we will talk to ceo marc benioff live this hour. there is no one bigger than rhode island representative line. cicil i sat down with the congressman for an exclusive interview that is ahead later this hour. if it's politics you want more of, you can watch the republican national convention tonight on bloomberg television. viceyes will be on president mike pence as he makes the case for president trump's reelection. we will bring you that coverage at 10:00 p.m. eastern time. our bloomberg markets correspondent abigail doolittle is with us. abigail: more record highs. i think you nailed it, talking about the fed liquidity. that has been the driver for the rally, right out of the march lows. the fed successfully stirred the animal spirit. take a look at that. the s&p 500, a new record high at 3480, up 1%. the nasdaq up. the fang up 3.8%. that will real winner, facebook up 8.2%. it's best day since march. it could have to do with their new facebook shop added to their app. the analyst industry is very positive of what this could mean fo

the ceo mark benioff was on ""mad mone"ma "mad money" with jim cramer last night.siness they put forth last year take a listen. >> this is a victory for stakeholder capitalism, because i think you know we did a great job for our shareholders this quarter but we also did a great job for our stakeholders as well this is a moment we need to think about how to serve all our customers but also our community because they are so much in pain >> julia, stakeholder, shareholder, potato, potato, whatever ucyou want to call it, their revenue was upper quarter. we're getting news that salesforce has notified their staff of job cuts. top line performance not unaffected by covid, but to me the story is the stock price reaction, which is just enormous >> absolutely, but i wouldn't overlook what mark benioff said about its stakeholders and this idea they're not just serving shareholders, they're also committed to helping their employees, their customers, and also the communities in which they work. benioff has been supporting this idea and trying to spread this idea that companies

has a vision which i think you share about how to change the world. >> yes, so many things that benioffnd i share other than friendship which we do not share. no fault of mine no fault of mine i mean, i have never actually had a guy on set when i ask him a question completely ignore it the way that marc did. >> i got that clarified. what marc has done is made it so that whether it's at&t, whether it's the veterans, under armour, vf corp. or vans, they figure out a strategy to be able to lift sales it's done by knowing your customer, by being the true arbiter of the customer and it works. i think a lot of people think it's smoke and mirrors until they bring it in and get a gigantic lift on their e mers. this quarter retail has been all about e-commerce if you had it you're good, if you didn't, bye-bye. >> we're going to get to some of the e-commerce numbers out of dick's and others today, jim you did talk to benioff last night, he talked to you about the growth rate, but also talked about some of the challenging times that we are in let's take a listen. >> this has been such a challengin

there are enough critics within the industry -- marc benioff is the early investors mcnamee hasrogeren a scathing critique of the value. this is the big question that the valley needs to grapple with as these companies become so important to the world, what is the responsibility of them and their founders, executives, and a balanceers to keep with their responsibility to society. mcnamee's go to roger whose ability to play a grunge qatar is widely understood. if he is scathing in his criticism -- i don't want to just pick on the big companies. what is the catalyst to move to an industrial maturity? hussein: it will be fits and starts and it will be a conversation. you need to embed the maturity into the conversation. i don't know what stanford is teaching these days in programs like computer science, but i imagine the ethical ofponsibilities computing and business are part of the curriculum. these organizations never knew they would be so significant so fast. it's not like facebook 15 years ago and they would be able to shift world politics because of their platform. it still has gro

tom: marc benioff.mportant, that single sentence where he took to task the rest of technology for the philanthropy. in the background, over the left shoulder of marc benioff, one of in best mandolin collections north america. he and i have gone back and forth on this and he has an exquisite collection of mainlands -- mandolins. the vix goes from 21 to 23.40 over the last say 48 hours or so. we are watching real yield. -1.06. that is a wow statistic. this is "bloomberg." ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. tom: good morning, everyone. "bloomberg su

