homes, homes with a home office, places where the kids can do school from home those are more and more popular nowadays st. >> nayeah, the home offices are selling points a little space people want to get out of the dense inner cities thank you very much. we appreciate your time. have great weekend, jack >> no time to say hi to jim. fwnz fun having you here, sir. >> the jim is here turn around. stand up come on, stand up, jim here's my father-in-law. come on. with very to go. there he is. turn around. there he is. cnbc, my biggest fan >> kelly, thank you for that >> it's been a pleasure. thank you "closing bell" for the 20 seconds it starts right now. >> thank you have wonderful weekends. welcome to the "closing bell." stocks higher to end the week. picking up her healthy amount of steam throughout the session as

can you see. t the housing market continues to thrive in the u.s., manufacturing activity is recovering it jumped to a 19-month high comparable data out of the euro-zone and japan. familiar names leading us up apple is up 5% market cap just hit $2 trillion earlier in the week. it's more than one-tenth of the way to three trillion already. incredible move for that stock with 59 minutes left in the trading day. s&p 500 as we just showed you, up 0.4% on pace for a record closing high speaking of apple, by the way, we have breaking news this hour on the company's fight with epic games. josh >> so apple just responding with a legal filing

the two epics charges. they alleged exactly the same things will all of the legal theories apple is saying here will fail as a matter of competition the motion will fail because they need to show the balance of equities and public interest are in its favor in fact, the factors favor apple. apple goes on to say that epic knew full well that in circumventing the processes and breeching the contracts, they were putting the entire relationship with apple including the unreal engine, a set of software tools that developers use to create content, we would welcome epic back on the store if they wind the clock back eight days and condition to work with us for a

decade remember they added this new in app payment option it allowed to bypass the 30% cut on digital goods sold through the app store. they responded booting fortnight from the stores. epic then sued both companies but apple now clearly filing here and not giving an inch in this brawl here. >> thanks so much for that stick with us. and let's bring jon fortt for more analysis as well. glancing through this since we got a glimpse of it, it seems not particularly surprising but it seems that the two sides were discussing things for quite a few months leading up to when this sort of exploded. on top of that, epic was prepared to file the lawsuit very, very quickly as soon as apple took the first action in august 13th. >> it looks that way this is the way these things

typically start, right epic made the move now apple is coming out full throated saying we're not giving an inch. here's our position. this doesn't mean apple is not giving an inch they're not going to give it right up front the court issues remain. epic is arguing anyway that apple is extraordinarily powerful and it's demanding this 30% commission epic is arguing that is too much and looking at the history of the app store, i would say this. in the beginning, apple argued to developers you need to pay us this commission because we have all the tool that you need to enable digital commerce, people to be able to pay you. for people to be able to find new dajtal space this is crucial. people knew about fortnight before they were on the app store. epic developed an in app payment

system they don't necessarily need apple's in app payment to the degree that other developers do. the i think what apple hasn't done yet is give an answer for why if you don't need the full compliment of tools that apple offers the way other developers do, if if you are a more capable developer, why do you have to sit and pay that same cut of all of your revenue? >> john that, is something that came up at the hearing in washington a few weeks ago apple's position is the rules the rules are the rules. we all developers the same they tried to cut a sweetheart deal with amazon to offer a lower commission to them to get the video app in the store so even if apple is in the right here, how much is its position undercut by some of the other negotiations with other developers going on behind the scenes to try to get some of these large ones on the platform

>> yeah, this is another case where it's not clear whether there needs to be new digital rules that are a bit different from the physical world. if i'm a consumer and i want to get this app on my phone, why do i have to go through apple's app store to get it? i mean i bought the phone. it belongs to me why do i have to jailbreak it to have another legitimate retailer to do business with? now i mean that's -- a lot of people say we love apple's app store. they have the right to structure things the way they want but there is a question here of monopoly not in the sense that apple has the most smart phones in the world or necessarily in the sense that apple's app store is the only app store google has one think about the way cable companies work where i live, comcast isn't -- is pretty much the only cable company that i have an option for. the that is our parent company there are other cable companies

in the world, in the country but i'm sort of locked in locally. can folks like epic argue that for certain customer groups they're locked into apple's ecosystem? sure this he can move to android. but that would involve going to a different ecosystem. that's a big leap. i think that's the sort of legal case we're going to see some of the companies try to argue i'm not sure there is any clear precedent that will show which way it's going to go >> to jon's point there, maybe there is a bigger argument to be had about market power but as it relates to this particular disagreement, there are clear rules, developer guidelines and agreement and that epic had signed up to and apple is quite clearly trying to push along those points of the rules are the rules >> no, that's exactly right. when you see the filing here, that is their point. there are rules.

they're saying you liabided by them for a long time apple says because that in sense puts some users at risks we have different payment options. we introduce privacy risks this court case could go on for years. and epic certainly is a power house on its own i think jon is referencing that. tim swinney is a billionaire in his own right. they just raised a war chest of money. they're valued at something like $17 billion. i do thi i do think the bigger issue is do u.s. lawmakers fuel this and get together propose and pass new antitrust rules. more taylor foilored for a digie tim cook is not backing down the rules are the rules. his point is most apps are free. when he does charge a commission that, is in line with other marketplaces you heard him say he believes competition is alive and well in

his store. he'll say that there are almost two million apps available for consumers. the real bigger issue here for apple and the tech companies is does it increase recollect torre scrutiny and do lawmakers get together and propose and pass antitrust rules with real teeth in them? >> josh and john, thank you so much for joining us here you saw the apple share price there. up about 4% at the start of the show it's up 5.3% now nearing $500 a share and well above that $2 trillion market cap. quite extraordinary the on going run for apple. of course, that brings the rest of the market which is at session highs as we speak. the let's move on to the broader markets and the other big stories today. bob pisani has the markets for us phil lebeau is focusing on tesla which continues a relentless rally. bob? >> we've been just off the highs for the day. we've been on a slow meltup ever since this morning when the

manufacturing and services number for july came out much better than expected in opposition to europe which wasn't better. st so the market's been moving up here's the five day for the s&p 500. you can see, we're poised to close at a new high. the old high was $33.89 back on tuesday, wednesday we're right up against it intraday so we're right up against the intraday what a week it's been as a milestone. not only s&p 500 but nasdaq hit record highs and, of course, apple crossing the $2 trillion mark the shortest bear market in history. 33 days from february 19th to the march 23rd bottom. the third fastest rally to recoup all the losses in history. and, of course, we keep saying it's been mega cap that is moving it up with apple's big move not only on the quarter, not only on the month, but even on the week it wins up 7% here's the other big names all up 2%, 3%, 4%, 5%. apple's wild month, truly amazing numbers here 27% over the past month.

it's added $420 billion to the market cap from $1.6 trillion to $2 trillion that $420 billion is more than the market cap of 493. the other 493 companies in the s&p 500. my thanks to my friend andrew brenner who pointed o thought amazing statistic. it's hard to figure out, to understand just how much money apple garnered in terms of market cap in the last -- how much value they garnered in if the last month or so that's a good way of looking at it more in the last month than 493 companies are worth in the s&p 500. >> so set for record close again for the s&p 500. obviously again for the nasdaq which is fairly regular these days that said, the dow only going positive for the week as we stand. it's essentially flat for the week the breadth this week, not been brilliant. and the likes of banks and energy having quite weak week.

