than 500 locations the ceo says it's like trying to run a grocery without any food to sell. plus outbreaks in new york, the city is looking to shutdown businesses and schools in nine neighborhoods. and squawk box begins right now. good morning, welcome to squawk box right here on cnbc i'm andrew ross sorkin becky is off today take a look at the u.s. equity futures across the board let's show you what's going on ahead of a very eventful news weekend we lating to the health of the president and so many others the dow looking like it would open up about 174 points higher right now. the s&p 500 looking to open up

higher as well 20 points higher the nasdaq up about 100 points higher meanwhile, president trump remaining at walter reed medical center entering his third day of treatment. he left to greet supporters from a distance inside his suv. white house doctors say the president could return to the white house as early as today. although others questioning conflicting comments around his health over the weekend. and all of this. moment by moment throughout the weekend. he joins us this morning what's the latest. >> good morning, andrew, we did not get a lot of clarity over the weekend.

but meanwhile not providing key information here including when the president's last negative test was before thursday the white house press secretary was asked about that yesterday here's what she said >> again, not giving a detailed read out of testing but safe to say the first positive test was upon return or at least after. >> the white house also initially suggested that it would provide numbers or details around how many white housed as contracted the coronavirus now though, the white house is no longer going to do that citing privacy concerns. so no information from the white house on an aggregated basis about how manied y aids contrac it at this point

starting with thursday when the president said he was tested and awaiting results we do now know that the time line, the president had an initial positive test before he appeared thursday night before waiting for results. the president already knew at that point, according to the white house time line that he had at least one test z positive on an initial test on friday we saw the president tweeting at 12:54 a.m. that he tested positive. that was thursday night into friday morning meadows, the chief of staff, telling reporters that the president tweeted the result as soon as he got them. a white house doctor said they were 72 hours into the diagnosis and then later issued a clarification saying the president was, in fact, first diagnosed on october 1st there's some confusion over whether or not the president received oxygen on friday. the white house medical team ultimately admitting that the president did receive oxygen on friday after initially trying to

dance around that subject. so some confusion around the president's overall health here and wait and see if they can, in fact, send him back to the white house later today. go ahead. >> i just wanted to ask real quick, i apologize, it's a work place issue inside of the white house in terms of memos and notes going out to others being told about who has it, who doesn't and how that works how is that working? because we learned i think that notes were just sent out for the first time late yesterday. >> that's right. we're familiar with what's going on inside of the compound now. virtually no guidance once this began as to what they should do and where they should go and that squares with the white house that through the entire

course of the summer it was really not engaging in protective measures to any great degree people inside of the white house where the cop finfines are real cramped. there's a lot of people piled in there. they were just not wearing masks. not social distancing. there was testing early on but even for the reporters who go into the compound they back that off during the course of the summer he writes in his newest op-ed about the trump coronavirus

spread that it might be avoided. they aren't victims of bad luck. we'll get to that in a second but what do you know about the current state in your view because we have seen so many anectdotal stories about people saying i feel great and only to find out that the second week is when some of the really serious symptoms rise. is it possible that that's what we're seeing in terms of the president? we have heard he says i feel like i could walk out of here. there's speculation that he might go back to the white house today, but knowing what we know, does that make sense did he get early enough intervention with some of that stuff? to where he may not experience that -- what's not a favorable outcome that we see? >> well, we hope so. he is a moderate patient

there's suggestions that he has pneumonia or some kind of inflammatory change on his ct scan it's consistent with what you would xpect. and hopefully it will be in this case it is the case to the initial question that patients that do well this first week tend not to have that sort of second week that inflammatory reaction but there are exceptions there are patients that don't have a very serious course of the infection in that first response phase that first week of the illness and they'll go on to have the post viral inflammatory phase that we're worried about

he hasn't had a very severe illness this week, does have a bad second week is lower >> i think, you know, we heard about friday and supplemental oxygen i read in different places that maybe there was a drop in oxygen levels on saturday as well which is closer. also, as you said, they didn't say that it was normal they said it was what you might expect but they didn't say normal which means maybe it could be some more what about the dextamethazone. that's not usually used. it's something in advance of things happening or what does that indicate as to whether there's some type of the more serious conditions that we have seen when steroids are called for. >> yeah. so it's consistent with he is sort of in that moderate category he has low o-2 stat and he has inflammatory changes on his lungs. it would be indicated in that

setting. so it's indicated for hospitalized patients that are requiring oxygen so he might meet criteria based on that alone and the threshold for using it might be a little bit lower because the reason you don't use it, you want to give it to patients when they're having that inflammatory response but you don't want to give it to them when they're still fighting the virus they're in that direct viral fighting phase of their response because they themselves could perhaps deminutish tish it and w you're having post viral inflammatory changes but given the fact that they introduce it early, and given the fact that they introduced the antibody early which will also act directly on the virus, they might have been a little bit more confident at pushing the steroids earlier because they don't need his immune system to do all the work fighting the virus because they have given him a lot of medicines that are going to do some of the work for

them. >> melissa >> these three treatments at the same time. it's a five day course typically. at the midpoint of this course of treatment and at the same time, he's getting it and it's indicated and use it now and does it have less of an impact later on if he truly needs it, it's truly on supplemental oxygen and has the inflammatory response if you're still mounting that immune response to the virus then by introducing steroids early you could inhibit the immune response. the steroids could suppress the

ability. but given the fact that the treatments are going to directly target the virus, you could push it earlier that may be what they were thinking in terms of the drugs themselves, there's no reason to believe it would be there and we haven't used them in combination but i don't think there isn't anything done here that looks risky. they gave the available therapy they had and were able to obtain that should be effective in helping him fight this infection. >> go back to your article and think a little bit about it and not to say that the episode is over but so many people around the country are rooting for the president and also i think are starting to assume that he will get better the question is, what the american public is going to think of covid when this episode is all over based a little bit on what you were writing which is to say that clearly mistakes

were made but as he does get better and get better rapidly, it appears quickly, now they're throwing every drug that they possibly at him. i don't know if all of those drugs are tichypically available most of the drugs are typically not available. at least some of them aren't available to the public. how do you think the public is going to think about the dangers of this virus as a result of this situation >> well, i think it's going to reinforce the dangers of the virus and reinforce the fact that people are at risk of contracting it they were taking steps to protect the president. quite frankly i don't think they took enough steps to protect the president. i think there's a lot more that the white house staff could have done they had a system in place where they were basically depending on keeping the president safe because they weren't taking adequate measures inside of the white house compound and so if they were relying on testing alone to keep the virus out of the west wing and out of the white house compound, they

needed a zero fail testing machine. they didn't have it. it was told to people in the white house that there were problems with the way they were using testing as a toll to try to prevent virus from getting into the compound and in and around the president they didn't step that up they need to rethink the protocols around the president i'm pretty certain the president didn't want to get infected. he was not taking risks. and that was some people's perceptions. he didn't want to get covid and thought he was being protected based on the testing that was being placed around him. >> scott, there are questions about whether there were decisions made that were reckless by the white house over the past 72 if not more hours including the decision to go and to have that photo op yesterday where he drove in that car filled with other secret service agents who while wearing masks by default put themselves at

risk how do you think about that and the message it sends >> i wouldn't have wanted a patient currently under my care and is in a serious condition to, you know, go outside of the hospital i don't know what went on between the president and his advisers around that episode yesterday. we assume the president is the one calling all the shots. i highly doubt he knew all the details around what was unfolding around hope hicks illness and the medical guidance and when he should get tested and when he should quarantine. these aren't things that he would know unless he's being advised. so if we want to get to the bottom of how the decisions got made, we need to figure out who made these decisions

this probably isn't the time to do that. i'm not sure that there's direct relevance by trying to get him through and trying to get the nation through covid because we're seeing resurgence all around the country right now >> we saw a rally overnight in asia investors are assuming the worst is behind the president. that his condition is improving. do we have enough information to actually make that conclusion at this point >> i think we'll know by the end of the week certainly if the president is truly out of the woods and maybe by midweek he does seem to be improving or not getting worse and they said at the outset, in response to the question, if you do well in the first week there's a better chance that you're going to do well in the second week. i talked to a lot of doctors that care for covid patients and they talk about older patients and the president is an older patient that will be doing well and still have that post viral inflammatory response.

it's predictive that he is likely to remain on a good curve as well. by the end of the week we'll have a very clear indication of where he is. >> scott are you concerned at all about a backlash against testing as a result of how am i going to make this work. i wonder if it may very well be. >> i don't think so. they weren't really using effective testing at the white house. they were relying on the testt try to screen people that railroad going to be around the

president. they use testing as one piece of an overall approach to try to keep people safe so they still require distancing and masking. i think testing used as a layered response to try to keep covid out of the work environment especially when people can socially distance can be very effective but you cannot say that it's going to be 100% effective unless you change the testing protocol so unless you require two tests. so maybe you require a test before people get to the white house compound and then you test them again it would have been a good test we have talked about that many times in this show about the fact that the white house should have been using it given the way they were deploying testing. they needed a more reliable device so there would be ways to use testing to get closer to a zero

fail system and there's a lot of ways as part of a layered response. >> so if the president were to go back to the white house but they're at risk and that's unfortunate. at the white house they have n-95 masks and ppe i'm not really sure but, i mean, that's what they do. they would -- someone would have to drive them, right i don't know whether it's a photo op is necessary but that's what these guys do they'd have to drive them back today. do you think it's likely he goes back there today i can't imagine. do you >> i don't know. i have no insight. it's possible he can go back to the white house because the white house at the top, they

have a lot of medical care they can deliver. they wouldn't bring him back to the white house. or i would counsel him not to bring him back to the white house if there's any risk that he would bounce back to the hospital you wouldn't want to have to bring hm baim back to the white house and then bump him back to the hospital as far as people around the president, they can protect themselves they're exposed to covid all the time in emergency departments and other areas. they wear proper protective equipment and they're trained on how to use it. it's possible for people around the president to protect themselves and they need to be doing that and people around other principles now that may be at risk of contracting covid because of exposure, there might have been two introductions, they also need to be given proper protective equipment and be able to protect themselves if those principles aren't going to be quarantined. >> we'll see you again today hopefully and we have the regeneron ceo.

