good morning it is 8:00 a.m. at tesla headquarters in palo alto, california it it's 11:00 a.m. on wall street "squawk alley" is live ♪ good tuesday morning i'm jon fortt with carl quintanilla back again it is a busy day on wall street with the dow hitting an all time high making another run at 30 k. that comes as president-elect joe biden is reporting tapping former fed chair janet yellen to

run the treasury department. tesla is continuing the record run now topping half a trillion dollars in market cap. making elon musk the world's second richest person on paper and apple making another concession, carl on app store fees a lot going on >> yeah. we talked about that early moving being the small crack that starts to widen as for tesla, i mean, whether it's some of the reports about a hatch back in europe or longer range vehicles or just enthusiasm over the ev space as we gheet into a biden administration on top of the gm news yesterday, jon. so there is a lot happening in the ev space and then more bullish news headlines regarding the chip cycle for apple. >> we have thanksgiving and black friday which will be a big deal for retail. we talked yesterday about the big box retailers. today we'll do a little bit more

folk us in on online retailers as well. not just amazon but names like etsy then app store businesses affected by this apple move. and we have the box ceo coming in later in the hour >> and then there's best buy, of course reporting earnings we're a few days away from black friday results were good. comps were good. no guide for q-4 frank holland has more on it hey, frank >> hey, guys shares of best buy down right now even after that blowout quarter we talked about. a lack of guidance as well as headwinds with shipping costs and supply chain issues weighing on the stock when you look at the digital business that, was a bright spot 40% of on line orders are picked up in store. they got a big boost from prime day and starting black friday sales earlier. emphasizing a push towards share from store right now we have over 400

stores that are enabled with that capability. and for same day delivery, we expanded our portfolio to include partners like shift and rody and we also just recently started working with instacart for the same day delivery. you see the company really focusing on delivering from its own stores not only with traditional carriers but with its own partners the company is piloting a reconfiguring of the stores, something we've seen from the retailers. the he said in this pilot, best buy reduce shopping areas from 27,000 feet to 15,000 feet also reduced inventory in the stores with the idea that the extra space will be used to stage stores from items both on the sales floor and online only. the stores are close to dense areas where they expect a lot of delivery for the holiday season. 90 more of the dense area stores will be added. the they're creating more options to make shopping from home easy we are a lot of virus

concerns, barry saying we're trying to stress digital help when we can. if you go to the website, the very top of the page you'll see a digital assistant. as part of that, barry is saying that people have the ability to chat with an expert from home. you can narrow in on the category that you want or just say you would like to make an pinltme appointment for a consultation you can pick from chat including a video chat that slonger than we really hoped. you see best buy really focusing on digital and growing the digital business again, 174% digital growth year over year in the quarter with the holidays coming back up. >> frank holland, keeping us honest on retail and logistics thank you. now let's bring in da davidson and tom forte. he has a new report on consumer technology stocks and online retailers. and, tom, it's interesting frank was just telling us yesterday about the bottle neck expected in logistics.

is that going to trip up some of these e-commerce players that don't have brick-and-mortar locations to do pickup in store and this omni channel play >> sure. of i think about it. great question, jon. i think about it from a supply chain standpoint and i think etsy has a structural advantage on amazon for that reason. so etsy sellers make gifts amazon is dependent on the traditional supply chain which consumer electronics is certainly been constrained this year so i think that when it comes to holiday, etsy will have a competitive edge on amazon for that reason. >> what about some of the online retailers that are selling digital goods? i'm thinking of names even like roku and then there are some retailers who sell things that can you just download or stream, shopify falls into that category certainly an advantage there we're not seeing broadband bottle necks, so delivery should be okay on that front. >> yes you were talking about how

apple's cutting the fees to developers on the platform but historically, you think about holidays and that's when there is a record level of engagement with apps and a record level of down loads for, you know, video content and things of that nature. so, yes, apple should still do very well as shopify and roku and the others you identified there that are merchandising digitsal goods, yes. >> we talk about etsy and pins, i'm curious. we had a downgrade ulta to da over at jeffries one thing they're talking about hoo is higher penetration lower margin e-com who are the victims of the trend going to be in the near term even if they're not in your universe >> i think that higher penetration and lower margin e- com. they're going to generate high margin revenue just on

