michael mckee, you parse adp like no one i know.ay make a distinction between furlough, layoff, and all of the other phrases we use? michael: no. that is interesting thing between adp and the government. if you are on the payroll, whether you work or not, adp counts you. the furloughs or layoffs do not matter. you have to be paid to be on the government. an interesting number for adp is the biggest problem with the medium-sized businesses, they lost 25,000 jobs. that is the category that had the most trouble getting funding. the fed main street program was for medium-sized businesses and it has not had much take up at all. $82 million. large businesses added 129,000. small businesses 63,000. the interesting question is how may people went back on payrolls and dropped off. tom: you are great leadership on how we report economics across this nation. davidtalk tweeting out -- kotok tweeting app. he has a tweet today where he says the presidents front letting employment data, larry kudlow invited to explain. we did that earlier. john's

the adp number came in well below expectations the market, stock market dow jones up 190 points.lly paying attention to fundamentals. are you concerned that the stock market at its valuations are untethered from what's happening in the economy >> i'm not going comment on any particular market. our focus has been really since the early stages of this crisis is to support the flow of money to the economy in many sectors that's occurring. that's a positive. stocks go up and down for a variety of reasons and i'm not going to get into any particular analysis of that. >> okay, richard we have to leave it thanks for joining us there. rich clarida, vice chair of the federal reserve. becky, back to you >>> thanks very much very interesting interview kind of seeing what's happening. we have some breaking news news out from johnson and jump it struck an agreement with the u.s. government to provide 100 million dose of its covid vaccine candidate. the government has committed to more than a billion dollars as part of that agreement j and j said it will provide at a global not for profit basi

the month, the adp at 167,000. that compares to an estimate of 1 million. the june number was revised up, however. it doesn't really tell us that much, in part because they immediately true up, adp does, their number to the report there's the number, 167 estimated at 1 million t the goods sector up 1,000, services 166,000 the report showed jobs losses in medium-sized businesses and construction and finance also hospitality and health care services growth in brean capital, john ryding this report adds to the view that there is a risk for a negative point for the month daniel silver wrote, we think the adp report suggests some do downside risk to our bps and also reinforces our view that the economy has lost momentum in recent weeks following a period of strong growth we found at cnbc that neither wall street nor adp has done a good job predicting the jobs numbers, but adp has done a better job for four months of the pandemic, they're off by 7.5 million, wall street off by more than 14 million. fed's clarida maintain

we will see the adp report this morning. anythinge more than was a confirmation yesterday, lower yields, weaker dollar. yield speaks right now. jonathan: i would agree with you . the dollar breaking down. gold breaking out, comfortably three 2000. lisa: which is interesting because you are getting a risk off deal. -- you are getting a risk on feel. the private payrolls expected to have a modest rain at 8:15 am, not including the state and local government jobs, which are expected to state weaker performance. the financingget plans from the treasury department. at nine: 45, we get u.s. 9:45, wepmi data -- at get u.s. services pmi data. jonathan: let's get straight to the price action. we wake up from the tuesday snooze fest with some moves. the euro out to $1.1834. yields lower yesterday. this morning, up to 0.53%. that's the price action. the question of this morning in the keene household, in early september, tom keene has arranged for a day off. $29.99 on spending mulan?" tom: we celebrated the disney release last night by

we will get that adp jobs number in about 45 minutes.hitting another record close, extending its winning streak to five days. momentum is with tech, that's for sure. global markets also with a firmer tone, european indices are higher across the board. fq100 up 61, cac in paris up 40, dax index in germany up 97 points. business in the u.k. growing at the fastest pace in five years, the purchasing manager's index coming in at a level of 57. asia overnight markets were mostly high wear the exception of japan. kospi was up 1 and-a-half percent. president trump's campaign is suing the state of nevada over its mail-in ballot plan. cheryl casone with more details on that. cheryl: the trump campaign and republican national committee filed the lawsuit tuesday over a new bill that expands nevada's mail-in voting for november's election. it would send mail-in ballots to all registered voters in the state, meant to curb the spread of the coronavirus. the trump campaigns the bill is unconunconstitutional. nbc universal started to lay off workers, the