so may have some questions -- yeah we'll see you in awhile. thanks he will be with us and later the impact of the president's covid treatment on the 2020 campaign. former white house chief of staff will join us at 6:30 a.m. eastern time squawk box will be right back. a live bookkeeper is helping customize quickbooks for me. okay, you're all set up. thanks! that was my business gi, this one's casual. get set up right with a live bookkeeper with intuit quickbooks.

the shutdowns means schools would be forced to close for more on the exact zip code that could be shutdown you could go to cnbc.com to understand what's happening we are in a moment here back in new york city all over again. >> yeah. well regal cinemas is also pulling the plug, temporarily shutting down all of it's u.s. and u.k. locations after

reopening in august. they decided to suspend operations after most major film releases were postponed. most recently the latest james bond title no time to die. on friday the studio behind the bond film moved the release from november to next april he said we're like a grocery store that doesn't have food or meat and cannot act without product. other theater stocks feeling the pain this morning premarket down across the board here, joe >> thank you the nfl had the first major outbreak last week the league postponed sunday's game against the steelers until later in the season and the new england patriots and kansas city chiefs game was postponed yesterday from today it's on at 7:00 after star

quarterback cam newton and a member of the chiefs received positive test results on saturday the league is rushing to respond to the outbreaks investigating the titans covid procedures and issuing a memo reminding teams to wear a mask and treat everyone as if they're infectious and if we believe the president does his own tweets, i guess he's up and tweeting i do my own. i'm voting for donald trump. 401k tripled under president trump. remember the stock market is getting ready to break it's all time high.

next year will be the best ever, this is all vote, vote, vote anyway so that did come out five minutes ago. the futures up 154 points this morning. >> coming up when we return, we'll get ready for the trading week ahead we have a run down of the events that could move markets the next five days. as we head to a break, he's era look at the biggest premarket movers in the s&p 500. squawk returns right after this. this is decision tech.

find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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welcome back it is a light week for economic data but we're going to get the minutes of the fed's most recent meeting. investors looking for more details on how fast the economy can recover. it's a slow week for earnings. levis will be reporting on tuesday. domino's pizza on thursday the main event is wednesday's vice presidential debate vice president mike pence and senator kamala harris will face-off in salt lake city we should also mention whether they should be going to utah and whether they should be set up in washington d.c programming note, lester holt will hold the live town hall event tonight at 8:00 eastern time and you can watch it here on cnbc. >> coming up, former white house

chief of staff weighs in on the president's covid diagnosis and the impact on the election first after three days of headlines, dom takes a look at traditional safe havens and what e tion in the asset classes tells us about the broader market and investor sentiment right now. squawk box will be right back. as business 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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93 points. dow jones looking to be higher bristol meyers striking a multimillion dollar deal this morning. it's buying miocardia in cash. $13.18 billion for irregular heart rhythm shares up more than 57%. in the meantime, digging into which headlines about president

trump and covid, he is looking into safe havens. >> he could tell us about the marketplace because they do tend to move but in this case here, with the covid headlines it may not be as market moving as other parts. this is what happened over the course of friday overnight into the friday regular session ten year treasury note yields right here you saw some of the tweets coming out from president trump about him testing positive for covid. we saw yields lower. look at how much bigger the move is here. this is right around when house speaker nancy pelosi said stimulus talks could take a decent leg higher if president trump's diagnosis plays in that moved markets a lot still let me show you what that looks like these moves put us at relative lows so far for the yields not moving very much

a little up and down move and around the stimulus talks. you can see the dollar index moving and let's put it in context for you. there's still a decent regime over the medium term you can see here over the course of the last several months the last thing that i will show you guys is what's happening with gold prices gold, the traditional safe haven did see a little bit of volatility you can see here, almost around 19 or 20 now it's right there around the announcement for president trump that said he was covid positive and general downward trend throughout the course of the day and to put it in context, gold has been big you can see all the way throughout the course of the year to date period we're still in that upward regime right now. only a little bit lower here in the last few months. gold, dollars and of course

treasuries back over to you. >> andrew. >> thanks melissa. in the meantime, president trump just tweeting this morning, he says the biggest in the history of our country and one that will shut our economy and jobs down, tweeting political commentary from walter reed this morning. joining us to talk about the entire last 72 hours, the former white house chief of staff and former omb director. good morning to you. thank you for joining us i have so many questions for you, but i want to talk about the work place of the white house given that you used to run it and maybe walk through some of the decision making that has taken place over these past several days lots of questions about what we have been hearing from the doctors and also just even the time line of what's happened we heard from the white house that quote, white house operations made the decision for the president to openly go to

b bedminster question about that. you lived inside of the oval office who would make a decision like that i assume there's people who would make that decision >> sure, good morning, thank you for having me. those are his tweets that time of the day. >> the doctor really drives the story here tremendous military officer. he was the one in charge and if it can come back positive he would then tell the person in charge of white house military operations again, a super star guy with a career secret service guy who lead the president's detail and came back to run

white house military operations, probably about the beginning of this year. but it wouldn't stop there it would go up on to the chief of staff and that information would take idaho, 35, 45 seconds. keep in mind the white house we don't know so that information would flow very quickly so i don't think it's likely that the decision was made by the operation. some things changed that weren't working properly but at the end of the day, i don't think that really matters i think the president's health is what matters. >> i do want to talk about that but one of the things as i said earlier, you know, we're all rooting for him and at this point i hope that we're all trying to assume the best and assume that he is going to make it through the other side of this my question is whether you're going to think this experience is going to change him at all. i think change him at all,

obviously he's been somebody that's not pushed things like that historically. we can go through the list he's made fun of hillary clinton when she had pneumonia gone after reporters and i wonder if this moment will change the president or if he recovers as quickly as we hope he will, he doesn't change at all. >> it's a basic premise here when dealing with folks this successful and this advanced he's been doing this for a long type he's who he is for a long time it's not likely to change him. maybe they could have been a little bit more careful and doing things you're never going to keep this president locked in his basement that was never going to happen you could have put him in a

bubble inside of the west wing you could have restricted him to where no one would come in contact with him but that's not this president he was always going to have contact with people and going to want to go out he's a true expert he likes interacting with people i think what the staff is trying to do is balance the demands of health versus the demands of the presidents personality >> message to the american public about covid changes. >> yes you have to take health into consideration there's no question about that but there's other costs here and the shutdown, domestic abuse is up, divorce is up, there's costs to that as well and i think the president will continue to try to drive the message that there's more here than just health and i don't think that's going to change. >> how quickly do you anticipate

in doing that and given the situation, do youexpect an example for the debate >> it's a way to get out of the debate they did passively well. and it's the first debate. and we flew back from southeast asia and stopped on the way back and three hours later a 2 hour 18 minute speech and he is a true expert. he draws energy from being in front of people and being out. to be on the campaign trail just as soon as the doctors say it's safe for him to do so. >> the information about the president's condition will impact the election, the perception of voters at all.

saturday was sort of a turning point in terms of dr. connolly coming out and putting a positive spin on the president's condition and mark meadows coming out saying that the president's condition was actually worse. >> okay. let me straighten this out myself which is why you saw him do the motorcade thing yesterday. it's not functioning 100% perfect. keep in mind, the low single digits, people in this country are probably still undecided and whether or not the chief of staff did, it's probably not

going to change their vote at all. >> and go ahead. >> go ahead. >> no, i thought you were done go ahead. >> no, i was just going to have -- we talked about it earlier but apparently staffers inside the white house and the lack of the communication that has gone on in terms of being able to identify people that have tested positive so that you can do the contact tracing and people in our audience are running offices around the country that are dealing with it. >> i'm a big believer of transparency i'm a big believer in just being honest with people the president is really healthy, let's hear that. if the president is really sick. let's hear that. i don't think they care about whether people are saying the same things or allies or enemies care that much they care about the fact, is the president healthy.

and they want to know the same thing. shoot straight with the people at work. the vice president's office put out a lot of information and so forth and also keep in mind at the same time, i think meadows has probably been at walter reed since this all started so this is going to be -- it's easy for the president to run the country from walter reed that contingency is taken into consideration and the facilities are there as they are any time the president moves out of the white house. it's harder to run the west wing from walter reed so the communication between the chief of staff and his staff is going to be more difficult when you're at walter reed for 72 hours non-stop so you expect there to be something up in the internal management of the west wing. >> always good to see your perspective on all of this. >> thanks.

>> nobel prize for medicine, awarded to three gentlemen, three doctors for the discovery, the identification of hepatitis c and the reason i bring this up guys is that even here at cnbc we used to talk about drugs for hepatitis and we called it non-a, non-b hepatitis in our lifetime i remember when drugs were being developed. so this is on cnbc so eventually these guys said okay there's something else in the blood that's causing something different. and they quickly sequenced it and found a cure for it all in the last 10 to 15 years. it's really neat so there's good news for us.

and this will be nobel week. not that it's worth much at this point. coming up, the latest stories out of washington, including a shake up spot in a senate race details on the president and developments of another round of stimulus plus much more on the markets as futures are indicated positive ahead of the start of the trading week ta take a look at the biggest winners in the dow this morning. you can watch or listen to what is live at any time. we're coming right back.

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we're waiting for the president to walk out of the white house after he tested positive for covid-19. >> the biden campaign has made the decision to suspend all negative advertising. >> what might our adversaries in russia and china and japan be doing. >> do i expect mischief right now? >> the facts, the news with shepard smith.

coming up, futures are in the green this morning but the volatility index, the vix is up more than % 10in the last week we have a full market run down straight ahead my father always reminded me, "a good education takes you many different horizons" and that sticked to my mind. so, when $1 a day came out, i said, "why not"? why not just utilize that resource. and walmart made that path open for me. without the $1 a day program, i definitely don't think i'd be in school right now.

