illumina closes the deal with grail. the ceo is here to explain. >>> a perfect storm. the transportation sector hit. but only a few companies actually have pricing power. find out which ones do as the inflation nation series continues. kelly? >> all right thank you very much. let's check on the markets the dow down 300 points at session lows and right now down 131 and tilted lower over the past hour or so. the s&p down fractionally. the nasdaq up 22 see if it can hang on to the green. over the past week the major ind indexes are all lower. there's a fast moving selloff into the close yesterday and thought at the opening today what's the cause of the volatility bob? >> hello this is largely about the covid variant and the uncertainty about the growth outlook the fed is part of it but you could see the stocks react to the covid variant. it's the cyclical sector having the biggest problems energy continues to get clobbered as oil is dropping for a while. see chevron and eog and hess cabot oil and gas hit a 52 week low today. same thing with industrials and materials. anot

the earnings are there and so this is a company that we're glad to add to our portfolio. >> illumina making an acquisition to beef up the cancer diagnostic portfolio. rebuying a company it sold off years back >>> the investment committee is making moves in this market. their latest buys coming up next >>> and you can always watch or listen to us live on the go and on the cnbc app. "halftime" back in two minutes all around you... where you learn, work, and fly... we help make them healthier. we are the people of abm. for more than 100 years, we've been a leader in making spaces cleaner, from the things you touch to the air you breathe. today, more than 100,000 of us are innovating to ensure spaces are more efficient, healthier and safer. abm. making spaces healthier for you. introducing xfinity rewards. our very own way of thanking you just for being with us. enjoy rewards like movie night specials. xfinity mobile benefits. ...and exclusive experiences, like the chance to win tickets to see watch what happens live. hey! it's me. the longer you've been with us... the more rewards you c

illumina closes the deal with grail. the ceo is here to explain. >>> a perfect storm.ation s

i know he's on the boards of illumina and pfizer. >> thankfully we signed him as a cnbc contributor,ho knew >> his matter of fact nature. >> he is just the rock of jib ral tar. >> he is, he is. >> the government, the shadow government, they know much more than the actual government i have to tell this, gottlieb was the greatest signup we ever had. he was like babe ruth going from the sox to the yanks. >> he's going to be asking for more money now price is going up. >> he's a .401 hitter. he's going to be cryogenically preserved. >> he's young. he doesn't have to worry about that. >>> take a look at the futures they were green for most of the morning. we're going to keep our eye on some of the fed commentary that's rolling in. s&p's shooting at least for six days up, and we'll get to a lot of chip news, apple, adi, western digs, taiwan semi and more don't go anywhere. and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious

scott gottlieb serves on the boards of pfizer and illumina this is not a huge surprise.how will it practically work out? >> it remains to be seen it will be some announcement today based on what some reporters are saying also publications coming out about breakthrough infections at nursing homes but i think it will be consistent to the information leaked showing rises among nursing homes. more and more breakthrough infections which is an indication of declining immunity you worry about that i think as the administration rolls it out, they are likely as they've said in the public statement they've said so far in the press. they are also likely to narrow it to those higher at risk people who have high risk medical conditions i think this will be the first traunch of individuals who will get the booster and those who got the original vaccine so they are further out. it would also include health care workers they are also eight months out from the original vaccine at this point one final point. two things going on here you do have some indication of efficacy over time that's

hoffman is stepping down under mutual agreement and will be replaced on an acting basis by former illuminalatly. mutual language. i quit, you're fired, you can't quit. >> olympics, very few times. andrew, you cry. i'm not a cryer. on the way in this morning i definitely -- maybe it was -- i had something in my eye. i'm not sure what it was it can bring out moments that are so amazing >> of emotion. >> of emotion. >> super sydney. she was a senior, union catholic she was 17 in rio. the youngest athlete since 1972. she won the gold watching it happen it's in the papers don't blame me for letting you know it happened father and mother both runners the first already to break 52 seconds in the 400 meter hurdle and then both her and dalilah muhammad of queens set records gold and silver for the united states man, it was amazing. big watch parents. it wasanticipating watching this pretty amazing when someone from where i live tows this. >> darren labelle said she may be the most marketable of all the olympic athletes he couldn't believe nike didn't get picked up. another shoe company swooped in.

scott gottleib former da commissioner cnbc contributor and he serves on the boards of pfizer and illuminaok out in september great to see you as always but the numbers over the weekend continue to concern lots of parents and lots of individuals around the country and i'm thinking specifically about states in which there are now laws effectively that prevent mask mandates and what you think should be done in those states >> well, look, i think we should be leaving discretion to local officials to implement measures based on local spread. different parts of the country, certainly different states and regions. even different localities are experiencing this pandemic in different ways to tie the hands to respond to local outbreaks is the wrong step right now, especially as we contemplate reopening schools. the goal has to be to get schools open and keep them open. we can't expect to change all of the behaviors with what we're doing with respect to mitigation especially with the new delta variant which is more contagious we are taking sort of an alpha mindset into a delta world it's not going

scott gottleib he serves on the pords of both pfizer and illumina.is out in september. scott, let's start with where we stand with the delta variant in this country, how bad are things and where do you think we stand? >> well, look, i think we're further along on this epidemic wave of what we're measuring i wouldn't be surprised if there's a million infections happening a day or more. a lot of people testing at home. a lot of the positive cases that are occurring aren't being reported to the extent they are happening in people who aren't vaccinated or younger people developing milder symptoms, i don't think we're turning over a lot of the cases that are occurring if you assume there are 90 million people vaccinated and 40 million have had covid in other waves of infection, that leaves about 50 million who are unvaccinated who are elg again for vaccination. 15 million have already been infected with delta wave, you have another 15 million that are going to get infected with the delta variant before this stops spreading in the velocity it's spreading n