nvidia earnings, how to play the stock with an analyst that covers the name and we'll find out whether the red hot rally can continue approaching flat lane positive after hours moving around. ve a reminder watch or listen li on the go on the cnbc app we'll be right back here on "closing bell. (upbeat music) - we did it! (crowd cheering) - [narrator] wherever you start, snhu is where you can finish. (crowd clapping) (crowd cheering) - here we go. - [narrator] and it's it.

- [group] yay! - [narrator] you did it, high five! - southern new hampshire university. - [man] that gets a hug. (laughing) - look at that! master's degree, i did it! - i did this for my children. i am very proud of myself. - [narrator] finish your degree at snhu.edu. you say that customers make thelet'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.

nvidia out with earnings, third quarter forecast joining us to break down members, matt, looks like pretty strong numbers on the past quarter and the guidance, shares originally traded lower. maybe they have recovered a little bit now what's your take >> yeah. no everything looked good you look at their key segments, gaming and professional visualization, those were both strong in particular we'd highlight coming into the quarter and that's where the upside came from. >> what are you looking for in terms of listen for in the call and this talk potentially of acquisitions. >> i'm not sure if they will express the acquisition of softbank, certainly something to

listen for i personally think they are going to have a very hard time getting that approved by china other things i'm going to be looking for commentary around strength in gaming they are seeing currently and also on the data center side they will give us any more color around exactly how big the ai opportunity is and how fast it can grow >> why is n individualey outperforming other sect or peers and does it deserve that place? what's the sweet-spot for them >> i think the performance is -- has been related to data center and artificial intelligence, they are the leader in the space. it's a rapidly growing area. right now competition is minimal. they are benefiting from that growth i think what you're seeing this quarter is gaming which for a

long time was a growth driver, quieter, stay at home, people upgrading gaming pieces. i think with nvidia kout out a new set of graphic cards, that should continue to grow. >> what about exposure to autos. how significant is that and will that continue to struggle? is it due a bounceback after a couple of weak quarters? >> so on the automotive side, i think the thing to think about there, there's a real opportunity arnauton must driving where they are one of the leaders in building the intelligence for those vehicles. that opportunity really hasn't taken off yet. so they are automotive businesses i see right now isn't really a key segment, rather

optionality moving forward when autonomous driving takes off, if one of their key partners is one of the players in that future, then they are set to benefit >> obviously the data center is super strong here. it makes sense from the story we've been telling with so many companies cloud players upping capacity, see traffic explode during the pandemic. ig the question is how sustainable is that and how much is being pulled forward in the first half of the year for nvidia and other beneficiaries >> so i certainly think that on the cloud side there was some spending that got pulled forward into q1 and q2 the thing that's unique around nvidia is how they play in the artificial intelligence side of things i think there's risk there, but i think the risk is related to the fact it's really, really hard to understand exactly how fast that market is growing.

hard to understand how big the total market opportunity is there. they tend to size the entire server market and it's clearly not that big but it's the risk of the unknown. ai will continue to grow and they will benefit. could there be a blip in quarters certainly. in my mind until someone shows up who can compete with them and i don't think that's happened yet they will continue to benefit from growth. it will be a blip like we saw last year for a couple of market quarters and then it will take off again. >> matt bryson with buy rating on nvidia, $500 price target thanks for joining us on wedbush. >> thanks for having me. >> we've got another learnings alert l brands out bertha coombs with the numbers. >> that's right. l brands reporting adjusted profit of $0.25 a share, not

what the street is looking for, follows $0.99. revenues of $2.3 billion compared to $2.25 billion estimate is in line with their previous in july l brand preannounced sales would be down 20% year over year but report says sales were up about 63% in terms of same-store sales. victoria secret sales up 28% bear in mind just talking about stores reopened and not counting any stores closed for more than four days due to covid overall sales decline in line with forecast and 40% drop here is a number, bath and body works same-store sales up 123% this is for stores not closed, still been up. but it's been this bath and body works area that's really been

propelling the stock, up 47% since announcing restructuring, look for $400 million in annualized sales they announced that in july. it's up 250% sara from the march low on pace for first annual gain in five years even as the company had a long road ahead, closing stores, laying off 15% of their corporate staff, they are really trying to work through the difficult time. >> thank you for that, bertha. still to come, ask former senior adviser to president obama whether biden ithoe ulwhe uscod back the economy and stock market coming up next with valerie jarrett. i can't wiat to share at&t's big 5g news... (shouting through the glass) at&t has nationwide 5g?

yup! and that's faster? faster, yea! but is it reliable? ah huh and secure! you should consider making a big deal about it! bigger? i said bigger! oh, big-bigger deal bigger than what i'm doing? it's not complicated. a 5g network needs a 5g device. now everyone including existing customers can get a free samsung galaxy note20 after trade-in.

