i am jon fortt deidre and mike will be joining me and meg terrill has more on the story of russia touting a new vaccine. >> and we have to start with the caveats. while it is an improved vaccine to russia, they are improving it based on very limited testing. only a few dozen patients according to reports that have been tested with this so far they say that they are going to begin a phase three trial later this month, but until they have that data, and they haven't published any of the early data either, the long term effects and the safety of the vaccine remain unclear i've been talking with experts this morning from the children's hones hospital of philadelphia and he says that there is no way that they could have any evidence that the vaccine works at this point. and it is based on technology that is not dissimilar from what other vaccine developers are working on, essentially using two other harmless viruses to ferry genetic material from the coronavirus to produce a immune response against it. j & j is pursuing one vector using that same approach so not a lot known about this and expe

. >> jon fortt, i read an article of texit peopchsit. will there be a wealth flight coming >> you buy stock in zoom, maybe a tier down from there because they can afford to pay whatever tax. the folks who have money but don't want to fork over that 200,000 that he was talking about. elon musk is talking about moving headheadquarters. >> i think it's interesting they're so seriously floating this proposal, maybe out of desperation, but it would seem like the worst climate in which to do it let's stay in california and stay with the theme here of what we're talking about. this also pertains to some major companies headquartered there. uber and lyft, uber may come tie halt this week uber eats will be able to carry on because the company is a delivery service, not a ride hailing service. uber ride hailing service may end if the insistence of becoming an employee stands. this was wasn't a long-term business plan. >> no, they were forced into it. uber and lyft operate in these particular jurisdictions right now under this kind of assumption th

here to break down the headlines are jon fortt, seema mody and eric chemi thank you to everybody fedexllowing the rival ups by tacking on heavy surcharges ahead of the holiday season. we're talking up to $2 a package, $5 for some high volume ship p shippers they ever surged off their lows, and this speaks to them, seema, off their high demand. >> yeah, and it's been cost-effective delivery options. it's put a strain on big shipping giants. we've seen ups make a similar move and fedex, i think it's interesting timing as well we're about 130 days away from christmas, and now here in august, fedex decides to unveil these increase in prices amazon hasn't had to increase its prices and doesn't that speak to the warehouses and retail centers as a footprint? i think it does. >> do they have a better business model are they absorbing the cost some other way? jon, the last time they imposed surcharges was in 2018, 28 cents for ground, 99 cents for air >> how much does this affect me, the consumer i don't care if other companies pay it, i assume it's going to get passed on to me, but am i going

. >> good morning, it is jon fortt.ant your take on something when i see this action in the nba from the players, it reminds me of a decade ago when the defense department started paying the nfl for the patriotic displays with players on the field. and that combined with post 9/11, there was an idea of honoring the military and first responders at these games that includes police and maybe optically that sent the idea that these players are in support of military and police action not just the country in general. so maybe to some extent this is a response to that maybe the support got tied to those ideas over the past decade maybe sport in general got tied to it. what do you think? >> i think you have to ask the nfl folks about that and the choices they made there. we came into the league, and brought by my good friend, we watched adam silver's new leadership at that point and to deal with the very forthrightly as players got more tied to demanding change in the way that policing is done in america, we have been broadly

i'm sara eisen here with jon fortt in for wilfred today we're points away from an all time record highe s&p 500. the index continues to bump up against that level just dipping into the red there. we're 3370 let's look at what is driving the action the rotation is back reopening trades like airlines and industrials and rallying while tech take the backseat what is hitting a record retail sales for the month of july despite the pandemic. that has retail stocks

i am jon fortt deidre and mike will be joining me and meg terrill has more on the story of russia touting we have to start with the caveats. while it is an improved vaccine to russia, they are improving it based on very limited testing. only a few dozen patients according to reports that ha

i'm sara eisen in with jon fortt along with mike santoli.wrapped a week, third week in a rove gains fw of gains forp 500. there is the dow, managed to close positive 3shgs 4 points. spent part of the day there. s is been wavering all day long around the flat line was a pretty quiet trading session better retail sales earlier in the day the s&p 500 closed as wilfred would say, bang on flat. that masks the strength behind the move energy, industrials and financials led the day y utilities and health care were the lowsers. for the week as a whole, got strength from the cyclical groups industrials up 2%. energy 2%. consumer discretionary, 1.5%, the nasdaq closing down for the day. .2%. and pretty much flat for the week here we are for the nasdaq the small caps down about .1% on the day. it's been a fortnight since tim cook was grilled in congress about antitrust issues now apple is under fire again. sued by fortnight parent epic who made a video mocking the role as a powerful gatekeeper and facebook joined the fray pun lickly criticizing apple's

