always good to hear from you mike wilson of morgan stanley. bonawyn, you agree with this notion of a v-shaped we kov edy >> i'm going to hold back on v more u or nike swoosh type of recovery the value play or values under performing has been a trend for a while. there's been quite a bit of people pounding the table saying, listen, there needs to be this rotation out of megacap tech until there's a bit more clear cut answer to this covid crisis, until the volatility of the market calms down, people are going to continue to look for fortress-like balance sheets i stand by that. i think it will be a bit more i lo elongat elongated. >> president trump is expected to speak in the rose garden shortly. as soon as that somes comes up, go to it guy, back to the markets in the meantime, what do you make of what mike wilson said? >> mike wilson does extraordinarily thoughtful work without question when he says things, i absolutely listen. i respect what he's saying i just don't necessarily agree with that bullish a thesis i do think the market is expansi

guy adami, tim seymour and bono and icen and tonight no pain no gain that is the message from mike wilson, where he sees stocks headed on august plus boeing hitting new headwinds we heard from the ceo when he expects air travel to return to normal and we're all over the action, qualcomm and pay poll reporting results, how we are paying the earnings moves big day on capitol hill. let's take a live look where the facebooks of facebook, apple, amazon, alphabet testifying before the house anti-trust subcommittee let's get straight to kayla with the details. >> reporter: four hours in and a third round of questioning underway as republicans challenge apple, amazon, facebook and alphabet on political censorship and democrats take aim at the size and power the companies have amassed. here is david cicilini >> our founders would not bow before a king, nor should we bow before the emperors of the online economy >> reporter: these four horsemen of the technology industry responded in kind saying, in fact, they each face healthy competition in their respective fields >> competition drives us to inno

mike wilson, always great to get your thoughts. thank you very much for tackling all of those issues for us we'll see you soon >> thank you >>> we'll, uber ceo was on cnbc earlier today speaking exclusively to david favor about the future of uber and the post mates acquisition as well. he did talk quite a bit about the future of uber >> put simply, uber wants to be in a position to deliver anything to your front door whether that be a person, your dinner, your groceries and maybe even your prescription saying this deal with post mates allows the company to pivot more deeply into groceries. it's a business that's growing markets are improving. it should make delivery more affordable for the consumer and it also works for uber as it looks to become profitable uber's rides business and its delivery business are hedges as lockdowns lifts, the rides business improves and when lockdowns remain, the delivery business improves. that tlifrly growing over 100% according to the ceo >> you add post mates to it, that's running at a $4 billion d

i love what mike wilson said. we need to identify when they all get together. are nowhere near that right now. atathan: mike's message morgan stanley is that we can break some things down on the tech side, get consolidation, then rally into oops altogether. that is the story. but looking at the performance we have seen intact, and has been unbelievable. nasdaq 100 up 100 when percent year-to-date. apple and microsoft of about 35%. lisa: ibm's results after the bell confirming some of this with the cloud growth. sarah ponczek of bloomberg said yesterday, the nasdaq was up 2.9%. the last time that happened was 2001. jonathan: much more to come on those numbers a little later. ,quity futures up 22 on the s&p zero point 7%. down in washington, we might have a new fed governor. a little bit of controversy bear. senator chris van hollen of the senate banking committee on whether judy shelton could be confirmed. this is bloomberg. ritika: with the first word news, i'm ritika gupta. european union leaders have agreed on a landmark it hundred $60 billion economic recove

mike wilson had a really smart note at morgan stanley talking about when they finally coalesce. one time, it is the cyclicals doing well. then the tech does well. back-and-forth, back-and-forth. you really wonder when they come together and make a real bull market. jonathan: in the fx market, slightly firmer euro. $1.14, up 0.25%. are there reasons for optimism? let's bring in jp morgan's private bankhead of market strategy. your take away after a weekend of negotiations? a modest positive surprise, the fact that they are coming back and talking again shows real intent to nail down the headline numbers in this deal. we knew that there would be some compromises on the road to recovery and final agreement here. we knew the headline number would come down from that 750. loansift from grants to seems to be down. it is still enough of the market as a panacea for the troubles. once we get some agreement on that, hopefully it comes today, then we can move on to some ,ther issues around governance around conditionality on the money, but also, this is quite a big moment for europe. your