>> we keep pointing out banks 30% below the highs. energy 30% below the highs of industrials, 11% below the highs. so once again, outside of tech oriented stocks and health care stocks pushing the market forward, it's tough for a lot of companies out there. 60% of the s&p 500 are still at least 10% or more below their old 52-week highs. the dispersion is very, very wide >> and the large cap and mid cap too, bob another day, another record high for tesla. of that stock now up nearly 50% since last week's stock split announcement up about 822% in the last year it's market cap is now bigger than walmart

there are only eight companies in the united states that are bigger than tesla right now. let's bring in phil lebeau for more on this pretty stunning run, phil. >> and a lot of this is triggered because of the five for one stock split auns noed last week? you gave the numbers in terms of how much the stock is up by the way, that stock split, it goes for shareholders of record at the end of today. and when that goes into trading on a split adjusted level, if it were to trade now on a split adjusted level, $417 a share a lot of focus on what might be the next catalyst. people are focusing on the battery business, in specific, what is going to happen with the battery data coming up in september? remember, the factory out in nevada slowly been expanding production earlier this week, panasonic said they're expanding the production out there they make the battery cells and the battery packs that go into the tesla vehicles take a look at the battery costs, remember, they already lead the industry in terms of

battery cost you want to go as low as possible they have the lowest right now that's an advantage that many believe they will hold at least for the next couple of years and we'll get more details about the future of tesla's batteries and the business there on september 22nd in terms of market cap, tesla is now worth four times more than if you added the big three market caps together so put together gm, ford, fiat, multiply it by four, guys. and it's still not at the same valuation as tesla shows you how far that stock has come this year >> yeah. phil, i know tesla shorts used to be a very vocal, a very loud contingent we would hear from them all the time are there any left at this point? if so, when do they think this stock is going to turn >> the short interest, i have not checked in a while to see how far down it's come but there are still people out there who are shorting tesla perhaps not as many, certainly

not as many as we saw before and they're certainly not as folk vocal it's nod hard to find people on social media that says elan is a con man. it is going to collapse. people will have egg on their face and lose millions of dollars. there's no shortage of those people there are far fewer now than what we had six months or a year ago. >> we'll see how much that stock split makes that stock for the average trader at home, phil thanks for that. meanwhile, up next on "closing bell," pfizer out with an optimistic time line for the covid-19 vaccine

motorcycle riders love the open road. and geico loves helping riders get to where they're going, so to help even more, geico is giving new and current customers a fifteen percent credit on their motorcycle policies with the geico giveback. and because we're committed for the long haul, the credit lasts your full policy term. the geico giveback. helping riders focus on the road ahead. the geico giveback. 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. 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 buy the new samsung galaxy note20 ultra 5g. welcome back biontech and pfizer moving higher today the company is announcing they could see a regulatory review a soon as october. this after johnson & johnson

announced plans to launch a late stage vaccine trial with up to 60,000 participants in september. joining us now for more is former fda commissioner dr. scott gottlieb he sits on the boards of pfizer and ilumina. great to see you >> thank you for having me >> let's talk about this news. how long would this regulatory review generally take and what could that mean for when that particular vaccine could hit the market if approved >> well, i think when you look at the vaccines, the good news is in the news we had this week is the trials are enrolling pretty well. pfizer announced they enrolled 11,000 patients in the trial in the first three weeks. moderna enrolled 30,000 patients as t astro zenica has a trial under way in the united kingdom. they enrolled about 8,000 patients the trials are progressing well. if the vaccines are effective,

you could get a readout as early as october that is a little less effective. the rule of thumb is if they're about 80% effective at reducing the severity of symptoms or preventing disease, you may get a result in october. if they're 50% effective, it mate take until november to readout from the trials. it's going to depend on how effective the vaccines are when you get a signal out of the clinical trials. >> and then there is the announcement from j & j. they plan to enroll 60,000 patients in their late stage trial. i know you said that could allow j & j to draw conclusions quickly or access global markets more quickly how will they decide which vaccine to cover

>> it's different in the flu vaccine. there are a number of flu vaccine manufacturers. we don't think about which vaccine we're taking there is differentiation in the market there is high dose vaccines used by older people. there may be certain vaccines more tailored to certain populations. that is not something we will know yet wet have to wait to see how the data shakes out. we need more than one manufacturer to be successful to supply the market effectively and hedge against any unseen risks. right now the three manufacturers that are the furthest ahead are astrazenca, pfizer and moderna i think that would put us in a very goodposition to have supply sufficient to vaccine the population

in 2020, we're looking at the possibility that a vaccine could be available but available for probably a very select population and under some kind of protocol where you still it continuing to collect information about the safety and effectiveness. >> how concerned are you about certain polls that suggest people's desire to get vaccinated may not be as high as some people would expect how high does it have to be for it to be effective across the entire population? >> i think it's concerning generally because we see more and more skepticism about vaccines these are one of the greatest public health advances we have had in modern times. generally about 40% of the population gets vaccinated for flu. the that is way too low. it's clusters around very young people, kids, and older people but people who are sort of middle age or young adults generally don't get vaccinated some of the data whether they will get vaccinated for

coronavirus is around the same amount 40% to 60% vaccines when they come to market, they're not going to be indicated for kids an older population where coronavirus is particularly troubling and cause a lot of death and disease, they're more motivated to get vaccinated. if you can get 40% of the population vaccinated, that's a good number. it's not great you'd like to see it higher. it is good considering by the time they come on for broad availability, probably 30% of the u.s. population will have had coronavirus and already have some immunity from prior exposure pt so you layer on to that vaccinating 40% of the population, you're getting to a level of immunity and exposure and some level of immunity that should be effective at stopping the widespread propagation of this disease >> you made headlines earlier today suggesting that there would be a third spike of this virus following the spike in new york and the spike in the sunbelt that just around the corner here. do you see any precautions out there that we could take to avoid something like that?

i know the president of the minneapolis fed is suggesting a six week economic lockdown to try to kill the virus wednesday and for all s there anything that the u.s. can do to stop that from happening? or do you see it as inevitable at this point? >> it's not inevitable i think if the population was more cautious on the whole, that could go a long way towards slowing the spread of the virus. i think what you're seeing in the sunbelt where you're seeing the rate of infection come down is a kbiction of tcombination o there is a lot of exposure you look at arizona. they've been exposed and infected florida is about 15% to 20%, texas a little less, 15% so it's prior exposure and people being more cautious people are social distancing and being more careful and that combination may keep the infection at bay i think my concern is that if you look at parts of the country, they're largely unaffected, midwest and the west, those are the parts where you start to see rates of infection take up.

