can you name the other managers on that management team that are so great >> if you look at their new ceo coming, he has 20 years of experience people who are running -- kevin mier running disney plus. >> i have to go. pick it up next time with wilfred frost picking it up right now. thanks, guys. welcome to "the exchange." i'm wilfred frost in for kelly the dow back above 23k right now. why? investors optimistic following developments dr. fauci saying that the virus death count is lower than thought and should be a turn around after this week stocks continuing their climb after the vermont senator bernie sanders announced that he was dropping out of the democratic presidential race and hit session highs in just the last half hour after new york

governor cuomo said that hospitalizations in the state are down and that the curve is flattening let's get to bob pisani with the market moves for us today. hey, bob. >> good news right across the board on the coronavirus front we have already had, of course, very good news from the federal reserve and their programs, the course of congress working on a potential fourth package a lot of things coming together and caution how far the stocks dropped. near the highs today energy stocks, people are excited about energy stocks. again, this is a heart breaker for four or five years i this i the key point looking at the energy stocks like eog rallying, $43 but $74 a month ago and i think that's a key point. be careful of where the stocks had been a month ago and same with the banks here. everybody loves the regional banks. rallying big time here key corp. is $20 a month ago now $11 on top of a big rally we have seen in these bank stocks

consumer staples, i think it is important to continue to lag after being outperformers for a while. kroger, hormel, clorox, kellogg's, generally on the downside most important thing i think the vix is cut in half $86 rate on march 10th, 15th, excuse me and now 43 exactly cut in half in about three weeks. that's a major development i think for volatility backto you. >> bob, you mentioned there the banks and one thing that stands out to me today after not just the rally that we have seen over the last couple of days for the banks but stock differentiation coming through, as well. if we just snapshot the year to date figures citi an wells down over 40% year to date. morgan stanley and goldman sachs down in the low 20s. so that stock differentiation starting to come out certainly as it applies to the big banks

is that happening an i kroo croe board? >> yeah. more differentiation, the regional banks and the regional bank etf have been outperforming the broader bank etf recently and i think because the super regions, the financials and those they are much broader on the consumer level an the consumer loan level and when you see some hope out there that maybe this is not going to last as long that consumer lending side and the super regionals really shine those are the areas that i think giving people more hope wolff? >> thank you so much for that. we're beginning to get an idea of how americans feel about the economy and their money. for that we go to steve liesman

with the result of the cnbc all-america survey what are the key takeaways >> a plunge in americans' views on the economy but yet some continued optimism of the future we put this plunging context of other major events and what you'll see is it's a faster and bigger decline than we saw, for example, in 9/11 and then we saw after the 2008 financial crash as just one example, we declined by 19 points in americans' views whether the economy is excellent or good but took months after the 2008 crash 25-point decline in 24 days with the covid-19 crisis. 1 in 4 americans report that they have lost their job or seen their wages cut because of the coronavirus. another 10% say they expect that to happen to them and 1 in 3 americans expect the basic lifeline hurt by the covid-19 crisis on the economic side.

51% are saying they think the economy will improve in the next year that's up 17 points, that's also a record and taken the confidence now and put it in -- down the road. as for handling of the virus, 75% approval of the cdc doing. 57% say they approve of what the fed is doing the president, congress and republicans and democrats in congress all seem to fare about the 57% level. who should get relief from the government interesting results here good agreement that hospitals, small business, local restaurants ought to get government relief. less so when you get into airlines, oil and gas, boeing, cruise companies and casinos so, wolff, people are generally behind the idea of the $2 trillion spending. also behind helping companies and make distinction of which to get relief from the federal government wilfred? >> i guess it's a simple relatively simple survey and

hard to go into the next question of bailouts and the structures of bailouts and there's a big difference, of course, between keeping people in their job and allowing shareholders to benefit from the upside in terms of of the equity holdings they have currently. >> you know, we did get into that back in the last crisis an we are going to resuscitate some questions in the next round of polling, wilfred, but you're right. getting to individual type stuff of whether or not companies or especially big companies ought to give something up, the public tends to believe that they shouldn't get a handout from the federal government in fact, the answer to your question in that chart that chart says those companies that have a hard time really taking care of themselves ought to be helped and the bigger companies, the bigger industries airlines, oil and gas. you don't see it there large banks also in that red area there boeing those are the ones that should tark care of themselves and the smaller withins to be helped by

