counterintuitive there stephanie? >> ups i've pushed this for a while, but i still really believe that this stock goes higher, especially led by the new ceo, carol tomei, who comes from home depot she ju depot. she just crushed the last quarter, better than expected. i think there is a lot of operating leverage and we know demand at least b to c is quite strong we have to wait for business to business to come back, but that's your opportunity. >> all right well, we're not going to find out what josh brown can do for us because we're out of time we'll do it soon again that's it for us on "halftime report." i'll see you tomorrow. "the exchange" beginnings right now. >> thank you, brian. hi, everybody, here's what's ahead. you heard by now about the dow shake-up, but you may not know about the etf shake-out. a record nobody are closing and launches are at a 7-year low why? what does it mean for investors? that's ahead the latest jaw-dropping data

on the housing market. new home sales surging new homes in this country is quickly approaching $400,000 can this last and what happens to buyers getting priced out plus the ipo surge continues. chipotle's big upside and is eli overhyping battery tech? bob pisani is here with the numbers. bob? >> hello, kelly. we were positive at the open but then we got at 10:00 p.m. eastern time below expectations. kind of a disappointment took the wind out of our sails and we've bean floundering right-ha around positive and negative semiconduct semiconduct semiconductors outperforming a little bit we're seeing a little bit of interest there you see the semiconductors

and energy to the downside we're seeing thematic etfs solar stocks doing well, cloud computing stocks, internet stocks, security stocks. particularly in technology they've been hot recently, thematic a big winner this year. we talked about the dow shake-up amgen in the dow, honeywell in the dow, salesforce. in the x, raytheon, pfizer and exxonmobil there is very little indexed to the dow industrials average. over a trillion is indexed to the s&p, and that's the one that really matters >> bob, thank you. we'll have more on that in a little bit meantime we have seen surprisingly strong economy lately including home sales.

a setback to that positive story, consumer confidence came in much lower than expected. how much of a setback is it and what does it mean for the market let's bring in wasif latif and barry james at james investment research barry, i'll start with you is the drop is consumer confidence a warning sign as far as your concern about what lies ahead for the stock market >> it is a concern obviously the consumer is the largest part of our economy. if they're not confident in the future, then it will mean they pull back on spending and that will have a ripple effect. we're watching that very carefully. there are a lot of things going on in people's minds right now one of the good things for consumers, though, their finances are okay, their bankruptcy rates are heading down, so there is some positive news for those folks, but it's not all positive >> as we've talked to you over the last couple weeks, barry, you've been more cautious on the market as it's continued to run up to

new highs, does that make you more cautious? at some point do you say, you know what,forget it, this thin really has some legs to it i'm just curious how your thinking is evolving >> i have a dog that steps on my feet all the time, and i explained the second law of physics to him, and that is that two of us can't occupy the same space at the same time investors have a space up here and part of it is opened by jerome powell who will be speaking today the other side is the highest valuation levels we've been in ten years. earnings are fading, this consumer confidence is there, and so there is all that, but it's all pushed out by quantitative easing to infinity and beyond it's still going to be headed higher for the time being and there is anticipation of stimulus on the back of that, so we probably are going to continue higher, but the risks just keep heading higher and higher, and you need to be careful with what you own right now. >> you have a smart dog if he understands the laws of physics. let me ask you, wasit, barry

mentioned the fed and the role they're playing here it's also true these two things can't be happening at the same time, that we have the highest valuation in a decade as we're about to hear from the fed about higher inflation you can't imagine those two things can't both be true. either investors have to believe the fed is going to achieve that or not >> i think what the investors are saying is they believe in the power of the fed to be able to hold us over until we do get back to normal i think that's the operating premise, that while we are waiting for the economic recovery to get there, in the meantime the fed has our back and is being able to protect the market from a lot of volatility. the other thing to think about is valuations are indeed a lot higher than they were at the beginning of the year, because the market has rallied back, but earnings are lower from where they were at the beginning of the year and what was expected

