from the program it was $4 million. we want to clarify that. mr. mathison >> the graphic was in error. robert's voice was correct kelly, great let's take you to the markets right now with what little time we have left 500-plus points for the dow higher, that's 2.25%, but the big standout today, as it has been for so many days here on positive days, has been the nasdaq, up better than 3% right now and we will follow the action on "the closing bell," which is coming up right now >> thank you very much welcome to the "the closing bell." i am wilfred frost with sara eisen. stocks rallying for the first time this week as we see the energy market recover. let's look at what's driving the action congress on track to pass nearly half a trillion in extra stimulus funds oil prices recover and corporate earnings providing a bit of relief today. tech companies like snap and

consumer stocks like kimberly-clark and chi pochi pot lay showing signs of strength. >> we'll take a deep dive on the debate over how and when to reopen the economy we'll speak to the mayor of las vegas, who has called the a stay-at-home order in nevada total insanity and florida's lieutenant governor and we'll speak with cme ceo terry duffy about the wild swings in the oil market those negative prices. and billionaire harold hamm's call for an investigation of crude futures trading. let's drill down on the big stories we are watching. 59 minutes left of trade mike santoli tracking the market rebound. phil lebeau has fresh comments from delta's ceo on the back of earnings and meg tirrell with the latest on the race for a vaccine. mike, start us off with the market and the rebound we're seeing today >> yeah, sara. down about 5% in the s&p 500 from friday's close through two days of trading, getting back in

a very gentle way i will say today, kind of low-volume trading. about half of that, not quite half if you look at this since the end of 2017, where that has brought us, 35% drop in a month followed by about a 28% rebound in less than a month then this little 5% curl lower and we're bouncing off of that 2,800. let's walk it all the way back and see how long we've been playing with that general area a lot of folks are saying as i said yesterday if you go down to 2,500, 2,600 of the s&p, it would still be just a consolidation of this rally. i wanted to take a look inside the themes that were working before the peak continue to work invest the s&p against the all country world index except the u.s. so the rest of the world and the ipo etf. that was a leader. leading on the way up is a six-month chart to the peak, leading in this rally asle with. same order it's a quality bias. it is a growth bias.

it is a u.s. bias and large over small is also working. those remain the themes. we'll see if that can continue from here and exactly whether those groups get too crowded to continue to provide upside support if we're going to see some rotation activity on any pullback >> what about fundamental drivers, mike? we're in earnings season and trying to parse everything except for guidance from companies. then the oil price, which was blamed for the last few days of selling. i'm not sure anything fundamentally changed when it comes to supply, demand, or storm pictures >> it's not a lot of near-term fundamentals that are really the driver i think the earnings are giving at least a glimpse of a near-worst-case operating environment for many companies i wouldn't say it's absolute worst case because we started with quarantine less than a month ago, but it shows you if a company can operate near break even on these current assumptions, maybe it's not so terrible it's all about trying to look

across the valley of this downturn and also again, hiding in those companies that don't seem so susceptible to the very worst aspects of this slowdown and likely are lly recession >> until you get to the underlying themes of stocks or sectors, once again today all 11 sectors moving in the same direction together how often has that been the case we're not seeing underlying differentiation in terms of up or down oncertain days it's all up, all down, albeit different magnitudes >> a little bit of a function of the size of the daily moves. on a 2% day, either up or down, it's probably not that uncommon for all the sectors to be in the same direction so if you're more near the flat line, there's probably more give-and-take. there's another point, which is it's a very indexy type of move. it's very tactical as people on a slow day without a lot of fundamental drivers are really

just kind of trading the index levels and talking about modulating exposures to stocks in general as opposed to not there's a style differentiation, and it's a relative performance story to talk about, but it's not so much one thing going up against other things going the opposite direction outright. >> we are up 2.6% on the s&p 500 today, down still for the week about 2.3% shares of delta turning low today after the company reported earnings before the bell phil lebeau spoke with ceo ed bastian earlier and joins us with the take-aways. >> for the first quarter, delta reported a smaller than expected loss, but let's be honest, nobody is focused on the loss in the first quarter. it's where they are now, specifically when you look at their cash position. they ended march with $6 billion cash on hand, liquidity at the end of march but billioning $100 billion a day beginning march 1st. the goal is to p cut that to $50 billion a day by the end of