the government. >> and what other countries approval ratings for the leaders look like because, of course, none of us expect leaders to have had a magic wand to totally solve the crisis and hard to gauge what 50% for president trump's approval means without kind of comparing it to some other leaders in similar situations. >> his overall approval rating did go up and above water sort to speak in other words, his approval higher than disapproval for the first time in the three years we have been tracking trump during his presidency our pollsters describe this as a rallying around the flag and the -- something similar happened to president bush after 9/11 he was not able to retain it and the question is from a political point of view heading into november can the president retain that rally around the flag approval that's helped him out as a result of this crisis >> as if that was planned, steve, thank you on that note, we continue to the fact that bernie sanders dropped out of the 2020 presidential race setting up what as now

would appear to be a general election between president trump and former vice president joe biden. let's get to kayla tausche for the latest on the story. >> reporter: bernie sanders, the progressive senator of vermont starting a grass roots movement of free college, free health care and shunning big dollar donations has suspended the campaign and announcing it to his supporters earlier today. >> i see the crisis gripping the nation, exacerbated by a president unwilling or unable to provide any kind of credible leadership and the work that needs to be done to protect people in this most desperate hour i cannot in good conscious continue to mount a campaign that cannot win. >> despite the momentum in early voting states, especially among younger voters, sanders was unable to close a gap with

former vice president joe biden after experienced a reversal of fortunes in late february and then had a resounding lead in super tuesday. biden is now the apparent nominee and as of this week has begun a search for a vice president according to reports meanwhile, bernie sanders is a sitting u.s. senator and says he'll retrain the focus on the next stimulus package and how to fix this pandemic writing in "the guardian" saying that the next package to expand medicare for all covid-19 treatments and congress to seek the full authorization of the defense production act and supporting paycheck guarantees for every industry similar to the grants awarded to the airline industry. he says every american should receive a $2,000 direct payment and for workers on the front line they should receive additional $500 a week in hazard pay. some of those proposals have appeared in proposals that have been put forth by democratic leadership president trump yesterday said that work is continuing on a

phase four although unclear what will end up in any potential package and how far away that might be wilfred? >> thank you for that update. a news alert on the bond market right now the 30-year bond up for auction. let's get to rick santelli what is the demand like? >> a b-minus this is the last piece of an $82 billion puzzle of supply 17 billion of 30-year bonds. the yield at the dutch auction 1.325. exactly the offer cited of one issue market priced pretty tight. bid to cover 2.35 as was 66.4 on indirects. directs was a bit light for the b-minus but all in all the bid offer spread was quite wide throughout the entire auction process process and all things considered, the supply moved into the hands of investors and a good chunk of it into the

hands of primary dealers back to you. >> with the government sounding more optimistic, congress saying more stimulus ahead and somen certainty from the election, is the market setting up for a bottom have we seen that bottom perhaps? joining me now are director of global macro and david bianco. very good afternoon to you both. david, i'll start with you if i may. the s&p up 2.2%. it is over 20% off of its lows what do you feel is fair value for the s&p at the moment? >> market's up quite a bit from the lows and happened really quickly. almost as quickly as we fell into a bear market look i welcome the enthusiasm and the solidarity that equity investors are showing the world and in the altruism but i think the equity market is well ahead of itself and investors driving blind in a really risky environment, a very

curvy, dark road and thiey haven't taken the foot off the accelerator. i think immediate fair value is 2,000 to 2500. maybe 2350 as a spot estimate. i think we can be at this level maybely slightly by the end of the year and i think we get to maybe 3,000 on the s&p at the end of 2021. >> that's an interesting forecast with us at 2700 or so at the moment. even if the data continues to improve an we open it does, on terms of the virus itself, what do you think the market is pricing in thin terms of the economy at the moment and is there a risk it's hoping for too quick a rebound? >> look -- >> go ahead. >> i mean, yeah, that is, of course, a risk it seems unlikely that we are going to get the v-shaped recovery that the earnings