i think if there is a third act to this virus, you could see pervasive spread where it is largely unaffected have a vulnerable population you have a population that is more complaisant not taking all the precautions i think the best thing we can do going into the fall is rye to wear masks more vigilantly and people should be more cautious about going out, going shopping, going to bars and restaurants if you don't have to just be a little bit more careful about your social interactions that can go a really long way if we do it on a population wide basis. we're not going to lock down again. there is no appetite for that politically or among consumers so i think we're going to have to weather some spread this fall the way to keep this at bay is everyone be a little more prudent about what they do >> dr. gottlieb, thank you for seeing us. >> thanks a lot. >> we've got, what, 35 minutes left of the session. the we're at session highs just off them up 0.8% on the dow enough for the record closing

high on the s&p 500. the nasdaq, of course, on track for one itself and apple is just, what, $1 off $500. up 5.3% today. up 8.5% for the week coming up, scott black will join us with his take on the s&p 500's record setting week. and two stock picks he's recommending right now we'll be back in a couple minutes. instock slices.wab 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. schwab. wow. jim could you ipop 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.

welcome back 32 minutes left at the session highs. healthy gains. 0.4% for the s&p 500 let's check on some individual market movers today. shares of retailer the buckle soaring after posting a blowout second quarter it's up 19%. alibaba is also rising after a host of analyst price target bumps. shares of the company fell following the esarnings report yesterday. raymond james all raced price targets citing an impressive

quarter. the revenue grew 34% the stock is up 3% >> it is time now for a ccnbc j update >> we have a lot going on today. thank you so much, here's what's happening at this hour, everyone four people are missing and another six injured after a natural gas pipeline exploded in the port of corpus christi a barge may have hit the pipeline authorities are still investigating exactly what happened actress laurie laughlin received a two month sentence and a fine earlier today her husband received a 5-month sentence. well, no fans but there are cars on the track today at the indianapolis motor speedway. it is the traditional testing session known as carb day. and don't ask me why it is called carb day.

i will send it back to you maybe you know i don't know >> maybe carb load brging befora marathon i like the sound of it still ahead, another record for real estate as july saw a nearly 25% spike in existing home sales. we'll ask the ceo of home builder taylor morrison if the housing strength can continue into the fall. as we head to break, here's a check on bonds

♪ ♪ i got it all from you ♪ i'm always pushing through ♪ i know we'll make it to the finish line ♪ ♪ i know you're waiting on the other side ♪ ♪ i'm like you on-demand glucose monitoring. because they're always on. another life-changing technology from abbott. so you don't wait for life. you live it.

the dow is up 200 points 0.7% taking it just flat for the week the s&p 500 suffering another record close and the nasdaq, too. both of those indices up around 0 ps 0.4% jot black tells usheerhe wth t market is still too expensive and two stock picks he likes at these levels 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.

i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi because of their low interest rates. thanks sofi for helping us get our money right. ♪ woi felt completely helpless.hed online. my entire career and business were in jeopardy. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today

and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. welcome back there's been a lot of focus on the move in large cap tech stocks like apple and amazon other stay the ahome tech names like zoom and carvana are up

triple digits. our next guest says there is massive speculation in some of the types of names scott black joins us now on the phone. very good afternoon to you thank you for joining us, scott. >> thank you, wilfred. the. >> let's start broader market:we may move on to some of those names. when you look at the s&p 500 overall, what do you feel about evaluation >> well, if we take where we are now, 3398. you're 30 times earnings a lot of people are looking across the valley to next year and s&p 500's own estimates, $163.43 is way too high. still 21 times next year's earnings which is high now granted, interest rates are low. the ten year is only 64 basis points but stocks are expensive as you know, it's really five stocks that are driven the averages, apple, microsoft, amazon, google and facebook

account for 23% of the weighting in many the s&p 500 and 47% of the weighting in the nasdaq 10 . so the averages belie what is going on in the american economy. >> of the five stocks, very expensive, well priced, cheap? >> to be frank, we own apple i bought it a million years ago when it was a value stock. i don't own the others i actually looked at the pes based on next year's earnings. they're roughly around 30 times. google is 26 times obviously amazon, 74 times forward earnings i understand they're all power house franchises they're great businesses one of the problems i have when you refer to the gik, the speculation and companies like zoom and shopify and spotify and

zillow it's the greater fool theory reminiscent of what we saw during the tech bubble in 2000 >> so, scott, at what point do you think investors will demand some proof of those valuations for the companies where you cite that speculation one quarter? two quarters a year from now? at what point do they say this is the right valuation or otherwise reprice the stock? >> i don't know. i'm not a technician sometimes speculation persists for a long time. i'm old enough to remember the nifty fifty. so speculation can continue for a long time. that doesn't mean a good valuation. when you see companies, i mean, hike a spotify with $50 billion in market cap and no earnings, must give us pause you have to be cautious. it's for people when want to, you know, play black and red on the roulette wheel

>> pivoting back to the bigger tech names you didn't put into the most concerning basket including apple which you own, pushing up against $500, up another 8% this week worth over $2.1 trillion. i mean, do you start to consider selling your stake in apple? how you are thinking about that particular stock right now >> it's about 2.4% waiting in our portfolio. it's the largest hole. i suspect if it gets above 5%, we trim a little bit of it sitting for $80 billion on the net cash that is bigger than the gdp of a lot of countries around the world. i'm not saying that these aren't great companies. they are but when you get upwards of 30 pes, they're expensive

>> when you compare it to the russell 2,000 which underperformed the market, the russell essentially is telling you what is happening in middle america. what does that tell you? about what is going on behind the scenes and whether the stock market is reflecting that? >> the russell 2000 value is trailing the russell 1,000 growth through yesterday's close. st wh what it's telling me is there is a lot of liquidity people are buying etfs so i think a lot of it is because of the etf effect. but you're right if you look at russell 2000, many of the companies are old economy companies and languishing. by the way, the russell 2000 based on next year's promised earnings is not cheap.

it is still about an 18 multiple and mid cap stocks, the russell 2500 is selling roughly 20 times forward earnings it's not like bargain basement at 12 or 13 pes. >> a couple of cheap stocks that you like and recommend people to buy right now? >> one, it's not well known. it is based in boston. it is called stag industrial it is an industrial rooet. $4.8 billion market cap and a dividend yield of 4.5% they're growing the top line revenue. 16% this year and 7% next year what is interesting is if you look at the implicit cap rate, 4.6% on next year's forward earnings the two major competitors which are pro logic and americold. they have rates around 4%. this the company as just as good as growth as this.

slightly less. the they shouldn't be selling at two multiple points difference in terms of cap rate the company covers the dividend. they generate $148 million in free cash in the first half and paid $112 dividend the could be serve tough balance sheet. they have a diversified portfolio of 157 properties, nine million square feet largest customer is only 2.5%. st it's that compacalled amazon. they have close to 98% occupancy rate at the end of second quarter. >> a lot to like there, scott. we appreciate your time. have great weekend >> thank you i hope everybody is safe and healthy and thank you for inviting me. >> all good. our thanks to scott black. after the break, deere takes the spotlight. a key figure leaves amazon and why the street sees the glass half full for boston beer. those stories and much more when we take you inside "the market

zone." and as a reminder, you can always watch or listen to us live on the go on the cnbc app "closing bell" will be right back hike!

