first serve kind of program. it may be that construction companies who have existing lines of credit within banking rips had a kind of pole position to get in front of that, but it is very interesting. kelly, have a great and safe weekend with your family >> you, too. we'll see you monday >> thanks and our continuing coverage moves on right now with the closing bell >> thank you, tyler and kelly and welcome, everyone. sto stocks are rallying to close out the week let's look at what is driving the action right now more encouraging news on covid-19 and a potential -- some enthusiasm you've also got overnight in china, the gdp number. the worst in the last few

decades. the economy there slowing by almost 7%. and two dow components moving higher boeing that is restarting some production in washington state and proctor and gamble reporting strong sales growth. i'll hit that later in the hour. >> yes, indeed, hooking forward to that. market's up 1.5% 59 minutes left of course. lots of big guests coming up including we will discuss the broad market rally with bank of america and blackrock and chamber of commerce ceo, tom donohue will discuss the call for congress to provide more emergency funding to small businesses bob pisani is tracking today's rally. adam from staten news is with us to talk about the market moving report he cowrote on gilead's drug bob, let's kick things off with

you. >> well, we are up today and have been all day, but we're at essentially just off the lows for the day. so the market's kind of running out of steam here. the good news here is is all the beaten up sectors are rallying today on the somewhat hopeful news on coronavirus treatments, so the russell 2000 offawful a week, outperformers. banks. energy, even with oil down today, energy's outperforming. the dow leadership group, these stocks have had a terrible week. dow inc. j.p. northgapmorga jpmorgan, exxon mobil down the week all of these up. that's good walmart is lag. proctor, good earnings report, merck, united health care doing well apple downgrade to the downside here i think my concern at this point how much more upside this is a big theme amongst the trading community today. we've got 53% of losses

recovered. earnings are pricey. we don't know what they are, but they're trying to price off of 2020 multiples the issue here, significant execution risk around reopening the economy and the fear of secondary wave of infections in may should we get it and start to aggressively reopening. that's a commentary around the trading pits today guys, back to you. >> yeah, big question marks. thank you. shares of gilead sharply higher today after stat news reported late yesterday promising results with remdesivir. say iing an early peak suggest s patients are responding to streemt. this sparking some skepticism with raymond james saying that the report causes confusion rather than confidence gal gil yad saying the totality of f the data need to be analyzed in order to draw any con cougs

collusions reports while encouraging, don't provide the statistical power necessary to determine the safety and efficacy profile of remdesivir as a treatment for covid-19 we expect data from multiple studies to continue to evolve over the next month to help establish the safety and efficacy of remdesivir in patients with covid-19 joining us now one of the reporters of the report, which moved the entire market. amazing scoop. at one point last night, i think futures were up 900 points on it just give us a sense as to how enkournging the data you were able to access was >> yeah, the market reaction was a little bizarre watching that unfold after our story came out. you know you read gilead's statement and i agree with gilead's statement they're right. what reporting on is a snapshot of a large clinical trial they're running showing these

patients were treated at the university of chicago hospital and the results there look encouraging and that's what we were reporting on, but i think as gilead noted and is worth mentioning is that this is a large trial and what we're showing is a snapshot of a large trial and we need to wait to see what all those results look like and thankfully, we'll see those results by the end of the month. >> and just talk us through how big or small of a snapshot you got a glimpse of that this is? you saw a video of one u of the people involved in the trial talk iing about what, how many cases versus how many are in fact in the full trial >> right so we the university of chicago medicine, their hospital there is treating about 125 patients overall in the gilead trials the trial right now, i mean when the trial continues to get la e larger e it's now, it was 4,000 patients. the planned enrollment, 4,000 patients when we reported on this yesterday just today, they upsizeded the study to 6,000 patients.

so you know, this is a snapshot of the overall studies and what we were reporting on was the academics, the positions, the faculty members at the university of chicago who are overseeing all of the coronavirus work, the treatment, the studies they're doing in at that hospital. it was the principle investigate er from chicago speaking about the performance or you know, what was happening to the patients that they were caring for. >> let's talk about patients, adam you mentioned they were all in pretty critical condition. were they all on ventilators and have they received, did you hear about them having received more treatments like anti-inflammatory drugs as well? >> so it's a great question, sara these are patients that are characterized as having severe covid-19 for the study we're reporting on now u when people hear severe

covid-19, they b probably think patients who are on mechanical ventilators. these patients were not. at least going into the study, they were not on ventilators they had severe symptoms, had trouble breathing. they were on supplemental oxygen in the hospital but as defined by the criteria, they were not being intubated, at least when they came into the study >> i wonder what you would say to some of the critics of even this article over the course of today and starting point of this of course, the huge scoop we acknowledged thats it is and it's led to discussion today raymond james' analyst for gilead, likes the company, he's got a buy rating, likes the the property prospects of remdesivir called it here say i know your article contains lot of caveats to say this is early stages and it's not our data the title of the article does

say an early peak at the data. how did you weigh up pulling this together? did you expect this? >> i understand the criticism. we've discussed it when we were doing this reporting and received this information, you know, as any journalistic organization, we were carefully weighing how to portray the information, whether to report on it. we reached out to the university of chicago, got comment for them reached out to gilead, got comment from them. so we felt like this was a closely followed drug and clinical trial the data we were talking about, which was discusseded on this video that we found, was relevant and news worthy and was important enough to report on. was to place the snapshot of data within the broader perspective of the clinical

trials being conducted i understand some will disagree with that. did any part of you worry that some might adjust how they're taking on preventive measures at the moment if they know think there's a cure >> we actually thought about that this study is open label which for people who don't understand, that means all the patients in the study are getting remdesivir and so the doctors know that the patients are getting remdesivir. the patients know that they're getting remdesivir so because of that, there's no, there was no risk of jeopardizing the conduct of the study and because everybody's getting the drug that's one of the criticisms of the study is that there isn't a control arm. that's a challenge for gilead.

there isn't going to be a control arm. so but we did think about that we did give a lot of thought to that and didn't think we were jeopardizing anything by doing this reporting >>. >> what do you know if anything about the two patients that died and did not respond to the treatment? anything about their profiles or conditions >> no, we don't know anything about the conditions i think you know as you know unfortunately, in all clinical trials, some patients do not respond to drugs some patients die. that's something ha happens aclinical trials it's unfortunate >> thanks so much for joining us congrats, huge scoop >> thank you shares of boeing surging today as the company outlines plans to bring some production back online. phil lebeau has the details. >> not surprising that a bit of good news here in terms of resuming production of

commercial airplanes shares of 10, 13%. now they're up 12.6 -- next several weeks is whether or not boeing gets the terms from the treasury department, and whether wor not the treasury department that's one of the key issues on the 29th less than two weeks from now not surprisingly it's been a spark for suppliers. we're talking about gee honey well look at trans dime