estimates are pricing in, right? looking at the next sort of six quarters of consensus earnings estimates, not that they mean a lot as companies pulled the guidance as they probably should because it is an unprecedented shock to the system but if the "v" turns into a swoosh then the outlying estimates for later this year and next year probably need to come down but if you look at the s&p 500 dividend futures contract and a few days ago trading from $61 down to 40. up to $44 now. if i plug that number into a discounted cash flow model i get to around 2,500 as a fair value given rates and the equity risk premium is and the market is not too over its skis, i think just, you know, a lot of bad news priced in when the market was down 35% a couple of weeks ago. so i think the market is actually in an okay place.

ironically, it is down 20% from the highs at today's price and also up 20% from the lows so we're in that holding pattern that base building mode. and i think really the risk is that the market won't be able to rally as sharply as we'd all like if the "v" really does turn into a swoosh and the earnings rebound doesn't happen because the economy doesn't come back online quickly enough or maybe a secondary waves of outbreaks or something like that so i don't see it necessarily as downside risk from here rather than a lack of upside potential and how fast the market can regaen its footing. >> david, do bonds have a place in a portfolio if you're constructing a fresh portfolio today or have they done their job as it were >> bonds have a bigger spot in the portfolio than ever before not so much long-term treasuries but especially corporate credit. i don't see the risk/reward as

attractive other than large cap tech stocks essentially. corporate credit is acting a lot more rationally. it's taking risk but it's pricing the risk better and i actually expect that the banks and investors will be what saves this economy and i think that it's the corporate credit investors to reap the reward from that. now, you may be thinking how will that happen many troubled businesses get rescued by creditors but at terms of getting worse and defaults those credit investors will be the equity investors jurrien, u.s. equities commanded a premium over developed world indices, particularly the likes of europe. pe multiples slightly out the window at the moment but do you think that will come back again with a big premium for u.s. multiples over european multiples or not

>> that is really one of the big existential questions in terms of strategic allocation over the next not year but next five or even more years. you know europe and japan are countries or cultures and economies that have generally favored sort of labor over capital and i wonder now that the u.s. government both fiscally and through the fed now that they are taking a much bigger foothold in the economy with all the stimulus and the relief that's now being put into place, i wonder if we will start to see a shift a little bit away from capital, more towards labor especially if the financial engineering era has kind of gotten maxed out and i think one of the reasons why the u.s. has commanded a multiple premium over europe and japan, you know, a, it is sector composition. europe is banks and especially cheaper in europe but a focus on

capital versus labor and so we start to see a shift in that maybe that pe dispersion starts to narrow and if you add to that a weaker dollar which, you know, given the aggressiveness of the policy response in the u.s. relative to at least europe maybe a weaker dollar will also help that currency translation aspect. >> gents, thank you so much. let's get to phil lebeau in chicago with breaking news on toyota hey, phil. >> shares of toyota higher the japanese automaker is doing what really most manufacturers in the industry are doing. throwing in the towel coming to the month of april will not be resuming production until may 4th saying the north american plants to resume production on may 4th. obviously because of the coronavirus. the implications being you won't see new vehicle manufacturing really at all here in the u.s.

for the month of april wilf, back to you. >> i asked you this yesterday about airbus and the french and german governments what are the japanese governments doing for the likes of toyota? >> much like the european governments with airbus, looking at what incentives need to be put in place the situation in japan is far different in terms of what's happening with coronavirus over there so any incentives would likely be targeted towards those manufacturing facilities in japan and as you know, i don't know how closely you have been following it, japan was doing well with covid-19 and now it's flared up again so i suspect with these global manufacturers this is what we will see, trying to get the manufacturing back online but it really does depend on where the virus is at that particular moment in that particular region. >> phil, thank you so much for that s&p up 2.5%. still to come, the money will be there. that's the message fromthe treasury secretary to small businesses as demand for loans

explodes the ceo of paychecks will join us with a look at the flow they're seeing and advice for businesses waiting for some loans. the auto industry setting up far big 2020 new models, a push for electric but the industry now stuck in neutral. we'll look at what it will te ak to reaccelerate when we come back rs, we've worked to provide you with the financial strength, stability, and online tools you need. and now it's no different. because helping you through this crisis is what we're made for.