transactions less caring about the margin of project being d.c. product being sold if you think about 2020, it's been a difficult year for apparel but an excellent year for consumer electronics i think that generally speaking the marketplace models should benefit from more volume, not only etsy but ebay and amazon for that reason. >> so that's an interesting point. you know this morning on our 9:00 a.m. hour, jim cramer's point was largely that the experience of the economy right now is on hold and we're upgrading our homes. we don't have anywhere to buy clothes. once we start to travel does that mean you stop buying goods and start buying serviceors do you need to buy more goods because you're buying more services >> that's an excellent question. we've been following two data

sets if if you think about consumers leaning into home, they benefited because of less discretionary income is going to travel and to food away from home that can create a head wind for the companies though i still very much like overstock shares into '21 on a number of company specific initial hifz that should enable it to generate revenue growth. >> yeah, we just had the three favorite names for 2021 up there in the stock charts. roku, overstock, and car parts.com. tell me about carparts.com s that a play on this used car demand thing and people just getting back on the road themselves? what's the story >> i think car parts.com is the most misunderstood covid-19 story that i cover it's a heads ewin, tales win

situation. you have more miles driven on an economic rebound, historically more miles driven means more collisions and 70% of the auto parts they sell are collision auto parts and to the extent that you have economic weakness and more stimulus going to your point, john, people are holding on to the used cars longer, investing and repairing the used cars instead of buying new cars it's a heads win, tails i win situation. >> i love the specific ideas out there for investors. tom forte, thank you >> my pleasure, thank you. >> after the break, we'll talk more apple and commission fees on the apps. shares did get down to $112 and change today that is the lowest since november 4th we're back in main don't go anywhere. change is all around us. shaped by technology and human ingenuity,

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april sl giving an early christmas give to some developers on app store fees josh lipton explains >> deadline extended that's the news developers just got from apple specifically those companies offering digital classes or virtual events just got an extension they won't have to pay that 30% standard commission on in app purchases through june in other words, they keep all of their sales for now. why make this decision apple says it recognizes that

covid-19 is still very much a threat that means a lot of events now still have to move from in person digitsal although they're required to offer event experiences through in app purchase, we defer this requirement with an original deadline of december 2020 to allow additional time for developing in app purchase solutions. the deadline has been extended to june 30th, 2021 this is just a latest headline from apple regarding the fee structure on the app store remember, there was another big news early this month, too, when apple announced it's going to cut the commission to 15% for app developers making under $1 million on the oapp store in 2021 that is going to impact a lot of people, about 98% of the developers that pay apple a commission according to censor tower. with these moves apple is trying to keep the $28 million developers engaged, loild and motivated. it's coming at a time when am,

we know, like the rest of big tech, is under increasing scrutiny on capitol hill one question is whether the latest moves can help ease tensions with lawmakers who raised questions about the app store and that is critical that store counts for an estimated 25% of that faster growing higher margin services business carl, back to you. >> all right josh, great setup. that's where we're going to kick things off with our next guest editor in chief of the verge and a cnbc contributor welcome. >> thank you for having me >> so as josh pointed out, thats a couple olive branches in a row. i wonder if you think the developer community senses blood in the water >> i think they absolutely do. i think this is a part of the story that we've known for a long time. merely the threat of regulatory pressure causes companies to change their behavior. so both of these moves, i think, you can read them optimistically april sl doi

apple is doing right by the developers the threat environment covid-19 is on going and getting worse. they're making sure the community can make money you can read it more cynically they have taken out the best public relations problems they had with the app store that's a lot of people who are happy. >> let's start with making peace with developers. where is equilibrium if it were to stop here, does that mean we're all good >> you know, that 98% number, can you look at it as 98% of developers in the app store make under $1 million a year or by revenue. the biggest developers are still paying full freight.