that was the case today for trans dime the airlines, the reason we're showing you this, 5:00 this afternoon is the deadline for them to apply to the treasury department for loans this is from the $25 billion that's been set aside streictly for loans. a number of airlines said they would be aplaying. >> and phil, we got such a bearish outlook from head of united yesterday so why is boeing going back to producing aircraft when is their next aircraft due to be delivered? do they need to go back into production >> yes >> well if you can produce, you do produce they are the spigot for the aviation industry. that along with airbus you do not want to keep that line down for long it's already been down more than three weeks. they have deliveries they delivered 50 aircraft in the first quarter and have deliveries that are scheduled once they get the production line continuing starting next week so yeah, it's not a matter of

whether or not they can deliver. they will deliver and if they can follow the safety protocols they've laid out along with the health authorities out in the seattle area and the state of washington, that's what they're going to do. they're going to start that lineup again >> phil, as always, thanks so much if for that after the break, bank of america's bull bear indicator flashing a buy signal, but should investors jump in after a sizable move off the lows? we'll ask the firm's head of u.s. equities, next. at&t knows you have a lot of things on your mind. staying connected shouldn't be one of them. that's why we're offering contactless delivery and set-up on all devices. and for those experiencing financial hardship due to this crisis, we'll work with you to keep your service up and running. hi! because at at&t,

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the dow is having a nice rally. l off the highs though, we were up more than 600 at one point. s&p up 1.7%. nasdaq lagging but leading on the week it's up a few percentage points. the russell 2000 index of small caps playing catch up u today up almost 4%. some individual market movers for you, another ugly week for energy but slumberge moving higher today. beating estimates this morning,

cutting its dividend by 75%. also take iing a one h time cha of $8.5 billion because of coronavirus and the big drop in oil demand and uber says it will take a roughly $2 billion hit writing down the value of various equity investments it has made over the years. the ride hailing service saying it expects a financial assistance program for drivers and delivery workers would cut up to $21 million off of revenue for the first quarter and up to $80 million for the second quarter. that stock is up 2.8%. >> thank you for that. s&p's up nearly t2% as we approach 43 minutes left of the session. the dow, s&p and nasdaq on track to finish the week in the green for the second week in a row let's bring in bank of america's head of strategy thanks for joining us. the area i wanted to kick off with, we teased it coming boo this, is where the indicators

you look at suggest a level of bullishness or bearishness in the market at the moment >> yeah so, we look at a lot of indicators and the most bullish right now and the reason that we think the market has a good floor on it is that it is still kind of universally hated and when i talk tod clients on the institutional side and brokers on the investment side, i feel like the general sense that i get is that folks think that we are, we've gone too far too fast so i think the sentiment being as bearish as it is, cash levels being as high as they are, you know this has been one of the most hated bull markets and i feel it's only intensified after this bear market so i think those are some of the more tactical bullish signals for equities now i have to say longer term. we're a little less euphoric on

the market because what's happened over the last month, things have happened at a dizzying speed so where we are today is we're almost at the same earnings price to ratio we are at the market highs in february i think is telling us that we're still not out of the woods but the market has anticipated a stronger recovery. so that would keep me more temperatued on our longer term outlook. i think the way to stay invested now, there's a simple recipe, which is safe yield. and we're starting to see companies cut their dividends, but i think that the income potential for the larger sectors in the s&p 500 like techand

financia oer safe and above average dividend yields. so of everything i loong at, zero interest rates in the u.s., you know i think the reason to stay invested is for that same income aspect. >> i'll give you props because you joined us a few weeks ago when it wasn't look iing as rose in the market and you were saying the buying opportunity is the you were really pound iing the table. it's been a tremendous rally off the lows still, feels like there's a lot of financial or economic pain to come and as you noted, earnings pain following that. how do you justify the rally and we're going to make new lows again with the economic picture

in front of us >> there's a lack of clarity everywhere, but i think what we know is that the fed is hyper accommodative. the fed is willing to buy risk assets at unprecedented levels and in unprecedented asset classes to provide a floor for markets. so i think what policymakers learned in 2008, 2009, is we don't want to go the way of a complete liquidity route and that i think provides more firm footing for equities especially for high yield e and investment grade credit. but i think that sukts we are at a point in time where policymakers are panicking and they're doing whatever it takes stave off for a recession. which is kind of shorter term bullish. i think longer term, we probably pay the price.

we're b we're borrowing from future growth to fund today's lack of growth, wu fbut for you, what we're seeing is all out stimulus >> i wanted to go back to your point about dividend stocks and that sort of safe income if you will that certain companies could still provide. what portion of traditional dividend players if you snapshoted fits into the bucket of safe dividend players i would imagine there are not many out there and therefore, they may have been bit up fairly quickly. >> today, the biggest contributors which is different from '08 are sectors with strong balance sheets if you look at the dividend yield of the s&p 500, almost a third is coming from technology companies, which have net cash and financial companies which have less levered balance sheets

than have we're in a point where the troubled sectors are energy, consume rer, maybe real estate but those are much smaller parts of the overall dividend profile of the s&p 500 than we've seen in prior bear markets. so when we really stress test our asupgss, we come up with something closer to a 10% cut in dividends for the s&p, which i think is manage bable. it's very vocalized in small, discreet chunks, but it's not the same kind of systemic meltdown that we saw in 2008 or in prior recessions so that makes me feel a lot better about the safety of yields >> thanks for joining us with the strategy and wilfred, this is a debate that continues to pop up around your sector, the banks, which had a tough week and she said

they have strong balance sheet, dividends are safe some are saying yeah, the banks have strong balance sheets and the losses do not and there have, they're potentially not as healthy as the bulls might think. >> it's an interesting back and forth. >> totally interesting back and forth and even if all of the bank ceos this week were fairly down beat in terms of how quickly the economy can get up and running, whether or not provisions have peaked or are going to rides, they've committed to their dividend. on the flip side, i thought it was interesting what patrick harker said yesterday kind of went halfway the say that the fed should start to pressure the banks not to have their dividends and kneneel kashkari d they should raise capital. so the debate rages on even if the message from the ceo continues to say we're going to pay out dividends. we have to wait and see. >> janet yellen thinks they

should sus u end it as well. still ahead, lawmakers have yet to reach a deal on small businesses after the initial funding dried up we'll ask tom donohue how much more is needed to keep these afloat and don't miss cnbc's interview with california governor, gavin newsome. we'll be right back with about 36 minutes left of trading

