upgrade from wells faro. look, there's also sports, there's also the studio business, this is very undervalued. >> okay. wow, a bullish call there. carey firestone, wrap it up. >> home depot, and we didn't plan it together, steve and i. >> very nice good wrap-up, everybody. with that we wrap up this halftime "the exchange" begins right now with the market losing some steam. thank you, brian hi, everyone score another one for the bulls, we thought, but we're losing gains, this after the fed lost -- what the market fears as lower rates are longer the question is whether the whole thing will backfire and create asset bubbles maybe it has already we'll discuss. speaking much the fed wile

talk directly to robert capelka tiktok's ceo leaving the company. what happened and how it would change tiktok's path to a deal with ahn unlikely suitor bob? we sort of lost steam in the last hour or so, largely semiconductor, some of the technology stocks selling off. some of the big-cap names, but two wig stories. the rapid test from abbott, that's a big news to the reopening story. they're optimistic live nation, solid airlines, and the other big news, the powell

speech stock traders believe it's positive for stocks. they've said low unemployment is not spurring inflation, and higher inflation without raising rates? hey, not a bad idea. that means more money into the stock market interestingly the yield curve steepened a bit as that speech with us going on here. not sure how long that will continue, but it's been good for bank stocks. what i don't see today, any new highs. another new high on the s&p and only 20 s&p stocks are at new highs, but they're on this list every single day where is the new highs we've got to broading this out a bit the guys, back to you. >> bob pisani with the latest there. jerome powell scoring big with investors. that includes our own jim cramer

sail, quote, powell is on the side of the bulls and applauding the fed for stepping aside and let the economy work its way back does the fed risk fueling a market bubble with this message? for more let's bring in chris and -- chris, i know you feel this way, the concern you share with many investors whether the stock market reflects reality. what do you make of the fed's move today >> i think they put into practice something they have already been working on, the idea that an inflation target sho should be symmetric. as bob said, it allows the fed to see inflation rise a bit higher than 2% for the most part, part of the

reason we're seeing markets at all-time highs is that the fed will be a lot slower to really end this party that's the situation we find ourselves in today. >> right, but would you warn people say, hey, this is getting frothy, bubbly, you have to kind of resist it or not? >> well, i think it's more nuanced. clearly parts of the market are in bubble territory. it really depends as you go beneath the surface. it's true that the five largest stocks in the s&p 500 make up about 23.9% of the index, but on the other hand they also contribute about 16.1% of the operating earnings, so to some extent the largest companies deserve to be that large in general, the market as a whole is not necessarily bubble territory yet. >> james, let me bring you in now. you do have several recommendations here you say you have five

pre-election -- why the focus on pre-election >> we understand there are catalysts that drive stocks higher and/or lower. with this ernl certainly with covid and monetary policy, the next big catalyst will be the ebeck, especially if the democrats take back the white house, we could see an increase in corporate profits, bringing the price-to-earnings ratio down about 5% and back to the comment about what the fed's policy is, i think it's important we listen to the nuances and language. they also said there's no formal mathematical formula they're going to, quote, play it by ear if you listen to what wall street is saying, deloitte came out with a survey saying -- these are the people who manage

the finances of america's largest companies. 84% now say the market is overvalued, versus the previous quarter only 55% said that only 2% said the market is undervolumed when the fed listens, they listen to businesses and their surveys. if they listen to consumers, the consumer confidence survey said today the number fell for 84.8 from 91.7 in july, so we're seeing a negative trend. i think they force us to be cautious >> the fell may be less gung ho about letting the economy run hot if the corporate targets are saying the market is overvalued and that they didn't put a number, more specifics on the inflation kind of strategy so your growth names you like including family once like zoom communication and docu sign, no

valuations concerns? >> if you look at growth trends, look at beyond meat, the people who eat artificial meat are not vegetarians. it's a healthier item to eat restaurants are picking it up. there's a lot of growth. we want to be healthy as we get smarter, so beyond meat has a lot of up side, taking over an industry that's always been around as much as i love my steak, i don't love my potbelly and then in terms of data screens, everything we look at will be on a laptop, a smartphone, large digital display. that can company will own that segment. when we talk about the cloud, the cloud will continue to get more sophisticated, more complicated. those piano hes that can manipulation data, these are all extremely high-growth areas, and