at 30% and making the most money for apple. that is the curve that regulators will look at. look, normally your best customers, your best partners you cut them the break april sl not cutting microsoft or any of the game developers, a break on the fees. that's an inversion and reflection of the market power that apple stills have >> iment going to take the other side n technology, very often you charge the big kmusts a lot more than you charge consumers and in a way this, is you know, separating out the app store in a similar idea okay if, you're smaller, you don't have a huge business the platform, the momentum will give you bate of a break so you can get bigger. and then, you know, on this delay in paying for classes this is mart business there are not a lot of in person events until we get that vaccine

or those vaccines midyear next year then they're going to turn on the pace half way through the year and the dollars come rolling in i agree with you i take the opposite -- that is a whacky incentive structure what kind of incentive are they creating if you're successful, we'll charge you more money is an absolutely upside down incentive structure. >> sounds like the u.s. tax system, doesn't it sure i can see it our tochl system is not without an enormous amount of controversy. i just say that incentive structure, i think, is a reflection of power. the only other organization or entity that xerts th entity that xerexert that's taxation is the power of the government there's a real conversation about why apple thinks they can create that increased burden to

more successful you are. >> okay. so business and tech, tech take away here, isn't it that it's so nice to own your own platform? when we look at what amazon has been able to accomplish over the years and then in the enterprise companies like sales force, i mean, they're not really beholden to gate keepers on distribution in the same way that some others are and so they don't have to pay that tax >> they wielded physical distribution power over apple's products they've been able to negotiate placement on the products for amazon prime video if that's the amount of leverage you need to cut a deal to sell your product, that might need to get rebalanced i think we're seeing it feeling more confident they feel like they can get to bipartisan consensus around things like funding the doj, around things

like should we write a law against self preferencing products on your platform? that's a long road you're seeing the glimmers of optimism from all those people >> we also want to get your latest on snap chat's spotlight. this will pay content creators to post on the platform. this is starting to look like the hall of mirrors. the innovation within innovation that's look like everybody else. >> yeah. you know, i think there is an element of everyone is afraid of tiktok i also think as luke at stories, as you look at virtual call vito scrolling, those are tremendous ad canvasses they can look at a competing product that people like, people seem to be using a lot and it's got a great pri built ad product in it. they don't have to invent something. they don't have to explain it to the ad clients

they can say reuse it with us. that is free margin for them and they don't feel like they're losing on sort of the viral of the innovation curve i think snap chat is interesting. they're doing a lottery for verality can you submit to spotlight and maybe win and get paid out they have the best ideas for user behavior. >> that's interesting. do you think we passed peak tiktok >> you know, i charlie just hit 100 million followers on tiktok. all of the creative platform, they have the same curve pay attention to youtube for years or instagram for years you see the story. there is that first peak of user behavior creators that are usually young and beautiful. they're very successful. then you find the second wave of creators that build out the long

tail then the inflection point, you see this with ufr youtuber, the inflection point is they made a video about how mad they are at youtube. tiktok is a long way from there right now. you can see that story play out. the question is with all of tiktok's other distributions, how well can they manage that create sniff. >> sounds like app developers making apps about how mad they are at apple but is this stuff really stealing these are media companies, whatever else they pretend to be, did the second sitcom or second romcom or adventure flick with a deep voiced trailer really copy the -- was that interle int intellectual theft or a new format >> i think much more the latter. you see stories hit everywhere can you put in a video ad with a call to action you're building a catalog with cool user generation at the end. the other models where thing

goes viral and you won't know et creator, other weird rifts on it we'll see if they can build a business model against that that rival what's most companies have been able to build with stories. but the real challenge, is you know, instagram can watch reels. has anyone actually used it? is anyone going to use it instead of using tiktok is or just stick with what they know instagram moved the reels button to the bottom of the app i still haven't seen the take up can you copy all you want. maybe it's not copy. maybe it's just in conspiraciation. actually getting user behavior to change is very difficult. >> yeah. well, we'll see how many people are fleeting it's good to you have thanks >> thank you for having me >> take another look at the markets with the dow getting really close to 30 k hitting an all time high now up more than 400 points. you can see it there just about

4 or 5 points away from that mark 'lbeig bk. stay with us hi, my name is sam davis and i'm going to tell you about exciting plans available to anyone with medicare. many plans provide broad coverage and still may save you money on monthly premiums and prescription drugs. with original medicare you're covered for hospital stays and doctor office visits, but you have to meet a deductible for each and then, you're still

