it is 5:00 and here is your "top five@5.." >> a bounce back and the shous voting on a slim aid package. the president stepping in. >> and astrazeneca responds on the patient that forced them to stall the testing. >> and nsa turning the head.

>> and the state of the apartment rental market in new york city. thursday, september 10, 2020 "worldwide exchange" on cnbc >> good morning, good afternoon, good evening wherever you are watching it is only thursday but feels like we already lived more than a week in the markets. down one day, up in the next futures are in the red dow futures down nasdaq down 85 points right now. the nasdaq did bounce back yesterday. up nearly 3% for its best day since april. 85 nasdaq 100 stocks finished

higher on wednesday. le led by gains in zoom and tesla. tesla coming off its worst trading day ever those stocks fractionally down around the world, asia mostly higher after a rough day there european markets are just getting started. julianna tatelbaum is standing by with more and some headlines. good morning >> brian, good morning it looked like we were in for a positive session at the start of trade today but things have turned negative. we are looking at red across the board in europe. yesterday, we did see a rebound as the stoxx 600 jumped yesterday reflecting broad-based, strong gains. a little retreat you've got the ftse 100 leading

losses the dax down 0.1%. the big event, the european central bank meeting to get under way in a few hours no policy change expected at the meeting. it would be interesting to see how the central bank talks about the euro strength. higher very sustain the dollar by 0.25% around the 1.18 mark. the topic here and the economic trajectory tune in for that meeting where european investors are watching today. >> we'll bring you those headlines to us. thank you. back home, jp morgan chase, cracking down on employees who violated terms of coronavirus aid meant for small business frank has that and other

headlines as well. >> jpmorgan chase fired employees who allegedly pocketed funds meant to help in the covit crisis some employees offered grants up to $10,000 for businesses. separate from the ppp which has seen its own issues. simon mall owners are close to finalizing a $800 million deal to rescue jcpenney from bankruptcy which would save jobs and stores wells fargo has agreed to give them credit. seeking to get approval from a judge early next month >> the number of apartments in

manhattan nearly tripled as many flee the city and prices collapses. more than 15,000 empty rentals in august, up from 5,600 a year ago. the most available since they started keeping track. >> i know a lot of people that have left new york city and tell me they are never coming back. maybe they'll change their mind. tough times for the city your next guest has a rather interesting and different strategy than most we bring on he uses a concentrated portfolio of just 15 to 20 companies and has some good ideas where to make money right now joining us now, the ceo of cic wealth appreciate you coming on "worldwide exchange. because you use that smaller

portfolio, have you been whacked by the tech volatility >> we haven't. we actually don't have a large concentration in tech. we have a handful, apple and intel in our portfolio that we've been long-term holders of. we've seen a move in apple recently but it has been such a good run that really, we are not worried about it >> we are showing intel's graphic on the screen. i feel like that's probably not an accident. is intel one of your core holdings >> it has been for several years. we focus on companies that we think have a durable competitive advantage and have a consistent track record of delivering results to share holders >> yes, they've had problems

recently but we are still long-term holders of that company and think the future looks bright for them. >> hasn't had the best of years, how long do you give intel to turn it around and hold your average position our favorite holding time is forever. that doesn't mean we'll hold it forever. we are seeing the newest chips we are in it for the long run we focus on cash flow and the ability to generate earnings they continue to do that >> you also like disney. an interesting company when you look at the market cap, it is right around netflix

you can say, it is wildly overvalued or with revenues much higher than netflix is wildly undervalued. >> we do view it as the latter i'm a believer usually in the extremes, somewhere in the middle is probably the truth we look at dez any as a company we'd rather own over netflix there is a few streaming services out there that are striving if you are going to compare netflix and disney as competitors and put valuations that are similar in the two companies, then you are getting the theme parks and the movie studio aspect for free

that's how we look at it >> i guess at the time of a pandemic, you might think you want to get the movie studio and theme parks for free given the current environment. there is a discount because of how people are short sighted looking at the future? >> they are giving us an opportunity to own disney now. as you have a longer view and the paendemic hopefully comes t an end, maybe we'll see more of a true valuation for the business that will separate disney from netflix and other streaming services. >> what is your latest exciting new buy. who have you recently fallen in love with?