we like them. >> chris, i think salesforce showed us this week you can be a 20-year-old company and have a top line growing almost 30% because of the think tailwinds we heard where james would specifically by putting money to work what about you >> for us, we see all those moves within the cloud, and we agree that's the future, that's where things are headed. looking at the valuations, i think it's important to look at other areas that might participate as well as biotech, as well as stock services. if you look this those three industry groups, you can find a lot of names with a lot of growth, with trends likely to persist he weapon something that's a longer-term sec ullr trerchd.

>> we'll leave it there. it's been a pleasure. speak of the fed, the announcements could have plopping-term effects. let's welcome in steve liesman and here for a first on cnbc interview dallas fed president robert kaplan. >> i'm not sure if you knew you signed up for this, but this is the first guy out of the box to comment on this policy, so getting right to it. tell us what this idea of averaging inflation means for markets, for investors, and for the economy. how does it work in practice >> so here's what it means to me first of all, i think it's simply an articulation of my reaction function that i've been

following for the last few years. what do i mean by that historically when we got to levels that approached full employment, the fed would want to preempt it would anticipate inflation, it would want to preempt it and start raising rates. up until the pandemic, we let the economy run hotter, we let the unemployment rate get lower, and i was more hesitant and we were more hesitant to preempt or anticipate inflation, and we had the luxury of doing that, because inflation was more muted. to me, this is not a formula, it's no a commitment, it's not -- we're not going to use n ari ar aan ari a -- if i think inflation is likely to be muted, i'm willing

to take more risk and have more tolerance for a modest overshoot. i say modest overshoot, but that's really been my function for the last two, three years. >> up kaplan, you're the ones who use the word average at the same time you and chair powell have said it's not a formula, so the word "average" be gets markets will start thinking about a formula if it runs at 2.5% per year or 3.5% per year, would you sit tight? >> the new framework says we're likely to let inflation run moderately above that probably means to me 2.25, 2.5. you've heard me say our target was symmetric. i don't want to run persistently below and i don't want to run

persistently above for me, at least, that hasn't changed. i know people may try to come up with averages, but i won't be following that this framework also is not a substitute for my judgment i'll be looks at a whole range of factors, and it's not a commitment again on what we're going to do. >> you already addressed this a bit, but i think it's worth underscoring, a lot of talk about average inflation, but a pretty important change in the long-run policy statement about unemployment you said you'll address shooterfalls in unemployment, not deviations it sounds like you're much more concerned about it running too high than too low. how much of a change is that in monetary policy? >> it's a change to me it reflects a degree of

humility at the fed. i joined the fed five years ago. if you asked me and my team what was full employment, we might have said 4.5, 4.75% obviously that turned out in hindsight to be high we were able to pull in a whole range of underrepresented groups, lower-income groups. so this reflects that maybe our views on full employment are more imprecise than we might have thought and we may have the capacity to run hotter, and we're at least even to that. that's the reason for shortfalls, and it also highlights the importance of getting underrepresented groups into the workforce, and the long-term benefits that can have on wealth and equality, and having a stronger economy with a

stronger labor force >> president kaplan, it's kelly here if you could indulge me in a quick question. >> of course. >> there's a lot of folks that aren't worried you'll hit 2% inflation, so the market reaction is somewhat muted -- i should say the bond market my question is about the stock market and the concern that it's frothy >> in the last ten years inflation has been muted, it surprised a lot of people we haven't had more inflation i've been vocal that i think technology and technology-enabled disruption is pasch of the reason for that i think it's wise to go forward not assuming the future will look like the past you could have changes in the dollars, regulation, globalization, and so i'm going

forward being alert that inflation -- it's not going to surprise us on the up side this year or next year, but as we get close to full employment, we need to be open to the possibility. so i will set that aside on the markets, obviously pes are much higher. the fed has taken substantial action, not just with low rates, but by buying treasuries, and this is 13-3 programs which have backstopped basically corporate bond markets, and i do believe it's wise for us to entry these programs will sunset right now they have an expiration at 12.31. i think -- don't rely on these programs indefinitely. they need to sunset and markets need to operate without this

degree of fed intervention i am cog any sand of what's happening with risk assets what we have done up to now has been appropriate, but i think showing some restraint from here and emphasizing the limits of monetary policy and the fact that some of this will lapse is very important to emphasis today. >> you know, president kaplan, i want to follow up on that great question from kelly. what possible reason could there be for the federal reserve right now to be buying apple corporate bonds and some of these stocks that are doing so well, and yet the main street lending program is struggling. are you creating winners and losers in this economy when you say restraint, is it time for the fed to dial back?