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.

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. 14 minutes left in the trading day. we're now in the "market zone. here to break down the crucial moments of the trading day, our chief investment officer very good afternoon. let's kick off with the broader markets. record close watch for the nasdaq and s&p 500 both on track for the fourth straight week of gains the dow though isn't it is fractionally lower as we stand for the week up 0.7% today. which speaks a little bit to the lack of breadth this week in terms of the market rally as we said, set for record closes. nancy, do you get worried a little bit that we're lacking breadth that we're relying more

and more on just a few stocks like apple and tesla today >> yeah. and it's harder to manage portfolio. we were selling some of our apple this morning it's feeling a little speculative to me. and that value turn only lasted for three days so, yeah, we are still finding attractive names but we're very deliberate and slow in getting out of our winners. because momentum can take you a long way in a market like this and you can be way too early on the way out. so we've been just moving slowly and deliberately but we are taking gains and we are repositioning the portfolio. >> david, it's not lost on anyone that it is the third week of august. what do you attribute low volume to the direction of the market this week and what sort of role that's playing in this what we've seen >> i'm not sure volume means much of anything it comes and goes. you know, i think when we talk about volatility, it's really

codeword for the market going down we haven't had that in a while the market is riding on the negative news or the fact that the economy is slowing down. doesn't look as strong as it was two weeks ago. the market will be fine as long as the economy stays soft. once the economy gets strong, i think it will eventually and the fed starts to back off, then there is a problem for the market the market is living on the fed. it's doing it now. it just so happens that these covid-19 stocks continue to go up and the dow is trying to breakthrough dow to me represents the rest of the economy. and i think it will -- the dow is trying to get there but it's fighting the fact that the economy is just not getting back i think you heard, you know, biden saying last night this virus is going to be around for a long time.

that means buy the faang stocks and sell everything else >> david, i'm curious about your argument that when the economy gets good, the market will go down the fed said that they're not raising interest rates until 2022 what sense are you getting that's going to change >> i think the sent. change you know, was it 2 1/2 years ago? we had that year end selloff because the fed was sudden on autopilot. i think it was christmas eve the market made the low. and i think we're on this run now. i doesn't mean the market is going down the market will, you know, shift the leadership and trying to do that it just is not have enough positive economic signals. if we get the vaccine news is okay, no the great economic news is okay, not great. the market is saying, okay, keep buying the names that we have been -- that have been winners scott black was just on the show

here you know, he made great points about valuation. and about the speculative nature of it. but it's going to continue until you give me something else that i can buy. other than what's been working and that will change when the economy gets stronger and the fed backs off or thinks they're going to back off where do you stand on that? better economic news is bad for the equity market? >> no. i actually would probably disagree with that i think you just have to be positioned differently we still think that this is a stair step -- yes. >> go ahead, nancy >> i'm sorry i don't know who you're hearing. go ahead >> i'm sorry yeah okay, i'm picking up something from transmission. anyway, we think this is a stair step recovery kind of a market and economy. and consequently, we think growth will be a little scarcer than some expect going into 2021 so we still do want to own growth at a reasonable prior

we want to be overweight technology because we have said repeatedly if tech doesn't work, nothing works. it's permeated throughout every industry so we continue to move towards attractive names that are high quality companies with great balance sheets nothing really super innovative here but it's really driven our portfolios positively for the year we have been able to pick off some of those lower -- we've been able to get rid of the lower quality companies and put in place much higher quality companies on sale. and that was during first half of the year and now we're still seeing some of the names come through. so it's been a really exhausting market to navigate it is something we have never seen before. i've been doing this a long time >> let's talk about some industrial names, too. shares of deere hitting all time highs after beating earnings estimates and raising the if you will year outlook. the company seeing strong demand for small tractors driven in part by an increase in home

projects during the pandemic deere also making strides in the smart industrial strategy as farmers begin adopting new technology they're even creating a chief technology officer they further the initiative. we thought that there were not going to be capital investments made during this period. the farm economy was suffering what does the deere story tell you about that part of the economy? >> well, i think it tells you what the future is you know they're telling you that when the economy gets better and it is starting to get better, they're going to have a tremendous run in profits. they're not predicting the stock to anywhere what the stock is going to do. i think from a -- there is just tremendous amount of pent up demand in nontech businesses

and i think that's -- we're all sitting here and the market is the only place that people can go until then. so the people that are making money, they're not traveling they're not, you know, spending it in a big way. there is a tremendous boom in the economy. away from tech and that's why i think this reversal that -- or this switch that we're starting to see in the economy, the weather is changing and the question no you is how much longer are the tech stocks going to be booming before people realize that it's not, you know, that's not where the action is going to be the next couple of years. >> both deere and apple up 5% today. a top lieutenant of amazon ceo announcing plans that the partner company looks at how that could impact his executive bench. >> hey, jeff wilky called the

second important jeff at the company, he will retire from amazon in the first quarter of next year. he is a more than 20-year veteran at the company and held -- excuse me, he is one of the handful of direct bezos reports. he was widely seen as a possible candidate. but the bezos bench is strong. others like andy jasy and dave clark taking over his role, they've been there for two decades as well. and also instrumental in growing the business to where it is now. jeff blackburn is another key member of that senior leadership team but he's been on he is battical since last summer. back to you. >> so does this also change then the question of who would take over if jeff bezos stood down and do we have any inclination that he might at some point want to do what mr. wilke is deciding to do? >> we don't have any reason to believe that i mean, a lot of the senior leadership team is still very young. bezos included

he's in his 50s. he hinted a few years ago, i believe 2014, he would talk to the media a lot more often that there was a succession plan. but he said that was a secret. so all we can do is speculate. st wilke was central to that speculation. but so has jasy and clark and limp and some others so like i said, the bench is pretty deep. it is pretty strong. it doesn't all rest bezos. before the pandemic, he took a step back from the day to day. >> all right will we'll keep an eye on that 2021 for jeff wilke. boston beer shares keep rallying higher frank holland has details brewing there. you see what i did there >> boston beer trading higher after truly hard seltzer is a top pick of alcohol picks and had the price target raced to $1,000 a share after they closed under $820 yesterday the company's budget falling to

22%. that's a ten year low. hard seltzer doubled the share of the beer and seltzer category he estimate that's 35% of 25 to 34-year-olds are seltzer drinkers >> it's amazing to see the numbers, frank, especially with the lack of social gatherings. perhaps it's only me that is not doing social gatherings. maybe everybody else is. to what does the company attribute some of these rises? >> people are drinking more alcohol in general alcohol sales are up 25% during the pandemic so for boston beer, it's a seltzer company as beer sales decline. he estimates half of seltzer drinkers come from beer, the other half come from wine. wine is performing strongly. >> it's done well. often that stock on the likes of the robinhood platforms.