mike wilson of morgan stanley, looking forward to catching up with him on bloomberg tv in about 42 minutescoming up later. tom: for all of you on global wall street, i cannot say enough the importance of this subject o,om mr. wilson with jon ferr cannot say enough about the timeliness of the futures pretty much flat. you wonder, do futures come on today? then the market opens, does the market come on today with tech moving upward? right now, without question, with a backdrop of brooks another yesterday and today and who knows what tomorrow, bankruptcy is front and center. there is a lot of hot air about it. ubs has cleared the hot air. matthew mission with a terrific -- matthew mish with a terrific essay analyzing bankruptcy and credit default dynamics as we move into q3 and q4. we are thrilled that mike mish can join us this morning from chicago. matthew, congratulations on a really adult report on this dynamic. i want to go to the revenue dynamic. do companies get in trouble because of a lesser profit or do they get in trouble because their revenue drips away? which is it? cfof you look

. >> so that's right in tune with what mike wilson and morgan stanley said and that is no 99 top nasdaq blow off top, better to see a correction and then a broadening of stocks participating, you know, somewhere around 2850 let's say. >> wilson is brilliant he agrees with me entirely >> guys, keeping an eye on the banks what we talked about at the top of the show with all the earnings from jpmorgan, citi and wells fargo this morning we will update you if we get anything of importance from the various conference calls jpmorgan the only name that is seeing some positive movement right now. you know, jim, wells fargo has gone from the best to the worst or first to worst in, what, two, three-year period really. >> yeah, makes you feel like that maybe it wasn't that good when it was at first >> yeah. well, it also had the buffett machine on it. buffett is still there hasn't sold that one. >> he sold when it got to be more than 10%. >> right. >> he stands by the franchise. i know that the franchise is deeply troubled, we all seem to know it, but we all seem to think that as long as buffett is

guy adami, tim seymour and bono and icen and tonight no pain no gain that is the message from mike wilson, where he sees stocks headed on august plus boeing hitting new headwinds we heard from the ceo when he expects air travel to return to normal and we're all over the action, qualcomm and pay poll reporting results, how we are paying the earnings moves big day on capitol hill. let's take a live look where the facebooks of facebook, apple, amazon, alphabet testifying

joining us now on the squawk news line, mike wilson, chief equity strategist for morgan stanley. i went through a lot of your comments, mike and finally arrived at the conclusion that you are not ready to say it is overdone and to take money off the table. i think your view is maybe we do see some weakness in the economy that keeps rates really low and multiples continue to expand so you should stay long is that about right? >> joe, good to talk to you again. in the 12-month period we are very constructive in the short term, there is more consolidation that would happen here the question around quality, it is early more coming this week. the bottom line is that we cut numbers too much just like we cut for the economy so far things would get back faster in line with expectation. we are beating a very low bar. that is easy to do the quality of numbers are crummy right now that's what we expected. looking out 12 months, we'll see the operating. talking about the cost to cash burn coming down for southwest that is a good example we are seeing cost cutting across the board. >> that wil

reopen the case earlier this year and says the decision does not exonerate the officer darren wilson. mikeobin picking up the reporting from the midwest bureau on this. >> there definitely people that are unhappy with the decision of the county prosecutor, but what we have not seen or any clashes or destruction. a small group of demonstrators at a ferguson market and liquors last night. to the focal point of the demonstration six years ago. after the st. louis county prosecutor were talking about decided not to move forward with charges against darren wilson. >> although this case represents one of the most significant moments in st. louis' history, the question for this office was a simple one, could we prove beyond a reasonable doubt that when darren wilson shot michael brown, he committed murder or manslaughter under the missouri law? after an independent and in-depth review of the evidence, we cannot prove that he did. >> a grand jury under the previous prosecutor bob macola chose not to indict wilson, the justice department exonerating him, now we see the new county prosecutor with a