of them. so the markets have gotten more expensive, but as history tells us, they can stay expensive for some time. i agree with barry that fundamentally speaking, the market is a little bit more treacherous and a little bit more overvalued than it was at the beginning of the year. but the odds are that it continues to grind higher from here because of that belief in the fed being able to hold us over until we get back to normal what's interesting is that the concentration level of the market is very, very high, so the top five names have been pretty much driving the returns of the s&p 500 absent those five names, the market is pretty lackluster. >> and i know you guys are pretty neutral on stocks and bonds trying to do things on the income side. barry, let me turn back to you do you have any opinion about the shake-up in the dow that we've seen, or is part of your concern -- i don't want to say cosmetic, but does it have broader investment significance to you >> it really doesn't have a broad influence that we can see. i would use this time, if i were

looking to sell something, i would sell something, if i was buying, i would buy something that was dropped >> finally, i want to make sure everyone knows your stock picks, if they're looking for a couple particular names, home depot general rack and cadence design systems. gener generac has a lot because people are looking for generators right now. >> and in the south with the hurricane coming in. we have a balance sheet with good earnings, so we think they'll survive this covid time pretty well. >> gentlemen, thank you both today. watif latif and barry james, thank you.

rick santelli, let's get the latest on the auction. how did they go? >> i gave the auction an apple minus, and there are some interesting features here. at 50 billion on this two-year note, it is the biggest auction of two-year notes ever the yield, .155, which is the same as the last auction at the end of july, so they're both equal for the lowest yield ever at an auction. let's go through the metrics the bid to cover 2.78 was truly a big one. we had 3.10 in may if you go back two years, this is the second highest reading going back to august of 2018 the best indirects, 57.6, that's really huge since april 2017 we're just a smidge light on the directs and the dealers take 28.7, much lower than the 33% auction average of the last ten, so this is the first of huge amounts of supply. we have 50 billion today, 51

billion on 5's, 47 billion on 7's. we'll bring it all to you again tomorrow >> and again, some strong demand there. biggest auction of two years thank you, rick santelli this stock market has led to a big shake-up for etfs. 188 etfs have closed downso fa this year. that's typically what we see in a full year. 162 launches have come on the market since january that's the least so far since 2013 why the shakeout we talk to todd rosenbluth along with elizabeth cashner todd, first i'll ask you, why the large amount of shutdowns? >> we saw some consolidation etf industry invesco made a couple deals in prior years and they've really pruned their lineup to make room for offerings as did ishares and

wizardry etf is a bad environment for them, so we saw a number of these leveraged and inverse products shut down this is a niche part of the market, but more exciting and what we're seeing launch at esg and we'll have possibly a record year for etf -- >> i think his shot froze. we'll go back to it, but elizabeth, the ones todd described using leverages and so forth, is this shakeout a good thing? >> you know, i think in many cases turnover in the etf industry is quite healthy, especially when funds that aren't sustainable go away it means that the rest of the optio auctio options are a little more sustainable.

one thing that we've done recently is all of our exchange-traded notes are now rated at least a medium and possibly a high because in addition to all of the factors that todd mentioned, we've also seen a real rash of closures of the exchange-traded notes. >> and what does that say to you, elisabeth >> it says that the banks that issue them are having second and maybe third thoughts about the effect on their risk and balance sheet and a lot of banks are saying no, thank you to the etf business >> that's fascinating. todd, we'll turn back to you there are some big things happening in the etf world this year you mentioned biosustainable companies. >> we're seeing ishares in particular we're also seeing actively managed etfs, both fully transparent and semitransparent,

so we have fidelity and purebreds that have launched these products and themati thematic etfs. in response to the current environment, so telemedicine, working from home etfs, these are some of the new themes >> so maybe not so much a lack of demand at all for etfs. elisabeth, for the final word, the banks that are no longer in the etf business, is that bad for investors? >> you know, investors just have an extraordinary range of choices in the etf space in the u.s., there are close to 2400 etfs that are listed, so it's really hard to make an argument that a handful that go away here or there are going to limit investor choice at all really, what we see in investor activity is a continued march towards cheaper products, and

that's a really great thing for investors. >> absolutely. and that has driven the demand -- the whole sort of move toward etfs that has dominated the investment landscape over the last 20 years. thank you both, we appreciate it still ahead, we should have seen it coming the "wall street journal's" gerald seib talks to us about night number one of the republican convention and what a future looks like in the age of trump. home prices past expected, jumping to 20% is it a recipe for another housing bubble and the ipo frenzy is in full swing we'll have more when "the exchange" continues, right after this ♪

