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tv   Squawk on the Street  CNBC  October 5, 2020 9:00am-11:00am EDT

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just a whole lot of noise in the market and what i would like to see investors do is just focus on the real economy. >> right >> and those companies that are doing well in the real economy >> great to get your thoughts, thank you. and it looks like a positive open here pointing to the futures. great to be with you, andrew and joe. make sure you tune in tomorrow >> great to be with you. >> "squawk on the street" is up next good monday morning, i'm carl quinatnill. the five-week high today as stimulus hopes stay alive. our road map begins with the president still hospitalized his treatment, condition and prognosis still somewhat unclear with 29 days untilelection day plus stocks are looking to start the week in a positive
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note investors, of course, closely monitoring the condition of the president and also keeping a close eye on any progress and stimulus talks we are, as well. not to mention there is fallout, as well, regarding covid shares of cina world tumbling. the second largest movie chain regal cinemas suspending operations at all locations, carl >> jim, the headline still crossing from meadows talking to fox earlier today saying the president is committed to getting an aid bill done wants to move expeditiously but also be fiscally responsible that's certainly where the market's focus is going to be o today. >> the fact that the president wants to give state aid, that matters. speaker pelosi wants to do a deal some urgency coming to it. so, the talks this morning i bet will be productive and i think that's very exciting for the market >> does it matter to you if it's
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piece meal a little bit for airlines or something else or do you still crave something comprehensive is. >> as long as there's something for states, which i believe there will be and something for small business, then i think america will react positively no matter who leads and the reason is because as we listen to say we know we have to have fire power. if it comes back hard, that's it anyone who tried to stay open is finished i'm seeing many pictures of brooklyn where it might close. well, it's my darn block where my places are. i think, once again, we need help >> questionmunicipalities. that has been the key impediment previously at least to getting a deal done as we well know, jim where the congress or the house at least passed what it was originally up as much as a trillion when first $3 trillion
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bill back in may been reduced and reduced and i don't have any idea where we end up but that money is needed and needed immediately in so many different places by the way, not just cities as some would have you believe and not just blue states but across the board, isn't it? if you don't get it soon, you'll see more significant layoffs in these municipal work forces. >> i believe there is give i think the president knows how small/medium size very important and also states more important than i think some of us have portrayed. so, maybe just because the communication is very difficult on this and very private but, obviously, the markets are reflecting something positive. and the markets have been pretty accurate about stimulus at least in terms of talks. talks this morning, carl, i think could be fruitful. and i think that therefore i wouldn't bet against this market right now. >> yeah. and i wuonder, jim, if you think that's what treasuries are reacting to and the bank stocks.
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wells fargo up a full percent. are we looking at an area where stimulus does drive yields >> i think it drives yields plus i think, remember, the parade of bank earnings comes next week. anything that can make it so they don't have to talk about how there's a big loss ahead again, very positive for the market i don't trust that group at all. i put the oils and the banks in the same group which, obviously, is a group, david, you don't really want to -- >> you said oil is uninvestable. you have been saying that for, not that long, but certainly through the course of this year you have been saying it. i think generally a correct view much better not to touch those things even on any rally jim, coming back to just quickly put an end to the stimulus conversation here, well maybe not an end but, i mean, do you get something done before election day? i am just wondering about timing i know you're not the expert a president in the hospital and three senators who are not around right now who are going
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to be on quarantine. we have less than a month to go before we have an election seems like the time is ticking by here. >> if senator mcconnell said we really need it and he spoke with the president and the president is doing well. we wish him well then i think you have something. but i know the -- look, the fact that there's still talks at this late date, that is very positive why waste your time? why would the secretary waste his time speaking to the speaker and vice versa so, i think there's still, look, i think there might be a little momentum here because the president is set to give some money to states. maybe not as much as the democrats want david, look, it's the senate that worries me because the senate thinks we have, there's a lot of republicans some people say 20 republicans, carl, who believe we have a v-shape recovery if you think we have a v-shape recovery, why would you ever give more money out? >> well, as david points out, the calendar now ecomes a focu because the senate is out until the 19th we know what their priority is
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going to be. we think we know when they return and that is the confirmation of judge barrett. so, i mean, i'm just trying to think, jim, the timeline of when you can see checks get into the hands of states. and whoever else might be poised to benefit from a bill >> all i can say is the way they did the ppp the paycheck shows me they can get it done. i think they've learned a lot from the way to do it, david, you know that they were initially catch as catch can and now we know the way to get money into people's hands and, boy, do they ever need it. i think the fact that the states will start the layoffs you and i both know that is where we're going to get a big accumulation of unemployed in the next call. which, by the way, could play a role in the present election >> it could. it could certainly won't help the overall economy as you start to see these layoffs trickle down from states that are just under enormous pressure given revenues not really about shoring up
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pension funds as grover norquist would have you believe help you through a collapse in revenues due to activity economically and in their states, period >> that's why i am desperately trying to become a new york citizen and not a new jersey citizen after listening to the governor i am fortunate enough, just go back there carl, i'm fortunate to do well in life, right but when you listen to these, there's obviously desperation because you know if you're governor murphy who was kind enough to come on our show, you're willing to drive people away because you have to do something. and that's why it would be so great if the federal government recognized it. i do think the president is onboard in recognizing something for the states and i want to encourage that outlook because what it says is there could be a deal. >> yeah, jim we're going to watch that. as for the weekend's developments watching the president at walter reed yesterday and on saturday.