i thought you were going to say that perhaps it's only me that is drinking at home alone. i was going to say you're not alone on that one. there is a pickup in liquor sales that is not as strong for the last couple years. but at home sales, people are drawn to that more than the traditional beer and wine. >> absolutely. we spoke to the ceo. just to give you a sense of how much people are drinking at home it's because dhoethey don't hav choice >> thanks so much for that tonight at 6:00 p.m., make sure

you catch frank holland and josh brown. they'll take you to summer school they'll take your questions and explore high flying stocks off the beaten path. >> no better way to toast the weekend, 6:00 p.m. put your feet up, open a drink and watch that >> exactly h exactly right nancy, as we become armchair mixologyists and think about what cocktail we're going to have when we watch summer school, do you like boston beer or another name in that space? >> thanks. i was just thinking about drinking at home alone and how t taboo that was so not very long ago. it's losty at these prices and so we have not been in the bench space lately.

>> absolutely. here-here to that even though there are things that are more tasty. we're going to pivot with one minute and 15 seconds left of the session of the week. s&p 500 up 0.4%. just shy of 3,400. enough for a record close either way. the nasdaq set for another record the dow is higher by 0.7% today. leads the way the three major averages for the week as a whole is the lagger just in positive territory for the week up six basis points the nasdaq is up 2.7% for the week in term of the sector performance today, technology leads the charge as so often it does consumer staples and industrials and discretionary higher as well energy, materials and financials at the bottom of the pile for the week energy and banks the worst

performers the dollar up about .5%. the euro weak today after the pmis showed clear differential uk is relatively strong. at the close, s&p 500 up 0.4%. record closing high for the s&p 500. nasdaq also a record closing high up 0.5%. dow leads the charge today >> welcome to "closing bell. the dow up is 200 points near the highs of the day. still a couple thousand points away from the record close the s&p 500 and the nasdaq both notching new records the s&p 500 up 11 points to 3397 the nasdaq up 47 points. the russell 2000 in the red for

yet another day. closing down about 12 points coming up, we'll discuss the red hothousing market and how the coronavirus can peoplic changed shopping for homes and we're joined by the ceo of home builder. joining us to talk about the market day, the portfolio manager at hennessy funds, they're still with us. we're also joined by doe ceo victor, we start with you at the end of this market we saw a lot of familiar themes play out what do you take away from it? i think goldman sachs put out a great note yesterday that highlighted the idea that five companies, facebook, amazon, apple will, microsoft, and google make up 23% of the s&p 500. the negative of that, obviously, is clear the breadth of the market here

is still weak. the concentration risk is still high there is the essential business designations and have and have notes and scaled business models with strong balance sheets the factors aren't essentially skewing the fields of may towards large caps in particular technology as well as some of the larnl cap consumer discretionary companies, two of the sectors that have -- that are out front so far this month. >> you know what i don't know necessarily that it's a pullback per se i think there is a couple of different factors. yes, it could be a pullback in technology that sparks a rotation potentially you have a risk of higher rate. you mentioned just at the top of the show you have the dollar

rebounding a little bit. you know, that fear of higher rates or higher economic distribution here is really the only catalyst that makes sense to change the idea that the nasdaq 100 is up 32% year to date while the russell is still struggling under water >> nancy, it feels like every other day the market is up or down based on whether the market thinks there is going to be any fresh stimulus out of washington this weekend the white house chief of staff is going to be going to capitol hill to try to reopen some of the negotiations with democrats but i think expectations are low. i'm wondering what the market is pricing in at this point for any sort of new aid and what would happen to the market if we find out either on monday or on september 8th when the senate comes back there is no deal?

>> i think the market is focused on, you know, the -- well, i don't think the market is actually factoring in much of anything let me say it that way there is a lot of liquidity on the sidelines. you heard this from many people. we have written about it we wrote in mid july that we thought the rally had legs simply because of liquidity, not necessarily fundamentals but i think investors are hearing the chatter that there is going to be a skinny bill, the $500 billion and that would actually be positive but i don't think that's going to drive us to new highs i think for us to get there we need to see sustained earnings improvement and we need to see economic growth. the pmis today were encouraging. so i'm optimistic that things are starting to pick up again. and that will actually be what drives the market. >> dave, given that you said earli earlier think the dme will get better and we start to see the fed become less loose with the

policy, obviously you can see a steeper yield curve dshgts banks want the economy to get better which it would be correlated with but at the same time -- at the same time rates going up, is that the only way that the banks can start to rally again >> i think the banks -- loan demand is not that good. st if you take out t if you take back the ppp loans, loan demand is awful they're not growing loans. margins are under pressure the stocks seem to never go up anymore. i think a better economy will help them. help loan growth it will abate the fears on credit which everyone is worried about. once there is a vaccine it, the economy is going to boom

in my estimation and that's going to drive earnings a lot higher than people think it reminds me of 87 and 92 the banks were in trouble. they did a lot of things underneath as they work through credit once credit got better, the earnings were so much better than people thought. and i think that's going to happen to the whole economy. this is a medical issue. p it's no the a credit it's not a prices are down once that's resolved, this pent up demand for activity and all this money that is on the sidelines will will come into the game and that's the boom. that is for the vaccine. >> we've just wrapped up a record breaking week for markets. >> unbelievable, first time since february 19th, we get an

all time close on the s&p 500. what a trip it's been. >> we got it apple above $467.77. making it a $2 trillion market cap. >> shares of tesla up 7% today over $2,000. relentless rise higher not every stock has been participating in this record rally. bob pisani has a look at the companies that have been missing out. bob? >> there's a lot we get occasional spurts with the value names. by and large, a lot of names are not even close to new highs. travel and leisure gets occasional spurts. every few days they move on the upside look how far i'm picking a point. the february 19th high norwegian, 7% higher in the energy stocks, same story. also similar stories

overall, sectors are lagging they include energy, banks, industrials. again, i'm picking from the 52-week high rather than february 19th high you can see here these are substantial parts of the s&p 500 that aren't doing much and again, concealed by the fact that tem tech is doi tech is doing well along with health care on top of that if you look at the s&p 500, you can see here's the s&p 500 which ended up fractionally. that orange line is the equal weight s&p 500 everything is equally weighted% you see how everything drifts lower, the market weight is upward that is because of the influence of the huge tech names and particularly the big five that we keep talking about every single day what's next for the markets? modest pull yakz are typical after new highs. the that wouldn't be surprising. but the big smn with tech still. it's not moving. february 16th, fed meeting, that's the next one. after that, of course, we are expect a volatility spike into the elections. back to you. >> thank you so much for that. nancy tangler, of the