♪ 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. the third night of the democratic national convention kicks off tonight. investors will be watching closely for clues about what awide administration could look like for the economy

joining me valerie jarrett former white house adviser under president obama and author of "finding my voice, when the perfect plan crumbles, the adventure begins." valerie, good to have you here. >> thank you, sara good to be with you and wilfred, too. >> yes i wanted to talk about the poll, "wall street journal," new trump shows trump is behind biden by nine points. however, trump is winning in one area, perhaps most critical, the economy, he mains ahead by 10 points on the economy over biden. why do you think that is >> i don't pay a lot of attention to polls they have been wrong before. the only poll relevant is the one on election day. we're just moving into the general election cycle most americans preoccupied dealing with effects of horrendous pandemic,

unemployment, worried about health, health of loved ones, sending kids back to school, racial tensions we've seen so many folks take to the streets in mostly peaceful demonstrations asking for racial justice. so they have had a lot on their plate. going forward the american people will pay attention between choosing between president biden and president trump. this week's convention really gives the biden team an opportunity to bring forth the american people to the american people directly what he wants to do to build back better. it's a mouthful but works. not enough to figure where we were we have to figure how to jump start the economy as he did when he and president obama took office and grow it again that's a top priority obviously for him. >> i'm not sure if you saw "the wall street journal" editorial board today publishing what they had was a pretty critical take on the obama/bide economy.

yes, a rebound from the financial crisis but growth never really got above 2%. unemployment took a long time to come down. wages never really picked up it really wasn't until trump took over and lowered corporate taxes and a number of other stimulative measures, eased regulations that we saw growth break out. what's your response to that >> i'm not sure a direct correlation there. a lot of building blocks for the economy we had before covid-19 were started under president obama and joe biden. vice president biden was responsible for the recovery act investing in innovation, advanced manufacturing, clean energy, making sure we helped state and local government and passing dodd/frank which did establish rules of the road coupled with many other steps we took to invest in innovation i don't think loosening the regulations alone is what's responsible for the growth of the economy. i think it was on a steady

increase from the time we turned it around cutting unemployment rate in half is a pretty substantial sign of progress, such a relatively short time given the deep ditch we were in when president obama and vice president biden started. valerie how fearful are you when certain tax increases warranted, economic reasons, fairness, to pay for the deficit, even if they are warranted, how fearful are you that this balance between who at least in the voters eyes low taxes, voters will vote with their waltz and vote for president trump. >> look, if there is a president biden, and i hope there will be, he's focused on helping working families he wants to create the economy that works for everybody not just very few. cutting taxes for very wealthy, for corporations isn't what he's interested in doing.

he's interested in putting money back into the pockets of working families that's a priority from the beginning. that will resonate with voters he's making decisions, huge amount of funds the federal spends every year. he wants to invest that in companies right here in america. what are we going to do to treat every worker like essential worker, pandemic laid bare disparities existed for a long time as we rebuild the economy, which is a priority of his, how do we make sure it works for everyone? those are the questions he's going to challenge his team to answer i think what you'll be hearing over the course of the convention and certainly throughout the general election is how vice president biden and senator harris will be working for you, the american people. >> do you think it's a possibility or a strong possibility that elizabeth

warren could be a strong contender to become next treasury secretary of biden wins >> i wouldn't get out ahead of ourselves. i think vice president biden and senator harris right now are in the midst of working on the campaign, earning the confidence and respect of the american people as a team i think it's way premature to speculate over who will be the treasury secretary. >> thanks so much for joining us we appreciate it. >> you're welcome. you're welcome thank you both. >> we have breaking news meantime on airbnb deirdre has the details. >> reporter: a press release says it has filed confidentially s14 initial public offering. weeks ago according to a source airbnb could go public and file confidentially and shares could be trading by the end of this year so those plans look like they are in tact. however just because it filed

confidentially doesn't mean it has to go forward with ipo any time soon. there's a possibility could be pushed next year brian chesky told us at this point they aren't ruling out going public but wants the world to be ready for airbnb that means travel needs to see a little more to stay in recovery and the market needs to recover a bit. this would suggest he is seeing recovery we are seeing markets at record highs. the question now is, of course, guys, at what value does airbnb go public. just last year it was worth more than $30 billion in the private mark this year took a big step down to $18 billion certainly a question investors are going to be looking for and will be very interesting to see these financials this the company, one of the oldest unicorns we have more than 10 years old. we don't know a lot about financials we do know once ebitda

profitable we'll see the rest eventually when that s1 comes out back to you. >> you mentioned they got hit with the pandemic. people have gone to longer term options like renting houses? >> what chesky says is they have seen a return and that travel will never come back in the way it was they think they are uniquely positioned for a new era of travel, post covid travel when people want to take road trips and travel within their countries. it is remarkable the recovery they have seen what little they have given us about the recovery in the united statesbosa, thank you. we're going to ask warby parker about how the slowdown at the office now is affecting the

company's operations and wheerth consumers could end up paying higher prices. that's next on "closing bell." 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. don't get mad. get e*trade's simplified technical analysis.