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bar clay's last night said investors are not treating his diagnosis as a major market event. they lowered their expectations of prolonged uncertainty and now seem less worried about a close and contested election we won't get into the weekend polling data, jim. i wonder if you think that's anywhere near being true >> i thought that was a little, we had the boris johnson analogue and boris johnson got sick, came back and went up dramatical dramatically david, case by case, wouldn't you say? >> i would i would. we have an election bearing down on us now. you know, i will say this, jim we've all watched the progress of various drugs quite closely we remember when remdesivir was something that was potentially going to be useful not to mention, of course, the antibody cocktail from regeneron and lily, as well. and the president himself a
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walking clinical trial at this point. i don't know if there's anybody else on the planet that had all the things he's had given how few people outside of the trial at regeneron have had the actual cocktail i don't think anybody had the cocktail remdesivir and the steroid. >> i was thinking about that and i know a lot of people are saying, hold it. how come the president fwets ge and i don't. you're right, a cocktail of all the things that need to be done. what they've accomplished up at regeneron. one thing i want to make clear if you're the president's doctors you would throw everything at this, particularly if the current profile especially if it hasn't indicated any side effects the man is in the at-risk
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category they're going to do everything they can and i don't know if you can second guess what's being given to him, carl i just don't think you can >> i know. over the weekend said it's clear they kind of thrown the kitchen sink but the president, seems to be defying all kinds of expectations given the cdc data for patients who have been in his age group with underlying conditions you mentioned the doctor this morning and he was asked on "squawk box" the degree which he thinks it helped the president >> early on in the course of this disease the virus can get ahead of the immune system and we think giving that antibody makes a lot of sense because it is doing what the immune system is supposed to do but hasn't quite done yet that's what we hope happened with the president you're asking me, did we help him? i'd like to think so >> he says it's impossible to know with one patient, jim
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but the evidence we have from hundreds of others is that you can really help them clear the virus. >> yes, it's very important to understand last week i asked him, look, i'm being tested at 2:00 a big viral load what do i do he said you want to take the regeneron drug, it reverses the virus load if you can reverse the viral load then i don't want to say beat it, but certainly get out of the danger zone and, david, i think that one other thing is clear when you're say a 74-year-old man who is regarded as being obese, the viral load being built is something, look, i'm just quoting the story. i hope i'm in his shape when i get there. >> no about it he is. you can say that look, jim, when did he have it thursday he had the antibody cocktail >> he had the abbott lab short-term test that morning
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then he went to the event. he had tested negative that morning. he goes to the event and comes back and does the abbott again and that was before, that was, you know, in the afternoon i mean the evening and then it was the pcr test which is the somewhat definitive test and the 1:00 a.m. tweet. so, there we go, carl. >> indeed, jim we're going to be watching early this afternoon as meadow says to hear about potential discharge let's get to eamon javers with more >> no specific guidance from the white house but mark meadows the white house chief of staff the decision on whether to release the president back to the white house will be made with the immediate cell te medical team later on today. we'll wait and see if they get clearance to do that the president anxious to get out of here. he has been tweeting all morning all caps tweets urging his supporters to vote the president, in effect,
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campaigning from his hospital room here at walter reed, military hospital. urging folks to get out and vote in november. as far as where we goclear picte the vice president is going to remain at the naval observatory the vice presidential residence until he leaves for utah later on today for that vice presidential debate. we will not expect to see mike pence over at the white house. and meanwhile as we go through the morning here at walter reed, a bit of a medical tailgate atmosphere here. the supporters of the president have arrived and set up flags and blasting music and playing ma marky mark and wishing him all the best in his recovery, guys we'll wait and see whether the white house gives us any more medical details later on this morning. back over to you >> all right, thank you, eamon
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jim, we talked about this on friday the degree to which the president, if he has a change of heart regarding what it takes to mitigate the pandemic. whether or not that would result in changes in policies and this video he gave last night says, i get it i've been to school. you think he's had a change of mindset? >> i do believe that there's a notion that the president understands that the inside means mask, outside means no mask inside means social distancing outside doesn't. i've got this mask on just going from the 15 to 24 year olds and we have a huge number of submissions. i think younger people recognize it i don't think it's becoming a red state/blue state any more. something that is good precaution is there data everywhere the aerosole professors, yeah, if you wear a mask, you have a
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much better shot do you think the tennessee titans going back to the nfl because they have unlimited fire power and money. do you think they wish they didn't wear masks? there's no bubble. you either are in a bubble, which the white house is clearly not. or you wear masks and you socially distance, eamon >> no, the white house was a covid factory for a second the reception for judge barrett. >> the superspreader event they're calling it >> what do you think about taking a quick ride in an suv that is medically sealed >> thank heavens they have a mask >> let's hope they had more than just masks >> everyone wore n-95s >> would you want to get in that suv? >> i think it would be ill advised, frankly >> just wanted to see. >> hey, guys, we'll get to a lot of the market moving stuff that is going to happen not just today but this week. we have powell speaking on tuesday. fed minutes. got some upgrades today of
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starbucks and regeneron and we'll get to all oth wn f athe "squawk on the street" continues. hide behind the chainsaws. smart. yeah. ok. if you're in a horror movie, you make poor decisions. it's what you do. this was a good idea. shhhh. i'm being quiet. you're breathing on me! if you want to save fifteen percent or more on car insurance, you switch to geico. it's what you do. let's go to the cemetery!
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regal cinemas suspending operation at 500 locations blockbuster films such as the new james bond movie continue to be delayed cina world closing in the uk company shares along with amc.
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cinimark they look like they will be done the ceo of cineworld will be joining us later this morning. no surprise, guys, jim given how few people are showing up and few to show them to begin with >> i find that this is something -- >> ceo of amc. >> look when you don't have, if you're watching netflix, for instance, you know there is going to be an end to the new stuff for the most part, unless they all find a bubble to be able to do movies. so you have this one-two punch of them delaying movies and then where is the new content coming from, davdavid i don't know where it is going to come from >> there is limited production going on now went five, six months probably and then the question is what are you going to do? not just if you're an exhibitor like this, but to your point to the many streaming services that we all rely on for our reliable entertainment, there will be,
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perhaps, a need to go deeper dean deeper into the catalog. >> one thing that is amazing about this is you are starting to realize that frankly we're back to just video games and nfl. once the nba is done but the nfl, i bet, we need to see those numbers. particularly for a game that was last night that was one of the most exciting games that we've seen this year, carl >> well, your eagles are now ahead of the nfc east, jim congratulations on that win over the niners >> i think we're dominant in the nfc east >> dominant. no more banged up birds. i see shefter says this morning the titans had no new positives for the first time in seven days >> i think that's so important because remember where we are day eight is the, you know, a lot of people think the ceo of bioreference labs has often talked about day eight being the cut off. let's analogize that to what is hapwing the president.