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with the dow up 2%, casinos have been hit hard but shares of las vegas sands give an update contessa >> boy, this is a big deal for a las vegas sands and for its founder, ceo and chairman who exclaimed that every earnings call, yay, dividends, but look, nationwide, gaming revenues from physical casinos are practically nothing. over the last e three months, shares have plumeted

wynn down, 50% mgm down, eldorado down almost 70% and south dakota casinos were the last in the nation to close. already, they're gaming out how they can reopen. >> i would suggest we adopt a policy of two in betweens. there must be two machines between any given players. something that we can, that we can manage and enforce and still you know allow for the gaming experience properties are going to have to ensure social distancing so every player becomes super important. these casinos may affect crowd control based on customer loyalty and theoretical spend. they may hike table minimums to 25 or $50 depending on locations. the least profitable are these fee based slot machines would be

turned off and all the casino amenities like spas and nightclubs and shows will likely be sparse to nonenter at these beginning stages >> vegas when it's too full is too much, but being semifull sounds more depressing somehow we'll have to see if they reopen and get much going thank you very much. we've got 31 minutes left. up 2%. so improving a bit as we approach the close the high of the session on the dow was up 600 points, up about 500 points as we stand all 11 sectors of s&p are higher led clearly by energy. financials had a poor week coming into this so it's a bit of a rotation trade out of the stay at home winners. netflix, apple, amazon all in

the red here are the key things driving the action positive signals about a coronavirus treatment from dw gilead and plans to reopen parts of the economy, inject iing some enthusiasm, but overnight, we kid see china's report that gdp strahrank and two dow components are moving high rer. boeing on plans to e resume manufacturing in washington state and proctor and gamble an strong sales growth. the other thing about the china data perhaps not as bad as feared if you u look at the three sub sectors, it was industrial production that was the positive surprise fixed asset investment and retail sales were negative and worse than expected and when we always go back to china and the sort of state controlled aspect, how much of that was there, that would be the industrial production side of things. so i just wonder if things were under the cover worse than 6.8%

paints even though it doesn't paint a good picture any way and all we hear is that it is coming back and ree open for business a lot of the luxury companies, we'll hit that, but it gives you a glipgs of how china's become more of a consumer economy and not just only manufacturer as well let's get a coronavirus update with rahel >> good afternoon, everyone. global covid-19 deaths have gone up 150,000 according to the johns hopkins count with more than 2.2 million confirmed cases. small business administration is releasing new details on the loans provided through the paycheck protection program. we know firms california, texas and new york were given the most aid. more announcements that schools will remain closed through the end of the year. iowa, texas and washington, d.c. will keep virtual learning in

place for all students a similar announcement is exekt todpechted from the governor of illinois four employees at a a tyson food plant in georgia have died of covid-19 they've declined to say how many have tested positive as italy as approaches its seven week of lockdown for more, head to our website. >> thanks for that still ahead, one skas the exuberance of gilead's drug is out of control as we head to break, here's a check on bond. yields making the move high. only reversing some of the d declin declines we'll be right back.

25 minutes left of trading s&p is up 2%, so is is the dow. 545 points nasdaq, up 1%. the winner of f the week just adding to gains today for a positive week overall for stocks 'sackrock's russ cost rich says he buying in this market find out what after the break.

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stocks rallying today after finding hopeful signs from gilead the dow higher by 571 points let's bring in russ from blackrock. what kind of moves are you making as we've seen this big more than 20% run up from the lows >> thanks, sara, we've been slowly adding to our equity exposure some has been the core fundamental names -- [ inaudible we've also been adding on the credit side. this is going to be a ref quarter, the it's going to be a devastating contraction and the back half of the year and some of the names we like back six

months ago, we still like them today. only difference is they're cheaper. >> but do you fear there's an overcrowded trade going into some of the names that aren't going to be exposed to the slowdown in the economy? >> i think it's the great question this has been a strong growth rally. we saw again in 2019 and there's no doubt some names have become crowded. when you think about it, all factors or at least many of the factors that drove that sort of growth theme in 2019, whether you're talking about cloud competing, internet commerce, those things -- >> looks like we've lost him there for a moment we'll try to get him back in the meantime, which is a little annoying, i was enjoy thag one, sara he was also going to say -- >> he was giving specifics. >> including -- go ahead

>> sorry, i think i lost you for a second >> continue. >> good. we'd rather hear from you. >> okay. so we talk about a lot of the things that dominate in the last several years. technology, communication services health care, internet commerce many of those things are going to continue -- the crisis [ inaudible this is why you're see iing the strong rally in these names. >> you need to upgrade your own communication services, russ >> clearly >> getting a little cloudy >> we'll have to leave it there. partly because of the connection but thank you very much for joining us we're going to take one quick break before we go into the close. at the moment, we are higher across all 11 sectors of the s&p

500 with the dow up about 591 points approaching the high of the session which was 612. we'll be back in a couple of minutes.

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zblinchts joining us today, chief investment strategist, brian nick and barbara durn. we are higher by 2.2% on the s&p 500. let's get to meg with a look at remdesivir meg. >> that's right. there's news across the treatment testing and vak ebb seens front. we'll start with gilead. that stock is way up on this look into the clinical trial of this drug remdesivir as you had on who broke the story last hour, this is not the clinical trial just a peek at what one sight observed and it looked hope ffu and we're going to wait for those clinical trials to really know

up, the vaccines front with moderna and sanofi moderna getting almost $500 million from the government, sanofi saying it could have 600 million doses next year if all goes well and if needed. on the testing front, check out shares of roche. those were up today. european company saying it plans to have an antibody test to test for previous infection with covid-19 in may in europe and it's actively working with the fda on that of course following news that b abbott has started its tests in the u.s. >> thanks for that brian, i'll come to you first on the opt mimism we see around remdesivir i would have thought in the last week or two any way, the market was starting to focus less on the fundamental medical side of things and actually on the economic side of things. when is the economy going to get

back up to full steam. i guess having a streemt as opposed to vaccine doesn't really alter that that much. do you think the market has bounced too much today on that news out of gilead >> i think a lot of the market behooifr we've seen over the last weeks has been b more relateded to better news or less bad news about covid-19. i think we've seen a lot of attention focus on the declining new case growth in italy, spain and the u.s. i think we've seen yesterday and the announcement of sort of the reopening plan of the white house press conference then the news about the potential successful trials of the drug. a lot of optimism, but a lot of what the equity market is focused on is really sentiment whether the economy gets moving again is really a question of when we could end the crisis and

a lot of the economic data has been getting discounted because people understand we're in the hole >> to me, having a treatment option that shows efficacy and promise like this is a huge step toward building consumer confidence if the goal is to get people out and at restaurants and at work and commuting again, knowing there's something that could keep them out of the ico or the hospital would be even better. i know that's not what we're talking about here i'm wondering what the medical experts you're talking to are saying whether they're far enough along ta they could offer this kind of promise we're seeing being reflected in the market today >> what we're seeing is a suite of tools to treat the disease at different stages

what remdesivir offers is something for patients who are hospitalized it's a difficult drug to manufacture and takes some time. so gilead has managed to shorten the time and they are scaling up at dramatic speeds, but still only think they can make 140,000 courses of this by may so it's not going to be able to treat millions of people immediately so we are going to be looking to other drug makers to be able to get their therapies through quickly. regeneron of course is one of them it should give people confidence it means we have a drug that works, but it's not a silver bullet >> the dow is climbing up near 600. near session highs as we approach the close 12 minutes left. for a snapshot of what americans especially are out buying right now, check out the p and g results this came out this morning. when you make charmin toilet paper or bounty paper towels or