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welcome back the republican convention underway with the party nominating president donald trump for a second term. four years ago trump rode the populist wave all the way to the white house in a surprise win. can he do it again, and what does the future of his gop now look like? my next guest has watched the changes in both political parties for decades, and he chronicled it in his new book "we should have seen it coming,

trump in a new revolution. congrats on the book and glad to see you. >> good to see you, kelly. >> from afar the very issue you're raising we might have gotten a glimpse of tim scott and nikki haley lauded for the speeches that they gave. is that what the future of the gop looks like >> it was interesting because i thought nikki haley and tim scott kind of gave throwback speeches in a way. they hit all the reaganesque conservative tones, but a lot of it was in the populist channel where donald trump has really moved most of the party, and in a way that's the question for republicans going forward as chronicled in the book is how people move from reagan to trumpism in the years ahead, regardless of what happens, is that where the republican party remain, or

do they snap back to what i consider is a more traditional form of conservatism >> the title almost comes off written by someone with conser e conserving or do you embrace moving forward with what trump has diversified? >> it's very much the latter we were scratching our heads in 2016 saying, how did this happen how did the party move so radically from one division to another? what i wanted to find out when i went back and pieced this all together was, how did this happen, not only for conservatives but that we didn't see it coming. we should have seen it coming because these developments were happening over time. they were happening in slow

motion for years, pat buchanan and all those things were signs that the republican party was changing and changing at the roots and those changes were moving up to the top donald trump got that in a lot of ways and a lot of the traditional conservatives who he beat in 2016 didn't get it >> bobby jindal wrote an op-ed a few days ago saying after trump, it is a different gop. they said they won't return to the old orthodoxy. populist ideas have put down deep roots it sounds like it's vindicating trump's win and perhaps suggesting he can do it again, and that this coalition he identified is a lasting one. >> i don't think we know that for sure yet, and i don't think it's that simple i think what is true and what i write about at the end of the book and some excerpts that ran in the journal on saturday is the fact there are now a new

generation of younger conservatives who are trying to figure out, how do we take conservative thought and principles and adjust them to the age of trumpism, not necessarily to donald trump himself but to the idea there is now, particularly in the republican party and out in the economy in general, a little bit more populist sentiment and maybe conservative economic principles missed that maybe they were too doctrinaire and maybe oren cass and the rest were trying to meld this together i don't think it's donald trump yes or donald trump no, i think it's a journey to a new kind of conservati conservatism, potentially. >> there also seems to be a journey to a new kind of liberalism, certainly for the democratic party as well, we could get into another time. how do you think joe biden will react to these changes you described if he wants to win

back some disillusioned trump voters in the fall >> i think it's really important for joe biden to keep a foot planted in the center of the spectrum that's what joe biden is, he's always been in the center of the democratic party for 40 years, he's always been there. since the party has moved left, he moved to the left some, too, but i think to win over the kind of swing voters he's going to need in pennsylvania, wisconsin, michigan and even in florida and elsewhere, he's going to have to establish that he's not that person republicans are trying to paint him to be this week, not somebody who is being pulled around by the radical left wing of the democratic party. he can do that, that's his persona, he doesn't have to play that part, but it's going to be an important message, i think, for him to deliver this fall >> that election is right around the corner with everything else going on this year, it's kind of hard to believe. jerry, thank you very much it's great having you here coming up, jp morgan just made a major announcement on how

employees will be working going forward and it could change the industry plus a closer look at some of the names that missed the market comeback but could be ready to join the rally, including this mystery stat down more than 40% this year. we tell you how it makes for a odgo catch-up trade and give you some other names that's next. woman: my reputation was trashed online. i felt completely helpless. 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.