to your point, folks this,adp came in 160,000.hana, your thoughts overall on that market, rally, break out in stocks. it feels good despite the fact that people keep saying it is not going to last? >> certainly does. and i actually don't see a reason why it is not going to last. tech stocks have been driving returns for the market and again as you already pointed out. the economic data continues to improve, even the adp data today, it is still positive job growth and adp does tend to under shoot the broader non-farm payrolls. i expect that to be strong as well. again it is positive. that is what we should be focused on. charles: speaking of tech stocks, phil, even the most bullish tech investor has got to acknowledge, hey, this rally has been amazing, it is due to stall at some point f that is the case, when and how should portfolios be positioned? you can sense people over last couple weeks buying other areas besides tech. >> it's time. you have to think to yourself, yes, secular low rotation in our society. tech led the well. wh

according to adp, countries in the u.s.dded just 160,000 in july, well below the median estimate of $1.2 million. the government comes out with its jobs report on friday. president trump pushing back on critics of his proposal that the u.s. government should get payment if an american company buys tictoc. the president told fox that microsoft and other companies agreed with the plan. he has given microsoft or anyone else until the middle of september to make a deal. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. alix: david speaking with anthony fauci right now. he says the speed of vaccine development does not mean a lack of safety. 50%oes say the vaccine is effective. the market reaction over the last few days, very clear. you have deepening real yields in the u.s., the treasury market fueling a rally in gold, pushing precious metals toward all-time highs. the dollar rolls over amtek continues to lead market gains, with the exception of maybe t

[laughter] number, bigthe adp miss and rebounded like nothing mattered.was getting to the good part. caroline: we have to give up on this. romaine: let's stick on payroll. we are talking about again in payroll. that is the estimate they were giving based on the bloomberg survey. we have that adp number this morning that came in well below her folks were expecting. it has a lot of people reassessing whether the gains that people were looking for on friday, whether that is on non-material. taylor: let me run you through some of the individual statistics where we got from the adp numbers. well sort of the expectation -- short of the expectation. in march and april, we lost 20 million jobs in only have gone back 7.5 million. but small and large businesses that added jobs in july, but medium-sized businesses, between 50 and 500 employees, they lost 25,000 jobs. you are seeing more about dispersion between small and larger gains, but small and medium-sized businesses were struggling this time around. caroline: all of this movie get something really striking dat

a weaker than expected adp report in the u.s. lows asar moving near the treasury pushes out issuance to the long end. ism in the u.s. came in better than expected but some wrinkles in unemployment, leading to a buy equities, crude, and oil. i will have an exclusive interview with scott sheffield on the increasing 2020 oil production forecast. businesses in the euro zone have seen stronger growth in july where output expanded for the first time since the lockdown in march. michael mckee joins me now. what was your biggest take away? michael: if you are going to manage the virus better than the united states and their economies are opening up faster and stronger, which seems to be the case looking at the pmi's. we got manufacturing and we got services, and all the major economies in europe are in an expansion. the move in italy particularly notable, above 50. some down from preliminary expert, -- estimates, what they are -- the composites tell the story, all above 50 and they have all grown. the highest level in two years for the e

a lot of people in may, adp was down $2.5 million and payrolls were up.te payrolls were almost $5 million. we are fading adp as it relates to what is going to happen in current months it is still early. august is a month where we could see declines again i want our viewers to soak that in. you are at 750,000 jobs off. there are so many variables. be careful to compare it to that average we are in a window where a lot of the data are not really helping you in the direction of where payrolls are going we had to lean on alternative data this one source in particular, home base, a company that helps small businessmanage payrolls. it has really helped us to get pretty close to the actual payroll. we are confident the confidence is enormous. this july print is important this will be much more important. while we saw quite a bit of momentum in june and july, the reality is we are seeing a plateauing in the data next month's print could be pretty ugly. >> home base is a new one we've been talking about showing open table data. tom tom. i'll check out home base as