underperformers so far this year, what is your top pick? >> that's hard >> sector wise >> yeah. i think we have been moving into some more of the health care names that had not been outperformed we've also added to some of the old tech names that have underperformed mostly we're working with what has worked for us. we're overweight technology and health care. and that has been -- i will say this industrials. the sorry. yeah we added honeywell this morning. and we will continue to add to the industrial space there are a number of names that are very attractive. >> sorry, wilf, you stumped me >> that's hard to do, nancy. i want to ask you about the tech

sector specifically. as invincible as the stocks may seem, there is quite a risk in this the form of regulation. the bigger the companies get, apple adding $420 billion to the market cap just in the last month. how much bigger does the target on that sector's back grow >> sort of ironic that the discussion is around valuations. i guess in this environment, an environment where four out of the five companies i mentioned earlier, they're talking about anti-competitive practices if you believe any part of that is true or could potentially be true, again, the concentration risk perhaps matters much more than, you know, what a pe ratio mines. and they're no longer exist. and you're looking at concentration risk very close behind. and then the very particular

cases and ses la and exposure to china as well. >> thank you for joining us. existing home sales posted the largest gain of this month and they're continuing unemployment issues are red flagged for the housing market

the hothousing market showing no signs of slowing down we look at the record surge of existing home sales yet another record piece of data diana? >> sales of existing homes jumped 25% from june and were up nearly 9% annually remember, these are closing. so contracts signed in may and june as the economy began to reopen now the only thing holding back more sales was a steep drop in supply, down 21% from last year to the lowest july inventory on record supply is still leanest on the low end and new listings are coming on in greater numbers, they're getting eaten up fast. $304,100 is the new record high median home price. that is adjusted for inflation the question going forward is

will higher prices throw cold water on all this demand >> quite astonishing, dianne yachlt thanks for breaking it down for us. let's bring in cheryl palmer, chairman and ceo of taylor morrison very good afternoon to you thanks so much for joining us. those numbers she went through, quite astonishing. how long can we continue at this pace >> i don't think we should have been terribly surprised given the demand that we've seen and the limited inventory that she spoke of if you go back to precovid-19, there were a lot of things working in our favor from a macro standpoint and many of those still are. the very favorable demographics. you look at the millennials and

boomers and interest rates, historic lows right now. >> i totally get that. the unemployment is very, very high so i guess the question is whether things have run too far too fast i have a chart of the price of lumber which i guess is an indication of how quickly the housing market is spiked do you -- do you not get worried things have run too quickly and also is this the spike in the lumber price that is a bit concern for you? we look at 12 week running prices, i think we'll begin to see that teeter down certainly it's disturbing.

we have to look at affordability and certainly job formation has always been key to the home building industry. if you look at the jobs to date, they've generally not been homeowners if i continue to believe the pent up and the fact that we're underbuilding for so many years is part of the -- what we're addressing right now >> cheryl, taylor morrison has a unique vantage point into the housing economy because you have a lot of lots in the western part of the united states and you have a perspective on arizona which has thankfully seen a decline in cases but was one of the hot spots earlier this summer. so can you walk us through the different geographies that you see and whether this rise in the housing market has been universal across the board or whether this is geographically a little more nuanced?

>> no. you know, very good question it's been universal. so arizona, i would have to say, has been one of the healthiest markets across the country certainly in our portfolio as well we've seen demand at a level we've never seen before. and, you know, what happened through this surge is we had to communicate with our customers differently. i would tell you that we had had to imagine the journey in a way they wanted to communicate with us so even though the people might not have been coming out quite as much, they have the ability to work with us in a virtual environment. they can set up virtual tours. we have, i think last quarter we reported that we did something like 2 1/2 sales a day completely virtually so even with the spike that we saw in june and july and to your point sara, it's come down we've seen relief every day for

like the last 15, 20 days. zblst would people actually close on a house purely by virtual tours or would the virtual tour just get them interested before an actual visit? >> that's a great question it's been quite remarkable i don't think we could have imagined 12 months ago that we would do this level of virtual business we have a number of folks that start the process that we may have never even seen pre-covid-19 that have come into our environment on our website then they have scheduled a virtual tour on their own that they can do at home or they have the ability to do an an site tour of one of the inventory homes. on their own time. it can be early in the morning or evenings. after they've completed that, they then have the ability to go in and do a reservation online if they would like, we can continue the process online and we can do a virtual contract

many of them after they have created the appointment or the 24 hour reservation, they choose to come to the community and do the contract but not all of them. it's quite stunning. it's really wonderful to see there are so many secular trends at play right now whether it is millennials buying the first home or urban residents seeking a bigger footprint for themselves if they need to work from home. but what do you think all of the trends will will have played out and people who will have bought -- who want to buy a home will have bought a home and there is going to be a little bit of a quiet period? what does that happen? i think we'll fall into some seasonal trends. that something you would never see in the summer months

tlf there are so many different reasons that people are buying today. it could be some of the demographic tail winds that we spoke about. people learn a lot while they were quarantined at home about what is important to them in their space. so if it's, you know, needing more rooms, needing more space, if it's needing improved technology as we talked about before, the reason we introduced this new experience is sprpeople have a l general care in making sure the air they're breathing is healthy and retrofitting that in an existing home is more difficult. >> wheel check in with you as the situation evolves. we always appreciate your time. >> thank you so good to see you:bo both of you take care. >> up next, we'll take a look at

the massive tax loopholes that allowed former top trump visor steve bannon to make big profits off the nonprofit charities. you can always watch or listen to us live on got on the cnbc app. 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. 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.

if i'm your president, on day one we'll implement the national strategy i've been laying out since march we'll develop and deploy rapid tests with results available immediately. we will never again be at the mercy of china or other foreign countries to protect our own people >> that was democratic presidential candidate joe biden explaining how you plans to fight against the coronavirus pandemic if elected president. quidel is one of the companies helping in the fight the stock is on a terror this year up more than 200% douglas bryant joins us now for more very good afternoon to you

>> good afternoon, wilfred thanks for having me. >> so rapid tests is a phrase they use by vice president biden. how rapid are your tests as things stand where is that coming from and, two, can it actually get much p better than this or have we already made vast improvements from where we were a few months ago? >> thanks for the question st before answering that, though, let me just say that i'm particularly proud of the team and, you know, they've really risen to the challenge developing these vaccines quickly. they're high quality tests and also the great job the supply chain team has done in ramping up production to where they are so we can provide as many tests as possible. the tests are reasonably quick you can basically confirm a negative result in 15 minutes. total time including taking a swab and then running the

cartridge is about 20 minutes in total. the i think somebody told me recently that they had an experience at an urgent care and they timed it and they were in and out in 18 minutes. it is quite quick. can we do some things to speed that up? i think there are -- there is a possibility of doing an earlier read and we're working on that but for the moment, it looks like it's, you know, somewhere around total time 18 minutes at an urgent care >> so with that in mind and clearly it's very impressive that speed and that turn around, what are the big remaining hurdles in your view for america given that the speed of the tests has improved so much it is just quantity? it is geographical reach are they available in all areas? >> it's really capacity. you know, right now we've got some number under 50,000 of these. we're making a little over 500