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408.73 tantalizingly close here, jon. i think we just did it >> i think we did. industries, materials, boeing have a strong day to day along with chevron, j.p. morgan, ibm i mean, it's really something to behold, carl the yeert we har with had, the y to be hitting 30,000 in the week as we're heading into black friday who knows what the rest of the year has to hold but the markets certainly going through quite a bit. >> let's bring in mike santoli who talked about this on squawk and what happened -- what passed under the bridge, mike, sibs the first time we hit 20,000 there is a time this summer where the thinking was maybe growth gets us there all by itself and then we saw this

broadening out as the vaccine came into view. >> for sure. in fact, the tone of the market and the last several weeks anyway has been much more about dow type stocks, not small ones. of course, they're big in the dow. cyclical, global industrials, injury as well and they've all been more or less prioritized here by investors as everybody is fixated on 2021 as a rebound year for profits, for the economy, for consumer behavior, for public health, everything is lining up right here i really think the main question is how do the momentum favoring, seasonal forces where you have the upside bias and do tend to finish strong when you have a strong year, how does that play against the fact that i think a lot of folks have already rushed into this position of trying to capitalize on that you do have some things flashing you know, yellow lights about sentiment, about investor positioning and about how much we've already baked in in terms of rebound potential so all that stuff i think, the

dow is at 30,000 gives you an occasion to assess that tradeoff >> you're an alumni of barons, mike i always like to jab them. they did put d30,000 on the cove of january 28th this year. we finally got there i wonder how you think in light of covid-19 what did change in the narrative and what it would take to get past that milestone? >> i think first of all. >> the whoefr overwhelming poli response is something that took people by surprise we saw back in the summer that it didn't feel smart to have panic about that second surge. in cases that we got we have the medical interventions and vaccines round into focus and then it seems as if the market is willing to convert almost any bit of incremental

news into why it's going to be better next year. it was bate of a handoff to the laggers, cyclical stocks can you say value. you can say beaten up. basically, anything that moves fast when the economy does better pt of that's where we are right now. and it seems like it's been a real quick silver rotation days. all or nothing, one type of a stock or another that definitely speaks to a spring loaded investment structure that we have right now and a lot of fast moving monday investing systematically and able to capitalize on any theme in a moment. and we're seeing a lot of that right now. and also, i think you have a lot of kind of retail momentum

chasers going on right now just look at the electric vehicle stocks, you know, look at bitcoin you can find of kind your spots where there is a lot of craziness happening. meanwhile, the s&p 500 is going side ways for two weeks just sort of consolidating it is not even at the highs we saw back a couple weeks ago >> yeah, that's an important point, mark. put on your market historian hat if you will. you have a lot of market historian hats i think we hit 20,000 about four years ago. they got down close to that 20,000 mark within a 1,000 or 1500 earlier this year but with that march move, what got us to 30,000 this time >> in terms of names, i think this time around when you talk about specifically dow 30, you know, i mean you have the hk

components in there that carried the weight for a little while. as i said, global industrials are a very favorite spot we've had a bull market in a boom really in stuff purchases during the pandemic. is there going to be this conversion towards more travel and services, that's a different mix. it's going to be different types of companies and kinds of business that's are less reflected in the public equity markets it is more local we'll see how that plays out for now, dow 30,000 is a big eye catching number. it's no the as if the year to date returns are all that extraordinary. they've been relatively routine. it's just the path we took to get here has been really remarkable in terms of what things look like eight months ago.

versus now >> mike, stick us with let's bring in our dom chu this is a 30 k shaped recovery the economy is not out of the woods yet. how does it look >> over the longer term, we could expect this to happen all the time the markets just keep going higher carl brought up an interesting point about the barons dow 30,000 from this year and last talking about that, i remember the barons cover from january of 2017 that was talking about dow 30,000 so the notion here is you have an environment and a market that is trying to track as best it can the future trajectory of the economy. the economy right now is recovering it's not strong by any means but it's trying to get back to where it was before and trying to get back to some trend line level. if you look at the way that dow is performed, over the course of the 20,000 or 30,000 mark that we've seen, we know that dow is

a price weighted index the stocks that have the highest prices contribute most if you look straight percentage gains, the ones that have done really well between do you 20,000 and 30,000 is apple it's been microsoft. it's been home depot and these types of names that have really talked a little bit more about maybe not the value side of things, so to speak, but it's been that same theme about mega cap technology and communication services names they're the ones driving a lot of the gains there whether or not those continue to push 30,000 to 40,000 remains to be seen. but if you look at the overall picture for how the market is going to shape up next year, it makes sense possibly to mike's point that it's the recovery plays, the one that are industrial in nature or materials in nature or anything else that could be economically sensitive. those are the ones that you could see do well. but remember, the highest weightings are still names like