the s&p and the nasdaq are both in good territory let's get to sue herera for our cnbc update. hi, sue. >> hi, kelly here's what's happening at this hour the cdc has lifted its 14-day self-quarantining advice for

travelers. now they're saying travelers should follow state and local recommendations upon return. california's wildfires continue to burn across the northern part of that state, with seven people killed, at least 12,000 structures destroy a and thousands evacuated. >> there was a nurse there that's screaming she didn't just take my temperature, but she also asked me a series of questions before i could go into the actual shelter, there was another assessment that was done there were specific protocols. and mcdonald's is getting ready to launch spicy chicken mcnuggets. it is the first time a new flavor of the iconic food item has been introduced since 1983 you are up to date that's the news update, kell i'll send it back to you >> they're just copying wendy's.

i mean, come on. >> i think they're feeling chick-fil-a pressure, i think they're feeling popeye's pressure but it's an iconic brand so they didn't want to change it >> i'm shocked by how few changes they've actually made. sue, thanks very much. >> the dow and s&p are hitting highs lately there are a lot of names that haven't been so lucky. according to morgan stanley, some could be ripe for a catch-up trade they have a strong link in earnings expectations but are still well off our highs starting with aig, you haven't heard that name for a while. the stock was down 40% this year or down 49% from its 52-week high morgan stanley believes the company has standard earnings power. ticker ath also on the list. they're down 26% this year and off 26% from its yearly high they reported strong earnings

earlier this month and finally, bank of america, the stock down 27% from its 52-week high and for the year. while they reported strong numbers in some trading divisions this past quarter, their sensitivity to interest rates is holding investors back. all of these names by morgan stanley, and for the rest of the names on the list you can visit cnbc.com/pro sticking with the banks, jb morgan telling the cdc that it will now cycle between days at the office and days at home maybe personalmanently the move could have a lasting impact on the industry hugh is the ceo and he joins me now. hugh, tell me more of what they're introducing. >> senior executive of jp morgan called it a rotational model what does that mean? basically if you work as a trader or investment banker or anywhere within the corporate investment bank, you'll have perhaps two weeks of the month,

perhaps one week of the month, perhaps two days a week working from home, even, you know, into the future, and i think this really refers to a post-covid future which there is going to be greater demand to be back in the office, but at the same time demand to have the flexibility that people really started to appreciate >> if people could pick their days, maybe they could help line up with their kids' school calendar, but tell me how different, for people who work in finance, this opens up a whole array of places they could live in the country or types of lifestyles they never thought imaginable >> to be clear, they'll still have to spend a good part of the work week. people aren't going crazy and saying this is a tech company all of a sudden. they're still going to have to work physically in the office. people from jp morgan and goldman sachs talk about the collaboration and the creativity that happens when you put people

into a conference room together. that's never going to go away. however, we're going to have the ability to have a greater level of flexibility than we ever had before, and i think the real takeaway, the reason why you should believe what they're saying is they have these backup trading floors outside of new jersey, in new jersey outside of new york and outside of london they're actually saying, we don't need those anymore once you get rid of the backup sites, that's how you know when he says this publicly and he says this on the record to cnbc, they really mean this is perhaps a permanent shift in the way they look at work. i think the big ramification is this is going to spread to other companies because they're obviously a huge, huge part of wall street. >> 100%. i'm just thinking if someone knows they'll be off for two weeks, they could literally live in the caribbean if they're doing it a few days a week where they only have to be there tuesday and thursday, they

could live in new hampshire. i agree this is bigger than finance, and that's why it's so interesting to me. >> you're a step ahead of me i guess you could go to barba s barbados they're wanting people to work we mo remotely the other part of this, they told me basically, you have a lot of companies doing this and they're figuring 25% of their employees will be remote pretty much on a permanent basis, rotating, obviously, through the ranks, but this will pull a lot of pressure away from our really stressed public transportation system so there are real strong sustainable arguments behind this apart from the fact that people are being productive even despite being away from the headquarters, it's fascinating >> absolutely the story of the day. thank you for bringing it to us and bringing dit to me >> thank you