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pennsylvania, republican senator pat toomey plans to announce he won't seek reelection in 2022 that's according to an nbc report, elected to the senate in the 2010 tea party movement on a platform that called for limited government spending. he sparred with the white house on tariffs from president trump and has opposed another large spending package for coronavirus. a report says he doesn't plan to

do anything else, at least run for governor of pennsylvania at least at this time meantime, the north carolina senate race is in disarray incumbent senator thom tillis is quarantined after a positive covid-19 test. he attended a crowded event at the white house for president trump's nomination of a supreme court pick the senator has closed his charlotte campaign headquarters and cancelled all in-person events the same day senator tillis tested positive, his opponent, cal cunningham apologized for a sexting scandal. the married father of two texted with a democratic strategist calling her historically sexy, it says here, and making plans to meet with her, although, in case you're interested, it's unclear whether they actually did meet so just put that in your, if you were wondering

>> if you were wondering. >> these are all questions i didn't have, but sure. but sure >> there's so many questions, historically sexy? i mean, what does that mean. it sound like an insult. >> maybe it means corsets or something. i don't know from what period of history? in the eye of the beholder >> 60s, prehistoric. we have a lot coming up. huge interviews on tap. >> i didn't write it, they gave it to me to read, sorkin, it's not my fault don't blame me go ahead some big interviews coming up this morning, you don't want to miss what's on top, we have regeneron's ceo, he's going to be discussing of course the president's treatment this week for covid-19, plus new jersey governor phil murphy on how his state's economy is faring, how schools are planning for the winter weather, and so much more you don't want to miss any of that as we head for the break, we are in the green, dow up 183 points,

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president trump remains at

walter reed medical center for a third day being treated for covid-19 the president receiving a cocktail of treatments to fight the virus. one of the treatments regeneron's antibody cocktail, we'll speak to the company's ceo first on cnbc. on capitol hill, the fight for stimulus continues, the president pushing lawmakers to get a deal done. futures rising this morning, and optimism for another round of stimulus in what some see as reduced chances of a contested election the latest, the second hour of squawk box begins right now. >> good morning, and welcome back to "squawk box" right here on cnbc, i'm andrew sorkin,

along with major c along, about 192 points higher as we open for the dow, s&p 500 looking to open 24 points higher and the nasdaq up about 108 points higher after a very eventful news weekend, joe >> that's very true, but that would be different, how this year, really it was last, when did rbg unfortunately pass away, i mean, it's just amazing, isn't it? and then here we are, we're not even talking about that. well, we will. president trump remains at walter reed medical center now entering his third day of treatment. the president briefly leaving his suite over the weekend to greet supporters from a distance from inside his suv. hello again, eamon. >> reporter: the president is expected to possibly leave the hospital as early as today he wouldn't be discharged in a sort of medical sense but would

go back to the white house to continue his convalescence there. the president, we're getting a little bit of conflicting information and confusing information about his contradictory statements by the president's medical team the through line was optimism about the president's health saying he's riding this out welwell and improving in his overall condition. here's what doctor said yesterday. >> today he feels well he has been up and around. our plan is to have him eat and drink, be up out of bed as much as possible, to be mobile, and if he continues to look and feel as well as he does today, our hope is that we can plan for a discharge as early as tomorrow to the white house where he can continue his treatment course. >> reporter: so we'll see whether the president can in fact do that later on today. meanwhile, the president is awake, apparently, tweeting in all caps he says this about attacks increase, he says if you want a massive tax increase, the biggest in the history of our country and one that will shut down our economy and jobs, vote

democrat so the president apparently feeling well enough to do some campaign rhetoric here, some negative campaign rhetoric against the democrats. that would seem to be a good sign in terms of his health. we'll see whether he can move down the street, wisconsin avenue, back down to the white house later on today meanwhile, let's go over to meg terrell for the latest on the president's medical condition. >> thank you so much of course we know the president has been treated with three prescription drugs, one of which is not approved by the fda let's walk through the treatment protocol we learned on friday that the president had been given the experimental anti body cocktail from regeneron, and friday evening, his doctors said he started a five-day course of remdesivir, an antiviral that does have an eua, emergency use authorization for treatment of covid-19 saturday we got the news that he started the steroid dexamethasone, in response to two drops in his oxygen levels there's a lot of focus on the use of this medicine because it

does imply he has more severe covid-19 doctors i spoke with over the weekend point out an oxygen level of 94% or less which the president reached in the last two days does constitute severe covid-19 what do the data say about how well the drugs work, let's start with the regeneron antibody cocktail we saw the results on tuesday of last week. it's been less than a week since we saw this. it did show in the trial of 275 people, it reduced viral levels in non-hospitalized patients and shortened the time to have symptoms now, remdesivir, gilead's drug, shortened recovery time in hospitalized patients to eleven days from fifteen and is typically given when patients go to the hospital. in terms of dexamethasone, a steroid drug, showed in a trial in the uk, called the recovery trial, to reduce death bisy a

third in patients on ventilators and a fifth for those on rocoxyn it is not recommended for patients early in the disease where it could actually potentially cause harm in this situation, dexamethasone, is what you would get in the hospital if your disease is severe enough, the addition of the regeneron antibody cocktail is unknown we haven't seen data on three drugs together, and president trump one of a handful of patients in the world probably to be treated this way. >> that's saying something, isn't it, meg, not that he's part of an experiment or a group that's undergoing, you know, for those three together but essentially that's what we're seeing, the president of the united states. it's kind of weird it's got to be first time that's happened >> reporter: i don't recall a presidential ever being given an experimental drug during a pandemic like this a lot of firsts happening right

now, joe and there are a lot of questions, the president got this under compassionate use outside of a clinical trial, of course only a handful of patients have received this anti body drug that way there are limited supplies of it, so you can imagine the requests must just be pouring in to regeneron to try to get in drug as well, and the company is trying to finish its clinical trials, and they don't have unpliu unlimited supply of this medicine analysts i'm seeing this morning, it's likely to get an emergency use authorization within days as the use on the president is a tacit endorsement by the federal medical group that this is a drug worth using. >> and you've reported again and again the ahow people say, i fel great, and i have heard that just in people that are in our community, they go from thinking that, wow, i'm getting better, it's great, and it can get much worse quickly. we're still in that period i

think at this point? >> reporter: we absolutely are seven days if you hear to be watching most closely. the thing that doctors were telling me over the weekend is that this is an unpredictable disease. you have to be careful, particularly when you see drops in oxygen like that, and people worry about patients declining fast. >> right that's great, meg, and that is coming up first on cnbc. what time is that exactly, meg, for viewers? >> 7:45, joe >> all right and a little over a half hour, and we should be able to talk to him quite a bit about this anti body cocktail, thanks. let's get a break down of what the developments mean for the markets this morning mike santoli joins us now, with more, up 229 on friday, it was stimulus, partly, and, you know, because

we didn't know much about the president's health, what is it today? is it still stimulus is it the president's health it's not a huge move anyway? >> it's not a huge move, and i think the big take away is that markets are operating in an established range we have been in for a few weeks dramatic headlines but relatively controlled market action, and i think we have to be careful about attributing it to one thing the market was already trying to kind of chew through all of these probabilities, whether it be policy, politics, everything else that might come down the road here's the s&p 500 year to date, for more than four weeks, we have been in this box, 3,200 to 3,400, nudging toward the upper end of it in the pre-market action this is going to be a similar pattern that you're going to see in other asset classes, too. you have had this kind of sideways move through september, a little bit of a pull back. things are more in balance right now, believe it or not take a look at the 30-year treasury yield here's one that's nudging against the upper end of where it's been for most of the last few months

over a percent and a half right now, this perhaps is also establishing some kind of higher probability of stimulus. who knows what it means on the political front, but i think it's very important for people to recognize, the markets for months have been kind of bracing and clinched up in advance of the possibility of some kind of political change coming around the next few months. that's why whatever the actual specifics going on in the news right now, that's going to change the process of figuring out the probabilities hasn't changed very much. volatility index, similarly, up off the lows from august, and this is a little bit of a less dramatic chart because it has the springtime fight on it pushing toward the 30s, definitely kind of two-way risk perceived in the markets right now, very ompressed, coiling toward something i don't know that we're going to wait for election day to have a little bit of an effort to break out of this range, guys. >> at the same time, mike, vix priced out through december. so after the election remains

elevated the curve on the volatility index seems to tell a different story in terms of what we're seeing of the box the markets have been. >> it tells a different story in terms of what protection traders are willing to pay for for months, you have seen the high premium investors are paying for protection against the volatility storm, october, november, maybe into december. the markets are positioned for something like that but what does it say that the market has been positioned for something like that for a few months that's the question you have to figure out, not that everything is priced in but nothing is necessarily going to blind side the market because we have been tensed up. >> mike, thanks, mike santoli. andrew >> a lot more to come on "squawk box" this morning. the president trump pressuring congress to get a stimulus down. before we head to the break, let's get a quick check on the markets right now. as we have been saying all morning, we have green arrows that have gotten a little bit

better, dow up 231 points, nasdaq up about 115 points s&p 500 looking to open about 27 points higher. we are back after isth this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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markets moving higher this morning on hopes that a stimulus bill will be completed before the election ylan mui joins us with more. >> reporter: we know that another coronavirus relief package has been on the president's mind, even from the hospital because he tweeted about it now he has been very active this morning, but this particular tweet came on saturday afternoon. it was one of the first written statements he put out from walter reed hospital, and it said our great usa wants and needs stimulus work together and get it done. both sides have been signaling they are working closer toward a deal, with one top democrat saying the talks could bear fruit as soon as this weekend. house speaker nancy pelosi has laid out five key areas of disagreement with the administration, and they include unemployment insurance, state and local funding, the child tax and earned income tax credits, language on testing and tracing, and other appropriations now there has been hope on friday that there could be aid

to the airline industry, but the effort to expand the payroll support program, that effort flamed out very fast we are trying to finding out if the treasury secretary and pelosi had direct discussions over the weekend what i can tell you is lawmakers from both chambers have now gone home >> ylan, assuming they can resolve the roadblock issues, what could the time line be even on the most optimistic scenario. >> reporter: so the senate is not going to be back in full session until october 19th and that's assuming that senators are healthy enough, and that there isn't an expansion of the current outbreak to return to work, and that's going to be difficult because the full focus of the senate once they get back is going to be on confirming supreme court nominee amy coney barrett, and so that means the time line for actually negotiating and passing the legislative text of a deal becomes even shorter to get something done before the election >> ylan, thank you, ylan mui

joe. thanks, melissa. chief executive adviser, mohammed el-erian, his market commentary is coming and regeneron ceo will join us t ninheext half hour. "squawk box" will be right back.