june here's ed bastian talking about how important it is to conserve their cash >> the reality is, is that we're in a cash preservation mode, you know, for probably for the balance of this year realistically, we need to get our load factors up into that 80% over time and we'll walk it through. we have a lot of our capacity on the ground we have over 600 planes grounded >> even with all the planes grounded there's a lot of empty seats. here's why we are seeing passenger levels down more than 90% for the entire industry. we're bunching around there between 87,000 and 100,000 that's what it's been in the last week, the low point being that 87,000 figure as you look at the airline stocks, keep in mind almost all of the airlines have said q2, it's going toit e it's going to be worse than q1 we know that do they have the cash to make it through the quarter and a bridge to the third and fourth quarter. >> how optimistic are they being

about the level of demand that could come back when we see certain restrictions lifted? i was interested he talked about they doubled and trebled down in terms of cleaning, changed how you board the planes and start with the back row first, which frankly they should always do. do you think they're being optimistic about how quickly things can rebound we had an interview with a cruise line ceo and that same tone kind of comes across, there's a bit of optimism about the level of rebound they'll see. >> near term, no optoptimism it's essential travel people, people going for medical redskins or first responders, nurses flying to new york, that kind of a thing. there's very little if any leisure travel out there, and they're not sure when that will start to come back i wouldn't even call it cautious optimism that the third quarter and the fourth quarter will be better, it's more hope at this point. >> phil lebeau thank you. shares of biotech getting a big lift today as the company gets

the go ahead to begin trials of its potential coronavirus vaccine in germany meg tirrell has more this is a big deal, meg. >> it is biontech is partnered with pfizer so they're getting the go ahead to start the clinical trial in germany and expect to get the fda's go ahead to start trials in the united states shortly as well. they'll be testing 200 healthy people in germany between the ages of 18 and 55, essentially trying to see the right dose of this vaccine and they're actually testing four different vaccine candidates as well as to evaluate the safety and what's known as how much of an immune response this vaccine generates. it's a similar technology to moderna. that driving shares up of biontech quite a bit one other stock that's moving today, not covid related for the first time in a very long time, biogen that stock is down quite a bit after the company reported on

its earnings call this morning that it's filing for its alzheimer's drug and that will be delayed until the third quarter. previously they said this was coming at the beginning of the year so that disappointing a lot of folks watching this. but guys, it's nice to talk about something other than covid-19 right now, even though v though it's not good news >> back to covid-19 far second, meg, on the vaccine and the fact that they've announced these clinical trials in germany, what does that do to the time line and where are we on some of the other more promising projects in the u.s. like johnson & johnson? >> this is essentially right in line with what pfizer has communicated to us in terms of being able to start the clinical trials before april. the chief scientific officer was saying if all goes well they could have millions of dose available by the end of the year but all would have to go extremely well in order for that to happen.

johnson & johnson has said it plans to start clinical trials in september that is a more traditional vaccine approach in terms of the technology, so those trials are starting later, but they also could have potentially a massive capability of ramping up for manufacturing as well. but according to the milken institute, which tracks vaccines and treatments for covid 19, there are eight vaccines already in clinical trials, most of which are in china, guys back to you. >> meg, thank you so much for that we've got 50 minutes left in the session. we're up 2.6% or so on the s&p 500, 530 points on the dow, very much at the session highs there or thereabouts after the break, light speed launching three new funds to support early and growth stage companies.

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about 47 minutes left of trading. not too off from session highs as we are seeing the dow surge 525 points right now, 29 out of 30 dow stocks higher led by intel. the semiconductors and technology very strong today the only one lower is boeing how about some market movers for

you? netflix, the company reporting strong earnings, saying it has added nearly 16 million new subscribers. that was more than double the consensus estimate but shares are trading lower right now, down about 2.5% today. needham's lauren martin says this implies the stock's 20% run-up ahead of earnings already captured this perfect storm for netflix and the stay-at-home shift and warns about the volatility to the downside of subscribers decline, something ceo reed hastings mentioned on the earnings call. listen >> the things we are certain of is the internet is growing it's a bigger part of people's lives, thankfully, and people want entertainment they want to be able to escape and connect whether times are difficult or joyous. that's pulling up. we had an increase in subscribe growth in march that's a pull forward for the rest of the year our guess is that subs will be