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you get the better handle than the 14-day thing because, again, the titans are being tested by this pcr method which is the method that is closest to 100% so, you got, you know, you got a pretty good timeline >> and we can see there the performance of cineworld go ahead, carl >> i was going to say, david, reminds me of the downgrade of at&t over a key. go to underweight, 25 target not so much on theatrical pipeline but more directv. >> i mean, listen. direct there is a process going on there for potential sale of that asset and i some point i hope to update people on that. a hope to try to get something announced before the end of the year we're only a couple months away. two to three months from what potentially they wanted to do there. hbo max they did interview "wall street journal" had an interview over the weekend that they share would the ceo and he's still
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hopeful for success of hbo max and still key to the company's future in many ways. has not gotten off to a great start. backing up for a moment, back to the conversation about covid jim, we're still hovering above 40,000 new cases in the united states that's worth mentioning. thankfully the rate of serious complications and death have come down as looks what's happening with the president and found different ways to treat the disease and much more well informed and also, frankly, as the population of it getting it is younger >> the asymptomatics have, the asymptomatics are proving to be problematic for when they come back safe from college the college numbers that the "new york times" presents are dreadful just dreadful. and the younger people are spreading it to the younger people and they don't even know they have it carl, that is really what is
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driving these new numbers. >> yep nine states, guys. nine states have reported record new case loads in the past seven days so, we're going to wrauatch thas the temperatures turn. vemitee opening bell in about sen nus. ♪ ♪
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dow and s&p broke a four-week losing streak last week futures up 200 this morning as we await for word about the president's potential discharge from walter reed today "squawk on the street" debackis in a minute with the opening bell
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let's get to a mad dash counting down to the opening bell minute and a half, jim mcdonald's >> been the leader and that stock is at 23 the lagger mcdonald's.
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what a chart great place to be. this morning, bank of america consumers for drive-through consumption. david, this is the kind of stock that goes up four, five points because of exactly what we are talking about. very difficult to find restaurants in areas besides new york city where they've got these great sidewalk things and i just think that the stock has underperformed i believe this is the kind of stock you want to own between here and year end. they are doing very, very wellp. >> okay. >> estimates got to go up across the board. everyone on the street. you'll be day after day. >> so you think there's a bunch of estimate revisions coming >> exactly >> higher. and that will help propel the stock. >> this is a high quality. carl, you know, this is a very high-quality company and to see numbers go higher means the stock goes higher. period end of story >> yeah, they have some charts on credit card spending for casual dining versus fast food,
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jim. and i mean the difference is stark. their point is that people got tired of their own cooking that's literally in the note and realized that drive-throughs were an efficient way to get fed. >> i cook every night. i'm sick of it david. how many ways can you make chicken? >> a lot a lot. thankfully >> there's the opening bell, guys pretty nice breath to start the week jim, it does remind me, though, that btig does cut dunkin' to neutral on valuation on the starbucks oppenheimer goes to actionable buy and 101 to 85. i guess there's a splintering of opinions with the food >> mike, starbucks and quite candidly the august numbers were minus 11 and that's somehow being viewed as positive how that can be viewed as
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positive is fanciful but at the same time, kevin, kj, kevin johnson doing some things to make it so they are taking advantage of all those areas that you see where it says they're kind of boarded up or there's no tenants they can go in and do fast line so that you no longer are going to be cut by the people who have the app. so, there will be two -- watch for two starbucks on one street. that could happen, carl. good stock >> looking at sectors this morning, jim financials up a full percent energy is doing pretty well. i saw wti up about 4%, jim i don't know, does the president's recovery and we're all hoping that is exactly what happens means that lockdown easing continues or even accelerates? >> that's the way it's cutting now, i think those that are buying the oil stocks, once again, and look, too much oil. you can play that. you can say, listen, 40 bucks. it's time to buy these
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that has certainly not been the case with parsley energy, pe and chevron. i'm still waiting for exxon to do what i expect which is dividend be slashed. but i do think that hope springs eternal. i think this is more stimulus, david. i really do. i think this is hope on talks between secretary mnuchin and speaker pelosi almost like going on now >> they may be going on now. you made the point, mitch mcconnell is an important participant to speak in those talks because it does have to get senate approval and remains unclear what exactly he's willing to say yes to and/or the leadership in the senate is willing to say yes to even if mnuchin and pelosi reach a deal. to your point on exxon, jim. you know, you do wonder with the dividend yield at 10 pate 5% and an expectation that it is not goegto last and then a question over all at exxon mobile about capital allocation there overall
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in terms how they've gone about it and how much they should be spending and cap x >> look, people forget what mike from chevron did when everyone was running away from the gulf, they built. they went big in the gulf and those are not shale whales those are whales that stand the test of time in terms of production there i also want to remind people that the president is his own worst enemy when it comes to the price of price of oil because the lower we produce, the lower price we get. by the way, let me explain i think that the banks were a value trap i think those have, the ones that have big loans to the consumer, those will have to be criticized loans givenen t ethet so many tenants that aren't paying versus say a goldman
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sachs where i think it's very, very minimal when it comes to individuals borrowing. >> so, you think, you think next week we're getting a little ahead of ourselves but when the bank earnings start rolling in that lost provisions a story for third quarter. >> i find it hard not to be. if only because they have to look at the book of business and they didn't get the stimulus that would make it so a lot of these small/medium size businesses that did borrow money do well. now, where they have the register they know exactly what they're lending to that is not the case with the banks. look, the yield curves bad and the fees, i don't know look, i think some banks are doing better than others, but at the same time, the etfs, david the etfs rule. so, what happens is when you get a bank like, let's pick first horizon. i had them on numbers of times they are probably doing better than all the other banks i