crest tooth paste, you're doing well they had their biggest sales number in decades, growing 10% china was a disappointment a lot of exposure there. down 8% as the economy remains largely shutdown during the covid-19, but actually p and g had forecast those china numbers would be down 20%, so it actually looked better most of p and g's factories around the world are up and run ing and often producing at record levels. some analysts are wondering that this pantry loading that we saw that helped their sales so much will be temporary. the company making it clear today that it doesn't see the trend reversing. here's the cfo on the call >> we will serve what will likely become a forever altered health hygiene and cleaning focus for consumers who use our products daily multiple times each day. maybe an increased focus on home more time at home. more meals at home

more cleaning of homes with relateded consumption impacts. >> so clear hi all those trends are are working in p and g's favor, but there's the dollar that's been strong and for a company that depends so much on overseas sales, that does hurt and the other sort of wild card here is if we are in a recession, which the company acknowledged today, will people pay up for premium brands that p and g makes or will it be like the last time around where they'll opt for generic brands as far as that's concerned, they said they're working on its value proposition, increasing the appeal and innovation behind some of its brands so they feel while they weren't say iing they were recession proof, they're in good shape to ride this out. clearly, investors agree the stock up this year one of the few that raise ed it dividend this week in that show of strength. >> what permitted the bottom

line beat even if top line didn't beat? i would have thought costs woul escalate having to make more certain that everything's clean, being delivered in the right sort soft way. >> even the top line, i think just got too far ahead of reality there. if you dig through the in your opinions, there was strength in the health care division, in personal care. feminine and baby care division. people buying all sorts of diapers and feminine care products the two weak spots were grooming and fco said on the call when people work from home, i forgot the word, groom themselves as frequently, let's see, as frequently in other words, shaving. and then beauty was also a weak spot for them. and beauty's going to be one of the big e head winds because that had been a bigger profit driver and more on the discretionary side, but it was a healthy result and i think the

analysts just got exciteded about sales growth given what they've been tracking in nielsen data and other research data over the past few weeks. that drove the top and bottom line 6% is it too late to get into a staple stock like this that's been outperforming so much >> i would not buy here. you might get moupside because there's a need to be in stock like this. i wouldn't sell it they have a rich history in terms of product innovation. great scale and they should continue to do well. even d despite the pantry, it's u.s. phenomenon. just because there's cash looking for a place to be and still such ub uncertainty in the length of this that a name like this will still trade cash

>> e we just hit session highs the dow touched over 700 points higher it's 680 points higher as we stand. basically 3% higher on the day s&p's up about 2.7%. seven minutes left of the session. earnings season has officially kicked off of course in this past week, incorporations have found themselves in uncharted territory. the majority of companiesing results have withdrawn guidance amid economic uncertainty. one such company reporting a beat on earnings, but withdrawing guidance the ceo citing cnbc's jim cramer in explaining the decision >> we are pulling back on most of our guidance that we had previously given i think the best advice i've heard recently as we've been watching more cnbc is from jim cramer who said you would have to be an idiot to give guidance in this market we're not idiots and we're going

to put the guidance on the shelf for the most part. >> good to hear everyone's watching more cnbc including ceos like him. the banks have been reporting this week. morgan stanley's ceo saying we definitely won't hit our original guidance. no one should expect that. does that worry you though when you hear company management saying that or is is in fact a sign that everyone's taking things seriously and being sensible >> i think it is being sensible because right now, we should be looking through all the negative earnings all the negative economic news because it's going to be deep, severe, but temporary. we still don't know the pace as we come out of it, but i think what we need to look for in a name like ksu is they're part of an industry that has really gotten themselves much more structurally sound they've outperformed the s&p 16 of the last 17 years the reason is because they've really rationalized their operating costs. they're not giving guidance on

revenues or earnings, but they're saying we think we can meet our cost cutting targets of some 60 million plus that's what we have to watch for. because they've been doing things like fewer trains, more weight, all this sort of thing their leverage is good at some point, it maybe not be until mid or end of next year, but this will resume . >> without guidance, what sort of information will you be watching for to get a better sense of where these earnings are going to go? >> i said the fed was one of the

first entities by not releasing an update so they may be set tig the tone here. we're flying blind to to some extent the trajectory of recovery in china which i thought was interesting, the numbers were much improved at the end of march for industrial production. we're expecting a 23% drawdown in s&p earn earnings, 20 pest comeback next year feels like the market is discounting 2020 and looking at 2021, but based on an optimistic view, the equity market doesn't look particular hi cheap so we want to keep our eye on china, but also on the week to week changes in unemployment claims it gives us a sense of how many of a robust recovery are are we keeping people attached to their jobs or have a 15 or 20% unemployment rate with a lot of people looking for work

>> though the market has rallied through those numbers. looking at the s&p 500, up 2.55%. the dow's up more than 700 points apple shares under pressure after a downgrade by golden sax. josh lipton with the delatails. >> goldman going negative on apple. downgrading that stock to a sell modeling a whopping 36% drop in iphone units in q2 before recovering to just a 2% decline by q4. the analyst cutting its price target checked in with oppenheimer and he agrees. iphone units will be ugly in q2, but he says apple's brand is strong he says its customers are loyal, so they'll gain share he's betting and recover relatively faster he also estimates apple will still generate about $50 billion

in cash this year. so that's a whole lot of money to spend on capital return in the quarters ahead >> we saw the announcement of the new phone this week. where do we stand on if or when the 5g phone and everything that comes with it will be we leased with apple is that push ed back into next year now . >> ipg the big question is demapd there are some who are optimistic they think that's the right phone at the right time starting at $400 for folks who want to upgrade, but maybe hesitant to spend too much in uncertain economic environment: as for the 5g phone, we've got a disagreement on the street there's some -- i talked to gene

money center, he says look for that 5g iphone in the fall he thinks tim cook has to put a flag in the ground here even if it means he says for a couple of quarters, demand for the 5g hand set is soft for the environment. still when consumers are ready to spend, money center thinks cook has to have a viable attractive option for them >> apple down 15.5% along with names like amazon, netflix, electronic arts, some beneficiaries of late in a relative sense in the red today. though as we approach the close, 45 seconds left, all 11 sectors of the s&p are are higher. dow near session highs 700 points or so higher. s&p 500, up 2. % technology communications services are the worst two sectors, but both up more than 1% energy, up 5%. financials up 5.5% and

industrials also up 5% about 0.65% on the ten year having been below 10.6 the bell goes, we are very session highs. about 700 points on the dow. 3% the nasdaq does lag as does the tech sector. russell up 4.3%. three of the sectors, three of the indices s&p down, nasdaq higher for the week as a whole >> as the stock close and strong way to finish the week welcome back, everyone if you're just joining us, i'm sara here with wilfred take a look at how we finished up the day dow rallying 700 points there. nice little run off sbot close 697 was your final tally, up 3%. boeing a big leader. pretty much making up for its losses on the week after it disclosed today it is restarting production in washington state s&p 500 closing up 2.66%

