welcome to "power lunch. kelly is right over there. you'll see her in a moment stocks are soaring to kick off this new week. the nasdaq leading the charge after its worst week since march. it's still down about 9% from its record highs two dow stocks hitting new highs and they are not tech stocks look there nike, mcdonald's mcdonald's is its highest level in a year. the home depot co-founder,

one of the great men of american business will join us following the nfl team's first time back oen field without fans but players bringing attention to social justice around the country. "power lunch" starts right now guess we're together but separate, once again welcome to "power lunch. billions of dollars of deals on wall street today. for $20 billion, gilead adding to its cancer fighting portfolio. it's basically doubled next up for $40 billion, the biggest chip deal ever, nvidia buying arm holdings which designs chips. up 8% and finally not quite a deal yet

oracle betting to be technical partner in the u.s. september 20th deadline. oracle shares up 5% on the news. we'll have all of this back over to you all those big deals on wall street helping the comeback rally in stocks. after two down weeks in a row. we haven't seen that in a long time jim paulson joins us now is your time to buy the dip. welcome. good to see you. you see the marriage between wall street and main street looks as strong as ever today. i say what have you been smoking? i'm telling you, in my little town in new jersey, you cannot walk the streets of that town and say that small businesses are in any sense as healthy as big corporations >> i tell you, what this country experienced was a complete collapse of the economy on main

street in a matter of a month or two. that's what happened on wall street with the biggest collapse, biggest, quickest bear market to drop 30, 40% then what they both experienced is a huge bounce record setting bounce. that includes not only what's happened in the stock market but also includes a record setting bounce in main street. if you look at real gdp which went down 32% in the second quarter, according to atlanta fed, now it's supposed to be up 31% in the current quarter for example, that's the biggest collapse ever and would be the biggest increase ever in a single quarter if you look at what's happened to the job market, we lost 22 million jobs and we regained already half of them nap was the

biggest loss it's also so far the quickest gain in jobs that we had if you look at retail sale, which collapsed to multiple year lows only to come back within a couple of months to all time record highs, if you look at the isms whether it's service or manufacturing, they fell the the low 40s and in a matter of -- >> let me interrupt you. >> i'm saying the pattern on main is similar to the pattern on wall street >> i just don't buy it i just don't buy it. you and i are friends but i just don't buy it you know the numbers as well as i do if you're at 100 and you lose 50% of the value in your market or value of your stock you have to double, you have to double to get back to where you were that hasn't happened i'm telling you, jim, when you go into a store, they cannot accommodate the number of customers, not in my region, maybe it's different in minnesota. maybe it's different in texas.

in my region, you can't go in the store if there are more than two other customers in there the stores cannot do anything close to the volume that they were doing you're saying main street has come back on par with large corporations, i just think that's not right >> i didn't say on par i said they both experienced record setting collapse and they both have experienced record setting surge. that pattern is very similar -- >> they're still not anywhere close to where they were they are hiring. their employment is nowhere close to where it was, jim >> i don't disagree with that. that's not uncommon at all in recessions we have recession and it takes a long time to get main street back to where it was

shot back up to levels that are higher than they were pre-covid. >> jim these are not -- >> people can't get in the store. >> this is not because main street has done it it's because target has done it and costco has done it and walmart has doneit and lots of the big box companies have done it it's being driven there. it's being driven by a resurgence in auto sales it's not because the little coffee shop in westfield new jersey is doing better it's not people have to wait outside to get in if they're open at all >> i'm not saying there's not continued stress and pain on main street and it will be for a long time.

we blew out to a 10% unemployment rate above that in 2009 we had a 10% plus unemployment rate. both of those took years before it got back to where it first was prior to each of those recessions i mean almost a decade it doesn't mean that we haven't started the expansion. it doesn't mean we're not in a new recovery or in a new bull market just like we have been at points in the past when you still had pain on main street but there was already a sizable turn in economic activity and the stock market >> you know, i love your optimism you're one of my favorite contributors we go back a long, long tiemg time >> we do please don't confuse my passion