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follow and there they are with 5.8% yield i often have brian jordan on tennessee. that is the strongest area of the country. in terms of -- wells fargoed with tell you that yet, david, how come that stock is down from 17 to 10? it's bad loans it's worry about bad loans not bad loans. worry. >> again, it's not as much on the corporate side as it is on the consumer front >> exactly >> and portfolios and -- >> but tenants and landlords. >> right >> i mean, those of us who own property and david always makes fun of me for my wife's housing development. but we're not getting paid on some of the properties and, you know, we pay. and they don't >> yeah. no, that's a problem something we discussed, as well, when you're a landlord if you have indebteindebtednesse
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difficult for you to give some concessions to your tenant or watch your tenant go away completely is probably even worse. >> the keys. we call it the keys. >> as in here are the keys, david. >> give back the keys. i know i did want to get to a deal this morning. definitely not a merger monday, but we do have one large deal and it's a company that jim has followed closely for years bristol myers spending $13.1 billion for a company called myokardia. a huge premium take a look at the stock you can see how it's performing. trading 4.5 bucks below. tender offer could conceivably close quite quickly. nongap earnings until 2023 another way it is going to be diluted until then. jim, they seem to be excited about their key drug, which they believe has an opportunity even
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far beyond where it is right now, at least. potentially treating >> yeah. this, i think, bets blood thinner. i think the key thing here, david. myokardia deals with certain parts of the heart that frankly no one has done any work on or given up on. you know i know that area sadly. and, so, we're going to have the doctor on. >> hcm mutations and approximately two-third of patients the path followed by blood exiting the heart known as the left ventricular outflow track bec e becomes obstructed by the disease. they have a drug that conceivably does >> it's a big deal. i just want the, yes, the answer
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is yes i will not mince words bristol myers need to extend franchises they're doing heart franchise, blood franchise and, obviously, doing cancer franchise and the cell gene franchise. i think he is trying to create, let's say, motes around things and just so we're very clear no one has done anything new for hearts like this in ages but it's certainly the only one that will be used and we all know, we do know people who have passed away from this. it's very hard to beat >> but do they have to believe there is a broader application down the road or the development abilities of this company are going to be beyond this drug, jim. $13 billion is a lot to spend for one drug >> i happen to know personally
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how the area might be. but we don't know what is in the pipeline he does or else he wouldn't pay $13 billion because that is a huge amount of money, that's not good enough. so, carl, we wait to hear from him this evening he's been man of his word. he started liking the stock at 48 when he did the cell gene deal but the stock has stalls as many of the pharmaceuticals have stalled. it could be perhaps political. i don't know geez, i have three people. people talking about, jim, would you please stay in your lane and talk about stocks. generac is about solar and microsoft dominance. microsoft teams versus them and whether they have anti-trust issues the companies that i'm following tonight are companies uniquely involved with government or involved with what i regard as being takeovers that may not be instant in making things work.
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>> no, jim you're not just a dollar sign. we understand that your point, though, about having multiple buckets in pharma working is a big part of this upgrade at regenron on on the face of it, jim, what they're doing on covid and ecology a big push >> well, they have a wonder drug if talking about it being as big as humira. the largest drug of all time, which is incredible. look, i've been back on the thing since 5:00 and i was very discouraged last week when it didn't go up if only because do people not understand that he may be the man, the chief scientist brought more drugs to the market than anybody. you know, this is something that dr. schleifer would tell you about. that is a company that now has so many different drugs and indications that the idea that it may just be a bio tech is quite wrong. david, you know. you hear len come on our shows
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and regeneron is a new drug factory. david, they're not a sales force. >> no. >> i i don't mean salesforce.com >> masquerading as a drug company. right, they're actually doing the science. >> yes >> you love that stock since what, 6? >> 5 i was begging the lender to come on anyone to come on. >> i always like to listen to len. what borough is he from? >> up in westchester >> queens. >> he lives next to my sister. >> queens boy. when we can find good ones, we're always happy about it. guys, i wanted to talk spacs we have to keep covering the spacs. molis they are looking to raise 500 million bucks. first mark horizon that will price tonight. they're aiming to raise $300
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million. so, there's another $800 million right there that is going to be raised for blank check special purpose acquisition corporations that, who knows where they will head some of them tell me, it's free money. why not give it a shot and that is what continues to fuel so much of this craze by the way, we didn't get to it on friday. charlie urgen, billion dollar spac >> really? >> you know, friday we had a lot of news. i didn't get to mention it, jim. but, yeah, focus as you might expect on media technology >> do you not love when you ask them, what are they going to do. no, we're not telling you. we don't want to give that away. >> they're not allowed to have any talks ahead of time. before they do that and raise the money. wanted to come back to one of the churchill capital. remember, they got one, two, three, four and five three is that multi-plan deal. that was a big deal. remember they announced an enormous pipe that went along with $2.6 billion.
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that is closing on thursday. so, that will close later this week and they did some important stuff there, as well they refinanced and brought their cost of capital way down and brought in t.rowe and wellington for shareholders to the tune of $400 million bucks and reaffirm and we'll keep an eye on those shares. ccsx and then churchill capital two which i can tell you, as well bloomberg had a story on that. bringing together two companies. skillsoft and global knowledge they will come together. they are distressed companies. but this is actually what the original purpose of what a lot of spacs was bringing stuff public that typically couldn't get there through the means of an ipo that's what they're doing with ccx when they bring together two of these companies with a company that is less indebitedness and generate $200 million in cash flow and use the spac as the way to go public so, merge them come public through that spac in
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the education market, jim, which is an important one. and this will potentially become a leader that's the update today. >> hyln closed its deal today and this is a company, david guess what electroified power train -- right. greenhouse gas >> good. >> it's the new one. >> yeah. >> remember nikola it's the new one >> i do remember it very well. rallied last week, didn't it, jim? >> look, every dog has its day no, it's a brilliant company people have asked me to talk about endlessly. so, now, there your love. >> there you go. he did all right. carl, over to you. >> all right, guys watching yields closely here as we're expecting some more ism data at the top of the hour. let's get to rick santelli hey, rick.