work from home play, saying this quarter proves that it is now investors also coming to appreciate benioff key of course for any work from home play, though, is it sustainable? we continue to listen for comme commentary on demand on the call >> salesforce saw about a 3% pop on news it was added to the dow. the past day it has gained about 15% roughly. it probably had every reason for people to take profits. >> yeah. i can understand why you'd be inclined to take profits after this move. it's interesting the previous high. you go back into february. the stock topped out around 190 or so. we said in the middle of june, it's probably off to the races into earnings. that's sort of what's happened is the disciplined thing to do to take money off the table? yes. but you look at this quarter and say it's remarkable. just about every metric they guided higher. my inclination is i think you stay with the name after this number. >> pete, are you in this in any way? >> i don't own salesforce, no. i agree with guy i think really the important point that was brought up was the idea of all the acquisiti

for instance a mark benioff. i've been in salesforce.com on and off for years.people draw the line and do you agree they should draw that line? >> look, charles, i think it is perfectly okay for individuals to make decisions on investing in a particular company based on their values and if those values happen to be whether or not that company is supporting certain politicians or not, whether or not they're taking political positions i think that's okay. i think where you run into danger, when you decide, hey, i will be completely out of the market because i think president trump will do a terrible job and therefore i'm not going to invest. that is where you run into real problems. yep. charles: do you make the distinction though between someone saying hey, i donated money to joe biden but i run an amazing company, it is growing, stock is going through the roof or companies that get more involved in political activism? isn't there some sort of a dividing line? the reason i say this, i think people have lost out on tremendous money. to your point when president ob

latest information from the most recent medical studies we turn to doctor dale be barred at ucsf benioff children's hospital. >>and there's a really nice study in jama from a the talks that is to receptors they are the entryway of the doorway for covid-19 in 2 or 4 stars coweta into the body. and the h 2 receptor needs on gene expression and actually difference by age younger students elementary age students, how much lower expression coming to milan high school student the primary reason she says is the difference of the level of transmission between the 2 age groups there show that younger children don't seem to transmit has officially. >>as the older age group or as adults that she says the most recent data shows that children are more likely to get covid-19 at home as opposed to being at school the big question is it safe for children to physically return to school during the pandemic. >>and when i say open everything now found interest was not going to probably do a better job in that remedy goals. but we have to support some all those things and talk about them asking physical dist

>> mark benioff, salesforce replaced exxon well, you know, standard oil, easy come, easy go and jim sneee he didn't blow off the numbers like smucker's does, can be an interesting get and i understand there's measure behind the scenes and i don't let this happen again. i'm taking whoever you have. anyway, good show. i'm jimmy chill. >> jim, we'll see you tonight. "mad money" 6:00 p.m. as always. good tuesday morning, everybody. welcome to "squawk on the street." i'm carl quintanilla with david faber. sara eisen is with us for the hour we get new homes and consumer confidence rick is up first >> reporter: yes, confidence is a disappointment for august. we're expecting to read over 90, maybe 93 we end up with 84.8. 84.8, basically a six-year low, going back to april of this year, when we had 85.7, right in the same area, and if we go through the present situation, down about ten points, down exactly ten points, 84.2, and on expectations what's ahead, 85.2 versus 91.5. these are weak richmond fed manufacturing index was strong, came in at 18 versus ten, an august read and new home sales up

>>ucsf benioff children's hospital doctor naomi bartok says that the primary reason is the difference in the level of transmission between the 2 age groups she also adds that the most recent data shows that children are more likely to get covid-19 at home as opposed to being at school. the big question is is it safe for children to physically return to school during the pandemic. >>the show that younger children don't seem to transmit has officially as the older age group or as adults or when i say open everything now found interest was not going to probably do a better job in that remedy feels. >>but we have to support some place mall dozens of talk about the masking physical distancing that les tions. >>well doctor bardack says that ultimately this to succeed against covid it will it will take more funding and better testing. we're going cashless is costing millions of dollars in revenue for the bay area toll authority. the agency says it's all 120 million dollar drops and statewide shelter-in-place orders were issued back in march, 16 million of that are in unpaid bills for all 7 b