united health care, home depot those are the ones you want to see perform. those are the real push, guys, between 30,000 and 40,000 if there is one although, i would say a lot of the traders i talk to are worried that we could see a move back down at some point just because it's been such a staggering run for these types of stocks. >> well, the bulls certainly would love to keep that sent going, dom, to be sure mike, to dom's earlier point, since 20,000, i believe this is going back to january 25th of 2017 so apple has almost equal group willed, microsoft doubled and others have doubled. that's not a report card on the economy. we know there is a large share shift from smaller businesses to large publicly traded ones but he's right, the components that have broad swaths of influence over the economy have done very well >> no, there is no doubt especially in the last little

stretch. we should keep in mind going from 20,000 to 30,000 in four years is, you know, a little better than a 10% annualized gain perfectly fine 2% dividend at the top of that the market has done what it has largely done over the long term. we get to the sign posts and assess, are we asaid of ourselves or behind? i think on a longer term basis, the market actually has kept up a sustainable pace the question is in the short term, you know, we snap back a little too far and are people overexcited? just think of how recent lit was where the talk was election uncertainty, we don't know about the vaccine likelihoods and companies are going to be impaired for a long period of time it was a couple months ago you've seen a real flip. people are marking their attitudes to market to some degree i guess what we wanted is split government we didn't know that but apparent lit market wanted that. so we'll decide that's the good thing for the next four years. who knows if that's really what's going on? except the market is definitely

clinched up in anxiety a couple months ago now it's kind of, you know, a ready for the party. we'll see if that continues. >> yeah. that is a lot of hard work that has to be done to get that true party started. mike, dom, thank you guys. pretty amazing if you're just joining us this morning, the dow jones industrial average hitting 30,000 for the first time ever and the judge points out a few moments ago it was march 23rd, 18,213 points. that's a 12,000 point rally from the low. pretty ueaasud ss.nrl jgeay - [narrator] at southern new hampshire university,

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without feeling ripped off. that's what it means to live feelessly. the big picture here the dow just hit 30 k minutes ago. signalling the strength of some big companies in this environment and in this economy. what are you seeing as, you know, not a dow company yet. you know, boxed is still relatively small but still in the space of serving consumers during a pandemic how does it look

>> it looks pretty good from our standpoint the stale winds are still there. covid-19 cases are ticking up and seeing the instore stuff, toilet paper and paper towels get depleted we're still seeing that tail wind interestingly enough, mobile usage is up as well. so we're seeing a 30% rise from earlier this year to now in mobile app usage there are a lot of names in the dow are going to see the benefit. >> so i'm calling this a 30 k shaped recovery. you got both big companies and better off consumers aiming to do better. what do you know about the demographics of the consumers who are shopping at boxed and how they're spending patterns might differ from a consumer in general? >> that is a really great question we're seeing a really interesting change in our demographics early on, we're the costco for millennials and mostly on the coastal cities we sell the biggest penetration. but definitely throughout this pandemic, what we're seeing is

rise of those in the suburbs as well as folks in the suburbs in rural areas as well. real grin to take hold they're coming online with groceries and essentials >> i wonder where your head is on supply chain distribution infrastructure right now warehouses, trucking, you name it if we do see some movement to in person shopping once a vaccine is in place, where does that levin ve lev leaf investment down the road? >> i've been preaching for months about that now. what we're seeing today is a peak period. so even before we go into cyber monday and black friday, e-commerce was seeing a peak period and as you know from last few years, you probably see that new store every year saying how many millions of kids are disappointed because the gift as rifd late because we couldn't

handle the peak this year. so we're already in that period. a double peak is really going to crush the industry this year so when all folks are warning about shopping early, i think we have to all keep the warnings. and to your question about infrastructure, i think that highlights even more the need for that investment into trucking, into warehousing and into overall economic commerce infrastructure in america. >> the consumer mindset, you can argue that a year ago, you know, having something not next day delivery was acceptable to the co consumer because there was separate from your regular shopping life. but i would imagine that the tolerance for that is going to go to de minimus >> yeah. i think you're going to see that expand in the short run. everything is under kind of peak pressure right now folks know the packages may get delayed. as we turn the corner into a recovery trade period, i you this you're going to see that shrink again we can see it in our numbers and