it is going to take time to heal adp did miss the initial report by a little over 3 million it will takele and we'll need more stimulus >> it is not it looks like they are going to get something done a great point about adp and payroll numbers. great to get your views. have a great day see you soon >> thank you very much good to see you as well. even though i can't see you, i do appreciate you tuning in. dow futures are up 25. will today be the day the nasdaq closes above 11,000 for the first time ever. stay tuned to find out we'll see you tomorrow hey, kids! welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! plus... whatever she's doing. and me, jade catta-preta. the host of e's the soup! camp tonsafun. it's like summer camp, but minus the poison ivy. unless you own poison ivy. in which case, why? just say "summer camp" into your xfinity voice remote to join. >>> good morning markets making more records. nearing the february high and the nasdaq looking to reach 11,000 for the

the adp number was not great earlier on., which bounces around all over the place, california reports every other week. trying to get a picture at the moment is tough, but what i can say is the initial burst back in terms of hiring does seem to be fading at this point. maybe the gains are harder from here. alix: i also wonder, what i am stuck with, this came up in the cornell report, if you got ppp money and were able to bring back the workers you furloughed, now what? if you do not get more money in the next few months, you have to re-furlough them, and then we are in the exact same situation. just because things might look better tomorrow, that does not mean they will look better in the next couple months. i am pessimistic by nature, but that is what i've been worried about, the second and third round of layoffs. guy: that was always a risk. i think tomorrow payrolls will be important. you want to have a bigger focus on what is happening in washington under the stimulus tops. alix: as a lead-in, that does it for guy and me

and adp, a nonpolitical payroll processing company, said quote, it may take months to implement the president's new policy. it feels like forever ago, but candidate trump promised he was different from republicans and would never touch social security or medicare. well, guess what. deferring the payroll tax is a security and medicare. in case the president's intentions were not clear, he said that after the election he may permanently cut the payroll tax which would deplete the trust funds and destroy social security and medicare as we know it. if you're a senior or hated to social security and medicare and are waiting for it, watch out. watch out. seniors throughout the decade since we've had social security have jealously regarded the trust fund. an abnormal trump says well, maybe we should get rid of it because we should defer, we should get rid of the payroll tax altogether. so this executive order is an example of many false promises that donald trump has made, and just as important, it is so put together with spit and glue that in all likelihood many states will not implement it at all. s

yesterday's adp number, tally of jobs created, 4.3 million.nitially they thought it was 2.4 million. all of this dovetails with better data on the economy and service economy. i know it sounds nuts. it against conventional wisdom of all talking heads but i think the v is getting stronger so am i nuts? let's ask keith fitz-gerald of the keith fitz-gerald group, jack ablin and walser wealth management president, rebecca walser. rebecca, am i nuts? all i'm looking at the data and it is getting stronger! >> no stopping engine newt of the american machine and economic growth inbegin. any kind of good news i will take. i see the light like you see the light. i'm excited about the great number, 1.2 million. definitely lower than expected and ism, manufacturing, all these things positive, positive, positive news. i think you could be on to something we could be getting to a v, a check mark. charles: jack, want to go to you. we talked a lot. maybe you were more cautious the last time we spoke. some of these things gone past the v. they are looking sort

thursday adp was yesterday., the weeks all run together the market brushed that off yesterday and continued to go higher rick santelli said if you added it altogether it department look like as big of an issue was out there. it's hard to tell which numbers the market will pay attention to and which it won't. >> i think that's right, becky i think the market has shown the proclivity that what it doesn't get the rebound when it expected the rebound, it just pushesthe rebound ahead. i think as soon as this number comes out tomorrow, maybe even today, the debate is going to turn to august what you have is this decline in these unemployment benefits. we'll see how long it lasts. and i think what the street doesn't know is how many people were buying stuff from companies that were doing well because they had that extra government benefit that was out there that's going to be one question. we've seen at least some capping, i think, in some of the places where you had a surge in the virus. that can help bring some emplo

investors looking at the adp report and we look forward to the big report on friday, the nonform payrolleyeing washington and will lawmakers be able to come to an agreement on virus aid that remains to be scene that's it for me i'm julianna tatelbaum thanks for watching "street signs. "worldwide exchange" is coming up next. look here, it's your very own all-in-one entertainment experience: xfinity x1. it's the easiest way to watch live tv and all your favorite streaming apps. plus, x1 also includes peacock premium at no extra cost. this baby is the total package. it streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. >>> it is 5:00 in watch. tech still on top as some investors wonder when the buying might top out. the yellow medal, gold is hot. investors continue to buy in movie theaters a thing of the past what disney is now doing that could change the game forever. a sad s