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capitol there. meantime, thousands of airline worker jobs are on the line. united and american have already started furloughs. joining us is sarah nelson, international president of the association of flight attendants good morning to you, sarah i want to understand where you think the stimulus measures or a plan to help save the airline industry may be at this moment, and what you're hearing behind the scenes >> well, let's be clear that on october 1st aviation workers were actually furloughed and others are now going without a paycheck, so over 100,000, and

there's also no backstop to those furloughs as well. while we are in a situation where airline industry revenues are down 85% on friday, speaker pelosi did put a stand alone bill on the floor showing, demonstrating absolute commitment to saving these jobs she's asked the airlines to hold off. of course those furloughs have gone forward but the airlines have said that they can reverse if there is a package in place within the coming days. i believe speaker pelosi bought us a few days by doing that, and i want to thank her very much. but this is immediate and we have got to get this in place right away it's an area of agreement where a larger package can be built from what she said is we're either going to have a stand alone bill or we're going to have a full covid relief bill that would get relief to the rest of the country, and that is what we have always been pushing for, so that is what we are fighting for right now, and we are hopeful

that can get done. she called it imminent on friday, so we're going to be engaging to see where we are, and what we need to do to make sure these jobs don't go away. >> sara, just so we're clear here, your sense is that the stand alone bill will pass, and will it pass through the senate as well? or do you believe that we're talking about returning to the larger bill, which of course has been complicated now for many weeks? >> the focus is on the larger bill, andrew, and that has been our focus forever. there's no reason that we can't have a bill in place there is widespread agreement. our issue happens to have the most agreement 96 senators on record now supporting our issue the full house, bipartisan support in the house, even though the republicans stopped the vote from going forward on friday our focus has been use our issue to then put together the other issues that are also in agreement. small business support,

including restaurants, child care and school support. we need to take careover o of o children and our parents who have children to be able to work, all of these issues, rental assistance, there's so much the country needs. >> take us behind the scenes, though, you mentioned on friday that republicans, you know, stopped it from being voted on, why? what's happening here? >> so there was an opposition, but what happened was there was an agreement, not to make this a wedge issue, this was a statement that made it very clear that everyone is committed to making sure that we have the continuation of the payroll support program. i believe this bought us a few more days, but i'll tell you, this will start to unwind because as airline workers are furloughed, they start to lose their qualifications if we go very long, to be able to recall people makes it very very difficult, and there's no backstop now there are other airlines who are deciding what they need to be doing here we need to get this in place

people don't have health care right now. these aviation workers don't have health care right now we have a mother and father who have been furloughed who are having a baby this week who need that health care we have people with coronavirus diseases and fighting terminal illnesses who need that health care so does the rest of the country. >> in terms of the timing issue, though, that you're talking about, and i am very much appreciative of the concerns about the employees who need health care, but i'm also interested in the business aspect for the airlines themselves, you know, you obviously want pilots and other workers who have to obviously be constantly tested and everything else, i'm not saying constantly tested for covid, tested for the work they're doing, and training and everything else, how long can this go on for before it would have a material impact two weeks, three weeks, a month, six weeks, just so we understand

sort of what we're up against? >> two weeks starts to have a material impact, and andrew, let me be clear, it's difficult to people in their certification right now because of the covid requirements in the training facilities so training is slowed down anyway because of covid, so if you have to start getting people back and they have to get a longer training, because that's what happens when you furlough people, they start to fall out of those certifications and they actually have to have a longer training period to get those certifications back. when you have training centers in the middle of this crisis who are cut back because of the procedures of covid, that means that you can not return the operation to full steam. you can't get these employees back fast enough that's why we're talking about a matter of days, and within a couple of weeks, we're starting to talk act the situation i just described. let's not forget, too, that this is also infrastructure, this is a jobs plan and infrastructure, so the airlines have already announced that they're cutting service. this is going to be cut service

to communities we need to get this in place so that we can restore that service to the communities as quickly as possible for the mail, for the connectivity to the rest of the country, jobs and infrastructure in in program, and so we only have a matter of days to get this done. >> and then finally you said there was bipartisan support but republicans blocked the bill on friday if the bill had to be voted on today, what do you think the answer would be? >> i think that as we look at this and we want to make sure that the things that we agree on are getting done, i think that there is still a possibility, but it doesn't make any sense because there are other issues where there is agreement we need a larger stimulus package, and let me just say, it's not really a stimulus package, it's a relief package, right, we need health care for the rest of the country. we need safe schools we need our restaurants to get help, and the other small businesses these are things people agree on, and there's no reason we can't have a full relief package

right now. >> sara, it's good to see you. we wish you all the best, and all of the workers out there involved in the airline industry and everywhere else as well. thank you so much, we'll talk to you soon. >> andrew, thank you. >> melissa. allianz mohamed el-erian will be here to talk about the markets this morning, and regeneron ceo leonard schleifer talks abt outhe president's antibody cocktail last week. we'll be right back. ok, just keep coloring there...

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shares of draft kings is under pressure in premarket trading, announcing this morning a public stock offering of 32 million class a shares half of those shares are being offered by the company itself, the other half by certain stockholders draftkings will use the proceeds it receives for general corporate purposes the stock down almost 7% this hour the fear of a second wave becoming a reality as the nation moves into the fall and winter

in new york city, schools, restaurants and nonessentially businesses in covid hot spots will close wednesday it could put the fed in a precarious position in terms of tools they have if there's a wider outbreak or shut down. steve liesman will join us now with more. steve, good morning. >> good morning, melissa the federal reserve and economic forecasters struggling with two major unknowns to the outlook, whether there will be additional federal government relief, and concern about a second wave of the virus in the fall and the winter oxford economics starts with covid-19 infections once again rising and the federal top up to jobless benefits fading. downside risks to growth are mounting economists at jeffrey say gdp can grow 10% without a relief deal in the 4th quarter. 2 1/2% without it when it comes to the economic impact of a second wave. maybe there's no widespread government ordered shut downs, even in new york city, mayor

bill de blasio is trying to hold the line in response to an outbreak imposing lock downs by zip code ian shepardson of pantheon says a covid case today is not like a case in march, less likely to result in hospitalization, and less likely to result in death what seasons reasonably constant, though, is the idea that people, especially middle age and older retreat from social interaction when cases spiked recently in wisconsin, high frequency data showed open table restaurant reservations plunged after recovering strongly. mark zandy of moodies.com, every stained increase the unemployment by half a percent 40,000 to 80,000 cases could move a 2% boost to the unemployment raid. the fed has emphasized a risk of a second wave, so some of the policy included a scenario it's going to be hard pressed to

come up with policies that adequately address a new shut down and a lack of additional federal relief joe. >> all right, steve. i understand that you're naked, so we did not take a shot of you at you will the entire report, steve. actually, your shot was down, so we did that. did you notice that, steve your actual shot was down, so we left boards up the entire time >> i did maybe they could put up a picture of me with, you know, just a puicture of me there we go. i'm back or i'm not back. >> it's totally frozen but we had boards up the whole time, so if our viewers were wondering why we had boards up, you actually are clothed you look great. >> but the people on the radio weren't confused, joe. people on the radio didn't know anything about it until you said something. >> i know, but i wanted to explain it to everybody else people can't unsee what i said let's bring in another voice for

analysis on the recent academic data mohamed el-erian, fully closed and adviser of queens, you look great. i have used this so many times, but it made an impression on me. back in the old days, the money supply, that's all anyone cared about. there was a cartoon that said the markets sold off after it was released an asteroid strike on the earth was imminent but rallied in the afternoon when the money supply was less than people thought that reminded me of friday, the leader of the free world has a deadly virus, but pelosi and schumer are talking about. we rebounded them. he's getting better, and maybe that has something to do it, but stimulus, and a deal with congress, that's all the market cares about right now to the exclusion of these unbelievably scary headlines elsewhere.

does that indicate this is all about liquidity right now? >> yes, i would say so, joe, and thank you for having me. but there are three arguments being put forward. i think the strongest one is the liquidity one. the first one is the market has gone to expect the unexpected so it doesn't matter. i don't buy that so much the second one is the market is looking through all of this, there will be a vaccine. we will have a president after november we will have stimulus. so forget about the short-term i don't buy that either because the short-term matters, especially when it comes to whether you have a stimulus or not. if you don't have a stimulus, you create significant damage that's harder to counter so i end up with the third argument, which is it's all about liquidity, coming from central banks, and coming from the fiscal authority, and the market has embraced the notion that whenever there is weakness, there will be liquidity.

>> because, you know, we have been talking to you for so long about the disconnect and the wedge that we've seen again and again over the past ten years between the underlying health of the economy, and where the financial markets are based on something that the fed is doing, or based on something congress is doing it seems like we're back in the same place again, which sets you up for, you know, disappointment, if the air pocket, forever disappointed by the fed or by congress, it seems like the markets don't have that underlying strength from the economy. >> yeah, but remember, the markets are saying two things, one is even if i buy into what you said, i do, but even if i buy into what you said, the marketplace will say, say joe, but there's two things one is we don't know when that's going to happen. two is the conditioning is so deep that the market will continue believing for much longer than it should, so

therefore, i will stay on this wave, this wave will not wake. that argument i hear over and over again, and that is why the hope, the positive hope is that a better economy will validate the asset crisis, but in the short-term, even if that doesn't happen, the people are willing to ride that wave, which makes the disconnect even bigger. >> it is self-fulfilling to some extent, and it's also, we have one of our guys on friday talking about how much money really is around, and it doesn't, it's not going to sit under someone's mattress that is kind of a support underneath everything, no matter what the news cycle is or no matter what you hear that's negative, right, about the virus or the economy or anything else. >> yeah, i mean, you can describe the whole market act by three acronyms, tina, there is no alternative to equity, you want to go to bonds, look how

repressed yields are so one-way risk there. don't go there there is no alternative. secondly, it has worked every single time, and then every time people have not bought the dip so far, they have missed out. these three conditions are so deep what they don't account for is two things, one, something that was applied in what steve just said, which is what i call human counter party risk, not financial, but human counter party risk notion that if we get a second wave, and i hope we don't, i'm living through one here in the uk, if we get a second wave in the u.s., people will step back from economic activity, and secondly, bankruptcies so that's the two things that are out there. let's hope they don't materialize, but that could grade the conditioning if they do >> i mentioned one of your guys, melissa. i was trying to get a "fast