i'm carl quintanilla and jon fortt and sara eisen is joining us, working a split shift.iggest loss for the dow since july 30th. we're back to 34.30. had a pretty good nice opening, john, as we got that trade deal commitment, the phone call between the reps between the u.s. and china then consumer confidence hits and it was just not enough to offset the best number for new home sales since 2006. >> yes some things still creeping higher you see amazon a bit higher. microsoft up about a percent alphabet, too. adobe hitting all-time highs earlier this morning, which just goes to show, there are certain story lines in this market, sarah that continue to do well >> for sure, naturally, the s&p 500 is positive because of those groups communication services, consumer discretionaries, financials are higher and the nasdaq just topped higher, john, as "squawk alley" started as technology goes green. i would just say on the consumer, this is a mixed picture we're getting. confident was down, all of the components of it, carl, were pretty poor. a lot weaker than expected it comes on

they had jon fortt suggested holiday numbers, right that's fundamentally driven. i get your point about the overall stock market, but we do have a market, unfortunately, i guess you could say in some respects of haves and have-nots, and apple is definitely a have and it has fundamental reasons for why the stock continues to appreciate as it has >> i think you can accuse me rightfully of talking out of both sides of my mouth, because i do own a 5.5%, and i'm doing it with my nose held i'm not selling right now, but i am looking for that turn that joe refers to. i think it could be more than a 10% correction when it comes you know, maybe i'll be early to trim again, but that's my next move. >> jenny, you don't own it and wouldn't buy it here why not? >> i'm a little jealous that said jim was the most unenthusiastic, because i'm way more unenthusiastic. we don't own it. that's obviously been a miss in terms of performance, but the actual operating earnings growth hasn't been that impressive. it's only been in about the 5% range what's driving it has been the tax cuts

i'm sara eisen in with jon fortt today. the s&p 500 briefly dipped into the red earlier.q still lower by 50 points. let's look at what's driving the action in this final hour. the federal reserve announcing a policy shift signaling more willingness to keep rates lower for longer and inflation running high financials, real estate sector moving higher. a new rapid and inexpensive covid test from abbott boosting sentiment helping some of the

i'm sara eisen with jon fortt i for wilfred frost and mike santoli. little bit of steam into the close we got as high as over 300 points at one point but, still, a solid day. walmart actually leading the charge there on the dow after word that it has jumped in to the negotiations around tiktok perhaps mounting a bid with microsoft. all that cnbc reporting throughout the day s&p 500 closed up a little less than 0.2%. wasn't much, but enough to put us at a new record high and groups like financials, real estate did well on the back of higher treasury yields communication services and consumer discretionary lagged today. but, still, for the week, it's been a strong one. the s&p up almost 3% going into a friday best week since july 2nd and its fifth week in a row of gains, assuming we hold that tomorrow the nasdaq didn't make it there as jon noted closed down 0.3% technology lagged some of the other groups today the russell index had a good day. decent day, yup 0.3%. that's if you've been bullish and waiting for a rebound in the small caps lagging all yea

it's jon fortt i wonder if some of this fragmentation might be necessary because there are some non-political at least political in the horse race like treatment of data, where it lives, facial recognition. there are some issues that, for example, china and the u.s. have different ideological positions on that are fundamental. is it the w.t.o.s role perhaps to police some of that and say, here are the global standards for these things and bring both sides to the table >> well, the w.t.o. cannot police the things because it cannot impose rules. it sets the stage for negotiations every single w.t.o. rule is negotiated among members now, there are negotiations on going on electronic commerce and a lot of the points you raised are right on the table cyber security, like i mentioned before, also data flows, privacy. those things can be managed from a technical perspective, but to the extent that political elements come into the discussion, then it's much harder to figure things out. but it's absolutely doable i have no doubts about that that we can come up with rules and disciplines that would har