ceo.rc benioff, salesforce that is at 5:00 p.m. eastern.omberg. ♪ york, i am kailey leinz with guy johnson in london. markets," andberg this equity market is hypersensitive to news on a vaccine. guy: vaccine news coming from a dharna, saying -- mode dharna, , saying it'serna vaccine stimulates an immune response in older adults. thathas been a concern those most honorable will be least able to generate an immune response. in rna vaccine is using the immune system to produce a response to the virus, does generate a responsem. ernana hitting -- mod hitting session highs, still up once .7%. -- 1.7%. kailey: it is day three of the rnc. mike pence is set to speak tonight and one of the core issues is the future of american energy policy. we spoke about energy independence. a great job done making ourselves energy independent, relying on new technologies like horizontal drilling and fracking to allow us to increase production in the united states. it is important that we maintain our posture in the world as the number one producer of oil and gas

though would you buy it now >> i would buy it now, because clearly, a lot of the things that mark benioff has done and executed by carey and stephanie, are positioning them for the next three to six years, not months this is a company that i think will have tailwinds blessing them for that duration >> tiffany, one more question for you on sales force i'm sorry for looking down, you've got some facebook headlines. it's an enterprise company, so tie the two together >> they're a $1.25 bi1.25 billin knowledgeable worker, people who have to use a pc, a tablet, a phone for their actual work. i think this speaks to these companies that are you're going to see a sierra system to keep your sales force kind of organized, no pun intended, also to keep your customers connected. salesforce has been a pioneer in s.a.s. they have historically been a leader this time we're in, a lot of people working from home, a lot of people really this shift, right? so people who weren't working from home are now working from home, have had to work from home, and they're not all going back to physically being in an o

emily: i talked to your former boss, marc benioff of salesforce. he says it is the end of software.verything is moved to the cloud. what you agree? >> -- would you agree? >> companies want fast time to value and flex ability. flexibility. if you thing about covid-19, there's no better situation to them a trade the power of the cloud. no can work anytime -- better situation to demonstrate the power of the cloud. you can work anytime everywhere. okta's marketly, cap hash sword, 27 billy -- has soared, $27b. what are the white spaces in your portfolio you may be looking to fill and would you be open to significant's ideal? from a we look at m&a customer centric viewpoint, we have always been that way. at the company involved we listen to customers. what we have innovated. a big innovation we have done recently is we turn to the okta identity cloud into an extensible platform. customers want to be able to use different components of the identity cloud to support different business processes, employees logging into critical work applications, our customers logging into our customers'webs

there has been criticism, including marc benioff on bloomberg the other day, over the philanthropy ofh giants. right now bezos is a piÑata, over $15 an hour, $20 an hour, $30 an hour. the you advise some of these voices in your box to get more like david rubenstein and be more philanthropic? david: that is not what i try to do in the interviews. the interviews are done on peer-to-peer on bloomberg, basically an effort to get people to say what made them successful. in the book, i try to talk about the qualities that made people successful and how they become leaders. i am not really trying to give them advice. privately, i might ask them if they are interested in certain things, or they might ask me certain things about philanthropy. jeff bezos has given away a fair amount of money, it is just but compared to his net worth it might seem small. but it is staggering so far. anna: david, good morning to you. you have interviewed during peer-to-peer,. you have interviewed people from such different backgrounds and different fields. is it possible to find a common thread, something that ma

marc benioff on the dow jones industrial average. this is bloomberg.rning. ♪ ♪ from new york city for our viewers worldwide, i am taylor riggs in for jonathan ferro. the countdown to the open starts right now and we are 30 minutes until the opening bell, trying to extend some of the record highs we got yesterday. better than expected orders. that does not seem to be moving the market much. you are catching a selloff on the 10 year yield. 71 basis points catches my attention. that is near the high end of the trading range we have seen in the last few months. we begin with the big issue. markets at a standstill ahead of the fed jackson hole summit. the risk rally at searching for a spark. >> it is a big week for central bankers to speak. >> mr. powell's comments. a chair powell will have framework of monetary policy. >> the new monetary policy framework. >> there is no rush for forward guidance.