light in q3, q4 relative to prior years because of that. >> that was reed hastings there. i'll pick it up. recent market volatility has not been favorable for companies looking to raise funding social capital ceo, blank check company debuted today and is primarily looking to acquire an international tech company here's what he said about the state of private funding >> the private markets relative to the public markets are in a really bad situation i think prices are off anywhere from 30% to 50%. in the united states, those prices will probably recover a little bit faster. in europe and in china, i think it's going to be a little bit more problematic >> lightspeed venture partners announced a $4.2 billion new fund, $1.5 billion dedicated to international markets. joining us, arif janmohamed,

partner at lightspeed venture partners thanks for joining us. i guess let's kick off on that topic that he was just alluding to there, which is where private market valuations perhaps are, down 30%, down 50%, and whether that's an opportunity for you guys or a problem with the companies you've already invested in. >> yeah. thank you so much for having me on the show here first of all, we're excited to announce we've recently closed on three large funds, an $800 million early stage fund, a $1.5 billion global opportunity fund, and a $1.8 billion early growth fund from our perspective, we take a very, very long-term investing perspective. we don't look out one year or two years. we look out five to ten years in terms of backing global entrepreneurs that really want to build the next enduring iconic companies in terms of what's happening today, there is certainly a lot of uncertainty as you've seeing

in the public markets. companies are having a hard time guiding what q2 and q3 will look like that is also tricking into the private markets where we're having a hard time understanding where q2 and q3 are going to trend. however, as we look at companies that are building disruptive technologies and are taking on very, very large markets, we think there's a ton of opportunity to invest behind entrepreneurs that want to build enduring companies >> when did you raise that money? was that as recent as covid-19 spread to the u.s. and has shut down the economy and you still had that kind of money pouring in >> we started raising in early january and we've been very lucky to have a stable long-term-oriented set of lps that have been with us through many fund cycles going back to over 20 years. and so even as uncertainty started to happen going into january and february, lps really recognized we take a long-term perspective on investing and we're very supportive of our

frun fund and global perspective as well as our early stage and growth stage mind-set. >> to what extent do you expect to invest those funds in a totally new environment? or are you going to wait until things go back to normal and do what you've always done? i'm asking if you expect serious shifts to be at play and long-term beneficiaries from those shifts >> two questions i don't know if there is a normal we're adapting to the new normal we're being very deliberate about our investing philosophy we're taking time to spend time with entrepreneurs, with founders, to really unction how they're adapting to the new normal, how they're thinking about a potential slowdown, how they're thinking about accelerating through that slowdown, how they take the advantage -- unfair advantage, whether it's a technical unfair advantage, whether it's a business model that adapts to this new world, and how they're

thinking about building a five- to ten-year company. now, we are being more deliberate we are being very thoughtful in terms of our investment philosophy, but we are open for business and in terms of where we're spending time and where we're investing, it's a number of areas. obviously, behavior has changed for many of us i'm sitting in my bedroom right now and all of us, a lot of us are working from home. so there's been a lot of ink spilled around zoom and slack and teams. those are certainly companies ben dpiting fr benefitting from the new normal. lightspeed spends time in the enterprise and consumer worlds we spend time in two areas one, on the enterprise side, we're look at the first drifr tif of what happens in this post-covid world as our behaviors change for example, the first derivative working from home is we are using these new collaboration technologies like a zoom and a slack we're training employees worldwide to really communicate in real time over these new

mediums. so companies like, for example, using a.i. and chat box to help desk and service problems is a real beneficiary of this new work-from-home environment where instead of calling your help desk you can talk to a chat bot. but we're also looking at consumer behaviors now that we're spending a lot more time at home, we're seeing new social behaviors. a couple things like a cameo can benefit or new buying behaviors. >> just in terms of the portfolio companies you already have, i would imagine there's a lot of pain out there, especially for early stable start-ups. have any of your companies that you've invested in had to take advantage of the ppp program from the federal government to help small business? >> we have've been having a lot of deliberate conversations about at the board level across our entire portfolio on the whole, we think that this initiative was designed for main