welcome back to "the

exchang exchange". treasury secretary mnuchin offered reassuring words earlier today. >> i want to assure all small businesses out there we will not run out of money the president has asked us to go back to congress they hope they pass this tomorrow and friday. and we want to assure everybody, if you don't get a loan this week, you get a loan next week or the following week. the money will be there. >> kate rogers is following the program from the small business side and joins me now live kate, what's the latest in how well this is functioning >> as of this morning, the small business administration said 330,000 of those loans had been assigned an sba e-tran loan number for a value of some $88 billion but remember we remind folks this is one step in the process. a senior administration official tells us that the sba won't be releasing how much cash has been paid out to small businesses for

sometime now, treasury secretary mnuchin on cnbc this morning said he was working with congress on the additional $250 billion for the ppp and congressional democrats want it for community banks of farmers and businesses owned by women, minorities and veterans no wonder congress is considering expanding this program. ppp is extremely popular 96% of swing state voters support the relief package for main street and mainly all think it is important to get small businesses relief and talking to owners all over the country, many are still waiting, some have been assigned the sba lon numberser and heard a positive story from a primary care clinic owner in florida applying with chase on saturday and by tuesday he had $120,000 funded in hand in fact, able to send out paychecks for payroll for nine employee to them for this friday which is very positive news and another development on did banking front which i'm sure

you're following closely is wells fargo with the $10 billion asset cap. the fed said to be easing that to service and help more of the small business owners in need. back over to you. >> absolutely. we'll discuss that in "closing bell." the lifting is great for wells fargo customers. thank you. for more on the paycheck protection program i'm joined by martin moci, ceo of paychex and processed 250,000 payroll reports, a step necessary for a loan marty, thank you so much for joining us but before we get to ppp specifically i wanted to gauge in your very educated opinion of where the unemployment rate probably sits roughly at this stage. >> well, you know, it's really hard to say because you've got a lot of furloughed employees, too. you don't have the necessarily off the payrolls completely and i think it is very early to tell we are seeing a lot of small businesses in particular trying

to keep their employees within their company, wait for the loans and get it paid so it certainly going to be up i think in the double digits but hard to tell right now i think takes through the end of april to see how everything falls out. >> i asked that, of course, marty, because part of the design of the ppp program to prevent people from becoming unemployed in the first place. to what extent do you think the program was well designed and perhaps more importantly is being well executed? i understand the optimism and i know it's been an enormous lift to get to even where we are but if we continue to see delays of money getting out the door to small business for a week or two will the money arrive too late >> well, i think the program has been happening fastest i have ever seen out of the federal government so i'm impressed with what they have done and the ability of the program to keep people employed in small

businesses under 500 employees there was regulations still changing and guidance still changing even up to monday night on what was needed and what would be given in the loans but i think just the fact that we are now over 300,000 paychecks, issued over payroll report which is allow you to immediately get that to the sba and that's all you need for the loan, this process is moving better now as kate said, we are hearing from our clients that some are already getting money. it is a little early some of the banks whatted to work through some kinks but the banks are working very hard to turn it around and we hear it's smoothing out quickly. it is only wednesday and really this started on friday >> no, i agree certainly we might be able to look back in due course to commend the way it's been rolled out but difficult to conclude that quiet what data are you seeing in the employment landscape and looking at things regionally across