nice gain on the weekful all c sectors higher led by energy and financials which were some of the hardest hit earlier. so combine iing the beaten down names. nasdaq had the best of the week, up a few percentage points closed up by 1.4%. technology has been b a standout, especially those big macro, those big chip names and also the names like microsoft and apple and google russell 2000 index of small caps, up 3.4% today. still an underperformer during this run up. coming up this hour, we'll ask the u.s. chamber of commerce ceo about whether the economy will be able the to reopen without the testing. plus, baird analyst explains why he his the cube rans of the coronavirus treatment is is out of u control and bob pisani breaking down

another wild week for stocks for us joining us to talk about the market is senior portfolio manager at bba capital partners and brian nick is still with us. >> the speed of this rally and size of this rally off of the lows how have you reacted to it what do you think about what's ahead for the economy? for earnings and even on the health side as we still face challenges >> i think the market had gotten this really discounting mad max kind of scenario and when the fed stepped in, and the combination congressional fiscal stimulus relief package, that's a powerful support to the market wanteded to look through when does this end. there were so many bargains that opened up in every f area. i know i certainly have been buying i kept some cash reserve because

inn we have seen the lows. i think again because the powerful support but i think now we're just waiting to get a better sense of the science. gilead is not the miracle therapy, but who knows there are so many people woshlg iworking off therapies and ways to camera bat this at any moment, there could be very, very good news >> let's dive deeper into that hopeful therapy, which is remdesivir, from gilead. gilead stock soared today after that report suggested possible earlier signs of success as a treatment for coronavirus. that report of course came from stat news last night some have warned it's too early to know whether the drug can be truly effective in treating coronavirus and brian who covers gilead joins us now.

do feel free to hit mute if it is brian, as positive as the markets reaction was to this report. >> thank you for having me i think there's a level xup rans here that's not very well informed by the angel is of the data it's a great breaking news piece. one of the things i'm fond of, his stories are more persuasive than facts what you have here is a seductive story in these anecdotes that you're seeing patients treed with remdesivir surviving. and number of, about 2% of the patients treated in the single setting who have severe covid are surviving. i think people think of as severe, maybe on mechanical

ventilation, patients with a pr. my critique is i don't think those are patients they're talking about. you look at the study, it says that mechanical ventilation are not allowed to be enrolled in the study. a number of others that exclude patient frs the study. so severe is rea qualified by how much oxygen is in your blood. it's a severe cut off at 94% you know i think the problem is people repeat -- coming back from this drug and i think the reality is it isn't really there again. this population showed about 80%

recovery at 28 days so a vast majority of the patients in that study, it was also a study of not mechanically ventilated patients did recover so i would caution against taking way too much from this. >> he did confirm they weren't on ventilators, but severely ill. not sure why that matters so much, brian. maybe the drug prevented them from having to be on ventilators and getting worse. either way, sure, there was no control group and there was no placebo, but the fact that they, a majority of them got better should be very encouraging, shouldn't it >> that's my point about the study. that 80% of the patients without any treatment recovered and got better and you know in the very similar patient sample.

>> if we talk about the in your opinions that they got access to, typically when you do the b squlob, you do it every week with different stocks and drugs. would it assign any weight even if these people were on ventilators? >> if they were mechanically ventilate ed and only two out of 113 patients had passed on, i would find that very compelling because these patients aren't really at that level of severity and we have examples where we have high recovery rates of the patients that do have characteristics, it's hard to reach that conclusion.

that will be a much more compelling data. that's not what this is. >> we are waiting for more data on this. good to check in with you. >> stocks closing higher for the second straight week bob pisani looking at the biggest movers >> today's action was an anomaly for the week today, cyclicals like energies, industrials did well tas not really the case. this week was really dominated by defensive sectors here. so consumer discretionary and amazon, the stay at home stocks did well health care and consumer staples. three of the four defensive. technology did well because microsoft did well, adobe was weapon and semiconductors were well really this was a defensive rally for the week dow leadership, same thipg uniteded health, walmart, proctor and gamble johnson & johnson was up 7%.

only microsoft among the losers, banks down 9%. real estate materials industrials these are all stocks that get hit very big dow, american express, jpmorgan and caterpillar. again, an anomaly. we'll see if it continues into next week. guys, back to you. >>. >> thank you still down for the week. as a whole, the one that jumps out, citigroup up 12% today, still negative 4% for the week as a whole sorry i interrupted. >> sectorwise, how do you determine which is the right

exposure for now and of that exposure, are you looking at what it means to be defensive now with some of the reits not doing particularly well as people wonder about mortgage payments that used to be b a safe spot of the market. i'm still looking in the consumer cyclicals in the retail space where names are still off their highs and i'm not buying yet or adding the starbucks, lulu lemons or i look at the consumer financial stocks like

mastercard it's way down as is is visa. well off their highs and for the obvious reasons, but again, it's not a strurkal issue with them a temporary effect and we doen' know how long global weakness will take. >> brian, i just want to ask hypothetical question if i may if we see certain states reopen in the weeks and months ahead and they have to step that back because case rates picked up again, what do you think the market would do in reaction to that >> i think it's one of the biggest risks. everyone assumes we're in a check marked shaped recovery you could see countries that

seem ed like they had the virus under control have a relapse so we're not really going to know how steady a footing we're on ipg until the fall at the earliest. we talk about opportunities right now. we're talking about higher quality parts of the corporate bond market. these are not home run swings. we're most concerned with what you just asked even if it looks like things are reoping in may, june, july, what happens if they close again in september, october that could really throw the market for a loop as optimistic as it's been since march 23rd. there's also a big point of discussion, what does the economic forecast look like even with the phases the white house laid out about reopening you social distance with certain

people going back the work on the mta. can you social distance at the gym? how many people can fit into restaurants or doctors offices and swrus how much lower a capacity will this be running and that's something economists are struggling to get into their models >> jim cramer owns a couple of restaurants. if you half the number of tables you're allowed to have in that restaurant, will you be in the red or black when we get to that type of moment, a lot of these government programs will have rolled off and you won't have that sort of support you see a at the moment for small businesses and if they fall into the red at that point, what does it mean for the banks and nonconforming loans. that's another point i keep coming back to on those level of provisions we've seep thn this . it was clear that the provisions would have been higher still if not for all of these government

programs for example that allow mortgages to be deferred rather than written down at this stage so the swing factor out there if the economy doesn't come back quickly when these program rs removed is just enormous and that came through clearly with management commentary this week from the banks banks came down even if up marketedly thanks for squloining us great discussion up next, we'll ask u.s. chamber of commerce ceo b about his goal for more funding for small businesses a wn tnks ndhehehiwe should reopen the economy.