other than anything but respect for you to push back on your ideas. come visit us in new york. come and walk across time square at noon any day of the week. come and walk across 50th street in manhattan as i did last week. i'd love to show you the picture at noon. i looked from 6th avenue from 5th avenue and i saw two people two people that means there's nobody in the offices. there's nobody going into the retailers. it's a different world up there. let's talk for a second about why you think the market can keep moving higher i won't interrut you i promise. >> that's fine i would just say the bounce we've had so far in the economy and i think that's what the stock market has been responding to more than anything has to do with sort of an artificial

collapse that was caused from a very unique recession caused by just hitting the off switch on the economy. i think it fell so far and so fast, it was a really emotional collapse that caused the stock market to go down a lot too. both have bounced so far and i think that's about running its course we might have a little more of that bounce left from here it will become more of a normal recovery. i think what's going to kick in is all the stimulus that we introduced here since this begun. we have introduced unprecedented massive policy stimulus. 25% into money growth is 2.5 times faster than anything else in the post war era. 15%, maybe even 20% deficit to gdp ratio is one of the strongest fiscal responses of post-war era record low mortgage rates. all of that when you look back takes about a year or a little more to really favorably show u

in the economy i don't think that stimulus has done much yet. next year it will kick in. we've had eight recessions since 1960 and every one of them was followed by a year of a significant increase in policy stimulus and every one of them brought a significant recovery in the economy i think this one is well in fact, it might be bigger than normal because of the bigger than normal policy response. >> let us pray it is so. thank you for your good natured jousting i appreciate it. >> any time. >> you're always a good guy and a good sport about it. i sorry i interrupted you a couple of times. >> no problem. >> ty, you can only imagine what clients put him through. let's check in on shares of astra zeneca the stock took a hit last week when the trial was put on hold it's up about 1% today

meg is here for more with us >> we're coming through that trial can resume in the uk we haven't heard about other markets including the united states the company saying it got that word from the regulator there that it was safe to resume but not giving anymore details about what the illness was in the trial or how it was deemed safe to resume. both astrazeneca and oxford c e citing patient confidentiality the fact that we don't have more information here is raiding some concerns in the scientific community who are asking for more details a piece about this in the new york times yesterday that pointed out the fact we're pointing out last week that all of the information we have gotten about this, really has been from a private i venvestor call we still don't have as many details the company has given

publicly as there's so much distrust, many in the scientific community asking the whole industry for more transparency. >> it's ironic because they signed the whole letter saying we'll be super transparent but when it came to this update, maybe that wasn't the case let me ask you about pfizer because the ceo said we'll have vaccine in use before tend of the year sticking to their guns or this sound like sooner than people hoped? >> they are sticking to line about expecting to have data on whether their vaccine works by the end of october that's not a view shared by people like dr. fauci. i asked the ceo about that time line this morning and specifically a date in october october 22 nt when the fda has an outside meeting of its advisers to talk about vaccines and whether they have data by then here is what he said

>> we will be in time to date although it's not impossible i think it's unlikely. from the time the start to result, some time to repair for the submission >> that's important because a lot of folks in the industry are really focused on that date as being necessary if a vaccine is going to get approved by november 3rd, election day many expect that this committee would need to be able to review the data on the 22nd we'll have to see how all of this shakes out. >> appreciate it tyler. coming up, what's the deal with tiktok? oracle awaiting approval to be the company's trusted tech partner. the nfl kicking off its first round of games over the

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yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. oracle rising today as the company emerges as the winner for tiktok american operations well, sort of. oracle won't be taking over the company, just the technology will be that be good enough for

the trump administration that's forced this deal over security concerns here is what stephen mnushchin said >> we did get a proposal over the weekend. making a recommendation to the president and reviewing it with him. >> all right for more on the details of this proposed deal, here is josh lipton hi, josh check out this move. it's on track for its best day since march. that is up more than 50% from its march low.

it's note totally clear but oracle does offer cloud infrastructure oracle not a leader but it does have a new product taking aim at amazon and microsoft the executives do have close ties to the trump administration there's larry elerson, he threw a fund-raiser for president trump who calls him a tremendous guy. back to you.