america, does it corelate with the areas seeing the worst states with the virus or a national phenomenon? >> well, it's certainly national but you are right. we are seeing it more in states where they're hit the hardest because they shut down the earliest think about new york, california, those areas where there's more employees that at least are furloughed or out of -- not getting the paychecks today because they had an earlier shutdown, particularly, of course, the restaurants and personal service, things like barbershops and salons you are seeing a quick uptick there and i think the program worked in the speed of it in the fact that businesses are trying to hold the employees and hopefully if the money can flow this week they will continue to get paychecks and really be a boost to morale and i think the fact to get started back up quickly if they didn't completely shut down as a business. >> marty, thank you so much for

joining me. >> okay. still to come, may be early to say certain cities to reopen but when will we know if that's possible or not? >> my expectation is that we'll be opening it up based on medical conditions and like to open as much gdp as we can but my expectation is places like new york take a little bit longer. >> what will it take to restart places like new york city? we'll look at the options on that coming up. inside the teenage mind. we break down the results of the latest survey showing what's in and out in the retail world. you can always watch us or listen live on the gono the cnbc app "the exchange" back in a couple minutes. - at southern new hampshire university,

we believe in education built for all people. - [woman] snhu was the best experience of my life. - [man] without snhu, i wouldn't be the leader i am today. - [woman] i graduated high school 19 years ago. i still finished. - [man] in the military, you feel that sense of accomplishment. that's what snhu is. - you will march from this arena and say to the world.. i did it. - [woman] you did it. i love you. - [graduate] i love you too. welcome back auto stocks higher today as adam jonas said it's time to get bullish on the sec tar despite a different year for the industry than had originally been planned.

phil lebeau joins us with more on that story. the pandemic put a hold on many plans of the various automakers had. >> right a lot of them are saying, wait a sec. it is only march and april maybe we can push it back a couple of months, six months increasingly talking about 2021. looking at the auto stocks today, you mentioned the adam jonas note for a pop today and keep in mind toyota and tesla saying they won't manufacture in the month of april really there's almost as if there's a reset within the industry saying, okay, maybe we can start in may and move forward. riveon is an upstart, a new automaker, the first model the r1t pickup to go on sale and have delivery this is year, no pushed to 2021 take a look at shares of general motors, supposed to show the electric hummer pickup does that still happen potentially get pushed back into june or july company isn't saying for sure right now and finally lmc

automotive ransom numbers for us beginning of the year there's an expectation of 65 new vehicle launches in 2020 potentially we could see 26 of those pushed off to 2021 so bottom line is this. the plans are still in place but increasingly automakers saying let's take this model, push it out to early next year or let's push it at least to the fourth quarter. >> phil, we have also seen a lot of tv commercials out from the automakers, some of which are quite compelling the spin being we're doing what we can to help the customers at the difficult times and the underlying point is discounting things to try to get what sales are available out there. >> right. >> clearly we know sales are going to be down we know that launches have been pushed back. how much less profitable, though, are the sales going to be that they do make such that where we're worried of margins for the financing deals to sign up which will be the bottom line

for two or three years >> i think squeezed a little bit but depends on the type of vehicle sold let's give you an example. jd power a new report in the last couple of minutes where they look at auto sales around the country, certain parts of the country holding up relatively well and i say relatively well. virtually no sales in san francisco or the new york metropolitan area. dallas, however, sales down just 45% or 50% now, i know ordinarily you would say that's terrible but relative to the country that's encouraging. pickup truck sales relatively well come paired to what people expect right now and really does depend on the model and the automaker. >> good deals available. thank you so much. still to come, the competition may be growing but appears netflix with a solid grip of streaming viewership we have the numbers coming up. the stories continue to sit with locked doors and no traffic, the retail furloughs