>> a good question we've had difficulty finding companies we could fall in love with forever focusing on trying to find under valued securities and frankly, that has been difficult to do. >> okay. is there any you view as undervalued? there has to be one or two out there? >> okay. so, yes -- the banks -- some of the banks, we have in our portfolio. it is hard to love banks right now. but the banks like u.s. bank, dare i say wells fargo, which seems to be like a lightening rod. we look at those as wildly

undervalued. we look at those as great generators of free cash through stock buy backs and dividend payments if you are willing to have a long view, you might consider buying some of the banks but be ready for a little run, low earnings and disappointing results as interest rates are where they are right now >> interesting, we are supposed to buy low there is a guy named warren buffett who has done well with that he's recently sold wells fargo maybe you are on the other side of that. thank you. >> thank you too we are just getting started. why shares of restoration hardware are surging

what the ceo is saying about the latest outlook president trump reportedly planning to step in on the latest round of stimulus talks >> and believe it or not, football kicks off tonight hard to believe but true can the league last the entire season we'll get a live report on what is expected. mip in a busy hour as "worldwide exchange" rolls on after this ♪

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block buster results for the company known as restoration hardware frank is back with the details >> starting with rh. shares jumping 14% after reporting better than expected earnings the company said total demand rose 16% rh is not providing guidance citing the pandemic but says business trends continue to build. the ceo of rh will be on mad money tonight. boeing facing an independence probe over a deal with nasa. the agreement comes as federal prosecutors continue a criminal investigation of whether a

former nasa official miss guided boeing kansas city southern has rejected a takeover offer. valuing kansas city southern $2,000 per share >> he everything is for sale for a price. on deck, a new chapter in the saga which is tiktok and the desperate bid to avoid a sale or a shutdown >> announcer: today's big number, $1.66 billion. that's how much apple's market cap has increased since tim cook took over as ceo nine years ago

august shares are soared under cook's leadership

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.

to deliver your packages. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you. welcome back we are seeing futures in the red but not by a lot the number to watch is nasdaq. dow and nasdaq are both down almost exactly the same, 55 points that's not for the dow but for the nasdaq, it is something to watch after yesterday's big rebound. we are seeing red on the screen.

we are hoping the market bounces back and follows that snapback we had on wednesday. time to step out of the markets and get a check on some other top world and national news headlines with nbc's frances rivera in new york with those. >> good morning. microsoft recently alerted the campaign advisory firm for joe biden that his suspended targeted by russian state hackers. the source saying, quote, they are well-defended and there has been no breach >> to california, 28 fires are wreaking havoc including the second, third and fourth largest wild fire in the state's history. more than 2.5 million acres have

been destroyed three deaths across the states including a grandmother in original oregon and her grandson the mother suffered serious burns and is being treated in icu. >> this day, in 1991, the song released "smells like teen spirit." known as one of the greatest songs of all time. >> i have been a bad parent because i have not instilled "smells like teen spirit" into my children's heads. i have to do that today. >> i think you have to i think there has been one album that obliterated a genre hair metal went from this to zero in about one week after

that album came out. "come as you are" best song ever >> we need to play it all day in a loop >> why not good stuff have a great day in d.c., the senate is said to vote on a slimmed down relief bill today talks have stalled in recent days with that bill said to be a nonstarter in the house. the washington post reporting that president trump may step in with more executive actions to try to fill the gap. tracie potts with us with more on that. good morning >> reporter: good morning. it is a vote but seems to be a vote going somewhere senate majority leader saying he just wants to get every senator on the record where they stand on some sort of coronavirus relief this is nothing like the $3 plus

trillion democrats were looking for or what the republicans were willing to concede to. it is what they call the skinny plan that would be $300 a week for unemployment, which is half of what they agreed for. it does include money for small business but includes nothing for state and local governments. notably, no more direct stimulus payments not in this version. that $1,200 check you got from the government and there was supposed to be a second round, not included in this talk today. the white house says if it fails as it is expected to, this so-called skinny bill may go away and the president will look for other ways to get money where it needs to be for example, executive orders on relief for airlines, unemployment, school vouchers

and changes the president already made to payroll taxes. it looks like the president may act on his own today virtually expected to go nowhere. >> what is the time line saying it does not go anywhere what about congress? do they step back in do we expect discussions and negotiations to continue >> that would be the hope but they'll been stalled since july, through the break in august. they are going nowhere getting closer to the middle it is just a question now of president trump and nancy pelosi, maybe mcconnell and schumer making concessions because we are getting to the budget period and they'll have

to make a crunch for the economy right now. >> an important discussion on stimulus thank you. have a great day still ahead, astrazeneca firing back on reports regarding the patient and the reports it had to suspend the vaccine trial. and the battleground state and foxconn factory has found itself at the center of the debate dow futures down the same, 62. we'll be right back.

♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save $400 a year on your wireless bill. plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g.

welcome back futures are ticking lower. will that continue today not looking like it right now. the tiktok of a deal china's bytedance talking with washington about ways to avoid a sale or full shutdown. hard to believe but true, the nfl kicks off tonight with houston facing kansas city we'll talk with a leading agent about what to expect it is thursday, september 10, 2020 "worldwide exchange" on cnbc

we talked about hair metal earlier in the show, i guess that's the reason for the music. i don't hate myself for loving you. i love you for watching. >> i think i got that right. let's get a check of the market at your money. futures indicating yesterday's snap back may not keep snapping back they are lowing but not by a lot. futures are lower. back after posting big losses. up more than 3% yesterday. the best day since april nasdaq 100 closer higher led by gains in zoom and tesla. the biggest mover, the vix

falling. a big economic day as well jobless claims are out at 8:30 producer prices with oil and gas. 11:00 a.m. with crude oil that has been weak as well. stocks have been mixed in asia overnight with china closing lower. ahead of that decision, 7:45 eastern. mixed as well with france and the uk down but germany mildly higher >> back here at home, astrazeneca defensive over the late stage of the suspension of the trial. a report says that could get back on track as early as next week we have that and more headlines. >> that's right. astrazeneca says it is investigating the safety of the candidate but denies there is definitive evidence one of the

testers received a case of spinal inflammation. stating, quote, we have statement that our patient yernt suffered transfer myelitis are incorrect. one volunteer was confirmed to have an undiagnosed case of ms unrelated to the vaccine amazon agency director has been named to the company's board of directors. alexander, a four-star army general who previously served as nsa commander will bring considerably national security and cyber security experience to amazon's 11-person board as they remain locked in a battle with microsoft over the jedi deal with the u.s. government >> bytedance working with the

u.s. 0 government to avoid a shout down sources say those possibilities include handing over operational control of data to a u.s. tech company. it remains unclear if the trump administration would be willing to go along. >> we saw some cat videos there. every morning is made better by some cat dancing videos. politics and the economy three years ago, president trump promised the eighth wonder of the world was coming to wisconsin. foxconn hasn't produced even one of the promised display panels at the site. there are things happening there. with $4 billion at stake in wisconsin, that has become maybe the most important battleground

state. we have more with scott with the latest >> as we've been reporting all along, the story of foxconn in wisconsin has been one of big promises falling short almost since president trump first hailed what was supposed to be a $10 billion facility creating some 13,000 jobs in exchange for some $4 billion in state and local subsidies. today, we are far from that but there is a plant taking shape on the site we are only now about to occupy the main facility, which is way behind schedule. they are making covid masks on site they are plans to build ventilators. they are talking of producing ginsing in wisconsin some 2,400 people are employed

as foxconn said end of last year, they had hired about 550 people in the state. again, far short of the target this isn't necessarily attributed to foxconn specifically the metro area is third in the nation for wage growth over the past year as of july according to the labor department. is any of that vindication for president trump in wisconsin not necessarily according to our states of play poll, which shows biden building his lead in the state. 43% of wisconsin voters surveyed say they feel confident or good about the economy. a little higher than the 40% nationwide op t on the question of who would do a better job getting people back to work, biden holds a narrow

edge some say they are skeptical of foxconn as well. they are still auditing the company's claim for the first round of subsidy payments they made and are still in discussions with foxconn about renegotiating that massive development contract >> scott, listen, this is the ultimate economic story. i've spent a lot of time in wisconsin, as you know what might they build once this plant iscompleted? >> they had changed to lcd, cell