u.s. chamber of commerce pushing for more funds in a report, the chamber finding that 54% of small businesses surveyed have closed or could close this month tom is the ceo of the u.s. chamber of commerce and joins us by phone 96% of the chamber members have fewer than 100 employees tom, which i don't think people realize. i think they think the chamber is representing big business and lobbying for big companies but you guys have a lot of small businesses in your group what are you hearing as far as the level of pain and whether they're able to get these loans to help get them through >> we have about 400,000 small companies and lots of the big companies and what most people lose sight of is many, many of

those small companies work as subs and assistants to the big companies so there's a very tight relationship u now woor looking at what we're trying to do to finance in a way that these smaller companies, particularly the sub stan dif ones can hold on to their employees until we can move through to a point where the committee is back percolating. we're working on it very hard. the reason we're out of money, about a million half companies have received financing. if you want to go really to an extraordinary number, there are 30 million small companies in this country many of them individual workers. a lot of those are not going to end up in this program

but there are lots of companies that still need support. and efb agrees democrats, republicans, that we need to put the money in this program right now. it just happens that there are little political gyrations going on it is my hope that over the weekend or on monday, this will get done nobody should try and take credit because everybody's going to get the blame both parties if we don't do it >> absolutely hear your point on that 350 billion number needs to be increased because we've come up against us. how serious with the other problems with the program? of course most importantly, the money out of the door does not yet reach the 350 billion number how many small businesses do you think may have already closed and will not reopen regardless of whether they qualify for a loan in two, three, four week's

ti time i think it's easier for your listeners and viewers to think about it in a different way. when you take thousands and thousands of small restaurants, little coffee shops and others, they, they put their people off as soon as they didn't have any money coming in the door what we need to do is to focus on the substantive companies we think can go back into business. we'll have lots of time later to help people start new restaurants and go into small consulting issues. i'd say that a good portion of the money is and in the process of going out the door. you have to get all your stuff together you have to go to your bank. your bank has to call the sba. so that they can clear it.

get the money and clear the check. people were being critical 48 hour after the banks were told which banks were certified to do that and given the rules and regular laces. they're doing a good b job under a difficult circumstance but we're out of money and it's time to put more in. by the way, it's not the last time we're going to have to do it >> do you get the sense there's that urgency on capitol hill feels like we're back to partisan ways after we got this tremendous package haven't heard much about a phase four and they can't even adwree to refund this critical program which the businesses need now. >> there are a number of parts to this law. there's business for all the small companies. there are loan programs and there's the money that's got the treasury and fed together.

billions and billions of dollars to protect america's major corporations that may fall into difficulty but they'll take loans and historically always pay them back with a value to the government i think where we have to focus now is let's take care of the little guys. they're critical let's put that many in you can't find anybody in the congress that thinks we shouldn't do it. let's get over the political business we always understand it. we're coming up on an election they should do it by monday. if they don't, nobody's going to get credit and everybody's going to get blame don't think one party is going to do better than another on this this is what we need to do the country needs to do it the congress needs to do it. >> tom, where do you stand on

the banks on this? have your members been supportive of them in making this process as easy as possible despite of course the enormous lift it's been to get it going >> yes, there are a lot of banks in this. mid sized banks and smaller banks are very used to dealing with small corporations and those companies that have good banking relationships are moving right through it the big banks, i listen to your program while efese waiting the big banks, their numbers don't look great, but u remember if you take jamie's bank, he put aside just to start with, $8 billion that came out of these earnings and that is so he can cover any losses from mortgages or loans so the banks are in good shape the banks are working really, really hard at this.

they're doing a good job their technology is a little old. but everybody's working on it. you can't just expect to walk into the bank and say hey, where my money you've got to go through the process or nobody will have any trust in the result. >> tom, i wanted to bring up the defense production act we're starting to see the companies, sign contracts to make those ventilators under that act this got alot of attention whe the president was reluctant to use it one of the reasons why is that lobbyists like you for businesses didn't want him to do that so can you just clairify your position and do you think it's a good thing that's starleting to happen now

>> we were opposed to using it like peanut butter across a piece of bread we said where ever you have u a serious problem and you need to do it to give the companies the resources and the support that they need, do it, but don't use it across the board. because you'll slow everything down in fact, the president when he decided to use it with gm on building the ventilators, he said the very next day, no, i don't have to do this. i sign id ided it, but i don't know to do it. you know to make one of those thins, you need about 360 different parts. where do you get them? and put one part into another and they took time to get that working. the president has complimented him on numerous occasions and it's not because of the act. in addition, you've got to be very, very careful if you get in the defense production stuff

because you give the government a lot of control on the supply chain. and right now when you look and people are finishing with mas b ks and ventilators and suits, where do i take them and if you go talk to some of the agencies of government that i won't mention, they're doing this on a simple spread sheet and they're not the right people to do it, the best supply chain people in the country are the public companies and they're doing a hell of a job. >> thanks for joining us >> thank you keep up u the conversation it's important >> we certainly will i love how mr. donahue there called jpmorgan chase jamie's bank i'm sure mr. dimon will welcome that description fd t w chinouhomu more money congress may need to authorize in order to increase coronavirus testing. back in a couple of minutes. (soft music)

- [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love.

. coronavirus testing is one of the keys to opening up the economy.

elon >> sara, this became a plash point during a teleconference today between senate democrats and vice president mike pence. a source tells me that almost every single question that democrats asked was about testing and they weren't very happy with the answers in fact, i'm told one member called it a dereliction of duty. now already congress has proep rated $38.4 billion for testing, treatment and vaccines republicans say that's enough money for now and today, president trump tweeted the states have to ramp up their testing. democrats argue this is a national problem that demands a national response. they want to see a strategic plan led by the federal government to ramp up testing and they want $30 billion to pay for it it would also include a pipeline that would develop, allocate and validate tests now there have been some signs today that the log jam over f d

funding could be breaking, but guys, no firm numbers jest yet back to you. >> thank you very much for that update as everyone sort of passes the buck here on testing just want to show you how the market closeded the day and the week on a high note. got a nice little rally into the close. the dow finished higher by almost 700 points. boeing was the winner, but we saw broad strength s&p 500 up 2.7%. all sectors higher led by some of the hardest hit for the week which were energy and financials the nasdaq tech heavy one, winner of f the week, closed up today, 1.4%. breaking news on the federal reserve. steve liesman has the headlines for us steve. >> thanks very much. two very interesting changes from the federal reserve being announced. first, the federal reserve altering the rules for banks when they participate in the ppp program. and what they're allowing is bank directors and shareholders to get a loan through their own bank now this may not strike you as a big deal if you're from new york

or california or new jersey or connecticut. but in a small you are towner towns across america, imagine the auto dealer is on the director of the local bank he could not apply for a ppp loan through that bank now they can do that the fed looked at the insider limits that are out there for bank directors and shareholders for their own businesses of course, not for something for the bank they're not allowed to get to the front of the line according to the memo that the federal reserve put out here that's one here, a very small change, but has a bigger effect in some of the small towns when they get more money for the ppp program. on the second thing, maybe more macro here, the federal reserve earlier this afternoon announcing that it's reducing the amount of purchases it is going to make next week. reducing the amount of mortgages to 12.5 billion and reducing the amount of treasuries from 15 billion from 30 billion.