. >> shares of adp in premarket on word of home security deal with google the stock is up, 85%, googlecameras thermostats alarm systems google says devices a.i. technology will become cornerstone of adp smart home offerings, are tropical storm isaiah strong winds to florida's east the governor issued a state of emergency for many coastal communities heading towards carolinas, churn north next 48 hours making its way to yep new york city headlines back over to you. dagen: thank you so much isaias i practiced thank you microsoft to buy tiktok after president trump threatened to ban over security concerns susan loo has very latest. good morning. >> good morning, dagen that is right 45 days, tiktok microsoft negotiating a deal according to reports this is after a week end he of negotiations involving white house and few companies, president trump said he is considering executive order to ban the music app microsoft taking unusual stop to comment on take over talks saying following a conferring between microsoft ceo and president trump microsoft is prepared to continue discussions, adding t

that is this month, this is the last day of august, earlier this month google bought a 6.6% stake in adprgest u.s. security company. they appreciated 100% as soon as the stock market opened. the headlines that were detailing the transaction were not a total surprise. clearly a few people knew what was going on. thenow that because frequency of people searching for articles about adt and reading them exceeded the 30 day average. we have time for one more quick question. is the sec using these tools, do they have a bloomberg terminal where they can get out front of the potential crime? matt: they do have bloomberg terminal's, lots of regulators do. but so far we have yet to hear from the regulators on any of it. it's a bit disturbing because there are numerous examples going back more than two years and we can see them and that was the whole point of this. the team that created bloomberg automated intelligence, they are really doing the hard work. this is an amazing thing. people who have the bloomberg terminal can see this is happening and they know something is up, long before a deal was

the adp reported it was not good. claims this morning are more important.resident looks for a "big report." the doctor -- on the pandemic. the message is clear, listen to the experts. surveillance from america. from london as well. princi, the process of the bank of england is different than what we all know. there is no press conference right? francine: no. i know for some market participants it had been quite confusing. we were so socially distance

all day today and the jobs number tomorrow and given sort of the fragility of the job market, the way adpthe miss on wednesday, claims today a little better than expected but still a million plus is going to mean the july non-farm report will be key. >> it's the end of the week tomorrow i know we'll be talking to dropbox ceo tomorrow. let's get over to the halftime and the judge. >> the judge has some more on third point, disney, amazon. let's get back to headquarters and the judge. >>> we're watching the markets as we always do. nasdaq going for its first ever close above 11,000 we begin with that story dan loeb's third point taking new positions in disney, amazon, a couple of other well known names as well. got to investment committee to discuss and debate all of that let's get to the news we're di

the adp report claims tomorrow.e saying that is a key statistic for the week, and then the jobs report without question the greatest mystery of my years here at bloomberg. sometimes the stars align. it is always good to have paul donovan with us of ubs wealth management. was a real focus on china and the dynamics of the political economy or the economic politics of said china, and today, a really historic moment is the cabinet officer of the united states of america is scheduled to visit taiwan. this is a reach back 40 years as well. how much of an affront will this visit be to beijing? paul: i think beijing is unlikely to take it terribly well because the language around this, which is related to the covid-19 pandemic, has also been quite pointed about transparency , so one and so forth. this is coming as we are also hearing that next week or the week after, the u.s. and china are going to be reviewing the phase i trade deal. so i think we probably have to see it in this context come up -- this context, that this i