>> i'm so glad you're here how it affects the balance sheet. will oracle be reporting tiktok's revenue and profit as its own? >> it's great to be here with you on a really interesting day. whether it's just a technology provider ta gets a name brand customer >> does it make a difference >> if they did participate in the financials, you would imagine the stock trading different. on the other hand, tiktok loses money right now and make the

exposure gives oracle a bit of the halo effect without having to worry about that baggage. what's the better scenario as far as you're concerned? >> for us, it's important to step back and understand what could be the strategic priority here for oracle. that's changing the narrative around the potential for growth of the company for oracle, it's really been the top story over the last few years. the market opportunity that they are going after is pretty tremendous most analysts, including ourselves think this is more than a quarter billion dollar or trillion dollar market in the next few years oracle has low single share of the market.

>> i understand where they are coming from but it's tough competition. you're up against the biggest, best players in the world with their own cool factor. it's still an extremely competitive environment even if they have zoom and tiktok. this is speculative but who calls the shots in this arrangement as far as we understand it. they have a minority take in tiktok u.s. and tiktok has a problem with the way they do business, collecting data, is oracle calling the shots or not? do they get sucked into tiktok's drama and have to deal with u.s. regulators all the time as people try to figure out whether they are kosher or not in. >> i think that's great question it sounds to us like the people that would be calling the shots would be oracle's or the vc

backers. the leadership of tiktok i think oracle will be able to put potentially their stamp on how the data store, where it's stored, how it's handled and managed. that's pretty important. it's going to drive what kind of drama they could get pulled into the competition is fierce. i wouldn't underestimate the opportunity for oerk to get closer in this type of arrangement with some of the tra ste -- strategic backers. i think that's an avenue for oracle to pursue down the road for getting more deeply embedded into the high growth software landsca landscape.

>> it's almost a vc model which is get in early and when couple of the winners who emerge from that suddenly you're backing a zoom and that could make a big difference finally question sints you have a $60 price target is what would it take for you toematerially rerate the shares. >> i think for us it goes back to the software companies accelerate their growth

trajectory show they are gaining share. that's a pretty exciting and compelling growth opportunity. we'll have to see how it's able to execute successfully. >> infinite market opportunity it sounds crazy. look at the valuations alex, thanks so much for joining us today >> my pleasure thanks for having me coming up, the biggest chip deal ever as shares are up 120% this year. nvidia buying arm holdings for 40 billion traders will explain what this means for the stock. democratic nominee joe biden and the dnc out raising president trump in the month of august his next stop, wall street more power lunch after this. at leaf blowers.

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nvidia's $40 billion purchase of soft bank arm holdings has sparked a rally in several chip stocks today as investors bet on more in the sector there's some concern that some of nvidia's competitors will try to block this deal what do you think? does it cross the finish line and how are you trading the stock right here >> nvidia is exceptionally expensive which is not to say it

can't go up or will go up. we're interested in valuation along with fundamentals. i think the transaction looks like deal on paper edged to data center dominance those are strong and compelling reasons to own the stock i am concerned, at least in near term until we get more clarity on a regulatory basis if this will go through. we're overweight and have been for some time. we are playing the space with names like broadcom and texas instruments. companies that have been growing their dividends are more attr t attracti attractive really showed leadership during the covid crisis and built inventory so there could be no supply chain disruptions for underlying customers we like companies like that that have a capital allocation strategy that's friendly to shareholders >> the stock is up 117% this year you say it's showing some signs of upside exhaustion tell us what you're seeing

>> that's right. the up trend had been very strong up until about two weeks ago when it versed down very sharply. that's constructive in way it helps relieve what was an overbought condition that had been in place since may for the stock. there's been no recent break outs to foster the momentum that it's had i see the consolidation as something that should shield buying opportunity in nvidia and a lot of other high flyers out there are similarly pulling back i think that kind of action is healthy. i also don't think it's over quite yet. we have seen some minor relief the support level had any weight for nvidia there's still some down side there. with this morning's news we saw the stock gap up and it's traded off. it looks like it's headed for a