phone displays there is talk about making servers there. they do have infrastructure. the state and local government has kicked in a lot of money for the infrastructure improvements and land acquisitions. there is something there but they are working out what the demand is going to be. that will create a lot of issues for this project that has been so controversial in wisconsin. >> no state and by the way, no county, maybe two counties may decide that election more than where that plant may go. appreciate it, buddy take care. coming up, pro football kicking off tonight. hard to believe but it is true can the league last the entire season we'll speak with one of the nfl's top agents still to come this morning,

paletir valued at a far cry from the $20 billion valuation it had five years ago the company holding a virtual event with investors yesterday twitter looking to sub leez nearly 105,000 square feet of the san francisco headquarters after the company announced a permanent work from home policy. and prosecutors want a review of criminal charges against him accused of the sell of bonds in that one mdb malaysia scandal talks that goldman sachs agreed to settle on the deal. we are back with more of "worldwide exchange" after this.

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welcome back i know it may still feel like march. i promise, it is nearly fall how do we know the nfl starts to night. the texans takes on the chiefs getting here was hard. there is still a lot of questions. jay gray is in kansas city the most bizarre kickoff ever but i'm glad it is here. >> right, brian. we can use a bit of a diversion

here in 2020 football is not a bad way to do that we are downtown kansas city. normally we come from just outside of the stadium now that area locked down because of covid-19. they don't want to take any chances. one clear indication this is going to be a different season >> the field is ready. so are the fans. >> they are winners and they are going to be winners. >> we are kicking it off we are the head hon choes for the league to show what it will be like for the season >> this start will look different for the history of the game instead of more than 76,000 rabid fans only 17,000 will be allowed in the stadium.

masks will be required still coach expects a home-field advantage. >> i know they'll be loud. >> the message maybe one of equality and justice >> everyone is in a position now of saying we need to do more and make the change which is necessary, which we all know has to happen. >> after months of protests across the country, players say they are eager to use their platform to push for change. >> in order to move forward, we'll have to love each other and understand each other. >> a game plan with a reach much further than the field >> reporter: neither team has revealed plans for the pre-game national anthem.

we expect they'll kneel. we know "lift every voice and sing" known as the black national anthem will be played before every nfl game. >> a lot of important issues going on and pro sports can do their part to advance causes back to business, i think there are six stadiums that will allow some fans in what happens to half time shows? how does the actual production look >> you are right one of six teams and this team, the chiefs allowing in more than other stadiums 22%. that's 17,000 fans in a stadium that holds over 76,000 concessions basically going away they'll sell drinks. that's it. no cash. you have to use cards. half time all virtual. performances will be taped and

performed live but virtually so in one will be on the field it will be very different. this is all an experiment. kansas city says they'll have fans for the first three games to see how this goes it will be interesting to see how this plays out >> this will sound weird but you wonder for the six teams that have even some fans, is that like an unfair advantage >> they'll pipe in some fan noise and they are really going to generate that from previous games in the same stadiums nfl films will do that to try and balance it out it will be different >> jay gray in kansas city, you

got the bright red behind you. i'm glad you got to kansas city. thank you. we'll go to a short break with dow futures down and the nasdaq down about the same will the rebound or the selloff ntuecoin as over the last three days we'll be back with more after this ♪ ♪ i keep working my way back to you, babe ♪ ♪ with a burning love inside ♪ yeah i'm working my way back to you, babe ♪ ♪ and the happiness that died ♪ i let it get away

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to deliver your packages. and the peace of mind of knowing that important things like your prescriptions, and ballots, are on their way. every day, all across america, we'll keep delivering for you. we talked about the nfl kicking off. joining us now, kim miale, general council and roster includes saquon barkley and more kim, a pleasure to have you on i know it is early we appreciate it big day today. how hard was it to get to this point? what did you hear from your

clients? >> caller: good morning. thank you for having me on, brian. it is early, an exciting day no better to get up early and get ready for tonight. as far as my clients are concerned, they are super excited. there was a little trepidation going into training camp i have to say the nfl and the teams have done a great job making the players feel safe and feeling like they've put their safety in terms of covid-19 first and foremost at this point, they are dealing more excited >> you can't live in the bubble like the nba can it is a larger sport, far more people what kind of safety precautions have been put in place what were some sticking points

