adena: we definitely have. through second-level review and reject companies we don't meet our standards, even if they have gone through the disclosure process at the ftc. jonathan: thank you very much for joining us. i dean of friedman there ash adena friedman -- i dean of friedman therena , nasdaq president and ceo. fact that this was ever allowed, and for such an extended time, is just remarkable to me. you can see how proactively the exchanges themselves are working on the issue area. tom: this is one of those great surprises when you wander through the curricula. there's like 14 sets of rules out there, and it really varies from the united states to how they do business in england, how they do business in germany, and indeed, how they do business in auditing, and measuring the audit across the statements and asia. jonathan: i do wonder the questions it raises for the exchange to ramp up its own qualitative assessment of auditing firms. adena wasught brilliant on what they are trying to do. she is being dipl

adena: first of all, it really is free for retail.as at nasdaq with arthur levitt's during his tenure. he was on a mission to make it so we democratize access to the capital markets. online brokers have done an in us amount to create services that really do benefit retail. the spreads in our markets are extremely narrow, which means they are getting good executions, and they are now not having to pay commissions to those retail brokers to gain access. for them, it really is free access. >> the spreads might be narrow. is there sufficient protections against lawsuits with companies, say, in china, not operating with the same kind of oversight? adena: that is something we have been in active dialogue with the sec about. we encouraged them to have a roundtable recently. the lawyers comedy sec itself, the nasdaq. rightk to create the disclosure regime for companies coming to the u.s.. there are disclosure obligations that companies have coming from china, as well as some reduced thesight the sec has from accounting firms. i think the sec

gifcine: that was nasdaq executive adena friedman. has been a busy day for earnings.s through some of the numbers is dani burger. dani: i want to start with one number that annemarie hoarder and spoke to earlier. earnings beat expectations, the loss was not extreme as we thought, in large part thanks to sales in north america, is like hand sanitizer. because this is usually a weak point for unilever, the company announcing they will not sell their tea business in india and asia despite interest from equity firms. another big gainer because of earnings is dime. aimler.r -- is d they see a better environment for 2020 and they will post a profit. it will be less than last year, pre-previously they saw a seeing in -- they are the first signs of recovery. however, the outlook is assuming that the economy continues its upward path and that we also do not see another outbreak of the virus. finally, the biggest gainer today is publicist, 16% biggest gains since 2002, avoiding a cliff edge in the u.s. thanks to some new clients it got for its ad business. businesses are advert

adena friedman. >> thank you. liz: ceo of the nasdaq. see you next time. >> thank you, liz.: "the claman countdown" is coming right back. dow jones industrials up 125. nasdaq still in the green as well. we'll be right back. ♪ ♪ ♪ it was 1961 when nellie young lost her devoted husband. without him, things were tough. her last option was to sell her home, but... her home meant everything to her. her husband had been a high school football coach and it turned out, one of his former players came up with an answer. a loan, created just for older homeowners. and pretty soon, nellie young had one of the first reverse mortgages. discover if a reverse mortgage loan is right for you. use it to eliminate monthly mortgage payments and increase cashflow, create an emergency fund, preserve retirement savings and more. call now for your free information kit. that first reverse mortgage loan meant nellie could stay in the home she loved so much, with memories that meant even more. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan... and it's tax-free cash just

adena friedman is looking forward to the future of the exchange.ratulations on being named top ceo by barron's, and thanks for joining us. so you were in the marketplace where all the excitement is right now. the valuationses are looking high relative to the rest of the market, so how do you see this playing out over the second half of this year and in coming years? >> well, first off, thank you, jack, for having me on the show, and i am honored to be on the list. is so in temples of technology companies, i think we have to recognize over the last ten years there have been a whole range of innovate ors in technology that have gone towards two trends. one is consumer convenience in terms of online shopping, online delivery, things like that. as well as in terms of enterprise software that's really supporting a global distributive work force. and those two tech trends have gone from kind of a nice to have to a need to have over the course of this pandemic. and i think investors are realizing that the longer that the pandemic really infects our societ

adena: first of all, it really is free for retail. at nasdaq with arthur levitz during his tenure. i do think he really was on a mission to make it so we democratize access at the capital markets. i think he went a long way in that regard. the online brokers have done an amount to create services that benefit retail. i do think that at the end of the day, they are getting a good experience. the spreads in our markets are extremely narrow which means they are getting good executions. and they are now not having to pay commissions against -- to the retail brokers to gain access to the markets. for them, it is free access. pres. trump: to produce and deliver 100 million doses of their vaccine immediately following its approval. hopefully the approval process will go very quickly. and we think we have a winner there. we also think we have other companies right behind that are doing very well on the vaccines. long ahead of schedule. speed, of operation warp this agreement will also ensure we receive an additional 500 million doses shortly

thanks, adena.reat to see you >>> we got some breaking news in the housing market diana oleck has the latest on mortgage applications. >> home buyer demand is heating up with the mercury this summer after pulling back slightly the previous week. mortgage applications to buy a home rose 2% for the week and a remarkable 19% higher than the same week one year ago that's the ninth straight week of annual gains and one of the highest annual jumps we've seen. low mortgage rates didn't hurt average on 30 year fixed inched up one basis point to 3.02 3.19 the week before was a record low that's an average. a lot of folks are getting below 3% at today's rate 60% of all outstanding loans can benefit from a refi. that's according to fannie mae with 122% stronger than the same week one year ago. these are applications and not all of them will translate into closed loans credit is still tight. we'll get a read how sales existing homes did this morning. that's later this morning at 10:00 eastern time on "squawk on

we spoke yesterday to adena friedman and she talked about why technology is looking so good. many of the biggest of the big tech list on the nasdaq. she made an interesting argument about it. listen to what the ceo of the nasdaq told us yesterday. >> way back in the day you had the railroads, then you had capital intensive companies really dominating the markets, then you had the oil companies really coming in and becoming dominant in the market, now you have technology that really has become the dominant driver of economic growth. i think for that reason, they are sitting at the top and they are as large as they are for good reason. liz: phil, you know, i just look at what i'm doing every day, buying technology, using technology. >> it is absolutely. so is everybody else in the world, especially in this coronavirus world. we see where this is going. look at what the iphone has done. it's replaced phonograph records, books, magazines, newspapers, you name it. she's right. from a shorter term viewpoint, i understand goldman's call but listen, goldman has been negative on apple

friedman --adina adena friedman joining us there. tomorrow, there is no trading.an-pacific stocks are being dragged down by what is going on in china. down 1.3 percent but overall it has been quite something. the dollar has been weakening. we have that reverse correlation as well. china is going to the downside -- val'sg written retaliation. this is bloomberg. ♪ save hundreds on your wireless bill without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. but what if you could stdo better than that?k. like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but