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welcome back let's have a check in on markets. we are jut off the session highs but solidly in the green up 2% on the s&p 500 dow's also up the same amount. 464 points of course, despite yesterday's flat close week to date incredible returns up 9. 7% on the dow thus far this week. let's get the latest on the coronavirus outbreak with sue

herera. >> i do have that, thank you good afternoon, everyone we begin with grim numbers in the united states there are now more than 400,000 confirmed cases of coronavirus and more than 13,000 covid-19 deaths. in italy, almost 4,000 new cases since yesterday. that is the biggest daily increase in three days meantime, the head of the european commission is urging eu countries to lift export bans on medicines and avoid stockpiling that could lead to shortages elsewhere in the eu. americans give their highest rating on coronavirus response to dr. anthony fauci, the government's top infectious disease expert with a 90% approval rating in cnbc's states of play poll 60% approve of new york governor cuomo's response vice president pence at 50%. president trump 49%. shipping traffic at the port of los angeles fell 31% in march, the slowest month in more

than 11 years. and in new york, broadway theaters will now stay dark through june 7th following government guidelines. as always, for more on the coverage, head to cnbc.com wilf, new jersey's government is holding its news conference right now. we will have details on what governor murphy is saying next hour back to you. >> we look forward to that 90% for tony fauci doesn't surprise. >> i agree. >> surprise is not higher for governor cuomo given what feels that almost universally positive coverage in the press for his handling. >> i would agree with that, as well i was surprised that number wasn't higher given the fact that he's been holding daily briefings and widely praised for the state's response so we'll see. there's going to be national polls next week and see how it fares out. >> thank you so much see you again in a little bit this afternoon. speaking of new york, the state has been the hardest hit so far with more than 6,200

death deaths twh death. the state won't be opening for many days still but state officials are working on strategies of how to go about it when the time comes. contessa brewer has the options. over to you. >> yeah. wilf, this is a tough topic to handle on a day when the state hit the highest daily death toll governor cuomo said rather than asking when do we get back do normal he said he's focused on moving forward to what would be a new normal >> it's going to be a testing, informed transition to the new economy where people who have the antibodies, people who are negative, people who have been exposed and now are better, those are the people who can go to work and you know who they are because you can do testing. >> new york state developed its

own test for that covid-19 antibody to determine who's already had the coronavirus, who's recovered and now new york will invest in private companies to ramp up the availability of that rapid test. governor cuomo also ordered more testing for minority populations. these have been hit harder by covid-19 and many of them on front line essential jobs, health care workers, mass transit, delivery and grocery store workers and they're considered essential at this point. the governor said the new normal is going to accommodate all of that scramble we have made to online platforms, courts, school, work for home. seems to me, wilf, he is really trying to manage this expectation that as soon as we start to see the cases, the new infections declining that everything's going to return to normal. >> contessa, thank you so much for that we have got breaking news. kayla tausche has it for us.

>> georgia senator lefler writes in journal she will be liquidating the portfolios after criticism or a series of transactions by the money manager that is followed a private congressional briefing on the risks of the coronavirus. loeffler calls the accusations -- >> oh, we have lost kayla just there. we'll get back to her with more of that news seems like the senator is decidedly to sell the individual stock holdings to try to get past the fury and selling them at the lows, as well must have decided that was really necessary to do that if and when we get kayla back we'll get more on the story. up 1% on the s&p 500 same for the dow nasdaq behind. the russell leads up. up next, new results out from the annual piper sandler survey of teens across america

tracking from shopping to eating to whether or not the group is doing more or less netflix and chilling in the coronavirus crisis courtney reagan will have that story for us coming up next. issues facing our world,ticl what do you see? we see a billion more people breathing free. we see access to fresh food being the global norm, not the exception. we see homes staying cooler, without the planet getting warmer. at emerson, when issues become inspiration, focusing core strengths to create a better world isn't just a result, it's a responsibility. emerson. consider it solved. yeah, everything is runningis smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins.

you keep being you, derek. keep being you.

welcome back as stores stay close, retailer ace nounsing furloughs and layoffs. courtney reagan has more on the story. >> i have counted at least 55 retailers or parent companies of multiple brands that have issued some furloughs or even layoff announcements, many of those also coming with executive and board compensation cuts, most recently tjx, the parent of tjmaxx, marshall's and home goods and 270,000 employees in the u.s., canada, europe and australia. it say that is the majority of u.s. store and distribution center employees are currently

furloughed, taking similar actions in its other regions of the world. and then pvh, the parent company of tommy hilfiger, calvin klein and that company furloughing 75% of the north american work force and by far the largest region. and then you also have names like dick's sporting goods furloughing the majority of the store associates and distribution center employees, too. abercrombie & fitch, versace, among names with furloughs in recent days and interesting to note, too, though that vf corporation, the parent of north face and lululemon, they haven't done furloughs and paying the employees at least for a little while longer back over to you. >> do we have any idea about how long a furlough can stay a furlough before the company has to turn it into a full layoff?