close mere the low of the day. i think we should hold off in adding exposure but take advantage of that nice long term up trend and also fact that nvrd has been a leading company >> certainly an area to watch within technology. thanks for more trading nation head to our website or follow us on twitter. kelly, back to you thank you very much. up next, the u.s. is trying to get back to something like normal schools are open businesses and restaurants are starting to return even the nfl season kicked off we'll speak with atlanta falcons owner. there he is. we can't wait to talk to him about the return of football and the state of business here in america right after this very short break. stay with us

welcome back, everybody. here is your cnbc news update. daimler and its mercedes-benz subsidiary agreeing to pay $1.5 billion to settle charges it cha cheated on emission tests. hurricane sally strengthened sustained winds employeeing at # 0 miles an hour. the blslow moving storm is expected to generate storm surges up to 11 feet and dump 8 to 16 inches of rain along the central gulf coast in france, another 6100 k covid-19 cases confirmed today that's down from saturday's record of 10.5 thousands take a lock at this guy. me meet bear. he is a rescue dog in austrw aua

being trained to save koalas wildfires killed some 6,000 last summer during the worst fire seasons in decades he's amazing goes right in there. finds them the conservationists take them out. >> i'm not going to hear the end of it from my pops who is a fan of kettle dogs >> i believe he is you can see they protect him because in some cases he goes in right after the wildfires have moved through. they are still smoldering. he is saving koalas that they might not be able to find because it's in such large open areas. s&p is up 1.3%

the nasdaq is 1.7% in terms of sectors, a little bit different look than we are used to. real estate leading the way. financials up about 2% today consumer discretionary is lagging. after months of anticipation and concerns if there would be an nfl season because of the coronavirus pandemic, the league is back even though it does look different. first of all, most games yesterday were played without fans in attendance jacksonville one of the rare exceptions the opening kick off was anything but normal. while the ball sailed out of the end zone, no players on either team moved they all took a knee reminding us that fight for social justice is very much front and center on the field. arthur blank is the owner of th atlanta falcons and the author of a new business memoir called

"good company" that goes on sale tomorrow i didn't go through the entire book how about that "good company. the book is really good. >> thank you >> i recommends it to anybody who wants a quick and understandable and accessible way to look at business and leadership i'm maybe a third of the way through it i've skipped through other parts. it's really really good. i really enjoyed it. >> thank you >> why don't we start with the nfl and what you saw around the league yesterday and with your team, did you know what the teams had planned? >> yes i knew what the teams had planned. it was kind of a beautiful thing to say it started with the two quarterbacks, russell wilson and matt ryan talking to each other a week and a half ago, maybe two weeks ago and talk about how they wanted to share the voices

of their teammates and share the voices of many cases america about sochl theme of these issu we're facing i thought the singing of both national anthems, i thought the sign of unity when both teams were together on the field arm in arm i thought the first game, first -- not first game but the first play of the game the touch back that you mentioned was handled really well i think that it's fine some issues over should players be doing that. nfl game is 3:15, i think if they take three, four, five minutes of the game to expres the passions of the players and the passion on the mind of most people across america, whether it's social responsibility or law enforcement or equality.

they want to bring attention i think they did it in a respectful way that respects protest. >> i think you can see how other people might see it differently. they don't like the idea that politics and social causes are being mixed with their past time, football or baseball or basketball, as the case may be what would you say to those people who find the use of the platform of the nfl to advance a personal broadly speaking political stance what would you say to those people >> i think it is platform of the nfl because 70% of our players are african-american and even 100% of our players care about the issues as i would say 100% of our owners and staff and

coaches. it's second amendment right. it's important part of who we are as the country the ability fprotest has been important in making changes. i think it's important to move from protest to progress and the nfl made that clear on a national level, on local level as well. each club has their own group of players that are determining areas of interest that they have and their particular cities and markets they are operating in. i would refer back to the last book that dr. king wrote which talked about he wasn't published during his lifetime, a year after he was assassinated. his wife published the book. he talked about community or

chaos. that's what america needs now is community. part of community is to shine a light on them. they both said the same thing. we made great progress since the '50s and '60s. let's acknowledge that we are where we are today. we have a lot of work to be done let's have a heightened sense of urgency about trying to deal with some of these issues and have great hope and confidence in the american population making improvements p i thi i think they will. >> let me touch the discussion to business. how come so many successful men and women come from queens, like