as you know, we talked to john williams, the new york fed president this morning he said the fed had been successful in calming certain mashlgts out there and this is another sign of that as the fed has gradually brought down from the torrid pace that start ed when markets were collapsing and credit markets were foreclosure frozen, the federal reserve gradually reduce iing the amount these are still big numbers, but are much less than they had been in the past. >> i'm going to pick up because we have some more news from jpmorgan chase actually on the ppp program. a spokesperson giving sop numbers to us about where they stand. earlier in the week, they'd said that they'd funded meaning money out of the door reaching the small businesses about 8 or $9 billion worth of ppp lending that number is 14 billion dollars so that's applied for, approved and money out the door reaching these small business client they have over 20 billion from hundreds of thousands of

applicants standing by ready to go of course the program as we know has hit its limits and no further from their 14 billion has gone out the door, but they have a further $20 billion worth of hundreds of thousands of applicants of which 4.5 billion from around 20,000 is approved and ready to be funded the moment congress increases that 350 billion number which i think gives quite interesting scale of course of where we stand with this program that 14 billion for jpmorgan managed to get out of the door before this hit. it's 350 billion, 4.5 could follow at the moment it's approved and another sort of 20 or so is standing in this applications process cue i would also say that the tone from the spokesperson is that if it's improved, increased this number, the process from now will be wbetter than the proces over the next two weeks, that a

lot of the issues have been b ironed out now which is understandable. interesting numbers there from jpmorgan chase >> i think it speaks to how much demand there is for this imagine if they had unlimited funds. how much would go. the lines are long the unemployment numbers continue to pile up. week to week and a lot of damage and time is of the essence so we'll see if congress can work something out on this additional funding i think the other question here is this first come first serve and whether people, whether small businesses are really getting the access they need or whether they're lower down on the rung in term of priorities versus the banks that have the close relationships and whether it should be done in a more equitable way. >> that's the important thing, increasing the $350 billion number to make sure the first come first serve isn't the defining characteristic of this program. the other one i would say not the try and step away from the immediate issue which is increeing the $350 billion is whether you have to increase the time frame these are initially three month

loans that k become a gift if they keep people on payroll during that time what if as we discussed earlier, if your start starts to open up, your business starts to come back because people aren't coming in. that might be another question for congress whether they have to tweak the terms, extend the timelines. we have to wait and see. >> yeah, if you're a bar, which is not in phase one. all right, fannie mae predicting the coronavirus will lead to a 15% decline in home sales this year up next, we'll have the ceo of real estate brokerage fed fin about whether he's seeing fewer sellers listing their homes and buyers in the market when we come back. when we first opened our doors, it didn't take us long to realize ... ...we weren't in the car business. at lexus, we were in the people business.

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♪ ♪ a new report that says home sales will fall 15%. despite this, our next guest says he thinks his company will be able to weather the storm great to see you, glenn.

before we get to company specifics, where do you stand in term of of how bad di the market is going to be hit in terms of residential property sales >> i think it will be hit, but there will be sales. many people i'm talking to have assumed almost no homes are selling but about half the number of sales we'd expegt this time of year are still selling if you look at 2008, there were still about 4 million home sales in the bottom of the crisis and normally, there's five or six. so the people selling now are the ones who have to sell and that is still an essential part of the u.s. economy. >> what's going on with prices >> well prices are mostly holding steady it's tale of to markets. buyer demand the fairly strong not as strong as it was prepandemic, but maybe down 20%. where as listing demanding is down 60% or something like that.

no one who is selling a house now is doing it because she wants to the people selling today are the ones who have to and everyone else is holding out for better times and so inventory is down 21% and it just limits how far prices can fall if you look at 2008 as comparison, i was the ceo of redfin back then, too. inventory was piling up. and right now, it's the opposite situation. where nobody is selling unless she has to >> what's the biggest obstacle at the moment? is it because people are fearful of their economic outlook or is it simply that it's imb possible to do viewings and i guess despite the advances, people aren't liking to buy a house until they've seen it once >> that's true although what we're seeing is a massive upsurge in video chat tours. it use ed to be about .5 of the tours were happening virtually and you have these contracts that say i want to agree to

terms now and i'll see the property after we agree on a price. the seller prefers that because he doesn't want strangers coming through and the buyer prefers that too, so she can stay sheltered in place the real issue aside from the fact nobody wants to sell is credit so the federal government has been shoveling money into the credit markets but you're still seeing breakdowns all along the line nobody wants to service loans right now because they can't front the cash there's 12 months of forberns available easily for the consumer, which is great for the consumer we should do that, but it means that credit standards are tightening up right when houses are getting affordffordable. most people aren't loaning anybody below 700 and they're requiring all sorts of money down, so that's something that's happening in the market despite the government's efforts to protect the creditors. >> yeah, no diana oleic has been reporting on this a lot for us >> she's so good >> do we need a bailout for the mortgage servicers >> she is so good.

>> she is so good. she's so good. what we need is just to continue to fix all the leaks in the. it's sort f a game of what canamole where the jumbo loan shuts down then the servicers have issues so nobody can sell the loans in the first place so we have to figure out a way to protect them it's going to be one crisis after another because it's harder to be confident, to loan somebody money for 30 years when unemployment is at 11 or 14% >> really quickly, glenn, do you think real estate in manhattan and other dense areas is going to be permanently changeded by this >> i hope not. i love new york, but we have seen that more people are interested in that house at the foot of the mountains by the lake rural demand is much stronger than urban demand and that is a flip where it's been for the longest time where everybody wanted to live in the city so we'll see how it comes back but there seems to be b a profound psychological change

among consumers looking for houses both online and in person we're seeing much more activity in the outlying areas. >> that's what i was wondering though i, too, love new york thank you for joining us >> thank you we love you guys >> good to see you time for a coronavirus update with -- i love his positivity. an update on coronavirus, please good to see you. >> we could all use the positivity on a friday afternoon. hi, everyone jay pritzker announce ed all schools in the state will remain closed for the rest of the year. illinois now the 30th state to make that decision san diego's comic-con has been canceled because of the pandemic the massive media event was scheduled for late july. it will return next year taylor swift announcing that she is canceling all her shows for the rest of the year she says that yet she will miss

e her fans, but their safety and well being are her top priorities and now an update on the story we've been telling you about all this week. the 99-year-old british veteran who walk eed around his yard 100 times. he is still racking up donations to help fight coronavirus. he has raised $25 million. prince william calls him an absolute legend. and guys, you remember his goal was $1200 so quite impressive there. >> so obviously i've been covering following this story closely as we all have he's 99 as we know his birthday is actually 30th. we're nearing his all important 100th birthday so there's lots of speculation one part being that he deserves a knighthood but in the u.k., you get a personal letter from the queen >> he zverevs all of the accolades. >> everyone wondering if he'll get more than that like a knighthood or a personal video

message from queen >> here's hoping >> he deserves it all. >> thank you so much still ahead, it's not just zoom and google hang outs. house party has been the most downloaded social network app in the app store since march 20th the ceo of that video chat company joins us next. our retirement plan with voya gives us confidence. yeah, they help us with achievable steps along the way... ...so we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. oooh, well...