wednesday's private report from adp showed 167,000 new private sector jobs created in july.ig disappointment. there could be a new stall here in the jobs market. next year's tax season could be complicated. some states tax income earned there even if the person primarily lives or works in a different state. they could owe taxes after one day of work. others taxed after a 30 day stay. 13 states and the district of columbia won't tax workers who have relocated temporarily due to the pandemic. >>> reels allows people to share 15 second videos. president trump threatened to ban tiktok. secretary of state mike pompeo wants to p people to remove un -- >>> kraft hopes you feel the same way about the mack and cheese. craft is adding breakfast to the iconic blue box. they hope it could take shame away from serving easy to make non-breakfast food. 50% of parents have served their kids mack and cheese more often in the coronavirus lockdowns. i haven't fed my kids mac and cheese but i'm getting desperate. >> i don't know how i feel about it. i might add it to the boozy ice cream, pigs f

how can you ignore a number like the adp tally private jobs? it was 4.3 million in june.er 3 million in may and a decline the month before. only 167,000.p is the job market and the gains stalling out? speaking of wanting more stimulus, fed officials said they see a rebound in the second half but they want more fiscal relief. we have talked to so many fed officials who say exactly the same thing. our global economy editor. breaking news, we are getting the latest numbers for second quarter. at one andcoming in a quarter billion singapore dollars. the second quarter net interest coming in at 2.3 billion dollars singapore. the wealth management business has supported the business. the focus was on what happens to nonperforming loans and their allowances for credit and other losses. when it comes to their nonperforming loans ratio for the second quarter and the first half, that came in at one and a half percent. given the pandemic, we expected those allowances for credit and other losses to hit the overall numbers and that is coming in at 849 million singapore dollars. talkin

was a big miss adp expected increase 1.2 million jobs really got 167,000 new jobs, big revision fornia texas, florida layoffs show up in august numbers instead of july numbers so far so good. >> okay, johnnie courtney any sense where hiring was in month of july? >> where the jobs -- opportunities are right now joanie? >> i got it, looking at some numbers here, and you know the temporary help sector came back added 143,000 jobs, i know in the business, that i run seeing a very strong demand in mortgage no surprise based on low interest rates that we see but those position of low he loan processors closeters in high demand, manufacturing and logistics jobs are coming back, a little spruced we didn't see stronger number in the manufacturing sector, but, again, i think as we saw in mid june, with covid starting to surge again, manufacturing really has to come can he will to a halt so the jobs growth is still very strong o professional and business service sectors where people can also work from home. that is is really helping companies with keeping their employees productive, and allowi

adp jobs not too hot let's talk tiktok. david faber reporting details on ongoing negotiations with microsoft. he joins us now by phone, david, with the latest. what can you tell us about where tiktok stands. >> they are finally starting to focus on the value that is the talks between microsoft and bytedance, the chinese company that owns tiktok around the world including u.s. property, which is the one at issue right now and the one that microsoft may buy. they have not yet gotton a discussion of value because they have been very focused on determining other important things having to do with the national security concerns of the united states, which, of course, as you guys know has been at the table dealing with these negotiations as well specifically i'm referring to the fact that microsoft has now received what i am told by people familiar with the negotiations is a one year deadline after close by which they will have to transfer all of the shoplift wear code from bytedance that undergirds tiktok's app in the u.s. to th

adp, a squirrely number, a deep miss earlier in the week that's one more thing to juggle tomorrow morning >> yep as for what we're dealing with today, let's get back to earnings a bit we've got an number of them over this week. and today we heard from viacom the shares are jumping over 5% you see it right there after the company did beat at least the estimates that analysts had for the second quarter also saw a jump in streaming revenues advertising revenues down about 27 % joining us now in the cnbc exclusive is viacom, bob bakish. i was teasing you kiddingly. your stock suffered earlier this year and was a divergent from the group. now you're in line with the group. you're only down about 35 %. fox is down that much. discovery is down about that much i know it's not the best of times at all, but i wonder is the worst of times behind you? >> great to be with you today. we're feeling good about our second quarter call. we delivered a solid financial performance including sequential improvement on our earnings and cash flow-related metrics on both the rate of change and absolute dollar bas