survey numbers when it comes to delivery times and delivery expectations, when we first launched seven years ago, two day shipping was the gold standard. you tell your friends if you got something in two days or less. nowadays, you're not even telling your friends if you got something in two hours or less we'll see that trend continue into the future. >> so we're talking about the holiday period and logistical challenges i wonder how this affects your plan for the future. what are you going to do about logistics going forward? you are going to need brick-and-mortar partners to ensure faster local delivery do you work with some of the micro warehouse that's are a little morelocal how do you deverse fi? >> yeah. i almost feel like sometimes cnbc is in the conference rooms. it's a big topic you'll see us partner with brick-and-mortar folks because again, that shopper just wants omni channel coverage. that shopper is not going to

just shop online they're not going to just shop in store we bring a lot of assets to the table with regards to online shopping but almost none when it comes to instoor. partnering with folks that are not that strong online but have as really strong presence and brand is what we try >> we try to be that fly on the wall thank you for giving us insights and your strategic thoughts. >> thank you >> let's bring in byron wean, blackstone vice chair on this day where the dow hits 30,000 for the first time byron, here we are you know, a lot of people roll their eyes at these sort of generational markers but you got to take it when you get it i guess i'll just start by asking what do you think it means? >> well, i think what it means is we're going to have now three

vaccines the markets are reflecting that optimism >> so you know often when we hit the marks, there's a knee jerk response that it feels topee just because of the number, the change in the handle itself. do you think there is any relevance to that? >> the enthusiasm of investors can run ahead of the earnings of companies. so the question is will companies be able to produce the earnings to justify that price and one aspect you have to think about is interest rates are very low and they're likely to stay low. and that means support, higher prices than we have experienced in the past. >> byron, good morning it's jon fortt really treasure having your ib sight here at this milestone moment do you think the markets are perhaps being too optimistic about the future though

considering we've got a president-elect, joe biden, a democrat we might have some higher corporate taxes. that is at least what he thinks he is telegraphing then with all of the spending that we have been doing and probably yet to deal with on stimulus, eventually that's had a to get paid for, right >> absolutely. i think taxes are going to go up the corporate taxes and quite possibly capital gains that's definitely on his agenda. but those veare secondary priorities the first priority is get the vaccines distributed get the virus under control. get people back to work. and back in their offices. get the economy functioning normally which means kids going back to school, universities open, theaters operating, sports events taking place.

those are the top priorities you have to get back to normal get the economy functioning as it did in 2019 >> and, byron, if there is an investor looking to, i guess, put on some protection, thinking that perhaps this is running a little hot, what would you do? i think the market with all of the vaccines announced in the last two weeks may be getting a little ahead of itself but, you know, the -- i think we're in a long cycle here, carl it's going to last several years. and i also think that the economy is going to be expanding during that period so it may seem a little too much now. but time will probably bail you out.

if you're patient and hold on, you probably will be rewarded. >> byron, we have michigan certified, georgia, pennsylvania according to the governor a few moments ago. transitions in place how much clearance have we made in termsof the transition of power and how much risk is still in a potentially blue senate even though the odds are -- the betting markets say less than 50%? >> yeah. well, if there is a blue sentiment, then you're going to see taxes go up sooner, spending and infrastructure increase. so you're going to see some of the things that may impact corporate profits take place sooner rather than later but if the republicans continue to control the senate, then i guess it's 50/50 now, then i think some of those things will be delayed but my view is that the most

important thing to think about is we're headed back to normal and that's why the markets are responding so favorably. >> byron, it's a joy to share today with you at least for a few moments. we really appreciate you come willi comecoming to the phone. >> thank you have a good thanks giving you and all your listeners >> thank you very much, byron wien >> now let's check out the biggest gainers on the dow this morning. as it surpasses 30,000 for the very first time. j.p. morgan chase, chevron, we brit heca dow cmil. epe ghback stay with us amazing. great street, huge yard. there is a bit of an issue with our neighbors fencing. neighbor 1: allez! (sound from wind chimes) neighbor 2: (laughing) at least geico makes bundling our home and car insurance easy.