>>. >> um, going back to march, to your point, we implemented a number of programs, because there was real dysfunction across financial markets and so just by announcing some of these parameters, we caused many of these risk markets to rally, and credit spreads to narrow, and allowed companies to go out and issue results of that, though, there were also some maybe unintended consequences that i think are part of doing what we did. so again, i think it's critical to say we did what we needed to do, because -- we needed to stabilize market function, but these programs are going to lapse, go away, and we're going to phase out of these markets. i think that i see critical. i think the dilemma on main street is this -- it's a lending program, and many companies that could have borrowed from banks

early in the pandemic already did. thoughs that still need to borrow from banks, many have weaker credits we still have credit constraints on the main street program, and we're a lender, not a spender. so i think one of the criticism it is of main street has been, why don't we take more risks, ease up the terms, even though we'll take more losses i think my response would be, it's really not a fed decision that has to be made by congress and the treasury, but that's the reason main street has gotten less take up it's a good loan program, but you do have to meet certain credit statistics. right now many of those who met those standards already got loans from the banks those that didn't borrow aree would involve more credit risk that's the challenge on main street all right. well, i will thank you both for

joining us steve, really appreciate it. robert kaplan, thank you for your time as well and further articulating your thoughts. tune in tomorrow for more of the jackson hole symposium, all right here on cnbc. we have breaking news out of the white house. ylan mui has more. >> president trump is ted to announce a new $750 million deal with abbott labs to perform 150 million rabbit covid tests this announcement, according to nbc is scheduled to happen this evening when he makes his speech to the rnc earl why are reporting by politico said the testing would be prioritized for nursing homes, schools and high-risk areas. a spokesman said this is a major development and the trump administration is proud to partner with abbott labs, to

help americans back to school and work back over to you. >> a lot of hope the dow is back up 150 points. ylan, thank you. coming up, an historic moment in the sports world as players refuse to play we have the latest as new reports emerge about play resuming. the ceo of tiktok leaving after a few months on the job. the what happened? amazon extends its reach even further, this as the stock hits all-time highs. we've got the details coming up on "the exchange." some companies still have hr stuck between employees and their data.

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welcome back shares of draftkings reversed higher they're trying to hang onto the gains on the record that nba players have decided to resume

play >> nba players just finished their meeting about an hour, hour and a half ago, with the understanding they would resume the playoffs most likely this weekend. that news comes after an emotional meeting last night where several stars suggested they simply end the season immediately. games today will not happen as players and owners will continue to meet throughout the day despite the fact that they are stuck inside that bubble, many players are a concern that games are a distraction, but other players says playing gives them the biggest platform to effect change back to you. the nba has reached an agreement with its players, but what does the path forward look like jabari, good to have you here with us. it wasn't just the nba last

night. we saw this across a number of spor sports >> i think they're stuck in a moment and everybody is looking for answers where emotions are very high, not only with sports, but throughout the country in the nba, for instance, you have 450 players, and tensions being high last night? emotions are high. there's not a lot of clear answers. i think everybody is just trying to navigate what the future looks like nobody likes the future to look like what the current present is, and nobody wants to talk about leagues protesting because of the police brutality and protesting because black communities continue to be

victimized it's beyond sports, what does our country look like? that's what i think players are bringing awareness to. it you are hurt me to see that video of jacob blake i had no idea his kids were in the car. >> can you imagine, your kids are in the car according to "the athletic" they want to find new ways to have -- they have black lives matters on the court, different causes on the back of the jerseys. it's interesting, jabari, if seems like they have used a lot of the available real estate already. what more might they do? or is it that the players don't want to be in the bubble playing? are their hearts just elsewhere? do you think it's definitely a done deal that the season moves forward?