money" play. >> i appreciate that. >> i do that a lot >> it's almost as if i pay you, which i don't. >> by coming on, you do. we're all compensated. >> in spades, i'm sure very nice to say, joe. getting to the human part of it, i think that's very important. there's a second lock down, more restrictions, the human impulse would be i'm going to pull back even more. we don't know how long this is going to last. i'm wondering what impact that is, and at what point do you get concerned that this is a solvency issue you mentioned the bankruptcy issue, that has been the argument do we have enough stimulus, enough liquidity to get us across the bridge so we don't have that solvency issue at what point do you get concerned it's a solvency issue? >> europe is your leading indicator here because europe is in a second wave today we got the pmi numbers, they flew under the radar screen, but they're important. they tell you that the recovery

is stolen, and within that stalled recovery, you're getting two speeds, manufacturing service is doing really badly, and then some countries like germany are doing well, but other countries like spain really starting to contract. and all of that ultimately relates to the dynamics of a second wave, and it's important to understand that it's the service industry, and it is countries that depend on the service industry more than anything else that would be hit hard the second thing, melissa, i want to stress because you brought it up, is look at the volatility space, you're getting two significant developments there. one is people are paying attention to the curve, as you pointed out, and secondly, people are paying attention to the balance. and as you know, it's been all about the put buying that has driven and the coal buying as actually spot some of the impact we would have seen otherwise the volatile space is getting

ready for more uncertainty, but the cash market has been able and willing so simply brush off right now. >> mohamed, thank you. >> and joe, i must tell you, i am so happy i'm here because of my 014 jets, and congratulations on the bengals. >> i was just answering someone, a famous hedge fund guy that the long national nightmare might be over because of joe burrows, it's possible. i can fall back on the reds, 22 scoreless innings in the postseason, an all time record, no one has ever been close to 22 scoreless innings, and you know what, i saw all 22, and i want my hours back after seeing that. anyway, i still like darnold, i don't know what to tell you, mohamed, but there is hope

i'm not back on the bengals band wagon completely yet >> are you still on the patriots one? >> i don't have anyone i go, on any given bet, may take the team one time, bet against them the next time it's all about me. >> you're on the jets band wagon. lots of room >> thanks, mohamed when we come back, a lot more, joe, as you know, we have the regeneron ceo, who else could we want to have as one of the great guests, especially right now to discuss the antibody cocktail that the president was given over the weeke weekend. and then at the stop of the hour, senator john barrasso talking about the battle for stimulus "squawk box" returns after this.

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welcome back to "squawk box," we're just minutes away from our special interview with regeneron ceo, the futures up right now 216 points on the dow, the nasdaq up about 93

the s&p indicated up about 24. remember friday we had been indicated pre-market down more than 400 points for most of the session, maybe even worse than that, and ended down 100 and change after actually getting all the way up to even and i think positive at one point. but on the stimulus news, today, for whatever reason, we're back up about 216 points, as i said amc entertainment is under pressure after a rival movie theater operator, in this case, cineworld, announced the closure of more than 500 regal theaters in the u.s., as well as theaters in the u.k., as movie studios continue to delay major releases and that's, you know, someone said at one point, it's like a grocery store without food why stay open? and at&t was downgraded from under weight to sector weight from key bank which points to

expectations of declining direct tv, and a drop per average revenue per user, andrew >> joe, we've got a big interview, as you know, right after this break, and we're going to break down exactly what's happened with the drug treatment for the president, with the ceo of regeneron right after this break the president of course given the company's experimental antibody cocktail, and we're going to talk all about it and deta me tethunrsndorafr is our retirement plan with voya gives us confidence. they help us with achievable steps along the way... ...so we can spend a bit today, knowing we're prepared for tomorrow. wow dad, do you think you overdid it maybe? i don't think so... what do you think, peanut? nope! honey, do you think we overdid it? overdid what? see? we don't think so, son. technically, grandparents can't overdo it. it's impossible. well planned, well invested, well protected. voya. be confident to and through retirement.

dose of regeneron's experimental antibody cocktail. meg tirrell joins us now with a special guest, meg, and should be interesting whether mr. leonard schleifer would attribute some of the president's good reaction, going better today, i wonder if that has in len's view, something to do with the cocktail maybe we should ask him. >> perhaps we should, joe, doctor, thank you for being with us this morning. joe asks a good question can you tell us how the antibody

drug aims to help the virus, and given what we have heard about the president over the weekend, do you think it's work something. >> thanks, meg, joe, for having me on. before i start, let me say how proud, team regeneron, all of our employees are to have worked so hard to get to a point where we can help the president and hopefully many other people, and that hard work was done right in the epicenter of the pandemic in the early going, where our main headquarters are in new york look, we think that this is nothing particularly earth shattering in its perspective. that is we're just trying to imitate and help an individual, help their immune system win this battle, win this race against this virus, and what happens normally, is it is a race that virus gets going, starts replicating, lots of virus is floating around and the immune system tries to get in there and knock it down. by the way, that's what vaccines are supposed to do they're supposed to give the

immune system a head start in that race. we don't have vaccines yet early on in the course of the disease, the virus can get ahead of the immune system and we think that giving that antibody makes a lot of sense because it's just doing what the immune system is supposed to do but hasn't quite done yet, and that's what we hope happened with the president you ask me, did we help him, i like to think so it's impossible to know with one patient but the evidence we have from hundreds of patients thus far is if you give this drug early in the course of the disease, particularly in people who might have a high virus or maybe they don't have enough of an immune response or the appropriate immune response, you can really helpthem clear that virus, and this disease is really all about the virus if you look at hospitalized patients, they have a lot of virus, they have a bad outcome or they're at risk of a bad outcome. if you knock that virus down naturally or with antibodies, we

hope to change that. >> if you can, walk us through what the last few days, the last week has been like for you, i mean, to our knowledge, this is something that's never happened in history that a president would receive an experimental drug just three days after we saw the first results on it. what was it like to get that call were you hesitant at all did it wake you up what can you tell us. >> i would like to say it was another day at the office, it wasn't we have done this before he's not the first person to get the drug under the so called compassionate use. a lot of people said why would you do it, it's so risky, you have to protect the company, what if things go bad, as a physician and leaders of a health care company, we don't view that as our job to protect ourselves. our job is to protect patients and the patients we serve and when we got the call, the white house physician and staff seemed pretty informed. they obviously had role played

scenarios what might happen if somebody got sick and needed treatment. they asked if we would be involved we told them if the fda was on board, we would be pleased to try and help, and we thought it made sense. >> and what was that process like can you help us understand the time line for when you got the call and then the fda gave the green light to administer this >> yeah, i'd like to get into the details, but, you know, one of the things about protecting patients is we protect their privacy. i'm not at liberty to talk about the details of the president's case that information is owned by the president and his medical team i'm sure they would be happy to tell you about it. our role was to provide information, provide understanding. i have spoken with their physicians george has spoken with them. they have a team of experts where available, and when they wanted the product, we made it available, and we're glad to see who he's doing so well.

>> one more question on that, latest that we heard from the president's team of physicians is that the antibody was administered, you know, they were on day two, essentially on saturday that implies very early at least friday morning is that consistent with your time line? >> it's a nice way of asking a question i can't get into the particulars of when, the hows, the details of the president's treatment it's better left for the president and his medical staff. >> i was going to follow up on that, but i'll switch gears since it doesn't seem to be that we're getting through to you in terms o. tif the time line questions, dr. schleifer. >> it's sort of, did you get the phone call at 2:00 a.m., the president tweets at 1:00 a.m., that he is diagnosed i'll let it go there there's some assumption at least in the analyst community that the president's use of the

cocktail is tacit approval by the fda for emergency use authorization, is that a correct assumption is that the way you view it, if you do get ua, are you able to ramp up production quickly >> let me break that question down into several parts. first of all, whether the president got it or didn't get it, i don't think really is the question here. that may be a question that he wants to address, but as far as the fda goes, they have a set of standards, so let's parse out what are those standards first of all, it has to be an emergency declared under the food and drug act, and obviously, this pandemic was certainly an emergency there has to be inadequate treatments it's sort of qed, you've got several hundred thousand people have died in the united states we don't have adequate treatments, nor do we have adequate prevention for this virus. that's for sure, and then the evidence has to suggest that the

drug may improve the outcome or help prevent bad complications, and i think that that standard of may or might is quite different than the evidentiary standard that the fda normally uses, that it's proven 1,000%, you know we haven't proven anything 1,000% there are more trials going on, but i think the evidence that virus problem in this disease, more virus is bad for you, and we can lower that virus. that's a powerful and compelling argument that we would fit that standard that our drug may or might be beneficial. and then the last consideration, i think, by the fda is what the the risk/benefit reward. we know it may be beneficial, but are the risks too great. do we know enough information that it's safe, and i have to say, we have lots of information. first of all monoclonal

antibiotics have been given to hundreds of thousands of people, one of the safest classes of drugs out there because they're very specific in what they do. and they have been used in infectious diseases, in passive transfer, convalescent plasma, and our own breakthrough in the treatment of ebola is an example of using monoclonal antibodies to attack a virus that can kill you. we have cell data, primate data in monkeys that you can give this antibody cocktail before somebody gets the disease and prevents it, and we should talk a little bit about that, and you can give it after the monkeys get the disease and have a very important beneficial on their effect and finally, we have the human data from our trials so if you add it all up, there's quite a robust package of information to suggest that this may well be beneficial, and i think the risks are very low

so i think it makes sense. >> len, the proof of concept is pretty exciting too. it's a cocktail, so you worry that part of the spike protein mutates if you give one antibody, so you've got two. could you use three if you needed it? could that be better, and why can't we do this with the normal coronavirus, the common cold or something like that, as a proof of concept >> as usual, you ask great questions. we use three for ebola, and it's a little bit of a tour deforce, because you've got to get this spike protein sticking out there, and you've got to get two antibodies to be able to find this thing at the same time. otherwise there's no point, and they have to bind them in different places, and we work very hard, we could have taken what would have been maybe a shorter cut, if you will, by doing one antibody, but you do raise the point that art our scientists were concerned if you