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tesla all-time high today, up 4%, making elon musk the world's second richest person. hey, robert. >> you talked about the unreal markets but those are leading to unreal wealth creations. elon musk worth over $128 billion. he added $10 billion to his wealth just yesterday and today and gained $100 billion just this year, that works out to $13 million per hour for all of 2020 in the coming years, he will not only benefit in his 21%

ownership of tesla but also from that huge compensation package that would be worth than $55 billion more he's received the first three of 12 tranches of that stock but he's set to get the fourth pretty soon. if you look at one of the targets tesla was supposed to his, $620 billion, that sounded far fetched in 2016. today it's already topping 515 billion. what does he have to do to pass jeff bezos as the richest person in the world tesla would have to top $900 for musk to get to the $183 billion.

bezos has added $67 billion to his wealth while the world's been na billionaires have -- it took bezos 20 years to do that. and musk added billions in just 11 months. >> one takeaway is the billionaires are doing okay. we don't have to worry too much about them robert frank, thank you. >> meanwhile, millions of americans getting tested every day as we head into the holiday season the lines are long and the way to get results is still brutal meg tirrell has the latest >> with the incredible number of people being diagnosed with covid-19, we're seeing strain on the testing system in the u.s.

we teamed up with a data and survey firm and they surveyed 9,600 people in the u.s. in all 50 states and what they found about turn around times on average is they're still not perfect but better than they were in july and august. you can see more people, the gray bars are getting results in the same day or next day or within two to three days that's what needs to happen for these to be acted upon in use fall ways. still not enough people are getting their results that quickly. testing capacity has gone up, close to 2 million tests being done every day, about double from the summer. still we're starting here about strain on their turn around times. qwest this morning lengthening their turn around days from two

to three days than one day previously they're seeing the average positivity rate going up and limiting their ability to pool samples together and are noting global supply constraints. we ran the numbers by dr. ashish jha who noted getting your petet back after four days is really good he said we've gone from atrocious to just plain mediocre you still want to get under two days for getting results back. we looked at it state bit state and found only two states met that goal, wisconsin and i rhode island in florida and vermont, you're seeing four days for your testing turn around times. and because it's thanksgiving week, we asked about people's plans for thanksgiving and whether they're asking guests

coming over to test or quarantine and very few people said they were doing anything. 62% said they're not taking any precautions this year. public health experts are worried. be very careful. >> meg, it's so true we mentioned dow 30k moments ago. dom chu is there to look at the names that got us there. there are some new traenentrants >> it's not the same dow we saw ten years ago. we mentioned before that apple and microsoft have been some of the biggest gainers. look at what is happening with salesforce and nike. if you want to look at what's going to be driving the price action in the next few months or

years down the line, a huge year to bridge a company like sal salesforce.com if you look at what's happening with the dow and the price weighted nature of the index the company that will matter the most to the next leg higher or lower to the dow will be the stocks like united health group, home depot and amgen because they carry some of the biggest weights and we're still getting used to this notion that they are now part of the dow jones 30 if you look at the year-to-day gainers, the price dynamic may be slightly different in the coming years because of having a biotechnology name replace an am

general or longside apple or microsoft. it's something to keep an eye on >> i may be putting you on the stop but what are the names that are going to matter the least there? you can see on the year-to-date gainers. salesforce has a pretty high per share price, above 250 apple used to be higher but now it's less than half that off the on of your head, beside apple and nike closer to the hundred buck mark. who else matters less? >> let's talk about one of the biggest pharma companies out there? merck is not as big of a weighting as some of these other companies and maybe a walgreens alliance the pharmacy benefits manager and retail giant, those types of stocks do not carry as high a share price as some of the othe others, which means they're not as consequencial.

they do carry such a higher weighting in the overall index you can see a $38 stock. something to keep an eye on for sure >> that s&p 3645 is really only about 12 points away so we'll look for potentially another all-time high. in the meantime, let's get to the judge. >> thanks so much, carl. our breaking news continues. welcome to "the halftime report." the dow 30,000 that milestone reached within the last 45 minutes, fitting what has been the best month for stocks since 1987. the investment committee here to guide us through all it. stephanie link, josh bron, jim