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>> hi, carl. i'll breakaway when we get the pmis look at the two day of tens. two week everybody is talking about how they popped today. they really have been aiming higher in yield lower in price for a couple of weeks. but we're really starting to hit it hard to the upside over the last several sessionps if we open the chart up, you can see that at the end of august we had a high that was at 75 basis points that's very key. we want to pay attention to that, of course. but really many traders are going to focus on the true break out being if we contest 90 basis points which goes back to may. now, the market numbers are out. our september final read on the services, 54.6 54.6 so, 54.6 replaces 54.6 as the final read and, of course, these are the best numbers going all the way back to march of last year march of last year when this
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reading was around 55.3. 55.3 and if we look at the final composite for the month of september, it was 54.3 it lost a ten from its 54.4 mid-month read now, let's go back to the charts we're talking about how the 90 basis point high from may is critical if you're really looking for treasuries to kind of breakaway from the thumb on the scale of our central bank. now, let's look at the spreads, shall we the yield curve spread 10s minus two. trading 60 basis points. that is basically four-month wide and haven't closed at 60 or higher in four months. the dollar index now, this is the opposite. dollar index losing steam. let's go to the third week in august the end of the month, we established a 27-month low well, we had a nice bounce but it didn't hold long. here we go back down matter of fact, if you look at intra day, we're down against all the major currencies today
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carl, jim and david. back to you. >> rick, thank you very much. we'll take a quick break here banks, energy, materials all leading. russell is up more than 1% highest since september 18th we'll take a quick break and be back in a moment ♪ ♪ ♪ ♪ before we talk about tax-s-audrey's expecting... new? -twins! ♪ ♪ we'd be closer to the twins. change in plans. at fidelity, a change in plans is always part of the plan.
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a new poll finds three oust every four americans doubt the president took seriously the threat posed to his well being or took the steps necessary to prevent contracting the virus. approval in handling the topic is low the topic will no doubt be at the debate that some say will be the most controversial veep debate in many years >> there are divisions on masks.
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there is real science and the science is from two great aerosol professors and when they mention the covid factory at the white house, it is irresponsible. >> masks work. don't make a false equivalence. >> do you know anybody who wears a mask regularly who have gotten this >> no. and there are only 19 people that have gotten it on an airplane because everyone wears a mask on an airplane. >> not air force one >> it is foolish >> some say it is anti-science that has been a hallmark of the administration >> yes, it has especially when
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it comes to things like climate change >> a big lesson that you can test negative and you will still have to wear a mask because you may test positive tomorrow biden has tested negative for the last three days. >> the only authority is adam this had no positives today. >> yes as we said, a programming note, lester holt will hold a live town hall with the democratic presidential candidate joe biden tonight at 8:00 p.m. eastern you'll be leo tcthab twah at here on cnbc ology makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $359 a month for 36 months. experience amazing. at your lexus dealer.
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take a look at s&p leaders led by regeneron not just on wsne of the weekend but also oncology efforts. we are back in just a moment i searched and found sofi and applied for a personal loan.
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i paid off my credit cards and felt a weight come off my shoulders. thank you sofi for a great experience and for helping me get my money right. ♪
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i'll tell you something. even if we think oil is not doing that well, caterpillar spends $400 or $500 million buying from oil and gas. people love it not bad.
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look at that chart not a recession chart. >> are you of the belief this morning, morgan stanley is out with the real scare will be a rates scare. that will be put into the crosshairs and growth names nasdaq has benefitted from >> i saw that. you've been saying you'll keep an eye on rates. rates go up and down you'll get a weaker number i do think the economy has too much strength. you don't want to sell faang someone recommended docusign today. that's a good idea i think wilson has been fabulous i don't want to take him on but i'm not going to way from faang. >> what is tonight >> keeping your power on
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the work we do for work on the opposition we must learn more because so far, the market is confusing confusing. >> jim, rest up. we'll see you tonight. "mod money" 6:00 p.m. eastern time i'm carl with dana feber ism services on deck with rick >> i tell you what, this number is a good one. we are expecting a number north of 56. our last read was 56.9 our september read is 57.8, zoom, zoom, zoom the best read since february i know everybody will continue to watch the long end and the steepening of the yield curve, i don't disagree but let's not
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also forget the federal reserve can ramp up the purchasing programs just like that. carl, back to you. >> thank you the road map begins with the president still hospitalized at walter reed. we'll get to the latest of his treatment. >> and contact tracing who has testified positive and negative as the virus spreads through the white house. and election impact. only 29 days to go as pence and biden charge forward with the president now sidelined. what will it mean? we'll talk about it. we'll start with the president's current condition. the chief of staff has already made some comments this morning. eamon javers is at walter reed good morning >> no new updates at this point. we don't know when they'll make this decision.
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mark meadows said they will discuss whether to move the president today or continue his treatment. the white house offered some conductry information and had to correct itself a couple of times on information it did put out. everything is better up throughout with flags and rock music. get well party on the streets. any further word on his condition, carl? >> the markets trying to sort out what the elections may bring us thank you to have you. thank you for making the time. >> great to be here. >> you've been doing some client calls looking at three basic
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scenarios for election outcomes. we'll talk uncertainty and the race vote later on can you talk about those three buckets and how the odds have changed. >> we've looked at the blue wave, the status quo and the biden presidency with a split congress with the republicans still remaining the senate even before the positive covid test, biden's rates have been improving. the last two months, seeing stable improvement rating. seeing the tossup and democrats are gaining momentum that is important for how the market will view prospects and tax increases, new taxes o rolling back some tax cuts i think the focus right now is
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on the senate race and what will happen with the fiscal package because negotiations will really be between mnuchin and pelosi. we haven't seen much mcconnell enter into those discussions yet. under a blue wave, there are concerns about what will happen in the first 100 days. will we see a roll back on some tax cuts how are they going to fund this $2 trillion of infrastructure spending under the status quo, it would be more of the same. we are seeing real shifts in it the senate races right now all eyes will be on the presidential debate later this week as well >> right how much do you think the tax issue gets mentioned in the media all the time how much is offset by what you may expect under a blue wave in terms of more fiscal spending and few tariffs. >> there is definitely an
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offset there is a proposal to raise the minimum wage and infrastructure spending have you basically modelled this and rolling back 50% of the tax reduction would take about $9 off of eps this is something quite manageable when you look at the offsets. and the tariffs cumulatively took the dollars off the etfs. we are comfortable keeping the $3,600 for the target for the s&p 500. we do think over the longer term, you will see rotation into value plays going forward. materials, consumer discretionary and esg plays as well i will not be so negative of what a blue wave would bring you'll see more discussion of that because as the polls have widened, there is less concerns over the length of how long the
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election result could be contested. that is a key concern a week or so back. >> joyce, we can't know what will happen on election night or afterward. there will be a lot of money that will move in the next 29 days or so given the action, are you te telling clients to hold off on big moves between now and then >> we are telling clients they should put on hedges we did see through the s&p 500 that some of safe haven hedges didn't really work gold didn't work as well what was quite effective was some of the fx trades. some of the things people have wondered will they be good hedges, bitcoin, that didn't work as well