>> hugh son is the repoceo and can read that on cnbc.com. plus, home prices are soaring as inventory is dropping we'll look at whether home prices are getting a little too hot in parts of the country that are still affordable stay with us ♪ 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. ♪

welcome back let's catch you up on a few more stories. it is time for "rapid fire." frank holland, deirdre bosa and mike santoli effective monday, exxon, pfizer

and raytheon technologies are all on you of the dow. the new names replacing them, salesforce, amgen and honeywell. these moves also coincide with apple's 4-1 split on the same day. price being the operative word here according to spoke, the average price of the new stocks is four times higher than the ones going out, because a lot has been named of salesforce coming in and exxon leaving, but why is amgen replacing pfizer >> it's really not much of a difference in terms of how those stocks behave, both of those kind of mega caps in the health care sector. amgen a little more exposure to the growing parts of health care in biotech i think the share price does actually matter because you don't want increasingly low price stocks because what's the benefit of having two or three stocks having no influence on the weighted dow industrial average. we want to normalize that a little bit so in addition to getting industry representation and exposure to big names in the

economy, they have to worry about those mechanical issues as well >> it's interesting, guys, because barrons makes the cause that big changes are coming to the dow. facebook doesn't really have that, but google does. >> if you're trying to improve the tech on the dow, why wouldn't you include amazon? wouldn't amazon be very reflective of tech in america right now? of course, it would. all these changes are generally cosmetic and they're caused by a cosmetic change, apple split if they really want to update it and take it into 2020, you would adam za amazon >> deirdre, we know that's not possible because facebook was so out of control

in many ways it complements it >> this is called the dow industrials, not the dow technology index what surprised me more, perhaps, if you're just sort of playing this game, who could be in, who could be out, in terms of chip makers intel still in, yes, but some have suggested that perhaps it should be replaced by nvidia, trading at $500 a share. maybe and that is at $507 a share. >> i think that is a consideration and why it's keeping facebook it's also a higher priced stock so it's not too much higher than salesforce, but presumably they don't want to do alphabet for similar reasons as well. i do think it's not necessarily

the case that the dow is always going to jump on the hottest most up and coming stock to the nvidia point deirdre is making it might be the case, but there is a certain willingness to the dow to wait until something is passed before they jump on it. walmart didn't get in until the late '90s. it was 30 years into dominating retail at that point >> so anyone who wants tesla, listen to what mike is saying and give it a decade or so up next the home trend is leading to a surge of home tech ipos going from snowflake -- why would you want to be called snowflake? anyw anyway, other names included arnwe arnwell, sumo logic. we're seeing a theme here. >> i thought, could there be

another? i was totally joking and five minutes later, another drop. wea we've got ant group, we had financial overnight. this is the biggest boom i can remember in this concentrated amount of time markets are at record highs, but also you saw some of these names. they wanted to go earlier this year the pandemic pushed it out a little bit now you see the november election kind of pushing them to right now, and you're seeing this sweet spot. i made the argument software is such a hot play, but certainly not all s-1s are equal you take asona and snow flake, asana has doubled in the first half of this year from last year, snowflakes is at a slow pace >> to me it's a little bit investor beware. when companies are capitalizing on something super trendy, that's great, but we have to see if they have staying power by the way, i thought it was

interesting that jim cramer was calling airbnb the sealer of the decade, because there is a company hit by the pandemic that insists they're still going public this year >> right now it's a hot time for ipos to focus on tech or cloud technology you look at rackspace, that's up 12% year to date lem lemonade, that's down 10%. >> just because it's good for the company, maybe not always so much for the investors >> by the way, kelly, when it comes to something like airbnb, despite the timing going on in the business, this is a company that got very large in the private market and have a lot of employee stock compensation. some of that is set to expire. there are sort of a lot of things driving it instead of, hey, this is the perfect moment to go public >> that's true, in some ways they're all kind of desperate

whether it's because they're that hot stock of the moment, or in airbnb's case because of the options expiring always something to keep in mind let's talk about shares of chipotle they raised it $300 a share to 600, citing their drive-thru and delivery gaining ground. the stock has been on a tear, up about 50% on the year. >> when you get those spicy nuggets, i'm going to chipotle i'm a big fan of chipotle. they have one great stat right here 60% of their stats come from delivery and order ahead, and v qvcomms are set to go higher if you think about it, when you don't have to wait in line and watch 20 other people getting their burritos made and you can order ahead, why wouldn't you do it they're so ahead of the curve.