up next the usps effect, warby parker's business model depends on fast and easy shipping what are they doing amid post office controversy we'll discuss with warby parker's co-founder next traded goods.

tools, cattle, grain, even shells represented value. then currency came along. they made it out of copper, gold, silver, wampum. soon people decided to put all that value into a piece of paper, then proceeded to wave goodbye to value, printing unlimited amounts of money as they passed the buck to the future. that's why it's time for digital currency and your investment in the grayscale funds. go digital. go grayscale.

i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424. the postal service has become a political football as president trump has said publicly that he doesn't want to fund the agency as part of an

evident effort to limit voting by mail warby parker hinges on the pitch that you try on five pairs for free and you return four that you like least it's a business model that relies in part on the postal service. joining us is the ceo neil blumenthal tell us how critical the postal service is to your business and what has happened as a result of some of these delays. >> it's fundamental to businesses like warby parker i think a lot of consumers don't realize that often when you receive a shipment, even if it might say it's going to fed ex or ups, sometimes that last mile delivery is through the united states postal service. it's a critical infrastructure in our nation. when we're in the middle of a

pandemic, we need shipping carriers like the united states postal service to be strengthened, not weakened this is a major threat to business and to our democracy and we need to use every resource at our disposal to convince this administration that they can't meddle with this fundamental piece of american infrastructure. >> more boldly, neil, during the pandemic, how has it led you to rethink your balance between online and physical presence >> there's no question that our business took a hit when in the middle of march we were one of the first national retailers to close all of our stores. the government wasn't acting fast enough. we didn't have enough data and we thought it was the safest thing to do for our customers and employees. we did see demand shift from our stores online. thankfully, we're the only top ten optical retailer with a major e-commerce presence.

but we've been able to reopen stores safely and we are seeing customer demand. but because we want to create a safe environment, we' ee're limg traffic to allow social distancing in our stores thankfully we are still seeing very strong demand on our e-commerce platform. >> we were wondering how people were looking at eye glasses because apparel spending is down i guess you need glasses to work from home and participate in zoom meetings. >> absolutely. it's one of the few fashion accessories that is made for the zoom conference call but as you mentioned more importantly, this is a necessity that people need for their everyday lives, prescription glasses. we even see in downturns that the optical industry still grows because we all need this product to live. >> neil, thank you so much for joining us >> thank you up next, a check on today's

after hours movers a wndhat to expect from tomorrow's market. n. yep, td ameritrade's got that. free access to every platform. mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪ i see a new kitchen with a grill and ask, "why not?" i really need to start adding "less to cart" and "more to savings." sitting on this couch so long made me want to make some changes...starting with this couch. yeah, i need a house with a different view. and this is the bank that will help you do it all. because at u.s. bank, our people are dedicated to turning your new inspiration

into your next pursuit. to turning your new inspiration you say that customers make thelet'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. check on shares of nvidia.

that stock just reporting moments ago record revenue, outlook all coming in better than expectations. the stock is down flat to .5% after hours, though. up next, your wall street look ahead the key themes every investor needs to watch tomorrow. and still going for my best. even though i live with a higher risk of stroke due to afib... ...not caused by a heart valve problem. so if there's a better treatment than warfarin, i'm reaching for that. eliquis. eliquis is proven to reduce stroke risk better than warfarin. plus has significantly less major bleeding than warfarin. eliquis is fda-approved and has both. what's next? i'm on board. don't stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. while taking eliquis, you may bruise more easily- -and it may take longer than usual

for any bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising. eliquis may increase your bleeding risk if you take certain medicines. tell your doctor about all planned medical or dental procedures. ask your doctor about eliquis. and if your ability to afford... ...your medication has changed, we want to help. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today.

stocks did pull back from their record highs, at least the s&p and the nasdaq today, a selloff of less than .5%, though tomorrow we will get initial jobless claims it is thursday hopeful we'll get another number below the 1 million mark

one of the first weeks that we don't see that extra bump in $600 for the unemployment benefits. >> we're looking out for that. apple just closed higher but below 2 trillion gold is down 4% in after hours we're out of time. "fast money" starts now. good evening and welcome to "fast money. i am brian sullivan once again in for melissa lee your trader line-up right there, guy adami, tim seymour, bonawyn eis eison. we have so much to dig into tonight on "fast." best bet in retail look at target shares soaring today we have a bullseye on that name. one of the traders calling it out in a good way. we're going to giv