>> i think you have some players that want to continue and some players might not want to. dwight howard and kyrie irving were adamant before the bubble started. they feared this would happen, but ultimately players have responsibilities you also have to realize that owners are one thing i think they're looking foe influence from the owners. i'm not going to say that they did a bad job throughout this whole process. the players and owners were in a partnership. they did a good job of creating awareness. you see the economic stimulus, but i think the players are looking for more influence like to get arrests made in certain cases. if they see more of that, i feel like they can move forward i think they're looking for more political ties, the say wake meek mill was helped, imagine if

mower people were helped from all communities. thennic see real change. >> eric, before we go, just talking about the financials at stake here, what would happen if the rest of the playoffs didn't happen how much flexibility is there in these tv contracts, in a year in which it was already in flux behalf pandemic? >> it depends sport to sport, but this one of the points that came up in the meetings. they were told by union officials you could cancel the rest of the season, but look at a reduction for next year. the nba's had a problem when it comes to revenues. there was no olympics. no fans in the statium, so sport by sport, depending a where your levers are, you may need this money, for a lot of players, teams and owners, hey, the money can help for the goals outside

the 'arena. we'll be speaking with tillmman fertitta next hour. i had radioing higher, a 150% gain in peloton isn't enough why they say another big run is ahead. companies have been planning and positioning as the storm progresses stay with us ♪

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exchange." abbott labs quick test certainly has a lot of investors, that's why we're seeing financials are again, a reopening feel to this market, but even after the fed

this morning laid out a policy shift those games we saw -- the dow is up, the s&p up about six, the nasdaq is down about 44. sue herera has our news update. here's what's happening this hour we now have excerpts from president trump's acceptance speech at the white house tonight. he will call joe biden'senda, quote one of the most extreme set of proposals ever put forward by a major party nominee. meantime the biden campaign is planning to counter with a two-minute ad on the four major broadcast networks predicting him as energetic and a candidate who plans to address covid and the economy. this as u.s. covid-19 deaths are now above 180,000, according to the latest count from johns

hopkins. we now know the smoke seen at lake charles is from a chlorine fire at a biolab facilities as hurricane laura is downgraded to a tropical storm. >> yikes, that's pretty terrifies. >> it is. speaking of which, preparing for a major hurricane anytime is a different task preparing one during a pandemic is even harder contessa brewer has more >> reporter: kelly, a lot of time and effort has been spent on disaster planning, and trying to facto in precautions,% simply things you cannot plan for, like the chemical fire burning in west lake, louisiana the governor is asking people to shelter in place caesar's is monitoring the fire

because of its approximate yesterday to i casino. d.o.t. inspectors are on the way to check out if there's any damage to the bridge and how organizations are adapting to the challenges they know their plans were effective if infections stay low while responding to these disasters. for instance, the red cross has more than 10,000 people were given emergency shelter last night, some in olympics, some in carefully managed facilities walma walmart, home depot are operating remote command centers. lowe's as deployed 2,400 trucks pre-positioned and filled with supplies at&t tells me it has a team in

place to tackle damage to communication infrastructure asap so all of this testing, how though emergency plans were put into place. >> but it's interesting this storm has such a lock tail. >> reporter: you saw this as a category 2 hurricane it stayed a category 1 meaning over land we saw a hurricane for as much as eight hours and now the tail as it's moving on fm global, a leading commercial property insurer says that raises the risk of damage for all these businesses and houses because of river flooding. >> which is exactly how we saw previous storms so damaged goldman sachs says peloton with go eastern higher, and what the teaming up could mean for tiktok microsoft at an all-time high.

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. welcome back let's catch you up on several stories that should about on your radar today time for our super-rapid version. so much news here to break down the headlines, first up, it's been a drama-filled day for tiktok. kevin mayer quit, after less than at least months sources say he was excluded from negotiations, which would frustrate anybody.