>> that's a great question i don't know the exact details of that and the reason that a lot of these companies, though, issuing furloughs are we don't know the length of the store close why ares and getting back to business in retail. and by giving the furloughs it allows the employees to apply for some of these company assistance programs under the c.a.r.e.s about and to get the compensation because if you're sidelined but not officially furloughed you are not eligible for some benefits but a lot of retailers don't have time lines and don't exactly know what to do with the furloughed employees or how long it will be that case. >> court, piper sandler's teen survey is out and with america's kids stuck at home the results are important. what are the key takeaways on that >> yeah. this is an interesting one, wilf they do this two times a year and this time between february

17th and march 27th with high schoolers that are at home, trying to figure out how to learn from home during the covid crisis and when asked about the most important question, they said coronavirus at number two, though, environment actually still holding on to the top spot but then you do have 47% of teens that say they're worried about the economy's deter yags and a significant uptick of about 28% that answered that same question a year ago so when teens are spending, which is fallen down a lot, they're spending 13% less an an analyzed basis, a quarter of the spend goes to food, chik-fil-a, starbucks, the two favorites again for the survey apparel spending in general down about 14% from last year footwear spending down 5%. but the males are still spending more on footwear than this time last year while the females are spending less. overall, nike is the preferred brand of choice for 9 1/2 years

running n. apparel, american eagle and adidas, two and three. lulu me monoa new high for apparel. vans moderates in that category. ralph lauren, victoria's secret, among the names that are falling out of favor here and then looking at footwear, vans is second there so still popular. n that category. cosmetic spending, wilf, interesting for the females, down 26% that is a new survey low remember we have talked about this before that visco girl trend for the more natural look? that's why you're seeing this category fall so much. handbag spending, though, too, hitting a survey low just about $89 for the year that the females are spending on handbags. >> i remember that very well as you would expect thank you. we'll drill down on the survey in terms of teen habits at the moment. what they spend and what they

focus on joining me is analyst. let's focus if we can on the streaming services and netflix is number one once again talk us through the numbers. >> yeah. absolutely we have teens look for percentage of video consumption on number of a platforms and netflix finished on top with 33%. but that was followed by youtube at 31% and cable tv at 11% >> and what w.h.o. are the challenges what changed in terms of who's second and third and fourth, for example? >> netflix has historically been one or two this last survey we did in the fall youtube was actually number one. however, netflix came back to retake the lead. overall the numbers for the top three netflix, cable and youtube were down for the fall survey and largely for the first time we asked teens whether they were watching disney plus as well as

apple tv plus. disney plus finished fifth in the survey with 7%. >> stepping away just from the survey itself and more broadly to what the trends are during this lockdown, clearly some people are losing their jobs or being jobs or being furloughed does that lead people to cancel some of these subscriptions or cable subscriptions. or since they're stuck at home, is this the last thing they would want to cancel at this time >> at this moment, we do believe netflix is a strong name to own amid the firms, with people cutting back on travel, obviously. netflix seems to be a strong alternative for a lot of these families to do, basically, during their evenings or during the day. one of the big strengths of netflix versus some of the other competitors is the diversity of their portfolio. they have content for all members of a family, whether it's young children or older adults so we think that adds a strength that keeps it important to a