>> i will say i wonder if they need to keep innovating the menu a little bit i think the new technology helps gap the fact that the offerings for those of us having gone for ten years -- i don't want to call them stale. they're a little stale >> the menu doesn't stop my kids from going two or three times a week, but i will say there is another element in this. it's a mass beneficiary in the carnage of the rest of restaurants. they're going to add 5% to their store count. very rare to see storesgrowing the bottom line is hilarious to me they basically say if there was a normalized sales in earnings growth from before the e. coli crisis, in other words, there was never a hiccup there, then it projects ahead another nine years, we could put another multiple on those earnings and it's $15 a share the tailwinds are there. don't even try to put a financial rationale behind it.

>> i'm going to leave it there, because deirdre, that's just amazing to me. >> it's a technology company, right? that's what the company may say, but i do think that one of the knocks against the company is it hasn't seen a ton of margin growth because they've been reinvesting back in the business they already had their eye on the technology piece of this pre-pandemic the last thing i'll say, kelly, maybe they need more menu motivation, but they did put their recipe for rice on tiktok. >> isn't it just like white rice with some celantro in it that's not exactly a house secret >> there's a secret touch to it. >> i think it's called me not making it in the rice cooker >> q doba, which is one of their competitors, they added spicy queso and meat nobody talks about it. >> we go to qdoba all the time, my friend. >> i do, too, but it doesn't have the same buzz they show that menu motivation,

but like mcdonald's, you know what you're going to get when you go there, and if you like it, you keep going >> chipotle is the tesla of the food industry, mike is right tesla ceo elon musk suggested that his company could mass-produce batteries with 50% more capacity in three to four years. tesla said that would be the next step in powering planes they will probably talk about its discovery. it's up nearly 400% on the year. let's talk about the battery piece of this first, deirdre we've all learned to take musk with a grain of salt, but sometimes you underestimate -- you overestimate what can be done in a year but underestimate what could be done in three to four, and maybe he's right >> i look at that space. years ago people didn't think he could do it, and what do you know, we all gathered around our

tv a few months ago and watched that rocket take off for the iss, so never underestimate him. kelly, the fact we're talking about this company as a battery company really tells you why it's now a $370 billion market cap company. we're no longer just talking about the cars but this extreme amount of innovation, potentially getting the million-mile battery will he deliver in a few weeks from now that's certainly up for debate will he deliver over the long term i think a lot of the bears have learned not to bet against him >> i just want mike to rattle off valuation like he did for chipotle >> it almost doesn't describe him because this is the whichche of electric vehicles and it's priced that way. stock was about $2100 midday yesterday and it had a significant gut check in the very short term along with apple, so i do wonder if you kind of used up that stock split mania for the very, very short term in both of those stocks, but i also like how musk always

realizes he has to be the one talking about the perpetual tomorrow >> yes yes. >> the entire brand is, oh, you actually haven't seen anything yet. he was overpromising when they were going to get to this year's car sales volume he said he would do it by 2019 five years ago nobody remembered it because he's always getting to the next thing. >> i'm going to give him the benefit of the doubt thanks, everybody, for "rapid fire." coming up, more and more states are turning to covid tracing apps to manage the crisis but they are really not that effective yet we'll look at what needs to happen to change that. remember, you can always watch or listen to us live on go on the cnbc app we're back in a couple 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 keep working my way back to you, babe ♪ ♪ with a happiness that died ♪ i let it get away servicenow. the smarter way to workflow.

welcome back as states try to gain control of the pandemic, many of them are turning to covid tracing apps for help but the process is far from

perfect at this point. contessa brewer is here now with a closer look at how it works and what needs to happen for it to work as intended. contessa >> reporter: hi there, kelly, good to see you today. at least eight states have launched their own digital apps for contact tracing. the earliest ones relied on gps and, boy, did it spark a big concern, privacy concerns about tracking a person's whereabouts. the new ones rely only on bluetooth and they exchange tokens with other devices that are running these apps nevada just launched its app this week, and it works like this i've downloaded the app on the phone. as i pass someone on the sidewalk, it would not exchange a token. but when i go into a store and, say, have a conversation with a shopkeeper for five minutes, it would exchange a token then assuming we both have the app, the tokens would go on and they would be exchanged. if i then test positive, i would be given a unique code by the health department to upload into