>> look, i think what all this points to is the fact that a deal is coming very soon a source close to the situation told me that one of kevin mayer's frustrations is the idea he made so many valuable deals for disney, including acquisition of assets, and then you have a situation where you had the ceo of -- and leading the negotiation, and then leading negotiations with oracle so you have a situation with someone known for their ability to do deals now able to lead the talks. in a way it makes sense he would want to step back and make sure he's not a part of the next business for tiktok, which sounds like it could be

complicat complicated. >> he's probably, yeah, no, i'm good. >> some kind of joint venture. it is fascinate iing microsoft s seeing it as lots of data to run through the cloud, among other things so it is an interesting thing. quick last word. >> i lieic to think -- and if it's a walmart/microsoft deal, is that a distraction for walmart, or in their condition you guys know i love super walmart, but they don't have a good track report.

if they emerge here -- i would have a lot more questions, but let's talk about goldman sachs doubling down on peloton, say expectations are far too low they have raised it to a street high of $96, saying the trend soul simply pull 23r5rd, b forward. >> the call here is there's going to be a blowout september quarter based on new volume. goldman is essential saying is all it does is hastens the moment when they get to their rightful share of the total addressable market it's still being valued, much more like a software network play than hardware cost of goods sold is still half of their researches, but momentum is there, but the question is, does it turn out to be a fad and shutdown play. >> it doesn't seem to matter

christina yates just got one, has to wait to november, but others like my savvy sister has found a cheaper bike, to work with a peloton app. >> i do not own a single piece of peloton equipment, but i use the app on a very, very regular basis. to mike's point, is it a hardware or software play? it's truly software. i use a beating-up treadmill, so i'm a subdescriber to another point, i also subscribe to a number of virtual fitness apps >> that's how you stay in shape. i'm so impressed two of college sports biggest conferences getting blowback for cancelling season, if more d-1 experts say cancellation could be a good

thing for the bottom line for the media companies? it's all because of a drop in ratings last season. only nine games had more than 7 million viewers. 13 games reached that mark in 2014 i can't believe this would be a good thing for these companies. >> i think the argument is it would be a good thing if they weren't able to produce sufficient advertising revenue it's a lot more expensive to produce anything now than before you have to have all those extra layers of security and safety measures an covid. so that's the question how much the additional costs could have outweighed, but i would guess ratings would be through the roof people are so starved for content right now, live sports content, though i guess the question is whether they would be competing with all the other things people are hungry to watch, including the return of the nfl. so a lot of questions there, but i think it's worth imit, just a

lot more expensive to produce anything. >> are you in camp that says buy they stocks at a uniquely depressed situation, but no, there's a sea change, and everyone is on netflix or their pet peloton app. >> they're pretty well discounted for the long term i don't know that this has changed the story. i do recognize the idea that it's more local appeal than national appeal. you know, on a return on investment basis, maybe not that great. but it goes back to spreading games across the entire week you know, with margin gains, those days are over. >> still they have every bowl game imaginable, but it vindicate the strategy of going national finally what do groceries and wearables have in common amazon is opening the first

location of a new grocery chain called fresh, and introducing a wristband called whalo it's a subscription service. stock at an all-time high. we're pointing out they seem to have no qualms about extending their reach into your emotional health, for instance, or into the grocery store aisles at a time where they're landlords under scrutiny >> yeah, what it tells you, bezos doesn't sleep, amazon never stops. it tells you where their future ambitions lie, perhaps now with the pandemic online grocery delivery is seeing a huge leg up a physical grocery chain is a further way to tap into that we know amazon has major ambitions in health care

it doesn't collect to alexa or prime, so perhaps am zoran is saying, we're going to keep your data completely separate we know there's already lots of concerns about privacy, so perhaps getting ahead of those concerns. >> michael, a parting thought on the stock? >> they're willing to fail with things like this, as they did with phones. that's probably what investors hope and want for. >> we have the same philosophy here, but sometimes it's so good thank you all very, very much today. we appreciate it. coming up, imagine stepping into the ceo role during the pandemic and in an industry that's been definite stated by it that's what the first 100 days have looked like for scott kirby. we have a closer look at his short and tumultuous tenure, rit teth ghafr is

my name is joe. i'm a sustainability science researcher at amazon. climate change is the fight of our generation. the biggest obstacle right now is that we're running out of time. amazon now has a goal to be net zero carbon by 2040. we don't really know exactly how we are going to get there. it's going to be pretty hard. but one way or another we're going to reduce our carbon footprint to net zero. i want my son to know that i tried my hardest to make things better for his generation. and a highly connected lexus vehicle at the golden opportunity sales event, lease the 2020 es 350 for $359 a month for 36 months. experience amazing at your lexus dealer.