so a day later, tulsa homicide investigator mike huff paid a visit to michael wilson, a well-known memberf the bloods. huff noticed a maroon sedan parked in wilson's driveway. it matched the description of the drive-by car. >> mike huff says, "hey, i want to talk to you about this shooting. what do you know?" and michael is trying to hide a gun. huff sees the gun and takes the gun. ballistic tests showed that that was the gun that, you know, was used to kill karen summers. >> reporter: it seemed damning, but wilson told detectives he was hiding the gun for malcolm's friend, de'marchoe, and had given de'marchoe the bullets. wilson was arrested for holding the gun, but his story lined up with what police were hearing from two eyewitnesses -- malcolm and de'marchoe killed karen summers. these witnesses said that they saw malcolm and de'marchoe there. they saw the shooting. they identified them. suddenly malcolm was in almost the same situation his brother had been in three years before and telling a tulsa homicide detective exactly the same thing -- "i'm innocent." >> i'm like, "whoever is t

steve schmidt, rick wilson, rick galen, jennifer barnes, mike madrid.applause] >> they have designated me to lead off this evening, and lead off i shall. standing here in this great hall at cooper union behind this particular podium, one cannot help but feel the weight in the insistent voice of history. it is the thread of history that is so often sought by our political leaders in this country and so rarely obtained. it is so hard to do it in good times. the mere ambition to be politically great almost never suffices. it almost never comes without a moment of crisis, a catalyst, a call. abraham lincoln, when he spoke at this very podium, he taught us a lesson by making and articulating what would become the foundation of the republican party's moment by talking about the unacceptability of the expansion of slavery. he understood that the south was never going to break on this question. he understood that the moral dimension would eventually lead to a crisis that could tear this country apart, and did. that lesson he taught that night was that political

if she killed me you know one when my wife and i would watch mike myers or anybody who truly could make us laugh or ben stiller owen wilson when they're in their lender together i said what makes you laugh the most i mean she's there when somebody just doesn't care how far out they're going to push it and it's as we're watching the raw grizz it was the same or very i just thought this girl is going to push this as far as a can go made me laugh uproariously thank you foam i had since then and say here i was so funny when they really let me they set me free so it was a good time. and you know i was thinking about great show business gay eggs as if it's not enough fun to do the movie i assume i mean they're still early hours and that being in hawaii seems like a bit of a gas right. and you got to see it or if it is and i mean it was it wasn't it was a fun time for sure. for those of you don't know the.

and she killed me you know when when my wife and i would watch mike myers or anybody who truly could make us laugh or ben stiller owen wilson when they're in zoom lens or together i said what makes you laugh the most i mean she said when somebody just doesn't care how far out they're going to push it and it's as we're watching the rog resume is the same or very i just thought this girl is going to push this as far as a can go made me loud uproariously thank you so much since then and say here i was so funny when they really let me they set me free so it was a good time. and you know i was thinking about great show business gay eggs i mean as if it's not enough fun to do that movie i assume i mean they're still early hours and that being in hawaii seems like a bit of a gas right. away i can't really complain when i get to it or if it is and then i mean it was it wasn't it was a fun time for sure. for those of you don't know the conceit well why why should i spoil it it's a it's a mixed identity thing i wanted to explain to the people who get to see it a little bit of what the premise of the film is yes so the premise of the

mike pompeo talks about the future of u.s.-china relations. this event was held at the richard nixon presidential liberia in california. >> ladies and gentlemen, the honorable michael pompeo, the honorable pete wilson, christopher nixon cox and hugh hewitt. [applause] ♪ ♪ ♪