use one antibody, that virus could mutate, and you would have a problem. not only would your antibody not work before, you may change the whole dynamic of how a vaccine would work having two, you minimize the chance of what one would call viral escape that is whole different an pal, which we don't have time to get into to in terms of the regular cold viruss and, how rapidly they can change. this approach might not work as well here, the spike protein is really the essential part because if that spike protein doesn't mind to the so called ace receptor on the cell surface, then this virus is really not going to do much damage, if any at all. a little bit different biology we know a lot about this still learning but we do know a lot about it two antibodies make sense. if we could squeeze a third one on there, it might be good, but

i'm not sure technically whether that can be done. >> dr. schleifer, it's meg tirrell again. i want to talk to you about this access to passionate use i talked to your chief scientific officer on friday you said you have given it in a handful of situations that convway but the priority is to have clinical trials to prove how the drug works, and the prevention setting is another area you're testing this but over the weekend, you know, about 90,000 people in the united states were diagnosed with covid-19, all of the people heard the president was treated with your drug first i can only imagine the compassionate use requests you're receiving what can you tell us about that? >> it's a tough situation. we have tried to take a principled approach until there is a broader authorization, basically, if you can get into a clinical trials, we have tried to encourage people to go into

well-controlled, well-monitored, carefully collected data in a clinical trial setting of course the downside of that is you have a one in three chance of getting a pla scebo giving that to the president, asking somebody like the president to go into a clinical trial just wasn't practical, so giving it to him or to others who might not be able or don't qualify for clinical trial is the right use of compassionate use. that's for a small number of people we want everybody to potentially be able to benefit we understand we don't make that decision this is a decision that the fda has to make. we hope they'll follow the regs. we think we meet a lot of those standards. it might work. the risk benefit is right, it's truly an emergency, and we can continue the clinical trials, even under an emergency use authorization as we have done in other jurisdictions outside the

united states and so forth this is all very complicated because it's real lives at stake. if it's my loved one, your loved one, a family members you know very well. maybe not joe, he's always mean to me. if it's somebody you care about, yes, we want to give in if we can and help them. of course we want definitive evidence so it's a tough act to balance. >> to that tend, have you gotten requests for compassionate use from the white house for others who have been diagnosed with covid in the white house or those diagnosed with covid in congress >> i'm not going to talk about individual requests, technically we're not allowed to talk about. we would never have mentioned the president if they hadn't decided to make his treatment known. i will say we have gotten other requests, and we're dealing with them on a case by case basis, trying to do this in a principled way if you're an essential member of

government and you have to conduct the people's business and the continuity of government, and you can't get to a clinical trial, we'll take that into account. i think this is a tough course to affluenza ga to navigate. we're trying to do our best. we're going to work with the fda as well. it takes both the approval of the fda and of the company to allow compassionate use to be conducted. >> doctor schleifer, thank you for being with us in a historic situation. thanks for plaexplaining it to u thank you, meg, thank you, dr. schleifer. futures point to go a higher opening this morning as investors continue to monitor president trump's health which we just were talking about quite a bit. and the prospects for stimulus talks on capitol hill.

eamon javers, joins us now we did sort of talk about that friday what are the chances, and earlier i said schumer and pelosi were talking, i meant mnuchin and pelosi those are the two players that seem to at least take each other's phone calls, where are we on that >> reporter: it seemed like earlier in the week last week, there might be some progress there as treasury secretary mnuchin and the speaker of the house were meeting and talking the president seemed to be behind the effort, but this covid diagnosis has up ended everythingment n everything not sure if the president has been able to be on the phone with lawmakers and convince senate republicans that a stimulus is where they need to be politically we'll wait and see whether the white house can give us any guidance on that meanwhile, this morning, joe, the president has been tweeting up a storm take a look at some of his missives campaigns in effect, from his hospital room at walter reed medical center, urging supporters to vote

in he did it of health conditions, doctors said yesterday it's possible he'll leave the hospital today and head back to the white house where he can continue to receive treatment. ultimately, though, they said that although he is improving, there were some scary moments during the course of the weekend. here's what they said. >> over the course of his illness, the president has experienced two episodes of transient drop in oxygen saturation we debated the reasons and whether we would intervene it was a determination of the team, based on the time line from the initial diagnosis that initiate dexamethasone >> and joe, in terms of the vice president, i'm told that vice president pence is at the naval observatory, the vice presidential residence he's not expected to go to the white house today. he'll leave this afternoon and head to utah where he's going to be participating in the vice presidential debate on wednesday against kamala harris. more politics to watch this week in what has already been a crazy

couple of days, guys, back over to you >> thank you we'll kmcheck back with you, and obviously if you find anything out, just let us know. we'll be right back to you with more on the latest on the president's health, and if we'll see a stimulus package before the election senator, dr. john barrasso, he's the third ranking republican in the senate, and the republican conference chair you should be a cnbc contributor, you've got the doctor, you're there for the stimulus talks, so, you know, maybe don't need to have two guests, we just have you, senator barrasso so let's start with before we get to the stimulus, just talk about what you know about, you know, physiology, and everything else, what do you think is happening now with the president and his health given that he's had a pretty solid regimen of

these drugs that seem to work or seem to have been proven to have some efficacy. where do you think he stands now? do you think he's out of the woods or are we still worried for the next week? >> the president is a fighter, and i know all of us are looking forward to a quick and complete recovery for the president it sure sounds like things are heading in the right direction as a doctor, i can say that what it tells us if the president of the united states can get coronavirus, any of us can testing is certainly much more available. a million tests will be done today. there's still no replacement for the things we need to do with socially distancing, hygiene, and with masks i know everyone wishes the president well, and i bet he's going to be back on the campaign trail as quickly as the doctors allow him to do it. >> the latest on the stimulus, senator? >> there continue to be

discussions, and i hope we can get a to au solution. there are people that need help. republicans have put on the floor, and 52 of us voted in the senate for something targeted to getting people back to work with paycheck protection loans and to get kids back to school safely so they don't fall further behind and specifically with fighting the virus and the vaccine, there are things that we should do, and i hope that we can. you know, however, that what nancy pelosi and the democrats are proposing goes way beyond what we need to do to fight coronavirus. one of the big sticking points in theics sku in the discussion is she wants to bring back the $600 a week, they call them enhanced unemployment benefits. i call them basically bonus checks on top of unemployment. we need to get people back working. i'm in wyoming, there's help wanted signs all around. we can't go back to paying people more to stay at home than they can make at work.

>> senator, you made a comment about the president, and it's a take away that i'm concerned some people are taking away, which is if the president can get covid, anybody can take politics out of this, and put your doctor hat on for a second clearly the president has suggested people don't have to wear masks, irrespective of the testing bubble we know wearing masks and being indoors without masks is considered otherwise irresponsible. can you speak to that? because the reason that the president, it appears, and so many others caught this disease was because of practices that otherwise would not be encouraged around the country? >> the president is running the country and running for reelection, so it's not surprise that he's out and about with people as a doctor, i couldn't to say as i have from the beginning we

need to do the things of social distancing, hand washing and of wearing masks. i have mine with me right now, so what we also need to know, and i believe we are putting this disease behind us we're doing a million tests today. the medicines that people have and the treatment is much better two of the medicines that the president has gotten, the dexamethasone, and the remdesivir, if people showed up at the wyoming medical center today with the same symptoms, they would get those medications. the president is receiving that plus the regeneron that you talked about he's getting top level care. we can all do more to protect ourselves against the disease. just having the test alone is not enough >> we're hearing, doctor, that the president still, according to chief of staff meadows, we're optimistic he's going to be able to return to the white house today. reports that he did well overnight from chief of staff meadows. at this point, do you think that

mark meadows and the medical team at walter reed could have gotten more on the same page on how to present things? that was not the finest moment, was it i mean, you don't want happy talk you want to put on a positive face, but, you know, when you hear evasive answers oh, he's not on oxygen this morning he -- after, you know, everybody worrying about whether there would be transparency for that happen makes me wonder why they didn't get their story straight and get the real scoop right from the beginning >> i think you're right, joe, in addition to people wanting a quick and complete recovery of the president, they also want clear, candid and complete information and transparency about the president's health that's only natural. certainly members of congress want it, and the american public wants it so i'm expecting to get that and hope to get that today. >> do you think he should go

back to the white house? i mean, they do have obviously it's not like going back to your own house from the hospital, i'm sure they have some, you know, they have equipment and staff that wouldn't be that different in the hospital setting, if he goes back to the white house and has to be readmitted, that wouldn't be great. would you, as a doctor, would you suggest that he leaves walter reed today? >> i'm not going to second guess the doctors who are taking care of him i have been to the unit where the president is, it is the perfect place for a president in it did of their recovery they can certainly work. there's a great office set up to work there's a place to rest. and there's opportunity to be monitored. once the president and the doctors determine it's okay to go back to the white house, he's going to do that i've traveled overseas with the president, and he has more energy than most humans. you can see it with the tweets this morning he wants to get back he wants to get the great

american comeback, continuing with the momentum we have with the economy. as you mentioned, futures are up again today, heading to high numbers. the president is hands on with this recovery, and he does the contrast of what's happening with joe biden, with the $4 trillion tax increase and new regulation, all of the things, e li eliminating fossil fuels we're looking at two versions of america, and that's why the president is energized to go back to work and make his case to the american people as we're four weeks and one day away from election day. >> senator, doctor, thank you. senator barrasso of wyoming, we'll see you. melissa. thanks coming up, dr. scott gottlieb on the various treatments the president is receiving right now. futures right now are point to go a higher open dow looking to open solidly

higher, by 278 points, nasdaq up t the open stay tuned, you're watching "squawk box" on cnbc

early on in the course of this disease, the virus can get ahead of the immune system, and we think giving that anti body makes a lot of sense because it's just doing what the immune system is supposed to do but hasn't quite done yet, and that's what we hope happened with the president you're asking me did we help him, i'd like to think so. >> that was regeneron ceo talking to us last hour. joining us right now is dr. scott gottlieb, a former fda commissioner, and cnbc contributor, serves on the boards of ilumina and pfizer. i'm curious about your reaction, and specifically your reaction to the use of this as early as it is being used on the president, and whether you think it can and will be used that way more broadly in the future

>> well, if the drug is safe and effective, thrshould work better the earlier you use it very early in the course of the disease. so this drug should work better when you use it, introduces it early in the course of the infection. i don't think it's initially going to be used that way because we're probably not going to have enough supply. we have been talking about this a long time on the show, back to may, that we should be investing more in the capacity to mass produce antibody, and it's not just the regeneron product, the lily product, and one in development by amjen these can be an effective bridge to a vaccine, thinking a vaccine may take longer to develop unfortunately we're going to be supply constrained the ability to use it early in the course of the infection is probably going to be limited.