welcome back scott kirby has been on the job for 100 days and what a 100 days it's been, with the pandemic devastating the sector for a closer look at some of the close calls, let's bring in our phil lebeau. >> what is the cardinal rule of leadership -- do not waste a crisis take a look at the stock since he became ceo on may 20th, it's up 58% that's not great, but certainly better than where they were in april and may. a couple things stand out. first of all they've been aggressive in terms of cost cutting. there's the mileage plus debt offer where they raised $5 billion. that's a signature move of hess tenure in this industry cash is king. look where united stands right

now, only trailing southwest at $16.7 billion. they're going to need it passengers levels are not returning the way the industry was hope >> the industry that is really in favor, electric vehicles. we had another chinese maker, the shares are up 60%. >> that's a bet on the chinese ev market. it's the largest in the worl it will be the largest for decades to come. if you believe that market will take off and that x will be ajor

player, that's why you're buying the stock. thank you very much. coming up, my next guest says the fed is being forced o tackle things it doesn't have the tools to address and it's causing mission creep at the tlss y,exnk heel uwh nt. s moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will... you can rely on the people and the network of at&t... to help keep your business connected.

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major shift at the fed today with chair powell announcing average inflation targeting. some are calling for the fed to expand its focus take a look at this headline in the wall street. mission creep at the fed the central bank has been asked to tackle climate change, trade wars, economic and racial

inequality things it may not have tools to address. joining me now is the author of this piece and the long time fed watcher. chief economics commentator at the wall street. it's great to have you here. do you think there's already a little bit of mission creep at play in fed's announcement today. >> a little bit but not really today's announcement was more about how do we better aachieve the goals we have for ourselves. there's a lot of pressure to expand beyond those statements. there's a will the of pressure from democrats to target the gap between black and white unemployment rates you're seeing a lot of people

asked the fed to do a lot for than just traditional things to try to target things they don't have good tools to address. >> you cannot serve two masters. financial stability they say stock prices are too high. if we tighten then we won't achieve our other goals. i wonder if the fed will be more dover for years ahead than anything we have seen in the last cycle >> it makes redun dants. we know if black unemployment rate rises more than the white unemployment rate in the recession. when the economy is doing well, that gap becomes very narrow what powell said today and in the new statement of purposes simply by pursuing their existing goal of full employment they are serving other goal of eliminating that gap they don't talk about what would happen if they started getting inflation problem and the gap

still exists that's where the conflict arises >> let me ask you about the inflation issue. we talked to robert kaplan and he hinted lower dollar, deglobalization could all lead to higher inflation than anything we have seen. the marks don't buy that >> i think all those things will produce temporary bump up. we know the most powerful det m determinants are slack and if

you look at the bond market, and surveys, people are not expecting high inflation they are expecting low inflation. you could be right that's why the fed needs to maintain flexibility to respond if it must the way i read this new statement of principles is they do retain that flexibility >> final question. when people start saying the market is frothy and we're in danger of doubles. do you think the fed would do anything doesn't sound like ta ahey are n the business of leaning against that >> i think they probably wisely said that you can't have like sort of two masters at the same time we cannot worry about what these low interest rates are doing in terms of creating stock market bubbles. we would compromise our much more important goal which is getting the unemployment rate down anden flags up. that financial stability issue will have to be looked after by others that's kind of what congress is for. >> right, congress

it's good to see you >> thank you >> that does it. we'll see you on power lunch stay with us plap ♪ 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. ♪

. good afternoon i'm tyler mathison lots to talk about today fed chair powell sparksing a rally. the dow up 200 points. s&p and nasdaq did set record highs although we're off those of the day we'll tell you what chair powell said and why investors are so