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we are saying you should put on the hedges the fx hedges as well. be wear of some of these traditional hedges they haven't proven effective at this time. look at the surprises we've seen i think the attention right now is on the fiscal package there is not much change from what we saw last week despite the hopes you will see a fiscal stimulus package come through. >> finally, joyce, there is commentary because of the polls widening over the weekend. markets less worry withed about a long contestedout come, is that too glib? >> that is less of a concern because of the polls lifting the safe labor day is the 15th if you have a clear election result, the market is factoring that in. they are particularly looking at
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florida, whether you will see that day what the election results are likely to be florida is one that is critical to keep the race alive at this stage. i do think there is less concerns about the contested election results more concerns about the outlook for taxes, what a blue wave might be and what will happen with the senate. also, just the fiscal stimulus package. we've taken one percentage point and growth from the u.s. down to 2.5% and about 12% off of household spending we need to see where that discuss goes and not really much change even though there is some headline that they are coming to a resolution on this >> all really good information, joyce. we love talking to you thank you joyce change jp morgan
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let's get to meg terrell are more on the president's treatment and highlights from her interview this morning with the ceo of regeneron what's the latest? >> we did learn over the weekend that president was given three drugs to treat covid-19. first was regeneron antibody cocktail which is still an experimental drug. friday night, he was started on a five-day course of remdesivir which has emergency authorization. saturday, he started dexamethasone, which is a steroid also given to patients in the hospital with the disease. the unknown is the unapproved antibody from regeneron. we talked to the ceo from regeneron about the antibody and whether he's seen signs that it is working for the president >> you are asking me did we help
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him? i'd like to think so it is impossible to know from one patient. the evidence we have from hundreds of patients so if you give this drug early in the disease particularly if they have have not enough of the appropriate immune response, can you really help them clear that virus. >> if this did help the president, a lot of people wonder when can they get this antibody too already forecasting an emergency use authorization that could be coming within days seeing the president's use as an endorsement by the government of use for covid-19 here is what they told us about the possibility of emergency use authorization. >> we want everybody to be able to poe taen shally benefit we don't make that decision. this is a decision the fda has to make.
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we hope they'll meet a lot of the standards. it might work. the risk benefit is right. we could clin the clinical trials even under the emergency use authorization as we've done in other jurisdictions outside of the united states >> there is not an unlimited supply if it were approved now, there would be 50,000 doses at the lower dose they aim to get that up to 300,000 over three months. they have a $450 million contract from barda at no cost to americans >> we know the trials are ongoing. it needs to be used at early on set? they would be using it early in somebody getting the disease >> that's the only setting of the data
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we saw on tuesday from last week, we are not even a week out. it was in nonhospitalized patients and worked best on those that had not amounted their own immune response. these are for patients not in the hospital those as well as a preventive treatment. if it was granted, it would be based on the data available and not on the setting of nonhospitalized settings a former member of the president's covid-19 task force will join us on the other side of the break we'll be back in two minutes - [announcer] if you've tried college but never finished,
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we continue to trace the president's movements between that rose garden ceremony and his eventual trip to walter reed >> carl, we are learning according to administration official the vice president and second lady have again tested negative that is news we are just learning but three full days after president trump disclosed his positive results, the cluster of those testing positive bobby luna and two other staff members tested positive two
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weeks ago, which raises question two reporters in the pool at the woug the white house. an event with nine attendees now testing positive two republican senators. wisconsin's ron johnson also tested positive has paralyzed the republican-led senate now operating virtually for two weeks. the majority of the advisors in the room preparing for him for the debate kellyanne conway and chris christie have tested positive as well 11 staffers so far have
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contracted the virus, amounting the dozens of cases. the white house won't disclose the total number of west wing cases due to privacy concerns. bringing in now joe grogen, a member of the president's covid task force a position he left in may. we appreciate you being here to put some of this into perspective. the senior advisor said, president trump is arguably the single most protective person on the planet and yet he got covid. how iron clad were protections around the president >> clearly not iron clad it goes to show this is an extremely tricky virus you've got the white house complex no different than a battleship but you can't quarantine once you go out to sea, you've
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got a secure location. you've got people coming and going to and from the white house. you've got different social networks coming into contact with white house staff it is extremely difficult, if not impossible to secure that place. i think they need to think through the testing protocols and look at some new technology. i know they were losing the abbott test. that was the hot test whether it was approved but there has been new approvals. gene expert, fludidine has a new test they probably need to layer it and expand the network to just those that go into the oval and make sure the entire complex is secure >> thinking about the tests the white house uses and that has been the source for its
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confidence and allowing some of these staffers to come on the complex. i can read a series of articles and can learn some of these tests with people with symptoms come out as false negatives. why didn't the white house layer these early on to make sure something like this didn't happen >> they probably will be evaluating all of this it is important to remember, look, no testing protocol is perfect. this one was demonstrated in real time to have failed these things have different data coming to light from clinical cliel to deployment. in this setting, a vulnerability was discovered because we have so many positives. it was working
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i am surprised it didn't hit the complex sooner i had a lot of people say to me, what do you attribute the fact the president hasn't been infected sooner because he's been doing so many events, leading and meeting with his cabinet and people coming in and out. i couldn't explain it, to be honest other than this is one on the margins. when i was there in december, january, february, there were a lot of people there saying i've got it i think i've got it. i'm sick we are all antibody tested you are working on top of each other for hours. people are taking decon guessents, and tylenol to keep functioning. it's so cramped, the vent lags isn't great. there was a two-year white house
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renovation plan during the obama years. they were going to shut it down and build a new west wing and secure it. that wasn't done since president trump came in, they were doing this in sections you need to think through this this isn't the last virus we'll get hit with god forbid a buy oio weapon gets deployed, you need a secure complex. he could have been phoning this in from his basement or moved to camp david joe biden is running for president from his basement. the president doesn't have the luxury to do that. >> one of the things he could have done is wear a mask you are describing that work place and i'm thinking about all the places we cover that have to
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wear a mask and they've improved their vent lags. >> look, i'm pro mask. but i'm working from home. you do get mask ma fatigue when you are going in there 12 to 14 hours a day and you are working on top of one another and they are not perfect either you are touching your face, moving them, you've got to take them off social distancing is also something i believe in a lot that is totally impossible at the white house. you can get away with it a little bit every now and then in the cabinet room you leave and everybody is in a narrow hallway together. you are in a situation room, you can put four or five people. fine, i'm pro masks.