>> what does that time line look at those therapeutics relative to the vaccine and the scale it may get to >> if you look at the supply we're going to have for the antibodies in advanced development, one or more products should be available at some point this fall or winter, and we have long said that i believe there will be an emergency use authorization for one of more or of these products, will be effective against covid based on what we know from the early data, as well as the antibodies in the viral illness like this, and other proxies, for example, regeneron development a successful anti body against mrmr infection. we should have enough supply for people at seriously high risk of a bad outcome, might be introduced earlier in that foundation we're not going to have the lot of supply to use as a bridge to vaccine to prevent infection as

well as to treat patients. what it's likely to be is reserved for higher risk patients, perhaps introducing it early in the course of illness for certain high risk patients for most patients, probably get int introduced later in the course of the illness this is a drug that theoretically, the earlier you introduce it, the more benefit you're going to have derive. we have a proxy in how the drug performed with ebola infection >> doctor, i also wanted to talk about the "wall street journal" column that you wrote today and specifically about the president and my question to you is do you think, and you've known the president now for quite some time as well do you think that he changes his public approach around covid as a result of this, and do you think there are lessons for him personally in this that he may or may not take on >> there's no way to answer that, and i don't know the president well enough to

understand him personally. i hope the whole white house takes a different approach i don't think there were good precautions at the white house they weren't modeling good precautions. equally important they weren't taking good precautions to protect the president, and they need to model better precautions by the nation, so people see a better example set for leaders, and also assume better precautions for themselves as well there's a lot of senior officials coming through the white house on a daily basis that need to be protected and the people there need to be protected. we need to protect the president and vice president, and senior stach a staff and dignitaries. they were relying on a testing system alone that was inadequate there were a lot of holes in the way they were deploying tests to keep the virus off the compound, and they're going to need to tighten that up, need something closer to a zero fail testing system, as close as you can get. you're never going to have a truly zero fail testing system,

and layer with protections social distancing, using masks, they have a lot of young people running around the white house compound some of them could probably telecommute, they could shift people on days, in certain offices and meetings they have to take precautions to protect people inside the white house compound. >> doctor, you know, my son's at school goes to school so he comes home, i don't know what's going to happen, as far as that goes notre dame had 18 players. cam newton has it. we're seeing it all over the place. i ate inside at a restaurant in new york on saturday night i guess i could get it from that do we need to pull in our horns, and shut it down it's going to happen people are going to get it what is your suggestion in terms of the line we walk between trying to live as normal as possible, the best you can do is

wash your hands, wear a mask and live your life or are we all to blame when we get covid? >> look, this isn't an endless epidemic we thought there was going to be a resurgence this fall and winter, there appears to be a resurgent this fall and winter we're going to get through this and get to the other side of it. the question is how much death and suffering we endure along the way, as well as economic hardship, and allow as much business the fact to go forward as possible, while trying to stay safe. universal masks, trying to close when you truly have an epidemic and a city closing temporarily congregant settings, bars, practicing good hygiene. >> we don't need to play football, do we? >> things that we're doing that are bringing -- i think things that we're doing that are bringing people together in higher risk settings, that are pu

purely recreational, those are things we can put off for two or three months, until we get to the other side of a wave of infections the entire pacific rim, thailand, malaysia, vietnam, hong kong, singapore, china, japan, south korea, australia, new zealand, the entire pacific rim has less than a thousand infections a day having a raging epidemic is not inevitable people want to say china is lying about the two dozen cases they're reporting a day, which i don't believe they are, certainly the entire pacific rim is in on the conspiracy. it isn't inevitable that we're having a raging epidemic, western democracies, where things like masks have become a part of a political debate over individual liberty, and we can't bring ourselves to wear them. >> we always knew that the united states was not going to be able to enforce shut downs like communist china >> it's not shut downs, joe. >> we're obviously doing things

here in this country we're not doing them in other places. >> but it's not a question of just enforcing them. it's a question of whether or not as a population, we want to take simple collective action to preserve the things that are important to us. if people want to open schools, people talk about the importance of opening schools, and then they argue against masks if you watch fox news at night, they say the school should be open, but nobody should be wearing a mask >> you would not have allowed any sports or football to be done then, is what you're saying they made a decision here. we made a decision to do that. >> i think if you keep the players safe i think you can create a protective bubble around the environment. i think there are ways to do this. >> there are 18 players at notre dame, cam newton, the titans didn't play this weekend because they got it, so that's not happening, but we haven't shut down football yet. >> well, the nba took a better approach i think if you're willing to invest the resources, there are ways to creative protective

environment around certain pu bubbles, if you want to. if it's worth the money. if it's going to be costly there are a lot of universities open that are testing students three days a week, and we're not hearing reports of outbreaks there are a lot of schools open that are not having outbreaks. my kids go to school, masks during the day, classes are deintensified. there are ways to create protective environments, that aren't zero risk nothing is zero risk if dwe do it on a large scale, there are ways to allow important activities to continue if you say, we don't want to wear masks, we don't want to close bars and have this thing spread, that's not going to add up we have to make some sacrifices, that masks were the simplest sacrifice we can make. they're not full proof, they're one player of protection i would be leaning heavily on the things that allow us to continue to do what's important to us, and then if we have to do the more significant mitigation, we're going to have to do it do it on a targeted basis when you have an epidemic in the

city the south managed to do that at the end of the day, the cities did take targeted mitigation when they had epidemic, they suspended suspended elective surgeries, and it wasn't because of herd immunity, it was a combination of yes, there was more infection, and people also reacted to the infection >> dr. gottlieb, i mean, what new york city is doing right now, closing or imposing new lock down restrictions in certain zip codes is that effective or not realistic given the mobility between neighborhoods in new york, and public transportation, et cetera >> i think it's reasonable to try to take targeted steps before you do broad mitigation we have seen that targeted mitigation can work. i think it's reasonable new york city give that a try we'll see which way this goes. new york city i think has been effective in what they have done so far to try to keep this at bay, but their cases are going to go up too i don't think they'll have a

dense epidemic like they did in the spring case numbers will go up as we enter the fall and winter. we should expect that. >> dr. scott gottlieb, i want to thank you this morning for your candor, and for your perspective. appreciate it very very much >> thanks a lot. coming up, this morning's biggest market movers and in the next half hour, we're going to hear from new jersey governor phil murphy. his state dealing with an uptick in covid cases look how young he is there the governor, getting an updated shot some day. stay tedyoreatun, u' wching "squawk box" on cnbc you can't predict the future. but a resilient business can be ready for it. a digital foundation from vmware helps you redefine what's possible... now.

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"squawk box" this morning, want to get straight over to cnbc's headquarters right now where our good friend jim cramer joins us so many things to talk about i want to talk about the markets. we have the president, and hope he gets better, hopefully on the mend that would take risk off the table, i would imagine i don't know whether you think this helps or hurts efforts on stimulus, and on the other end,

we have the cross-current of more covid cases we talked to dr. scott gottlieb, concerned about those not only in new york but alelsewhere arod the country. we have talked about sadly, what a disgrace we have become on a relative basis to so many r countries around the world how do you see the market and cross currents playing against each other. >> i think there's more of a chance for a stimulus. i know the president is adamant that the states get some money, which is something speaker pelosi wants there did not seem to be a lot of rancor this weekend if there's a moment that the president shows strength, and we do wish him well, i do believe that his supporters will feel heartened and other people might say, you know what, he's more of a champion than i thought. is that what i'm saying? no, i'm busy just watching, trying to figure out the time line, like dr. gottlieb is but i

know there's a lot of people who say, what right does he have to go outside the hospital, and i come back and say, look, he's the president, he will do what he wants i care that they can have some sort of camaraderie between the democrats and the republicans. that's what the people need given the fact that there's another wave of covid, and dr. gottlieb is basically saying it's going to happen, so how can we not have more stimulus, particularly where a lot of things that were open are closing. >> jim, when you just real quick on the markets themselves, though, you look at them moving higher. >> market is fine. >> does that make sense to you >> it does, i think the president is somewhat conciliatory that market wants stimulus, if they can get stimulus, then i think what would happen is that the consumer would stay strong and this is the small and medium sized business good for everybody we don't reallimey want to say

listen, other side failed, and it's their fault i'm hoping for camaraderie, i don't think that's too much to ask at this point. >> jim cramer, thank you so much new jersey governor phil murphy is calling on anyone who attended president trump's fundraiser to t stgeteed for covid. the governor will join us live next incomparable design makes it beautiful. state of the art technology makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing. at your lexus dealer.