wilson. the u.s. justice department exonerated him. bell also decided not to move forward. 6 years ago the killing of mike brown, the police reaction, 2 demonstrations and the grand jury decision not to insight. the saying hands up and don't shoot came from johnson who said it wasn't true. bell was under pressure to reexamine this case. he did so quietly and yesterday came forward with the results of this investigation. >> dana: thank you. next a former president named in unsealed documents dealing with jeffrey epstein ex-girlfriend. explosive details minutes away. the coronavirus is wrecking state and local budgets. if the senate doesn't act, it will mean painful cuts to essential public services across america. fewer teachers and nurses, longer response times, dirtier streets. but some say our states should just go bankrupt. text fund to 237-263 to tell congress to fund our essential public services. afscme is responsible for the content of this ad. - sir. - you're talking about a first [runnigeneration americanren] from the streets of the imperial valley who rose to beat the odds. she worked nights and weekends till she earned hers

the one i got ♪ >> jimmy: thank you to charlie wilson more "tonight show" when we come back, everyone. ♪ we made usaa insurance for veterans like liz and mike they called usaa - who helped find the right coverage for them and even some much-needed savings. that was the easy part. usaa insurance is made the way liz and mike need it- easy. ♪ >> jimmy: thank you all for watching stay safe out there. wash your hands. don't touch your face. we'll see you tomorrow goodnight, everybody ♪ ♪ >> announcer: tonight on "late night with seth meyers" -- david schwimmer, creator and star of "a black lady sketch show," robin thede, an all-new "closer look," featuring the 8g band with fred armisen and now, seth meyers >> seth: how's everyone doing tonight? i set an alarm yesterday morning for 1:30 in the afternoon to remind me about a phone call but i accidentally hit a.m. instead of p.m so it went off in the middle of the night and long story short, we're getting a divorce. i'm just kidding, but our lawyer isn't. let's get to t

mike bell. what do you think about what is now a $300 billion company? from a chart yesterday dave wilsona's market value only eclipses that of other carmakers, but the entire u.s. auto index and parts makers and the european auto and parts makers index. -- the size ofg tesla is a phenomenon that seems disconnected to the business, even if you are looking at the future of what's possible. >> without commenting on tesla, we are looking through the market at the moment and trying to avoid overpaying for stocks where the multiple looks extremely stressed. we see that in a variety of growth spots at the moment. know, at the moment you have causingation of covid beaten up stocks to be somewhere people are avoiding, and that is forcing a lot of money into stocks which are perceived as long-term structural gainers and winners. creating this kind of irrational exuberance and stretched valuations. important tos very avoid overpaying at the moment given how stretched valuations are. what has impressed you when it comes to the earnings season? or has there been nothing? in the search for companies t

derrick newby, rita, steven, robin, steve, joe carlisle to adam bird, jason gray, adam wilson, tom tucker, anna hanson, mike burns, gloria newletter, i'm pronouncing it wro wrong-- better. malkey white in the front office, eric jackson, lonnie johnson, kathy little. i am so grateful for everything you do to make this the very best committee in congress. my congressional office staff in washington, including fay, wendy corbin, liz, jane rick tore, steve brenner, justin barnes have been invaluable during my final appropriations markup as always. i especially note my gratitude for the extraordinary work of several staffers whom i work with most closely. the director, clerk, shalondi young. [applause] >> thank you, you took the hint as to why i was silent. my deputy staff director, chris bigelow, an alum of my personal office, communications director evan hollander. legislative director dana acton, deputy chief of staff kelly, and my chief of staff for the last 15 years, the amazing, extraordinary elizabeth stanley. i appreciate the great contributions of former staff, including chiefs of staff scott fleming, h

mike pompeo talking about the future of u.s. china relations at the richard nixon presidential library in california. this is just over one hour. >> ladies and gentlemen, the honorable michael pompeo. the honorable pete wilson, christopher nixon cox and hugh hewitt. [applause] ♪ ♪ ♪ good afternoon. i'm christopher nixon cox, grandson of richard nixon and on behalf of my family and the board of directors of the foundation i want to welcome you to another important event and the museum is right behind me here. today we are honored to have secretary of state michael pompeo to have chosen the nixon library to make a major speech about u.s. china relations. like we do so often at the library, we are going to begin the program with a prayer. would you please remain standing and welcome greg laurie, the senior pastor at harvest christian fellowship for an invocation. >> let's pray together. we are thankful to live in this country the united states of america and one thing we treasure so greatly as the freedom we have to pursue life, liberty and happiness. we have the freedom to speak our minds, the worship and freedom to proclaim the message that jesus christ died for our sins and rose from the dead and can give t