per week about, 2700 a month we'll ramp up to about 10,000 per month as we get closer to the end of the year. and then these cartridges, we're doing about 1.9 million of these a week today the hurdle, again, has been this nasal swab we're now getting the supply we need thanks to hhs actually who is helping us out a great deal in terms of procuring the swabs. we'll be validating an additional manufacturing line and go to 2.8 million tests as we exit the year and then first quarter, we'll be at 3.7 million tests per week. and then finally, when we get to full capacity here in san diego, we'll be somewhere around 5.6 million tests per week

and, you know, clearly the team is working super hard to increase capacity so that we can give more people access to testing where they live. and we feel like we have a big responsibility to help society and in particular help people in nursing homes, you know, getting grandmas and grandpas back to a normal lifestyle where they can see their grandkids and children again is, i think, something that is really important and we feel like we're making a big difference >> and obviously, your company just one piece of the overall testing puzzle here in this country. nursing homes are one place where there have been -- there's been pretty widespread rollout of testing i'm wondering where you see sort of the next frontier is it schools? is it meat packing plants? it is other workplaces i mean where do you see as the next place where widespread testing is of most importance to be able to return to normal?

>> well, thanks for that i don't know for sure which direction we should be going we want to do whatever the greater good is struggling folks and food processing is an important area it it's hard to imagine that moms are going to feel safe sending their kids back to school until there is routine and frequent testing so i think for us the pilot that we're running here in town at a local school will teach us a lot about what is required in order to do that sort of testing i'm looking forward to seeing, you know, how that benefits that school and how we might roll that out even further. but it's going to take more than just our company it's going to take other companies in our industry as well from my perspective, it really looks like the demand for the product could actually be for some period of time endless.

>> how much do they cost to make and how much do you sell them for? >> we're generally all in about $20 and obviously, you know, we have come pz in it there as well but the cost is, you know, reasonably the same as it is for other types of tests in our space. strep tests, et cetera so obviously this is a financially advantageous situation that we're in at the moment but we're really more about what we can do for society and the people in our communities and we feel really good about that. >> douglas, you mentioned the shortage of swabs for your tests and the roll that hhs was playing and n. helping you procure that overall, what grade would you give the government in helping you produce as many tests as possible as quickly as possible?

>> thaif been extremely cooperative. you might have seen that recently nih agreed to help us out in terms of our manufacturing expansion plans and i think that's going to be very helpful as well >> douglas, thank you so much for joining us >> up next, profiting from nonprofits robert frank is investigating these sources of steve bannon's income and joins us next with the loopholes charitiears e making the most of we're back in a couple minutes 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.

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. ♪

steve bannon is charged with defrauding donors looking to build a private wall along the southern bored we are mexico he also earned millions of

profits from tax loopholes at n nonprofit charities he runs elsewhere. robert has the details. >> according to the justice department, bannon used one of his nat for profits to siphon off $1 million from that we build the wall project the group is called citizens of the american republic. and while it is designated as a social welfare entity, bannon is the president and even before the wall project it spent over a million dollars on management and expenses, $200,000 on loans and payments to bannon's film company, and tens of thousands on payments to bannon's nephew and sister the nat for profit arm of citizens united and more than a half million dollars from the young america's foundation now there is no rule for how much these not for profits can pay directors or officers and i think after this regulators will

certainly be looking at that back to you. >> robert, according to the latest financial disclosure form we got from the white house on bannon, i think it was from 2017, he was worth between 10 and $48 million. do you know if that is an accurate estimate of his net worth. what happened to that or whether he's being open opportunistic here >> one of the questions and paradoxes of all this is he was wealthy before he came into politics and before he went into the white house. he was, of course, an investment bank we are goldman sachs. he did a lot of media deals including having a portion of all the seinfeld reruns. so i have no doubt he was worth millions if not tens of millions before this. and one question they'll ask is with this not for profit and with others, why did he use this vehicle as a source for either tax free or tax efficient income and was it all legal and so this latest phase of the

career seems to have been dependent on a series of not for profits that paid him six or seven figure salaries. >> i mean, whether it's steve bannon or anything else that brought all this to light, there is not a charity regulator or a charity commission that investigates any made by any charity not even to mention people's salaries from the charities are justifiable? >> there are two entities that regulate nat fot for profits, os at the state level and then the irs. when it comes to how much you pay directors, there is a rule which states that you can't pay a private person excess or there can't be excessive benefits to a private person from a charity. but that's a very subjective measure and unless there is a scandal, it rarely gets investigated plus, audit rates for the irs against not just for not for

profits but wealthy people have fallen by over half over the past decade because the irs lacked funding so there is oversight but it's rarely applied and it needs more oversight, clearly perhaps even more regulations. >> and robert, refresh our memory here. i know the tax treatment of nonprofits changed as a result of the 2017 tax law. but why was this loophole left in there was there -- were people just not aware of it or was there not political cover to change it do you know that >> well, this particular entity is a category called 501-c 4 in this charity that i just talked about, they had $4.4 million of donations. we don't know where that came from and you can basically pay your directors an unlimited amount as long as it didn't xacatch the e

of the regulators. the this particular group is a important source of dark money for politics many people have been calling for regulation of 501-c-4s that didn't change in the tax law. perhaps if we get a new administration or if there is more attention that will will change but this particular group of entities is something that has grown in size but not in regulation >> well, there will certainly be more attention paid to it now, robert our thanks for you bringing us that story when we come back, reagan democrats helped vote president reagan into office up next, we'll ask former white house chief of staff rahm emanuel whether republicans opposing president trump will help joe biden win the white house. that's up next i see an unbelievable opportunity. i see best-in-class platforms and education. i see award-winning service, and a trade desk full of experts, available to answer your toughest questions. and i see it

with zero commissions on online trades. i like what you're seeing. it's beautiful, isn't it? yeah. td ameritrade now offers zero commissions on online trades. ♪

time for a cnbc update with sue herrera. hello. hello, everybody much here's what's happening at this hour. saying he is "truly sorry," the man known as the golden state killer has been sentenced to spend the rest of his hive in prison 74-year-old had plead guilty to 13 murders and 13 rape related charges. what the judge called "monstrous acts" between 1975 and 1986. today good triumphed over evil victims who either were witnesses or had to live their life without their loved ones, you're such good people. you just keep on doing good deeds. it makes all the difference in the world. >> citing a continued increase in covid-19 cases, churchill downs has dropped plans for a

limited crowd at the kentucky derby. now no one will be there when the race is run on september 5th. reminder, reclaim your change after you empty your pockets at airport security. the tsa says $1 million in coins and currency was left behind last year. with that money going into a fund for training and promoting tsa precheck and, guys, the tsa recommends taking your change out of your pocket and putting it into your carry on before you actually get to security. good advice. >> at the -- good advice at least it goes to a good cause. the j ust to close the loop on our previous news update carb day is for carburetor very helpful on social media pointing that out. >> of course i should have figured that out. >> learn something new every day. >> we sure do. have a great weekend >> you too up next, we'll dive into the democrats' economic platform with former obama white house 'l rm anl.taffahemue wel be right back.