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president trump's health, new jersey officials are trying to do contact tracing to determine if new cases can be linked back to the president's fundraiser in bedminster last week frank holland joins us with the latest. >> good morning, contact tracing of 200 attendees underway, those names provided by the white house. five we spoke with received contact tracing e-mails from the state of new jersey over the weekend. here's a picture of the event, face coverings were not mandatory, attendees said they were allowed off in a smaller groups, including a large donor sit down and photo ops with the president, both were held inside where attendees said they were kept 6 feet away from the president and given a minute to chat here you can see the president's chopper leaving the event. the majority of attendees we spoke with said they were covid tested to get in the new jersey contact tracing letter cnbc obtained describes close contact with a covid positive person is within 6 feet for ten minutes.

none of the attendees we spoke with said they were concerned about their health because they were not within 6 feet of president trump. they said he added he appeared healthy and energetic. some say they understand the controversy. >> i think the speculation is justified as to whether the president knew or not. i didn't feel unsafe based on the procedures they were taking chlgt wheth chl >> attendees are being advised to get tested between tomorrow and thursday the state says a negative test result before then does not fully rule out a positive test later. joe, back to you. joining us now, new jersey governor phil murphy, governor, great to have you on this morning. i know you have an ifbn, obviously you're listening to me in your ear piece. so the event at bedminster, from what i could glean from what frank said, a lot of safety measures seemed like they were enforced there what is your view of what

happened and where are we in the contact tracing for some of the participants >> good to be with you, joe. listen, first of all, let me say unequivocally, we wish the president, the first lady, anyone else who has been infected, including my predecessor, governor christie, we wish them well. they are in our prayers, and we wish them a speedy, and quick and full recovery. from the report your colleague just gave, that's largely consistent with what we have heard. but this should never have taken place. with all due respect, if they knew that, you know, listen, our rules are if you're in touch with anyone knowingly who's covid positive, you got to take yourself off the field you've got to self-quarantine, and they flew in the face of that, literally and figuratively, by the way and you and i have talked about this, we paid an enormous toll in new jersey to bring this thing under control.

we have had our own challenges of late in spikes. for folks to come in from out of state and infect, potentially infect others, is unacceptable. >> are you saying the president knew he had covid at bedminster or what were you saying? >> no, i'm not saying that because i don't know that that's knowable according to everybody, including the chief of staff of the white house, that hope hicks was positive, at least that she was positive >> that she had been >> and they they all had been in close proximity. >> they knew she had been, what was, that, the previous day or same day and went to bedminster, so you assume someone may have gotten it from hope hicks. >> that's the rules of the road, joe. this virus doesn't care who you are. by the way, new jersey doesn't care who you are if you have been exposed, first of all, if you've got symptoms obviously, but even if you don't, and you've been exposed and knowingly, you got to take ourself off the field, and so to the folks that attended that

event, i hope they're all right, that they feel like they were socially distanced and they feel good your colleague said it right, and our health department has made this point strenuously, which i will underscore, a positive, rather a negative test immediately thereafter doesn't mean anything because it takes a while for this virus to incubate my advice, if you were there at the event, self-quarantine, and take a test as your colleague said, beginning, say, tomorrow but still stay self-quarantined after that. >> so we're in new jersey, 1.24. that's not a horrific number it did go up for, what, the 6th straight day, 957 positive tests. what needs -- when do you get to the point where some of the reopenings we have seen are reversed or are you slowing down at this point? what are you considering doing right now? because there have been some

reopenings in new jersey that are in progress, and some schools, a lot of schools still aren't open. my son goes one day a week, so what do we need to do? what would it have to get to before you'd reverse something >> so joe, all options are on the table, but if i had to predict, it is a minimum, it is a suspension of any further openings schools, by the way, knocking on wood here, have largely gone well in terms of in-school transmission we have only as of late last week, eleven instances in over 3,000 billions most school districts or the majority are a hybrid model. we have some that are completely remote, some that are completely in person. i think what you could expect if we still see the numbers like we have seen over the past number of days, as opposed to a blanket set of decisions or moves would probably use a scalpel in

particular communities we've got a challenge right now, for instance, in higher education. a number of outbreaks in universities so we're sending hot spot teams into some of our colleges, but i think you can expect to see something more along the lines of a scalpel, a particular community, a particular step, a particular type of gathering. >> right in protecting the vulnerable, i mean, we've heard so much about that, especially in new york, and new jersey and you know, that's what i guess you mean by a scalpel to some extent. >> yeah. yes. long-term care is a lot better than it was, but we got clobbered as you know, the whole country got clobbered, new jersey is no exception, and there are some outbreaks in long-term care which were obviously taken very seriously >> the stimulus that would help states, you've taken some matters into your own hands in terms of the millionaire tax, do you -- is that in lieu of

stimulus coming to help the states and local municipalities out or in addition to or it's just something that you think makes sense to help income inequality or because we got bills to pay in new jersey, what's your rationale? >> it is not in lieu of. this is something i have thought from day one made sense, and by the way, i don't begrudge people succeeding, whether you're an individual or big company, god bless you, we want more of you, we thought from moment one, we rise and fall based on our middle class, so we're literally taking the proceeds of the millionaires tax, and driving every penny of it into the middle class we think that is a good idea in any circumstance it's an even better idea given the fact that middle class has been crushed by covid. we still need that federal stimulus, joe. i've said it every time i have been on with you it sounds like it's getting closer i spoke with the speaker, end of

week we still need that, not just new jersey, not just blue states, but every state. >> melissa. >> we are out oftime, governor where individuals and corporations are reevaluates where they are located they have a little bit of freedom on this work from home, a freedom companies looking to adopt or are using more longer term, so i'm wondering in terms of higher taxes for millionaires, for corporations, which is signed into the budget how you think that will play out? won't that make it that much more difficult to convince companies, to convince high income individuals to stay in the state or attract new corporations to new jersey >> yeah, melissa, i don't think that's the case. there are reasons why companies either come or go or individuals come or go income tax as it relates to an individual based on all the research we have done is not one of them. i'll tell you what drives people

in new jersey, retirees that own a home and pay property taxes that have been exorbitant and building for decades that's why this budget has a ton of property tax relief in it we're actually benefitting right now, and we wish nothing but the very best for our urban neighbors, but new jersey is from the entire work-from-home reality is actually a beneficiary right now. listen, we've got the number one public education system in america, one of the top health care systems, a location second to none. that's where our investments are, and we believe that attracts people and companies. >> what about a transaction tax? still considering that in the financial transaction tax? >> yeah, still considering it, joe, but we didn't score a penny of it in the budget because there's so much uncertainty around it. we have had good, constructive conversations with some of the major players that have expressed their viewpoint and

concerns, we have ours, and we've got a good amount of analysis underway and discussion underway, but nothing to report there. >> the travel ban makes it tough, and i don't know how long it's going to -- not travel ban, but th there's so many states on it from new york and new jersey how long does that last, governor if i go south, i drive through certain states if i stop for gas, do i have to quarantine when i come back here to new jersey for 14 days and then i'm stuck down in my basement and i can't come to the nasdaq and i can't leave i'm stuck. >> we need you in new jersey that's the bottom line we can't let you leave listen, i can't tell you how long it lasts. we, ourselves, as i said, even without folks traveling here whether it's the president and his team or others, we've got

our own challenges within our state even within the tri-state area i can't tell you how long it lasts, but we do need folks to take this seriously. the requirement to self-quarantine. listen, it's kind of fairly straightforward. i know it's not fun. if you have symptoms and certainly if you tested positive and around someone who tested positive or come back in to jersey or you're visiting from a hot spot, you need to take yourself off the field is this a forever and always no but i can't tell you >> but, look, what we're doing in new york there's nine county or hot spots or zip codes or whatever it is it's not the state of new york that they're talking about so if i go somewhere down south i might be on an island somewhere no where near a county that has the hot spot and i can't come back. and, you know, it's not monolithic none of the states is monolithic and it's usually the areas where

you're seeing a spread just a blunt instrument. this is just a personal complaint. but i don't know how -- go ahead, governor. >> it is a blunt instrument, but in the realm of practicality, you know, we're focused 1,000% on new jersey. we just don't have the man power to assess a particular county in a particular state from one day to the next. it is a blunt instrument but i think it's directionally the right thing. we've got to make sure that we're clear with folks about where the risks are. and, by the way, no therapeutic. no vaccine i hope we have them both sooner rather than later. but basic stuff, social distancing, cover your face, wash your hands with soap and water and stay home for the reasons we just discussed and get tested that's what we got and that's the hand we have to play >> david is back and maybe do you have to do the whole

millionaire tax you talk about or maybe shave a couple points off of there that makes a difference. >> i heard the same that he is back we welcome him back to the great state of new jersey. >> he couldn't stay away >> what's that >> he couldn't stay away all great golf courses and great people, great governor right. couldn't stay away >> listen, bless you i can't speak for david, but i can say, again, quality of life, schools, location, transportation, quality of health care. new jersey, the way we think about it is it is the number one state in america to raise a family >> this is it. this is it don't screw it up. this is it for your tax dollars. >> we're going to double down on what we're good on >> eventually you'll drive people away. okay this is it can you promise me this is it? >> joe, if you want to get your kids educated, if you care about

their health care. you want to be in the best located state in the nation. but new jersey we're investing in all of that >> there is something to it. when people, i don't know what will happen in california. you see when you go too far you drive some people away and they can move so, just planting the seed, governor >> we take that very seriously and i mean that sincerely. we want people to believe that it's a fair deal in new jersey and that as the middle class goes, everybody does well and that's our strongly held belief. >> all right, governor, i still don't have my own ex paz pass l. just think about it, the joe lane thanks for your time today >> good to see you >> check's in the mail thanks, governor we'll see you again. >> thank you, joe. >> andrew. you were here. you know there is some nice real estate out here for you.

>> you know i'm -- what is the phrase new york or no where new york or no where >> you went to the jersey shore. what inesthavers should make out of all the headlines coming out of washington today and then, tonight, don't miss the news shepard smith will bring you all the day's headlines. and lester holt will hold a live town hall event with presidential hopeful joe biden that's tonight at 8:00 p.m. eastern time and you can catch it all right here on cnbc. stay tuned sales are down from last quarter but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding]

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welcome back to "squawk box" co-founder of blue print capital advisors jacob, great to have you with us you sound very bullish equities and very bullish on the potential of a trump victory what happens if he doesn't win >> i tell you, i'm very bullish and i think that the current scenario that we are in for those of us who are looking to invest in equities is a win/win scenario let's say, for example, that the economy closes down. i think we've been in this for nine months and we know what stocks exercise leadership during that time period. and we can focus on those names

again and we would be pretty ensured that those names would continue to do well. and those two sectors are primarily health care and technology if the economy opens back up, i think we have another scenario where we have a broader based roorve recovery now, like you, i follow the news throughout the weekend and my heart and my prayers go out to the president, the first lady and all of those who contracted the coronavirus and i hope they have speedy recovery but i look at that as noise. i think we're in the month of october. traditionally one of the most voltile months of the year for the u.s. stock market. we've got talk of a vaccine. we've got an argument going over on whether or not we feel ruth bader ginsburg left. just a whole lot of noise in the

market and what i would like to see investors do is just focus on the real economy. >> right >> and those companies that are doing well in the real economy >> great to get your thoughts, thank you. and it looks like a positive open here pointing to the futures. great to be with you, andrew and joe. make sure you tune in tomorrow >> great to be with you. >> "squawk on the street" is up next good monday morning, i'm carl quinatnill. the five-week high today as stimulus hopes stay alive. our road map begins with the president still hospitalized his treatment, condition and prognosis still somewhat unclear with 29 days untilelection day plus stocks are looking to start