street and not necessarily venture funds. that said, there are a very, very small handful of companies that are still considering this at this ppp program. but on the whole, across our general portfolio, we've discouraged a lot of our companies from taking this capital. >> you have discouraged them but there are other venture capital and private equity funds that we hear about where some of the companies they invest in are taking that. are you saying that's wrong? >> i'm saying that our perspective has been that this program for companies that have a lot of capital on their balance sheets and well-funded for years to come should not be taking this. as a general advice to our founders, we've been discouraging them from taking ppp. >> interesting thank you for joining us >> thank you

our new cnbc and change research states of play survey which polled likely voters in six different swing states finds that people are mixed when it comes to steps to return to work in public spaces the majority are in favor of temperature checks, mask wearing and regular testing, but many are opposed to sharing phone location data. we'll dive into this debate on when and how to reopen when we speak to the mayor of las vegas about why she wants to open businesses there and the lieutenant governor of georgia that state starts easing restrictions this friday

kimberly-clark out with earnings this morning. they make toilet paper, kleenex tissues. earnings and revenue beating organic sales as people stock up on these basic items toilet paper, consumerganic sal%

they did pull their guidance as many are doing on the uncertainty of what comes next i just spoke with the ceo of kimberly-cla kimberly-clark we talked about this key question facing customers right now. we heard reed hastings and netflix talk about it last night as how temporary this bump-up in sales for those companies like kimberly are benefiting. he said demand is slow do you think a bit, not clear because of lack of supply on the shelves or people change beg haifing ber he said destocking will be lumpy. in order, not everyone hoarded a smaller percentage of people have hoarded the toilet paper and tissue supply. i asked if there was a shortage? hsu says no. he says we have ample supply buff it will take a few months

to manage through it nobody prepares for a 30% surge in a single category but that's what they saw in things like toilet paper in the last three months of the quarter. he said consumer habits are going to be forever changed. personal hygiene and protection will play a bigger role, wilf, something we've been talking a lot about how the world is going to look post covid-19. he also said this is only happening in the developed world. in the u.s., europe, australia, new zealand. he didn't see it at all in terms of that hoarding of basics like toilet paper and tissue in developing countries and china >> we might see it come in other countries if their curves are behind interesting to mention china i buy the point on hygiene being changed forever and that level of demand might be up. one hopes toilet paper demand goes back to normal. i'm amazed that wasn't higher.

14% up for sales given the sort of mayhem you saw at least in terms of certain reporting of people's hoarding of things like toilet paper, it could have been 100% higher. >> well, i think in dollar sales it was more like, you know, a much higher number but of course that's where the cost and everything else they have all their factories operational right now. they did have some hick cutcups throughout the quarter china was closed during their lockdown in terms of factories and distribution that had to come back online india wasn't closed because it was deemed essential right away and they got permission to bring that one online. that is costing the company and they're pivoting with the ceo telling me he is focusing a majority of his time right now on covid and how to get these products safely to consumers >> still to come, we'll speak exclusively with terry duffy about the wild swings in the oil

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time for a coronavirus news update sue herera mass it >> here's what's happening at this hour. the director general of the world health organization says he hopes the u.s. reconsiders its funding suspension and rejects suggestions that he should resign, promising, to, quote, work day and night to save lives

while the pandemic appears to be easing a bit in western europe, he sees a growing threat elsewhere. >> although numbers are low, we see upward trends in africa, in south america, and eastern europe make no mistake, we have a long way to go. this virus will be with us for a long time. >> but there are still hopeful scenes like this one in new orleans, applause and a tram bone rendition of "when the saints go marching in" celebrated the discharge of the med mical center's 1,500th covid-19 patient, kathleen ben the net, hospital itzed since march 12th she spent 12 days on a

ventilator back to you. >> quite the fanfare, sue. great to see thank you very much. see you again next hour. breaking news by the way on spacex, which is launching a falcon 9 rocket. let's bring in our resident space expert, morgan brennan morgan, what are we looking at here >> all right so we're going to show you this video right here that is a falcon 9 rocket from spacex making its fourth journey. the rock set making its fourth journey to space as we speak right now. really space is one industry that's been proceeding in the midst of covid-19 at least where possible and you can see it playing out right here this is the seventh launch of spacex's starling satellites to orbit. this is as the company looks to build out its service for broadband, that could be offered in parts of north america later this year. the launch taking space from kennedy space center, launch pad