of course, we had the adp number which came in well below consensus at just 167 thousand. consensus was 1.2 million. we look to friday's number, but i think it says is the labor market is still improving. we do expect still continued positive job creation, but at a noticeably reduced pace. we are looking probably around 200,000 to 400,000, and relative to what we have seen over the past couple of months, that will be a disappointing number for the market. tom: did you see how lindsey didn't answer john's question? she's a pro. that was good. [laughter] lisa: she really painted that picture will. it's also a question of the type of job losses, are all job losses the same. the filings remain persistently elevated. we are seeing the composition increasingly towards permanent layoffs rather than temporary ones. 3/4 of all layoffs are considered temporary. how concerning is that to you? lindsey:lindsey: that is a big concern. when we were starting to see these very disappointing components in the labor market, we anticipated a lot of these layoffs, these furloughs actually come

even the adp report, which came in way low, and they revised the previous month up. think a big movement on either side of forecast could have big impact in the short run. goes think whatever way it , there is still to me a fair amount of positive momentum going on with other were, whether you look at what is going on with manufacturing and service sector ism's, for example. although it is going to have a lot of short-term impact potentially on the stock market, i think it could burn itself out against other data, and with national case of the virus coming down, you could see some start on the ground data to improve again as we move into august. jonathan: let's talk about where some of this money is parked. you mentioned $5 trillion of money in money market funds. what will it take to tease some of that money out of something that has if in you nothing right now -- that is giving you nothing right now? jim: i have just been amazed by the wall of worry we have and the defensive behaviors when we have a stock market up 50% from its lows in a very short time, and you st

>> that's been one of the best performers lately markets focus on the tomorrow's jobs report after adp number showed that job growth slowed in july. she said, as of mid july over half of district contacts said they are reducing employment or employee compensation, cancelling planned expect tur and more the latest survey from recruiter.com says things aren't as bad as you might thing. joins me is the ceo of recruiter.com. evan, great to have you. welcome. >> thank you so much for having me how would you describe the labor market in anticipation of what the labor department is likely to tell us. >> for the recruiter index, sentiment turned down a bit from 3.3 in june to 3.1 in july it stands markedly higher on the subsequent economic shutdown 42.6% of recruiter now say that covid-19 is greatly affecting their recruiting activities, a significant increase from the 16.3% in june, and does market the end of our third month over month increase likely due to the case rate reporting from vare yes, sir states. >> we had climb up to 3.3, now slipping back some, but not dramatically also average

according to payroll processor, adp, 167,000 jobs were added. last month limited hiring means the economy has 13 million fewer jobs than it did in just february. stocks are rising as negotiators reported some progress in talks for more support for the struggling economy. the dow jones is up to one full percentage point. it's nice to see 300+ points. the s&p is up by 1%. struck still to come at noon, a path of destruction following an explosion in bay route. thousands of people are still missing. the investigation is underway. stay right there. we love our new home. there's so much space. we have a guestroom now. but, we have aunts. you're slouching again, ted. expired, expired... expired. thanks, aunt bonnie. it's a lot of house. i hope you can keep it clean. at least geico makes bundling our home and car insurance easy. which helps us save a lot of money oh, teddy. did you get my friend request? uh, i'll have to check. (doorbell ringing) aunt joni's here! for bundling made easy, go to geico.com. hello? (woman chattering) - [narrator] ordering d

according to adp, companies in added 167,000n -- in july, below the median estimate of 1.2 million. the government comes out with its jobs report on friday. the hurricane season will probably go from bad to worse according to researchers from colorado state university. they boosted their storm forecast from 20 to 24 on the eve of the season's most active phase. that which really only 2005, the year a record 28 hurricanes formed. one of them was katrina which devastated new orleans. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪ vonnie: this is "bloomberg markets." as much as 7.7% today after 5% asgs, still up on the the company' therapy sold more than expected. the ceo joins us now. thank you for joining. explain to us how much more you think you can sell. >> nice to be with you. we think we had a resilient first half of the year. we were challenged by the covid-19 pandemic all over the world. manufacturing operations stay on top of the game and we wer

the jobs report was better than feared after that bad adp earning. will it take the onus away from a stimulus deal? nancy pelosi is meeting with steve mnuchin any moment for more talks >>> a big loss for the quarter and massive marketing cuts investors are sticking with booking holdings we'll speak with the ceo ahead >>> trump tackles chinese tech main street says no thanks