you? what's in the water in queens? >> i don't think it's in the water. it's really interesting. it's interesting because i think that coming up, growing up both bernie marcus who was my co-founder we came from similar backgrounds. very middle class. both of our families came from eastern european countries they came over here on the lower east side. i lived in kweecqueens i lived in a neighborhood like the united nations it had great diversity and history to it. people travelled to other parts of the world looking for the american dream and looking for ways to improve life for themselves and their family i think that does hone you i think i lived in a very modest one bedroom apartment. one bathroom shared with my mom and dad. my dad passed away when i was 15 my brother and i shared the one

bedroom we had that was it. i think that notion of neighborhood is something that can bring and should bring this country closer together. the country is much more conn t connected now in any variety of ways. i think a t lot of talk about in good company is you start to read is the notion of creating that sense of neighborhood even within a company and having a high purpose of just making money which i'm capitalist got to make money. otherwise the business institution is not sustainable it's not going be there for the future particularly today's younger population they are not only seeking but they're demanding

companies, organizations to think more broadly about their purpose. i think that's a good thing. >> there's a lot in the book for people who wonder if capitalism and doing good can coincide. all the reasons why you call people associates. why you hire them full full-ttid not part time and you call your place the store social center. your whole house had four rooms total. something else to keep in mind >> the whole house had four rooms. >> listen, as i was reading and i was struck by something you said that came up recently in discussion with the atlanta falcons, which you took from 36 play in the nfl to the

championship team. you were recently approached about doing a partnership with e-sports i wonder if you could tell our audience why you turned that down and as i sort of read that, i thought about but a lot of the other people in charge of these teams and across society aren't arthur blanks. maybe you can share the story. >> it was a situation, people get right perspective. i have six children. i have six grand children. you name an age, i've got either a grand child or a child i've got all that covered. my kids like everybody else's kids spend time playing these games, et cetera, et cetera. i think it was great book written by richard lou talked about kids have learned to not get outside and learned to stay inside and not learned by being outside 80% of our kids used to walk to

school and now 20% used to walk to school, et cetera the point is that the focus of that is we had an opportunity. our management team had fully vetted it. they brought it to me. a major investment in e-sports i watched the presentation it was the final one before signed the documents one part of it, one slide, particularly had a 12-year-old child. 12 or 13-year-old child on it. that the team was telling us, the marketing was telling us they were bragging this guy who won 500,000 bucks, some enormous amount of money playing e-sports and he had to practice 10, 12 hours a day. kept our management team there and said we're not going to invest in this i could hear a pin drop in the room i explained myself is this really the kind of business that reflects the best values that we've been so proud of not only at home depot but

all of our businesses today. do we want to encourage girls and boys to sit in front of technology 6, 7, 8 hours so they can win money and the answer is we don't you lead, by example you don't want associates saying the same ones doing something else i think these core values are critical >> you have given kelly and me

and the country a terrific book to read. if you didn't see it over the weekend, let me refer you to a section in the new york argely commemorating essay about the primacy of profits for companies. he said the only things companies exist to do is generate profit, period. everything else comes from that. you will find it as interesting as i have. i highly recommend your book it's got lots of great stories these are companies that every one patronizes from home depot to the national football league to the pga store it's a very accessible good book thank you. >> tyler, thank you so much. i would just remind mr. friedman going back the business round table 50 years later has now taken a different position on that led by a good friend of mine jamie dimond

if you don't care about people, profit and the planet at the same time, profitability by itself isn't really enough the truth of the matter is you can have them both i think we should have them both >> leading by example. absolutely thank you so, so much for your time today we really appreciate it. coming up, we'll have the hottest stock in the s&p 500 a big gaming deal and meatless meatballs. your monday movers are next. diane retired and opened that pottery studio.