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

the final night of the democratic national convention wrapping up last night so what's next for democrats and the race for the white house joining us now is rahm emanuel, former two term chicago mayor and former obama chief of staff, also the author of "the nation city: why mayors are running the world. gra et to ha great to have you here >> thank you. >> there is normally a bump given to a candidate post convention president obama saw a three point bum notary publp in 2008. what is expected after the convention this week >> i say zero. he went into the convention at historic high about 8 to 12 points above trum chp is unprecedented. jimmy carter is the last president -- last challenger to have that.

what is interesting to look at is not a bump but did the excitement gap close between biden and trump and, two, if he turns anti-trump vote nears pro biden voters and those measures under the roots, so to say, is very hard when you're eight points up, nine points up and in this political environment, now i go back to my time in 1992. bill clinton went into the convention in third place, emerged on top and never gave up that lead all the way through november joe biden is at eight to nine points or eight to ten points up, it's hard to see him even go down to me, it's looking underneath to see if they move things internally that would tell you a good fortune coming in october and november >> you believe that there is actually an opportunity for vice president biden to reach across the aisle and to pull some of the never trumpers into the democratic party permanently you wrote earlier this week we don't want these voters simply

to rent the democratic party, to remove mr. trump from the oval office we want them to buy into our agenda so that they feel legislative victory through the next decade on our core issues how possible do you think that actually is given that majority of voters in either party say that their main motivation for voting this year is to get against the other guy? >> yeah. well, i think, look, i wrote in that piece that 1980 is the touch stone for election that was the year of the reagan democrat this is the year of the biden republican you can see the biden campaign with john kasich and cindy mccain and others made a direct appeal to them this is an election in my view that got two things, donald trump has depth. he has his 41% he drills down hard on them. he has not grown at all but he is trying to energize that base to keep it really mobilized. joe biden's got breadth. he has four star generals on one end. and black lives protesters on the other end. that is a very broad coalition

and if with the concentration not only through the election but governing, you can take biden republicans who do not like the anti-science, do not like the anti-diversity, the hostility to others that come out of the party culturally move them into a comfort zone where they're more self identified with the democratic party than the republican party that's what the reagan democrats did and it evolved over time you have to have an electoral strategy as well as a governing strategy to see that as an opportunity. and my view is you don't want this to be a transactional election you want this it to be opportunity of a trance formational election. >> right >> and to be sure, the messaging did race towards the center this week but you mentioned the more progressionive wings of the democratic party a president biden would have to appease that part of the party as well. and to be sure, the 110 page

policy document that he released with the biden-sanders tax force, that is not a moderate document >> i would have progressive ends moderate means that's a way you make sure that you keep this coalition from ever tip took far either way and to date, let me just say, he's done a very good job of

keeping the progressive wing and a more moderate wing in the same sense without becoming easy target for donald trump and at republicans. remember, you know, part of the republicans was not only appeal to soft republicans or anti-trump republicans it was also joe week the trump campaign is going to put out this secret photo of joe biden in his camouflage outfit so john kasich and colin powell don't exactly endorse and support a big p progressive policy you need a coalition on that you need it not only to govern and make change, but you need it to win the election. i think the campaign has done a good job of never tilting too far. i do think the tax code has tilted against not just

progressivety but fairness and equity of opportunity. that does appeal to these republicans. they don't think this economic system is an inclusive economic growth model and it's sustainable. >> i guess there is clearly a calculated decision at the dnc this week to not focus too much on minutia of policy, particularly not on economic policy i guess putting the question a different way is as we get closer to election day, as there are more direct challenges to the candidate and his running mate, is there a risk that that difference in policy does get highlighted, whether it's right or wrong there will be a gap between the two candidates you talk about the breadth and i get that point is it hard to get high turnout across all parts of that

breadth? >> conventions are not for deep policy positions conventions are for really revealing the character and the dna that makes up this person and motivates their values and agenda i think they did a tremendous job addressing that. i do think they've done three things excellent they picked a really good running mate who has accomplished both energizing the base, reassuring swing voters, making history, riling up donald trump and drawing fire towards her away from biden and returning fire on behalf of biden. so that has worked second, they ran a very good convention and joe biden gave a good speech. to the issues, he laid out six weeks, week after week an agenda when donald trump got asked about his second term, crickets.

between the two candidates of who has a vision of the future and a perspective agenda, one still beats zero every time. biden has laid that out and been very specific. to your theory of the case on what i said about breadth versus depth, look, this is a test. i think that we can conclude donald trump does not have a pathway to popular vote win. i think that joe biden will win by more than hillary's 3 million. the real question is not the popular vote but the electoral vote when you look at florida, arizona, north carolina, the upper midwest, biden is properly positioned for that breadth of a majority through the urban and suburban vote. that has been consistent through the 2016 elections, 2018 midterm elections and the 2019

elections. so i think he has made that. but we are going to test this theory and i do think in the weeks ahead and going into the debates, joe biden has to continue to hammer at the specificity of his plan. because donald trump when asked on tv, gives your second term plan, crickets >> thank you very much for joining us >> thank you very much sa gd ekd d ayst fe retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so 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. oooh, well... i'm good at my condo. oh. i love her condo. nana throws the best parties. well planned, well invested, well protected. voya. be confident to and through retirement.

good morning, mr. sun. good morning, blair. [ chuckles ] whoo. i'm gonna grow big and strong. yes, you are. i'm gonna get this place all clean. i'll give you a hand. and i'm gonna put lisa on crutches! wait, what? said she's gonna need crutches. she fell pretty hard. you might want to clean that up, girl. excuse us. when owning a small business gets real, progressive helps protect what you built with customizable coverage. -and i'm gonna -- -eh, eh, eh. -donny, no. -oh.

-and i'm gonna -- -eh, eh, eh. 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.

up nexhet, t key things every investor need to watch in the coming week. ♪

♪ don't go out, go all out. the highlander. toyota. let's go places. woi felt completely helpless.hed online. the highlander. my entire career and business were in jeopardy.

i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555. we have about 30 seconds left kayla, thank you so much for joining us this week we've really got a good feeling for your surroundings there, including the lawn mowing german shepherd next door.

>> yeah. i can't wait to go over there and look at the lawn i bet it looks perfectly m manicured. i'd also like to wish a happy birthday to my dad >> thank you so much for watching a record finish once again for the s&p and the nasdaq "fast money" starts now. i'm brian sullivan in for melissa lee. this is "fast money. tonight's trader line-up tim seymour, karen finerman, steve grasso and brian kelly coming up tonight, we are gearing up for another big week of retail earnings so which of those names should you add to your stock shopping list plus, cannabis company crystal labs making investors money today after reporting record revenues for the quarter.