according to payroll processor adp, 167,000 jobs were added in july. that's far below june's gain of 4.3 million and may's increase of 3.3 million jobs. last month's limiting hiring means the economy still has 13 million fewer jobs than it did in february. >>> california's attorney general and the city attorneys of san francisco, l.a., and san diego are jointly suing ridesharing companies uber and lift for violating ab5. the controversial law requires many so-called gig workers to be made into full-time employees with their pay and benefits. ktvu's tom vacar here with more on what the attorney general will seek in court tomorrow. >> reporter: ride share drivers gathered in a parking lot to enlist more members and support the pro ab5 lawsuit which would force uber and lyft to make them full employees. >> pay cuts have come one after the other. very relentlessly. it's tough for anybody to make it. twice as tough in the bay area. >> we went on an uber drive who says to make a minimum he must drive 12 hours a day, seven days a week. >> i want to take sunda

coming off the nasdaq's 30th record high of the year watching vaccine news, stimulus talks, big miss on adput revisions were up. coming up this hour teledoc and lavongo on their merger and the first company's earnings report. david has news on microsoft and tiktok. >> want to continue to update a story we're following closely given we have not seen anything like it. tiktok the incredibly popular social media app in the u.s. and around the world, bytedance its owner, the u.s. government saying we will shut tiktok down -- in the u.s. unless you find a way to transfer all of it to u.s. ownership and microsoft playing the role as potentially the only suitor for the business i wanted to bring everybody up to date on new reporting that i've got because it is interesting. both sides right now, bytedance and microsoft and of course the u.s. government is still very much involved in this as well are negotiating to try to reach some sort of an agreement under which microsoft would buy the u.s. business of -- texas tok's u.s. bit from bytedance within the next two to three weeks. that seems to be what

the jobs report was better than feared after that bad adp earning. will it take the onus away from a stimulus deal? nancy pelosi is meeting with steve mnuchin any moment for more talks >>> a big loss for the quarter and massive marketing cuts investors are sticking with booking holdings we'll speak with the ceo ahead >>> trump tackles chinese tech main street says no thanks to the fed and ready to take on their industries dom chu with the numbers >> the confluence of numbers and the economic data is why you're seeing modest losses for the indices here we're trying to figure out why the market is at near record highs for most indices the s&p hovering above 3300, off about 2/3 of 1%. it has been the upper performer as of late what's happening with retail stocks specifically? not necessarily the large cap ones, but the spider retail ticker is up in an otherwise down day this also treats some of the smaller retails on the same level as some of the bigger ones out there. this has been a 93% run since covid, and this etf, six straight weeks of gains so far

well under the 1.8 million jobs that were added in july, after all we did get a very weak reading from adpivate sector employment for july. we also had relatively soft readings on the employment components from the ism indices instead we got a big upside surprise. charles: what about this notion that edward brought up from the white house that we could actually be seeing or getting momentum that once we get into the san diegos does that apply, i know in economics a lot of times it is about momentum and success. can we actually start to feed on itself the sort of momentum we see? >> well i definitely think that might be the case. one of the big surprises in july 's employment report was how well employment did in areas like retailing, commercial airlines, as well as restaurant and bars. the thought had been that because of resurge enter covid in states like california, texas and florida, those numbers would suffer. just the opposite happened. and if that's the case if we can overcome this return of covid in those major states, then perhaps we're looking at a huge upside surprise in the seco

and coming off of a report that the private sector cooled off hiring new employees in july, adp reportedinesses added 167,000 jobsast mo well below expectations. the positive in the report is that the june total was revised higher by 1.9 million. hiring has cooled off as states have rolled back reopening plans during the recent surge in covid-19 cases but the market is heading higher. that includes the nasdaq. moving up after its 30th record close of 2020. nasdaq right now up by 10 points and dow gaining over 240 poom radan >>> pa algym that's been s for won't be rolling out the welcome mat anytime soon. on monday, the majority of city council members voted against a year long pilot program that would open foothills park to nonresidents for the first time since the '60s. fivenc conditions. the vote essentially delayed any decision. >> right? we're saying you can only enter foothills park if you are wealthy enough to live in palo alto. >> just open up the work, it will turn out like overcrowded and overrun and abused and ruined. >> right now it is a misdemeanor for nonresidents caught the