my app which then alerts devices that received my token within the past four days it only reveals that you've been in contact with someone who tested positive. there is no who, when or where now, nevada's biggest employers are urging their employees to download this app. wynn resorts, mgm and the energy, unlv among others. mccarron airport is posting signs out there. they're trying to urge visitors to sign up as well >> if we get full adoption of a digital app, people coming to las vegas for a concert, a fight, a convention would know when they go home what their health outcomes were and exposure was when they visited our destination. >> reporter: many of the states are launching their apps using apple and google's collaborative technology the goal here is a national repository for the data so the

states can exchange the information among themselves they're not doing that yet experts say they really need 60% adoption in singapore and iceland, they have 35 to 40% participation rate, and kelly, in virginia, which has had its app its app ud running less than a month, they are up 10% adoption rate among adults who have smartphones. >> that's higher than i expected it's been a slow thing to roll out. i wonder how much adoption we'll see it thanks very much looking under the hoods for us >> coming up, new home sales blowing past expectations as home prices keep climbing. is the housing market getting too hot? we'll check in with the housing ros ei on what he'seng acss the country, next pretty is? wow. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the color inside the car? oh sure. how about blue?

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this housing market just won't quit check out july's new home sales. sales soared nearly 14% pushed to seasonally adjusted rate. the average price of a new home nearly $400 24,000 there the typical price of an existing home crossed over $300,000 for first time housing is one of the lynch pins of the recovery. with the record breaking sales and prices, is the market running too hot. joining me is ceo and president of coldwell banker real estate you're on the front lines of home sales and of this inventory plunge we're seeing. inventory saleswere down 20% tell me what exactly is going on out there. >> sure. we have a shortage of inventory. if anyone out there is thinking

of listing, call your local bank or agent a lot of the buyers are frustrated but they have lot of reasons to feel good as well including record low interest rates. for many of these buyers they have some significant life changes taking place here. they are able to work remotely or completely. allowing them to accelerate some of these life moves. that coupled with low rates really allowing them to zsearch the market more aggressively we're seeing the ben fiefit in existing home sales. really a lot of good news across the board. d >> that said, the affordability advantage is wiped out if home prices are going up too quickly. i know on the new home sales, on new construction side there's soaring lumber prices. prices are being cancelled because they need to increase the price by more in order to get crew in order to get supplies and at that point it's turning some buyers off. i'm wondering what are people doing who are priced out of the market that they want to get

into are they going to nearby markets. are they looking to more far flung places that are enabled by work from home, school from home what kind of plan b are people coming up with >> both. the much larger part of the market in the u.s. is the existing home market which doesn't suffer from some of the challenges that you outlined right now in you're a consumer looking to buy, you may have the most freedom you had the look perhaps because your employer said you can work remotely or come in less frequently. that may allow you to maybe open the span that you're willing to search for instead of half an hour of your job zone, maybe you're working 45 minutes to an hour. that can make a tremendous difference in a type market it can mean the types of homes you want, you're able to find much more if you broaden your search. maybe there's a home office or home classroom like you mentioned. >> prices are up 44% annually in

july in median list price was up 25% >> it depends on where you're looking too. pittsburgh extremely frdsable. you can get a lot of house for the money especially if you're coming from a different market. they locked in a 30% mortgage rate it's working with one of our agents the entire country was open to them to be able to find that blend of affordability as well as the value that they were

looking for. they are coming out of brooklyn. we saw numbers earlier today as well as throughout the week that show brooklyn is on fire as well you're seeing a lot of increases there too. it's not a story of down market and up market. it's really across the board people investing in housing including the home depot numbers. >> honestly, i could hear your stories like that all day. it's so fascinating to me. this is us building out a very, a future in a very different look for the way that people work in this country than what we're accustomed to. thank you for joining me >> thank you >> that does it for the exchange don't go anywhere because billionaire tilman fertitta weighs in. he will join us live, ahead. i'll see you on the other side of this quick break with tyler thon mais

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