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a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. tapestry is up 29% so we're just building on those gains. still it's down 40% from its high this year up necht, scientific games soaring today. they make technology for lotteries and digital gaming they're selling the 35% stake in the company for $28 a share. those shares are up 38% today. about $26.

we have beyond meat. they are rolling at beyond bemet balls, it's up 6.5%. >> that is good news meatless meat balls. >> a short seller joining the chorus against nikola motors still down nearly 50% in the last threemonths phil lebeau joins us with more >> tyler, it is a day of accusations. the accusations being refuted by nikola we'll walk you tlo you this including more people questioning why nikola said what they said in the past. first off, out today basically with the rebuttal to the allegations that it made a lot of false claims. those comments from nikola saying that the allegations are inat rake. they refuted ten claims, however this video they did confirm the research said, look this is not a truck that was driving itself in this video that was not 2017. and nikola confirming that the

video in this -- this shows the truck not power itself the defense, they say nikola described this third party video on the company's social media as in motion. it was never described as under its own power pain driven. a short seller with muddy waters research tweeted out repeatedly accusing them of manipulation and confirming facts and arguing pins is discrediting it nikola in my experience, investors see through this mary barrio speaking at a news conference with a number of automakers were presenting they addressed this saying they did do their due diligence when it comes to nikola and the deal does validate general motors ev technology, high crow technology that is developing and that it stands by the deal right now having said that, guys, the questions continue to mount for nikola about what they have

shown in the past and what they have claim in the past. >> yeah. can you say awkward for general motors right now phil, thank you very much. we appreciate it phil lebeau. we're 50 days away from election day. we'll take a closer look at the big names and the big non involved right after this. remember, you can always watch or listen to us live on the go on the cnbc app.

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this is shopping made genius. download the app and shop in a whole new way. house. the race for the white house is heating up. campaign statements show biden and the dnc raised more than $364 million last month. $150 million more than the president and the rnc.

and biden's war chest could get bigger as he plans to hold a virtual fund-raiser with the biggest names on wall street following the campaign cash for us brian schwartz is following this he might be a democrat these aren't the olden days when that was a problem on wall street there seems to be quite a lot of support for joe biden. >> yeah. you're right thanks for having me i mean, you know, wall street definitely file behind joe biden in a large portion of the democrats that were not told on his candidacy during the primary. kamala harris and others, for instance, they were asking for mayor pete buttigieg he had that big wind fall in super tuesday in march, wall street executives and business leaders across the country are starting to get behind him that's people in silicon valley, people in hollywood media moguls

hosting fundraisers tonight for joe biden. that is $500,000 a head to get on to that call. and we'll see how much that raises clearly, the democratic mega donors are starting to line up behind biden on schedule of 250 da 50 days left to go that is why him and the democratic national committee had so much success in august. >> brian, if it is largely corporate america that are the mega donors backing biden, who -- is there big money backing president trump? it is smaller donors what about the status? people like the mercers that were big players last time >> we covered them for a while they're a family that has not been that involved with trump re-election in 2020. they were very much involved in 2016 st when you look at what is happening with the big donors, some of them like the mercers are not involved but then this are others, steve schwartzman and a few others in business that are getting behind donald trump

but, you know, they're a little late to helping him as much as they were back in 2016 a few years back so we're still waiting for the bigger checks. there is a new super pac out called preserve america that is backing donald trump this time around and there are a lot of people saying allison and bernie marcus could start ponying up large amounts of cash to go to that particular super pac we'll have to see how it ends out mag. but right now some of the more traditional donors that backed trump time are not as involved >> brian, kelly and i will be over for coffee in few minutes, by the way looks nice there very quick answer, 35 seconds. what does bloomberg's pledge of $100 million to help biden in florida sneen. >> joe biden is neck and neck with president trump right now $100 million coming through mike bloomberg's pac. he gets more air time supporting biden. if money goes to super pacs

helping biden in that state, that's big as well it gives those pacs an outside group more resources down the stretch. >> i like my coffee black and strong, brian. and, kelly, what do you like >> decalf, cream and sugar please >> we'll see you soon. we'll see you tomorrow thank you for watching "closing bell" is coming right up >> and here we are kelly and tyler, thank you welcome to "closing bell." i'm sara eisen along with wilfred frost. a broad rally to start the week. the dow is up 300 points the nasdaq is outperforming yet again. let's look at what is driving the action the tech trade is back on with names like apple and tesla leading the market higher as well as oracle on news of the tiktok deal. a flurry of m & a helping verizon to a few biotech buyouts. and because of news on the potential covid-19