if you see what mark benioff did a few months ago, working to coordinate flying in ppe for hospital workersseas because they weren't getting enough of what they needed. can you just speak to as a company what it was like to recognize, look, like, the government's not going to fill the gap here, there are going to be a ton of kids in our home state facing this inequity. how is that decision made? >> poppy, we believe at salesforce that business is the greatest platform for change. we're really focused on that. so we want to use the tools and resources that we have to get involved because the government alone, as you mentioned, can't do it, right? so it's going to take public/private partnerships to make this work. so at salesforce, we've been giving to the schools for eight years, and we're doing it again because this year our schools need us now more than ever. it will be one of the most difficult school years in history for administrators and students alike. it's been a privilege to work with district leaders like kyla or innovative and recognizing the need for partnership and it need to d

ceo marc benioff says it's reallocating resources to create more growth.ccess is emblematic of the gains enjoyed by tech giants like microsoft and amazon though airbnb and uber have made big cuts the industry also fared better than others because employees can work remotely. >>> that's changing a bit as we're seeing more traffic pick up on the roadways. gianna? >> yeah, it is getting busy on the roadways. you have got brake lights at the bay bridge toll plaza. the metering ghts were turned on earlier and yeah, traffic backed up beyond the 880 overpass so that ride out of oakland into the city headed into san francisco, a slow one this morning. brake lights off westbound 580 and eastshore freeway. all of that beginning around the area near the macarthur maze and a little slow off the upper deck heading into the city as well. taking a look at the golden gate bridge, right now our drive times south 101 from the richmond-san rafael bridge into san francisco, about 15 minutes. so you know traffic moving for the most part at the limit. update here on these -- th

well ucsf benioff children's hospital doctor, the only bar doc says that the reason they're the main reason is the difference in the level of transmission between the 2 age groups. she also adds that the most recent data shows that children are more likely to get covid-19 at home instead of school. now the big question is is it really safe for children to physically return to school during the pandemic. >>the show that younger children don't seem to transmit has officially as the older age group or as adults or when i say open everything now found interest was not going to probably do a better job in that remedy feels. >>but we have to support some place mall. those and don't talk about them asking physical distancing recollections. >>well doctor bardack says that ultimately succeeding against covid-19 will take more funding and better testing. here in the bay area there are now more than 64,000 covid-19 cases and more than 900 people have died in the bay area from the virus we're seeing the most cases again in alameda county with over 14,000 infections and that's where the virus has

now, in march at the start of the pandemic mark benioff promised no layoffs for 90 days and invited otherh ceos to join him in that pledge. now, to be perfectly fair, 90 days has expired. that was a promise made 154 days ago. people who lose their jobs, they generally apply for first-time jobless claims and we get that number today at 5:30. these numbers have been running around a million people a week. again, 5:30 our time. >>> the american ceo of tiktok is stepping down. kevin myers says even though he has been on the job a few months, he will leave as the trump administration is forcing tiktok's parent company to cite security concerns. >>> okay, this is the most important news of the day other than fires and covid, obviously. jerome powell will be speaking in jackson hole and he may announce major ways in which the fed handles the economy will be changed. what the fed does affects your savings, your credit cards, to some degree your mortgage and even how much the money, the dollar in your pocket is worth. normally this is behind closed door meetings that will actually stream it live o

latest information from the most recent medical studies we turn to doctor dale be barred at ucsf benioff children's hospital. >>and there's a really nice study in jama from a the talks that the ins to receptors they are the entryway of the doorway for covid-19 in 2 or 4 stars curry to into the body. and the h 2 receptor needs on gene expression and actually difference by age younger students elementary age students, how much lower expression coming to milan high school student the primary reason she says is the difference of the level of transmission between the 2 age groups that their show that younger children don't seem to transmit has officially. >>as the older age group or as adults in fact she says the most recent data shows that children are more likely to get covid-19 at home as opposed to being at school the big question is it safe for children to physically return to school during the pandemic. >>and when i say open everything now found interest was not going to probably do a better job in that remedy feels but we have to support some place mall dozens of talk about the masking