> new tonight 167,000 jobs were added to the private sector last month according to processing firm adpr is ten times lower that the number economists were expecting. this comes as roughly 18 million americans with officially unemployed. congress appears to be at a stand still for a new relief package. "outfront" now, peter navarro. 18 million, it's a stunning number. and the economy on an annual basis shrunk by a third last quarter according to the most recent gdp report. we know the americans want the unemployment benefits to continue and we know senate majority leader mcconnell suggests he's open to supporting the extension if the president does. if the president has not been specific on a number. do you think he would do that, that he could agree to extend $600? >> no, not my lane in the middle of this. with goeft a great team up on the hill and mark meadow, the chief of staff, the steve mnuchin, the treasury secretary. we've been encouraged over the last 24 hours on the willingness of both sides to move forward on the package. what i do know is president trump cares deeply about th

adp said u.s. companies added 167,000 jobs last month.ushed to reopen more businesses. peter innavarro will travel to ohio with the president. good morning. he joins us now. >> good morning. >> in your estimation, where are negotiations at this point? >> mark meadows and steve mnuchin at the white house leading the team on the hill. there seems to be intent on both sides to get to a deal. president trump is a working class president. he knows the pain out there in the heartland, and we're going to get this done. but today is going to be a good day for american on the work front. going with the president on air force one to the pride of clyde. what's beautiful about whirlpool. it's an iconic american company but it's the poster child for how president trump stands up. the whirlpool story is one where where they had to fight a series of foreign predators dumping washers to the market in america below cost. they went through three different 40 cases in tieland, mexico, vietnam, china, dumping. president trump in 2018 put a 50% tariff on wash

certainly given some of the alternative data and adp and the ism employment component which gave some we thought it was going to be weaker than the -- basically because of the weaker alternative numbers, the high frequency indicators, the claims numbers really until yesterday happened to be really disappointing. so that was pointing to a slowdown i think today's number is encouraging overall. relative to the expectations, but, of course, we also have to see this is a somewhat dated dated number, and we'll see in the august report how well job growth is holding up in the face of the removed restrictions on activity if you look at the share of states that are opening versus restricting activity, that's obviously been a sizable shift, and that's probably going to be visible in the august number as well >> all right is it too simplistic to argue that the seeds of reemployment, meaning the places that people could potentially have a job to go back to are still intact and that's the most encouraging take away from a number like today's? >> yeah. i think that is the most encouraging way to l

the adp report yesterday reported a major miss in private payroll additions.nd do you expect a weak spot that we're entering in terms of jobs right now for the month of july? >> has there ever been a time where estimates have been so wildly apart? you've got people saying plus millions on the upside, plus millions on the downside. we think it won't be as strong as it was in june. we'll see some gains, marginal gains. there's a lot of uncertainty still around. however, like you guys were touching on, the most important part moving the market here moving forward is the fact in the next 60 days we should have clarity on what the vaccine path looks like. maybe not the final results, in who the ultimate winner is but a really good idea of what the path is. that's why we keep telling people right now if you made money on the tech run in the covid world, that's great, congratulations. but you have to position yourself for the post covid world. what does the world look like one year from now. is it still the same handful of tech companies that have run through the roo

this number some of the high frequency data has shown that it has slowed some suggest it's negative adp around 160,000. that's a warning sign, too there are some seasonal adjustment issues that could put some workers back that will have to be looking through to find out what the true state of the job market is. >> hey, jason. what are you watching as an economist, somebody working through the numbers. what are the most important metrics to you now >> the reason the numbers are so hard to predict is the gross lows are so large. we know a huge number of people lost jobs in the month of july we know a huge number of people gained jobs in the month of july and the difference between those will be the headline number that's reported. that's why it's hard to predict. i'll be looking at how much of the job gains were coming from people on temporary layoff returning to work. that's an easy form of job gain. i'm not as excited about that as i am if we see job gains, you know, above and beyond people returning from temporary layoff. i'll be looking at number of people that transitioned who are em