behind the scenes? >> caller: testing was a huge priority the nfl pa and players wanted to have consistent testing which they've done they've implemented policies and procedures and following federal and local guidelines social distancing has been a huge factor. cafeterias have tables spread out. players have certain meeting rooms with less players. they are disincentive eyes from engaging in quote/unquote unsafe activity those things could be disciplined. encouraged to follow the rules and do everything they can to

have a safe season >> what does that mean what kind of behaviors and how much money are they going to charge them if they get caught doing dumb things? >> it varies there are fines depending. if you have risky engagement and then test positive, the penalties are increased all the way up to suspension and losing guaranteed money if that does happen >> what is your expectation for -- what happens if one team has a major outbreak of cases to where they are not able to play for a week how does the next week work? what happens to their schedule are they able to make the game up do they forfeit? how does it work >> yeah, the league is

definitely moving forward with the season in tact that enforces a con continue si plan forcing a place where games have to be played. going out into a super bowl. if that happens over an extended period, i'm not sure what will happen they may have to forfeit the season >> i'm a charger fan somebody said what is it like to be playing without fans? i said, the chargers have been doing that for years >> left themselves open for that one. >> you don't have to respond to that thank you for joining us here. >> thank you >> the nfl kicking off by the way, its 101st season

leather helmets, four yards and a cloud of dust. texans versus super bowl champions, kansas city chiefs. beginning at 7:00 p.m. eastern time time for this morning's rbi. this should make you feel pretty good about the markets to come dropping some history on us. this three-day nasdaq 10% drop was the fastest on record. you know that, ryan and his team went back and looked at the previous 10 fastest factions in history. nine of those times, the index was higher one year out. the average gain of those 10 moves was a 26% jump in 12 months one key thing before you hit that buy button. half of those gains were in 1999 the one down here was march 2000

to 2001 which was a 59% wipe out for investors. be careful out there one wrong year could do a lot of damage random but interesting bringing in our guest, what do you make of that rbi. history does not always repeat itself but sometimes it does rhyme, i'm told. what do you expect to happen from here on out >> thank you, brian. we ran a similar analysis and showed something similar what it comes down to is the fed policy and economic situation. back in '99, the fed had an accommodative policy up to early

2000, which is tributed to that down turn. that growth began to accelerate at that point. right now, we don't see or have any idea that the fed will withdraw liquidity in any way over the next few quarters every global body is increasing. we are also about to step into greatest work orders of growth since world war ii things were closed and are now reopen whether they get back to february or march, mathmaticly, growth is huge across every single country in the world? >> it is funny i've been doing a lot of research you think of the roaring 20s as, well, the war ended and now

everybody is going out and partying i realize that was more caused by the pandemic in 1918 and 1919 than the war itself. this is our fourth pandemic of the last 100 years people don't even remember or talk about given that '68 was twice as deadly to people under 65 than this we could see the roaring 20s again where people just let loose for a couple of years. >> look, i don't think we'll go back to the exact same spot all that quickly in terms of economic activity. i would say it another way, the 1920s was also a period of incredibly technology and economic growth. we are in one of those right now. there was a great quote i'll

paraphrase he said covid didn't change anything but accelerated what was already going to happen in the economy. global growth and policy, we are quite constructive >> looking at spacs, video games, you can combine them all. half the spacs have been from video game makers. does it feel frothy. you and i should start a spac and make a game about electronic vehicles >> it is really just another method of doing an ipo a month earlier this year where 90% or 80% of the volume was

spats. we had recent growth like montgomery and others that are all gone these are a new way to go ipo, take a company public and partner with great sponsors and get into growth companies. >> well said, great stuff. we appreciate you coming on. have a great day we'll see you soon that does it for us here on "worldwide exchange. nasdaq futures only down about 11 "squawk box" picking up the 'lverage wel see you tomorrow have an awesome day. take care. look here, it's your very own all-in-one

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good morning futures barely bulging this

morning after yesterday's tech rebound closed up to 400 washington, the senate is set to vote on another coronavirus relief bill. bad news for real estate in the big apple. new numbers this morning on apartment rental vacancies, of which, there are a few september 10, 2020 "squawk box" begins right now. >> good morning. welcome to "squawk box." i'm becky quick with joe kernen and andrew ross sorkin u.s.