the question remains why do children get covid-19 and frequently and have less severe symptoms ucsf benioff children's hospital doctor naomi bardack says that the main reason is that the differences in the level of transmission between the 2 age groups she asked that the most recent data shows that children are more likely to get a covid-19 at home instead of school. the big question is is it safe for children to physically return to school during the pandemic. >>the show that younger children don't seem to transmit has officially as the older age group or as adults or when i say open everything now found interest was not going to probably do a better job in that remedy goals. >>but we have our support all those things and talk about them asking physical distancing regulations. >>well doctor water bardack says that ultimately to succeed against covid-19 it's going to take more funding and better testing. >>now to the south bay this morning, a group of san jose state university sorority sisters say they're being forced to choose between 2 ihsan and rent. at a news conference wednesday at san

well ucsf benioff children's hospital doctor naomi bardack says that the main reason is the difference in the level of transmission between the 2 age groups she has set the most recent data shows that children are more likely to get covid-19 at home instead of at school. the big question is is it safe for children to physically return to school during the pandemic. >>the show that younger children don't seem to transmit has officially as the older age group or as adults or when i say open everything now found interest was not going to probably do a better job in that remedy goals. >>but we have to support some all those things and talk about them asking physical distancing regulations. >>doctor bardack says and ultimately succeeding against covid-19 will take more funding and better testing. >>here in the bay area there are now more than 64,000 covid-19 cases and more than 900 people have died from the virus. we continue to see the most cases in alameda county with over 14,000 infections and that's where the virus has been the deadliest as well 212 people have died from the virus in al

latest information from the most recent medical studies we turn to doctor dale be barred at ucsf benioff children's hospital. >>and there's a really nice study in jama from a the talks that is to receptors they are the entryway of the doorway for covid-19 in 2 or 4 stars coweta into the body. and the h 2 receptor needs on gene expression and actually difference by age younger students elementary age students, how much lower expression coming to milan high school student the primary reason she says is the difference of the level of transmission between the 2 age groups there show that younger children don't seem to transmit has officially. >>as the older age group or as adults that she says the most recent data shows that children are more likely to get covid-19 at home as opposed to being at school the big question is it safe for children to physically return to school during the pandemic. >>and when i say open everything now found interest was not going to probably do a better job in that remedy goals. but we have to support some all those things and talk about them asking physical dist

the question remains why do children get covid-19 and frequently in half less severe symptoms ucsf benioff children's hospital doctor and they only bar doc says that the main reason is the difference in the level of transmission between the 2 age groups she adds that the most recent data shows that children are more likely to get covid-19 at home instead of school. the big question is is it safe for children to physically return to school during the pandemic. >>in the south bay, a group of san jose state university sorority sisters say they're being forced to choose between 2 ihsan and rent. they're demanding to be released from their housing contracts to miss this financial hardship. that's caused by the pandemic kron four's rob fladeboe has more. >>our founders would be ypdisappointed seen a situation that we're stuck in fighting for today. >>at a news conference wednesday, san jose state university's delta sigma chapter of the alpha on the kron pi sorority publicly called out its national leadership for not being very sisterly round pie to simply deny or struggles during a pandemic and

california from people like brian chesky, the airbnb ceo, great support from the ceo of sales' force, marc benioff overall, she could be said to be the candidate with the closest ties to silicon valley we have ever seen. at the same time, she has pushed at mark zuckerberg. i resermember covering her questions of mark zuckerberg on capitol hill in 2018 in the aftermath of the cambridge analytica scandal. she grilled him about privacy and transparency, so it does go both way in terms of how she's performed as a senator, chuck. >> well, it's interesting to see, and i'll be curious to see if we start to see big fund-raising, virtual fund-raising events of silicon valley with kamala harris. my guess is we will, right? >> yeah, i think you definitely will see a lot more fund-raising. there's been a lot of support in just the last 24 hours for her, and the idea here is that silicon valley cares so much about issues of immigration and regulation, and harris has said that, you know, she is in favor of some kind of regulation when it comes to protecting consumers here, but privacy and security certainly on