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perhaps some of the messaging could be better on masks there is a lot of virtue and overconfidence on masks. >> i don't know. it seems like a lot of people wearing masks don't get sick it seems like the smart thing to do >> it is but when you are driving in a car a long period >> i don't understand that i agree with you that's weird >> wearing a mats being doesn't make you invulnerable. >> they are all hugging each other at the judge bar rrett thing, that's not a good idea either >> we are learning there were a number of infections passed back and forth at that event. you do not have the luxury of doing this from your basement. the fact that they didn't get hit sooner probably did lead to
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a sense of fatalism and overconfidence over time just humans behaving this way. the american people have been tired of being shut down with you protest started and summer started you start to see the increase again. the kinetics of human interaction is increasing more >> as we saw spikes, we did see businesses and municipalities pull back reopening plans. taking in point places like the situation and the cabinet room, you can't distance there were officials that would then call in and wouldn't show up because of that issue >> not basement lockdowns but on
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the activity here. much of which the cdc and all of the activity the white house has engaged in in recent months, how much didn't clear the guidelines >> you've got to recalibrate every week we continue to learn and have new technologies deployed. you learn more about the virus yes, you need to recalibrate i wouldn't go to a club or crowded bar right now but that's the same answer in march, april and may. >> would you go to a campaign rally? >> i would go depending on what event. i would wear a mask. i would go to be frank, i have been to some fundraisers on behalf of the president and speaking
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engagements. there are plenty of other things we can do. i'm fortunate enough to work from home. i would be taking on morris being in order to put food on my family's table i take on a risk i want to send my kids to school one kid is going five days the others are going two days a week i wish they could all go five days i believe the balance against mental health and my kids learning we have to move forward. we have to apply human running and move forward as a country. >> certainly, there are a lot of people on white house grounds, military office, pool reporters, secret service who don't have the luxury of working from home.
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>> thank you so much, i appreciate it. >> former white house coronavirus task member of the policy council time for our etf spotlight looking at nasdaq biotech on pace for the best day in the last three weeks bristol meyers to acquire myokardia. dow is up. oil is up. s&p is about 10 points from matching thursday's two-week high ♪ ♪ ♪ ♪
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-well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these. lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. not much, how about you? are you answering my text in person? i am, yeah. lol come on in. this is tech that helps you be there. the nissan altima now offering the most tech-advanced engine in its class
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welcome back here is your news update
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the world health organization estimates about 10% of the world population has been infected with the coronavirus that adds up to 760 million or more than 20 times the number of expected infections. >> the winners alter and rice and michael houghton wildfires have burned more than 4 million acres. the largest amount on record and larger than the state of connecticut. pennsylvania voter registration website appears to be back on line after being down for much of the weekend you are up to date that's the news update back to you. sue, thank you session highs here dow reclaiming 28 k this
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morning. we wait foreword on whether the president can leave the hospital today and whether a stimulus deal can be patched together roger atman will weigh on all of that and more in a moment.
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only 29 days to go to the election the president still recovering more on the state of both campaigns with a month to go >> with president trump, his campaign manager, closest advisors and head of his party all sidelined with covid shuffling mike pence and the first family to the forefront. so long as he and his wife continue to test negative, he will debate with kamala harris on wednesday with more distance before holding rallies in
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arizona. despite his repeated exposure to covid cases. the senior advisor now the de facto campaign manager speaking on meet the press. >> we are in a campaign, we have a month to go. we see joe biden and harris out there campaigning. they are not asking for a remote debate >> former vice president joe biden will appear in an nbc town hall after a poll showed biden's lead widening. with a notable shift among seniors in the demographic in 2016 that captured the debate we don't know what the impact of the president's diagnosis on friday will have undecided
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voters no stranger to advisors. they say this is an unprecedented unknown especially since the post out break messaging is unclear >> thank you roger atman joins us always good to touch base with you. >> hey, carl how are you? >> i'm good. if i had told you going into a monday that polls were widening for the dems the first president hospitaled since reagan taking experimental drugs. what is the market stimulus now? is this all keying off stimulus hopes again? >> i think those stimulus hopes are a big factor if you look at the jobs report, it has been rather lost a midst
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the noise. it was not a strong report we generated 661,000 new jobs. there was a lot of indication that temporary job losses are turning into permanent job losses the unemployment rate is about 9.6% and it seems to be plateauing there it would be good to have another stimulus bill and the degree you think it is getting closer giving statements from the speaker and the administration and the president who tweeted about it from the hospital i think then, the better you feel about the short to medium term, yes. >> do you think then -- i mean is the difference this morning the idea that mcconnell could deliver something potus and pelosi could agree upon?
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>> that's part of the difference there is an argument you referred to as to whether the markets might be responding to the lowering of risk of a protracted post election gridlock over who won the election i don't know if that is actually affecting the markets or if that came pass that gridlock, unresolved election if that would be good for markets or investors. that would be quite bad. that's rather speculative and would be playing into the markets. polls will have changed in recent days. 29 days in modern elections, so a lot can happen between now and election day which could change that. >> on that note, you are obviously a biden supporter. what are you hearing there in
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terms of confidence. their plan for 29 days and as well, confidence or thoughts about whether the senate can turn democratic? >> i'm not part of the campaign strategy far from it. nobody would call and ask me about it in the position of the senior campaign strategists, your just focused on maximizing every day. you are not really sitting around saying, wour, it looks good today better than yesterday. it is a rather hyper intense 29-day period. the vice president of course is getting out quite a bit. you see he's in florida for two
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events you don't sit around and say, wow, it looks good >> a lot of the impact on your industry we are hearing a lot about the federal reserve, elizabeth warren being tapped for cabinet post i wonder who you would see in those posts and what kind of policymakers they would be is. >> i have no idea. but i have a lot of confidence that former vice president, he
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served as vice press for eight years and before for over 30 years in the congress. a good deal of how the vice president might govern might depend on the outcome of the senate i think there the prospects are better you are seeing a lot of debates. interesting debates between the candidates of course not just the focus in the rest of the campaign but
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beyond that. as if he's elected can govern. >> so many cross currents. we didn't even get to the fed. we'll see what the fed says later in the week. talk to you soon >> my pleasure coming up, don't miss a rare appearance from silicon valley legend reid hoffman coming up. don't go anywhere. we are back in under two minutes.