mike pompeo talks about the future of u.s.-china relations. this event was held at the richard nixon presidential liberia in california. >> ladies and gentlemen, the honorable michael pompeo, the honorable pete wilson, christopher nixon cox and hugh hewitt. [applause] ♪ ♪ ♪ ♪ ♪ ♪ >> good afternoon. i am christopher nixon cox, grandson of president richard nixon. and on the half of my family and the board of directors of the nixon foundation i want to welcome you to another important event here at the richard nixon library, birthplace and use them, the of which is right behind me here. today we are honored to have secretary of state mike pompeo to have chosen the nixon library to make a major speech about u.s.-china relations. like we do so often at the liberia, , we are going to begia program with a prayer here would you please remain standing and welcome greg laurie, the senior pastor at harvest christian fellowship for an invocation. [applause] let's all pray together. father, we're so thankful to live in this country, the united states of america. and one thing we treasure so greatly is the freedom we have from you to pursue life, liberty and happiness. we have the freedom to speak our minds, th

wilson on the stage. so i appreciate the opportunity to be here. speaking before you today from such a sacred ground. minimus mike come from california. i do want to speak a little bit about the cooper union speech that we are celebrating hundred and 60 years ago this evening. it for me i know that i cannot escape the fact that it just here was fundamentally a moral pronouncement on race in america. not just about the evils of slavery. that is what the very notion of our own american identity. our americanness the concept that others beyond white content somehow joining the family of who we are. but the idea that those who could not join were born to a basic founding principles. in the history, should remember that while the first of the republican presidents national munitions work cemented in his speech in this great hall, the current republican presidents ambitions were launched with a speech given not far from here as well. the speech at cooper union, and speech at the trump tower offered dramatically different perspectives on how republicans viewed and spoke about race and our american efforts to finding a f

wilson puts it, democrats always bring a soup ladle to a knife fight. but about those republican ads. here's the latest from republican voters against trump. and we're looking at you mike pence. >> president took unprecedented steps. because of the action the president took. it's among the reason the threat of the coronavirus remains low. >> standing here today i couldn't be more proud to stand alongside this president. >> we believe we are slowing the spread. >> we slowed the spread. >> we flattened the curve. we safe saved lives. >> we will largely have this coronavirus epidemic behind us by memorial weekend. >> republican voters against trump to take us off the air tonight. that is our wednesday effort. thank you so much for being here with us on behalf of all of our colleagues. good night from our temporary field headquarters. > tonight on "all in," the trump plan is no plan as coronavirus cases soar across the country. it is every state for itself, every school for itself. the white house goes with disinformation in a smear campaign instead of one to fight the virus. the oklahoma the governor tests positive weeks after attending that trump rally in tulsa. then you

wilson puts it, democrats always bring a soup laid toll a knife fight. but about those republican ads, there's the latest from republican voters against trump. and we're looking at you, mike >> the president took unprecedent steps because of the action the president took. it's among the reason the threat of the coronavirus remains low. >> standing here today i couldn't be more proud to stand alongside this president. >> we believe we are slowing the spread. >> we slowed the spread. >> we flattened the curve. we safe saved lives. >> we will largely have this coronavirus epidemic behind us by memorial weekend. >> republican voters against trump to take us off the air tonight. that is our wednesday effort. thank you so much for being here with us on behalf of all of our colleagues. good night from our temporary field headquarters. >>> with the number of coronavirus cases climbing daily, at least ten hospitals are out of icu beds. also a shakeup for the president's re-election campaign months before november. campaign manager brad parscale has been replaced as the polls show trump trailing biden. the social media says it was, likely, a quote social, coordinating, engineering