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over the past few weeks, we've highlighted platforms people are using to work from home, including zoom, teams and slack, but house party is aiming to be the app of choice when you're off the clock, it's gaining traction 50 million sign ups in past month. joining us now is cofounder and ceo, seema very good afternoon to you thanks for joining us. talk us through some of those numbers. i think i menged one metric there,but quite how much interest has there been in usage of the app can you hear us?

>> i can hi sorry about that >> sorry, we lost you for a moment talk us through some of the numbers in terms of how much interest and usage of the app there's been >> right well i mean we are really grateful for and hum babbled by able ility to keep people conned in such a crazy time and we've seen usage increase and we've been working around the clock to make sure that the app stays stable and it's reliable for people who are using it to connect with their loved ones. prz. >> what's the difference between house party and zoom and face time and blue jeans, which was bought by verizon. what is your differentiation >> we use zoom as well i mean i think there are all different use cases and it's so ga great to see people utilizing video chat to stay connected

sometimes i say zoom by day, house party by night house party was really, it's about that spontaneous togetherness you create a find your friend group and when you have a free moment, you just open the app and it notifies your friends that you're there. in my case, my brother, he's ten years younger than me. no way he'll answer a phone call, but if he sees a notification, he's more likely to pop in, feels no agenda and he might be in between rounds and he'll talk to me, which speaking of he is a doctor on the front lines right now and so incredibly busy. it's the way that we can stay just connected during this time. >> we discuss on this network om is of the security questions whether it relates to zoom or others p there have been some questions towards house party as well. what can you tell us on that topic? >> they are false rumors house party is secure. it's safe. there's never been a breach. and nobody would want to know that more than us.

so it's, it's truly just a matter of you know, correlation doesn't equal causation. >> you are owned by the maker of fortnight epic games what has that allowed you to do and what's the plan for incorp. rating those two businesses? >> i think it's really interesting that both epic games, which is the creator of fortnite and house party are a third space. a place for people to be together in more par tis pa torre interactive way. a lot of us have gotten useded to in terms of just passive psychologicaling through news feeds. so we are just really mission aligned in terms of what we want that future of social to be like you know, social media over the last decade is really evolved to news feeds which are engagement

for engagement's sake and house party is really offering a more playful, emp thetic way for people to stay together that fills them up in a way that you just can't get from traditional social media >> zoom by day, house party by night. thank you.houseparty by night. sima, thank you. i like that. s sima sistani,harry and meghan stepping in to help communities in the wake of the coronavirus more details when we come back that's why we're offering contactless delivery and set-up on all devices. and for those experiencing financial hardship due to this crisis, we'll work with you to keep your service up and running. hi! because at at&t, we're always committed to keeping you connected.

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psomething big... has arrived. [ screaming ] ♪ tiny diamond is my name ♪ my whole body's made of glitter ♪ ♪ and i'll throw it in your face ♪

welcome back every day here we try to spotlight some of the good news in the world as companies and communities rally together in these unprecedented times. here are some of the latest examples we found. billionaire philanthropist george soros donating $130 million to combat coronavirus with $37 million directed to at-risk populations, specifically in new york city. prince harry and meghan markle have personally and secretly, not so secretly anymore, have been delivering food through the

non-profit angel food. >> a pro cyclist delivers medicine, english actor tom harder will be reading bedtime stories to children come isolation on the bbc channel and the remember the nba game of horse we told you about in the final two rounds were played last night and take a look at the championship trick shot. that almost went in. >> you deserve that championship, i'll let you know that no, man, i appreciate it it was fun it was good to see arth nba guy, man, that was cooped up in the shot. >> did that actually go in did it actually go in. >> it didn't look like the winning shot although i heard there were tricky shots. it is a reminder, nba season is off and all of these guys are sitting at home. they just need to get better internet kecks and there were a lot of complaints about that >> i agree

>> and the camera, altogether, despite the nba salaries there, they're spending their money elsewhere, it seems. >> up next, your wall street look ahead, a big week of earnings on deck we will break down some of the key reports to watch right after it the break today, being on your side means staying home... "nationwide office of customer advocacy." ...but we can still support you and the heroes who are with you. we're giving refunds on auto insurance premiums, assisting customers with financial hardships, and our foundation is contributing millions of dollars to charities helping with covid-19 relief. keeping our promise to be on your side.

but right now, the world needs all the good that we can do. to everyone working to keep america strong, thank you.

looking ahead to next week, earnings season kicking into high gear. a slew of big names reporting. let's get a preview of netflix and snap julia boorstin has that for us julia? >> both netflix and snap are expected to report increased usage. netflix is down on benchmark-initiating coverage

and a sell citing concerns about restricting pricing power and the potential for people to drop the service if they lose their jobs, but netflix shares are up 30% year to date in part on expectations they will report the addition of more than the 7 million subscribers it projectioned for the first quarter. snap shares ending the day down just fractionally and up 46% over the past month and it's been bolstered by its announcements that snaps between friend, group chats and time watching has hit all-time high, but after a facebook, twitter and pinterest, all reported that their revenue would suffer as the result of an advertising downturn, analysts are concerned that snap will also see lower ad rates. back over to you >> julia boorstin. julia, thank you >> wilfred, as we close out the week o it's been an amazing rally off the low, off the 52-week lows which we saw what? back in march?

as we do look ahead to earnings season next week, i wonder if the banks offer any sort of cautionary tale. they were the worst-performing group in the market this week. they ended lower by 4% and it was largely a reaction to what we got out of the company results or whether they're a unique case because they, you know, featured unique and prominently in the global financial system and at the center of the economy. >> i totally agree, sarah, it's the key question and again, you look at the relative outperformance and not just of the u.s. market, but of those tech stocks in particular. the nasdaq ending the week up 6%, as you said, the banks, if you look at the banks specifically and want just the financials and it is down 7% a massive spread there and just look around the rest of the world and europe is slightly lower and you only saw slight gains in asia. so again, we're seeing a much more ferocious bounce from the u.s. and from the tech stocks in

particular i want to mention california governor gavin newsom in the next show. sorry, sara, i cut you off quickly. >> no, i was just going to say the big cap tech stock, as you say, is a huge theme and amazon was the winner on the week and so far this week it ran up 16.25% and it is why consumer discretionary, and the growthy stocks are sort of making a stand here >> a big rally up 2.7% brian sullivan's got you covered next ♪ and welcome to "fast money" and cnbc's continued coverage of the markets in turmoil good evening or good afternoon, everybody, i hope you're having a decent friday. i am brian sullivan. t.g.i.f., the markets reflecting an economy and a health and population that is slowly starting to get a little bit better every single day. the dow ending its day