i do think that people have to take something off i mean, i was going back and forth with marc benioffast night. $50 billion? marc is surprised. there are very few people and, david, i say this very rarely, but there are very few people at the beginning of the day like a stock and at the end of the day it's harder to like because it had a takeover like move, david. it was like salesforce got a bid from microsoft. >> no. there's no doubt about it. it was extraordinary and it's worth sort of focusing on again. a 25% increase in the company's market value we are not talking about some small biotech here that got a big piece of news. we ev we are talking about a giant company that added $50 billion in market cap to what was already a $200 billion value it was absolutely stunning the point you are trying to make is it goes to the speculative nature this have market that we've seen with he love to see more participation, we have made the point many times that there are people who may not understand a lot, but they understand enough, but, wow that name at least there was news behind it. >> ri

real quick, you talked to benioff last night on salesforce, they're going to be brought into the doway what do you think that actually does to the business itself? do you think that actually -- will actually expand the business because more people will know about it >> i actually think it might and that's because jeremy siegel yesterday, very part guy, professor at penn said a lot of people don't know what it is it's a good identifier this is a quarter i would have expected maybe at the end of 2021, it was that far ahead and a lot of this is of course the pandemic and people don't know what to do so they turn to salesforce. >> jim, two other very quick questions. >> sure. >> spacs, you saw desktop metal this morning, do you think that investors should be buying in on spacs when deals happen immediately or wait to see how they play out first. >> i like the one for utz, it's so small but it's a great one. i think that it's case by case gary cohn, does gary know business absolutely i'd like to know a business plan the utz is dynamite, regional, going to national potato chip and smack co

i have marc benioff on tonight i think they will tell a good story.s a great company, back to where it should be, but there is this cohort of buyers, becky, or rebecca, as one of the guests called you which i love, and they're not deterred by the facts, their enthusiasm cannot be quelled by the facts. it's extraordinary it's not the '90s, since the '80s since we started doing 401(k)s and had iras people are excited about royal caribbean, honeywell it's it incredible amgen up 8, do they know what amgen does >> that's what i thought it was the robin hood traders jumping in with this trying to head scratch and anything out why each of these companies are going in, the one i thought with honeywell is darius has tried to make that company more technology oriented >> yes. >> if you listen to the dow jones index people maybe that's what this is about because they're trying to get more leverage towards technology because of the crazy split with apple stock and what that means because of the way they come up with index valuations. that was the one straw i thou

ago, and i think there's a real concern about that but if you talk to people like ray dalio or marc benioff they're talking about inflation other places like the markets, like housing and the like, and the inequality that may come with that >> as the prices are something we look at in terms of financial conditions we don't think about that in terms of inflation, per se, when we're thinking about inflation, we're thinking about goods and service price inflation. >> of course >> but one of the things that the new statement does say is that when we're doing, you know, trying to set monetary policy to look at -- to hit our two goals of price stability and maximum employment, we do take into account financial stability because financial conditions are stable, financial markets are stable, we can then hit our goals and vice versa there's a linkage there. so risk, you know, we routinely look at risk in the financial markets. yeah, stock prices are high, and it does look like they're being driven by where investors think the economy is going remember, this is not a typical downturn it's being drive

not a bad trade for mark benioff. that is called a block trade. stuart: a block trade. >>> chicago, the mayor of chicago pushing back on questions over looters who really destroyed a lot of the stores on the magnificent mile, caused a load of damage. brian kilmeade, he is fired up about this, as are the rest of us. he will be joining us next. >>> plus the nfl canceling live performances of the national anthem this year, that is. they say it is because of the virus but is it really a political move? good question. we'll answer it. more "varney" after this stuart: it is a tale of two markets. tech stocks down. look at the nasdaq down 55 points. mostly all else up. look at the dow, up 300. state of the market, there it is. >>> casper, mattress retailer, it says its online sales only partially helped offset store closures. now gregg smith is an early invest store in that company. he joined us earlier. he is disappointed in casper's report. watch this. >> i think they're grappling with an overhead and expense base that is much larger than they should have. again i'm disappoi