. >> it's jon fortt. i want to go back to the caution in your guidance it seems to me like all the fundamental metrics and all of the environmental metric rts pretty much should be moving in your direction online transactions are up, real estate market continues to be active, if there's any time when people are cautious and probably want insurance it would be now how much of this is because maybe the school year effect isn't in place the way it had been in previous years where people might want to move ahead of the school year so that their kids can be in a particular location, maybe now with distance learning and the state of schools, that's not as much of an issue. is it that kind of seasonality impact that's leading to your caution, what is it? >> it's exactly that and it's exclusively that. as you say, all the other lights are green. so, this is the time that people move because of the school year either parents with their kids or adults or college and so far we have reason to believe that we will con

developers say apple wields too much control over digital commercial jon fortt joins us now with hison. hey, jon >> joe, you know, apple's got a strong argument here these complaining developers like epic, their ridiculous. apple's app store is 12 years old. 2 million apps, $68 billion in commercial enabled just last year apple did the work of creating a phone that was easy enough to use and an app store safe and reliable enough that people would spend money on it. even though there are more android user phones, iphone users spend more money in the app. like a retailer charging extra to make a profit since when, joe, is that against the law >> true. i have a feeling that there's another way of looking at this, though >> well, yeah. i mean, on the other hand, epic and the developers do have a point. i mean, apple is a $2 trillion juggernaut and it rules its app store with an iron fist you're a small developer and you want to sell gains or mobile content in the mobile era, basically, you have two choices, apple or google play either is going to take 30% out of your hide you're apple sa

, but that goal is still the olympics even though it is postponed >> allyson, good morning, it's jon fortt out nike for their a maternity policy last year and you said this shrine about empowering women and goals what do you think the critical elements of empowerment are at a time like this >> we want women and girls to feel confident it was really important for me to hold me and other people, to hold brands accountable. have that authentic message and see it throughout the company. i want them to feel strength, confidence, and bring that with what they're wearing, and also what they're doing and what they're able to do and what they can aspire to accomplish >> looking more broadly, allyson. we're seeing the chief operating officer of pinterest talking about how she was locked out of big decisions. it's not enough to have visual representation, or even prominent women in positions of power, but it seems that brands really need to listen and involve people how do you as someone who is prominent at a time like this make sure you have the level of influence that is required to see your vision

>> jon fortt, thank you very much mike, was this a big weight on qualcomm's multiple.ear now >> it's not a big weight they had a few things gone in the favor recently and there has been a little more of a rewarding of the valuation for the last little while. certainly incrementally, it doesn't hurt the story around this company for quite some time simply has been, you know, kind of patent disputes and these legal measures as opposed to, you know, innovation and sales volumes. >> charlie, are there any chip stocks or tech space that is not too expense sniff. >> this is one that doesn't pass the test if you go to sleep for five years, you just don't know when going to be a leader in five years i also think that the regulatory problems are very real you have the justice department disagreeing with the ftc, disagreeing with the courts. so where this all sorts out is too hard h it's not a business we think is a very good business. >> we're at session lows s&p 500 is down nearly 1%. dow is down .5%. nasdaq 1.8%. >> the deal with republic services early validation for nikola

and let's bring jon fortt for more analysis as well. glancing through this since we got a glimpse of it, it seems not particularly surprising but it seems that the two sides were discussing things for quite a few months leading up to when this sort of exploded. on top of that, epic was prepared to file the lawsuit very, very quickly as soon as apple took the first action in august 13th. >> it looks that way this is the way these things typically start, right epic made the move now apple is coming out full throated saying we're not giving an inch. here's our position. this doesn't mean apple is not giving an inch they're not going to give it right up front the court issues remain. epic is arguing anyway that apple is extraordinarily powerful and it's demanding this 30% commission epic is arguing that is too much and looking at the history of the app store, i would say this. in the beginning, apple argued to developers you need to pay us this commission because we have all the tool that you need to enable digital commerce, people to be ab

. >> debby, jon fortt. a friend of mine has a michelin-star restaurant in manhattan.ose it because she couldn't come to terms with her landlord she and her husband have two other restaurants that are doing takeout. the one she had to close is kind of opentable's bread and butter. how many of those kinds of restaurants that have space that need the efficiency that opentable has traditionally delivered, how many of those do you expect to lose and what's the conditions that are needed to bring them back? >> so as steve my predecessor mentioned a few weeks we expect 1 and 4 restaurants to close and not be able to return because of covid. that's pretty much on track. unfortunately we think now that number might even be conservative like you said, restaurants are going through a grueling time right now. you know, having to pay for their wait staff, rent, as you mentioned, is a huge cost. for restaurants like that to open back up, any type of government aid that can be given to them is amazing and necessary. but also again, people have to feel comfortable being in an enclose