family to have >> what about scription packaub packages where live sports has been the centerpiece >> live sports are still important in general however, with all the sports leagues suspended at this point -- >> right, so are we seeing some of those types of packages being canceled >> that might be possible. that's not in our data, and that's not what we're looking for specifically, but i can say that cable tv did come down prior to -- in this survey, we have it at 11% and in our prior survey in the fall of 2019, it was at 12%. and before that, it was at 14% so we are seeing a trickle-down effect of cable tv in general. >> and how are you thinking about the stock price and how to value it for a company like netflix, which we always know how to sort of unrealistic or a p\e multiple that wasn't really the factor behind its share price on the way up. but when we see market turmoil like we've seen of late, does that make a company like netflix particularly vulnerable or quite the opposite because of its

long-term structural growth factors behind it? >> netflix actually could be a little strong this year. there were some concerns about it before 2020 however, for 2020 year-to-date, it's actually been up even despite all the turmoil in the markets abroad, the broader market in general. >> okay, yung, thank you so much for joining us still ahead, stocks holding on to gains right now but off the session highs, will nose gains last our next guest says we're hovering over an extremely important level that could be make or break for these rks.maet he'll join us next when you've got public clouds, and private clouds, and hybrid clouds- things can get a bit cloudy for you. but now, there's the dell technologies cloud, powered by vmware. a single hub for a consistent operating experience across all your clouds.

that should clear things up. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network.

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gains. session highs up a couple of percent, as we stand, up 9.8% on the dow for the week so far. our next guest says there's a key level to watch on the s&p that's critical. jim yuri, managing director joins us what's that key level, jim >> if you look back to the last week of march, there was a series of about four highs that correspond to the two lows from today and from yesterday let's call it 2620 to 2640 if you look at it -- to me, when i look at technicals, technicals are more important to me than anything else. but fundamental story is often fascinating that follows with it to me, what it tells us by staying above that because we blew through those levels on monday over the belief that we have seen three good days in a row of data coming out of new york, which new york now seems like the microcosm that everyone's studying for the progression of the virus three good days in a row yesterday was not a good day and we started to challenge our thesis a little bit. so it's dependent upon that, obviously. but i think what it's telling us right now to me is pretty clear, and that's saying that things

are getting better and the stock market has latched on to the optimistic view of this, and that is, something may return. >> if somebody wants out of it more protection, in the meantime, jim, do you think gold's looking good now, or has it rallied too much already? >> gold is interesting in that you'd expect in a situation like this, where the world's central banks are throwing everything at this, that gold would have flown higher and it did, except for a couple of different instances when it was pummeled, which it seemed like because it was a need for funding from hedge funds, margin calls. i do think, personally, and i do have some gold i think gold could do pretty well there i wanted to see it go above 1,700 and feel comfortable there. but again, it's just a fundamental story about a ton of central bank money being thrown at this problem globally >> can opec save oil >> no, opec can support the price a little bit i think we can take baby steps here i think there's probably still a lot of shorts in oil, even though some were flushed out last week, and if opec and russia came to an agreement,

they could support the price pretty good, but there's just been ultimate demand destruction. i have the same tank of gas i've had for a month. and i normally blow through one every two or three days. let's just translate that globally no, they cannot save it, but they can support it for now. but the economy has to come back for us to really save it >> jim iuorio, thank you for joining us big show coming up on "closing bell," including mark cuban. you don't want to miss that and nc" por t want to miss "we luh,which is the other side of this short break.

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and welcome back, everyone our breaking news coverage of the market and the global pandemic continues right now i'm tyler mathisen, welcome,

everybody. the federal reserve releasing the minutes from its meeting after its emergency rate cut last month we are digging through those headlines right now. these are probably the most consequential minutes of our lifetime, potentially. the dow, up 400 points as investors look for optimism after yesterday's big reversal late in the day, that wiped out nice gains with me for the hour today, rahel solomon. she's back at cnbc headquarters. rahel, great to have you here with us. >> thanks, tyler >> and let's get right to our team coverage. bob pisani on the market rally rick santelli on the bond markets. steve liesman has been paging through those minutes. bob, the stage is yours. >> thank you, tyler. so this is one of those days where optimism on the coronavirus headline is moving the market, so energy, retail, banks, home builders these are the sectors that tend to move on these positive headlines. they're the ones that are rallying the most today. i keep pointing out, though, how much damage has already been