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adyen. business. not boundaries. a top portfolio manager says there are two major risks keeping him up at night. find out more. more squawk on the street coming up
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welcome back to squawk on the street markets are firmly in positive
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territory. bumping up against that 3,400 mark materials sectors getting a boost there. among the top gainers with a mix of mining basic materials, leading out and rounding out those leaders. martin and mosaic on the fertilizer front stay with us on cnbc this is decision tech.
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>> more news out of regeneron. this time as it relates to the biden campaign now to meg with more >> regeneron's chief operating officer responding to a request about the ce o's relationship
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with president trump we know the president refers to the doctor as lenny. he responded that there were special relationships and in fact reached out to the biden campaign to offer them well. now, i reached out to regeneron to try to understand this a little better and they sent me a statement saying, quote, we've been in touch with the biden campaign to make them aware of the compassionate use mechanism should they need to apply. of course, vice president biden has not tested positive for covid-19 this drug is being tested as a preventative treatment no word from regeneron on whether that is the context in which this might be communicated to the biden team or just putting it out there on an equitable basis to both campaigns really if vice president biden does, in fact, come down with this disease. guys >> yeah.
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it was about 12 feet away from the president during the the debate last tuesday. hopefully far enough for him meg, thank you. testing and the accuracy back in central focus as the coronavirus outbreak in the white house continues its spread andy brooks, coo and director of technology development at rucdr infinite buy logics joins us now. the lab has received fda approval for its covid-19 saliva test that's where i would like to start. on the use of the tests to the white house where it seemed to be almost being used as kind of a metal detector, you take the test and then you get entrance if you're negative is that the way it should be used >> yeah. for all testing obviously the testing regiment and the timing is critical, so having that defined and using it as a point of entry if you will to limit exposure but also to make the right decisions and be able to
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then identify if exposed is critical and remain to be so for some time. >> so they were using it properly but it didn't work properly i'm not following? >> so i'm not 100% sure of the testing regiment of the president or in the white house, but there is a window from the time of exposure to when you shed virus if you're looking at molecular testing for viral transcripts which is still the most sensitive and reproducible of all testing mechanisms, you can detect it the moment you start shedding virus antigens then can be detected as proteins as a function of the virus and they're on a bit of a different schedule if there are multiple testing modalities used one will detect the moment that you're shedding virus, whether you are symptomatic or asymptomatic. i think in this instance, it was a party of timing. people when they're exposed,
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their bodies respond differently. some people will contract the virus and some people will contract and become asymptomatic, so it's unknown. those that are symptomatic become candidates for testing because of the fact that they're symptomatic. >> andy, we heard from a former top white house official this hour who suggested the white house needed to layer its technologies to be -- to provide a more fullproof barrier against the virus spreading there. how they operated before some of the larger events including the nominating ceremony for judge amy coney barrett last saturday they tested everyone who was attending and then once they received their negative tests they were allowed to sit down and remove their masks in that scenario, what sort of layering of technology would make you more confident that that would not be a spreading type of event and that everyone sitting down in the rose garden was, in fact, negative
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>> i'm not sure there would be a testing regiment that would make me completely comfortable with that altogether. again, given the timing of everyone's response being different. when you're exposed, again, within two to seven days, you can shed virus anybody missed that window, it could be a problem there needs to be a layering of technology i imagine a molecular test prior to attendance and a rapid test immediately prior to sitting down would give you the best level of protection, but it's not foolproof as we've found >> the ability to get a rapid response, saliva as well, you know, they're being used more often, aren't they? i have a kid in college and they seem to be testing them twice a week up there using a saliva test is it an effective way to get a go ahead sense as to how much is in the population in terms of the virus?
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>> absolutely. and a lot -- we've come a long way with testing approaches and looking at surveillance versus diagnostic testing and the screening, some schools are using pool testing, just surveillance and not diagnostic. you need them to break down any positives to look down students or people individually, but because it's noninvasive and easy to do and very robust, it is a great tool and testing measure. again, looking at molecular tests looking at the viral rna is really critically important because those that know they're going to be in large or exposed environments will get the most protection with that said, it's a test that takes several hours versus several minutes. that layering effect like we were just talking about is important but as far as looking at college campuses, work places, where you're going to have a routine testing regiment
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doing a more traditional pcr based test will give you the best protection. >> we're averaging over 40,000 case as day still. is testing still an issue or are there enough tests to go around for the demand right now nationwide >> you know, there are still not enough tests to go around. with layering, we cover a really good cross-section of what needs to be done but if you look at any individual testing regiment, it's not just gaps in technology it's administering the test, it's in data reporting, it's in managing all of this information. dealing with supply chain issues that we've dealt with since the very beginning, it's a moving target the supply chain issues that we're looking at today right now, are very different than four or five months ago. so we're using similar approaches to address those issues i think in a successful way, but we still need to expand testing
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capacity, information sharing, and i think maybe a little more focus on how we do these testing regiments. you look at a third of the universities that went back, some of them were doing incredibly well, some really struggled and i think we need to learn from the strategies from those that have been successful and expand those to other communities, businesses and approaches. >> thank you >> you're welcome. >> session highs here. dow and the s&p at about a three-week high going back to september 16th or so we've got oil up 6% now. when we come back, linkedin founder, microsoft board member and silicon valley investor reid hoffman will join us in a few minutes on "squawk alley" which starts on the other side of this break.
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good morning it is 11:00 a.m. at the walter reed national military center in washington, d.c., it's 11:00 a.m. on wall street and "squawk alley" is live ♪ ♪

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