39a. and it is spacex's own mission, 60 small satellites that are going to low earth orbit as we speak. you can see the booster is detaching because the booster is going to come back down to earth and attempt to land again, but these starlink satellites on their way to orbit right now are going to bring the total number to more than 420 as this company continues to work on building out this new business and this new potential revenue stream of the future focused on connectivity and internet accessibility in the u.s. and other parts of the world guys >> very cool to see and cool to hear you explain all that stuff. thank you. we'll keep an eye on it. shares of victoria's secret getting slammed today. courtney reagan has the story. courtney >> hi, sara. so sycamore partners is asking a

delaware court to uphold its decision to terminate its deal to buy 55% of victoria's secret from l brands. the pe firm is arguing that actions that l brands have taken during this pandemic including furloughing employees, reducing salaries, not paying rent and not disposing of now obsolete inventory while also cutting back on receive ning new invent breaches the original contract terms. sick kor is arguing that l brands had an obligation to, quote, conduct the business in ordinary course consistent with past practice. actions taken have caused significant damage to the victoria's secret business l brands does not agree that the original transaction is invalid and said it that will, quote, vigorously defend the lawsuit and pursue all legal remedies to enforce contractual rights we saw shares of l brands fall precipitously on this news by

about 21% or so. shares were halted at one point when we were getting dribs and drabs of this information as it was coming through the court system and l brands' official response back to you. >> all right, courtney thank you. 25 minutes left of trade here's where we stand on the overall market we are seeing strength across the board. technology is the leading sector right now. chip stocks are doing very well. nasdaq is up 3%, nasdaq up 2.5%. still ahead, scott gottlieb speaking out about georgia's strategy to reopen its economy >> nail salons, bowling alleys, hair salons, tattoo parlors. it feels like they collected a list of the business that were most risky and decided to open those first. >> straight ahead, we'll ask georgia's lieutenant governor about how the decision was made to open those baseusinesses. ♪

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more and more companies are suspending dividends the latest include las vegas sands, estee lauder, amc entertainment. our next guest says the current environment could offer a, quote, unique opportunity for companies to implement variable dividends as opposed to regular fixed payments jim cavello at goldman sachs joins us for more along with

cnbc's mike santoli. jim, how exactly would this work >> thanks very much for skhaving me i appreciate it. hope you and your family is doing well the concept of a variable dividend has been around for a bit of time, but there's been a hesitation for companies to adopt the concept. obviously, dividends are a great thing, a great way for companies to return cash to shareholders, great for ield-seeking investors. but when fixed dividend get too high it can overwhelm a company's balance sheet or cash flow and issue reference that's what we're seeing today the concept here is to tie a dividend to a percentage of the company's economic cycle shareholders get a very good dividend that doesn't overwhelm a company's balance sheet. but as the economic or industry cycle declines as we're seeing

today, the dividend comes down naturally as a company's free cash flow comes down and in that way a company can return some cash to shareholders without having to go out and raise capital to pay a fixed dividend payment that was set when the cash flow was at a better tile in the cycle the whole concept is we can continue to return a lot of cash to shareholders at the top of the cycle and be efficient with the company's capital structure, but at the same time, when the economic cycle declines, the dividend naturally declines without hurting the company's balance sheet and forcing a company to go out and raise very expensive debt or equity at a more difficult part of the cycle. >> jim, a lot of fascinating stuff in the note you put out and in that answer i guess buybacks should be included in the talking point as well and factor in total shareholder capital return does this not also suggest borrowing for capital returns is the silly thing perhaps that

doesn't really stack up based on the analysis you've made >> it's a very good question and obviously, the situation is going to differ a little bit for every company at every different point in the cycle but one of the things you do see in better parts of the cycle is companies are cognizant that they don't quantity to raise the dividend too much at a good part of the cycle for fear of what's now happening today. so you see companies buy back stock at the top of the cycle sometimes. and obviously, the historical data says that companies typically wind up buying back more stock at a good part of the economic cycle and wind up buying less stock back at the bottom of the cycle. one of the things we argue for in the note is this will allow for companies to return capital to shareholders in a much more efficient manner so, you know, the -- sorry go ahead >> no. i'm just -- isn't the whole thing with dividends, though, people like to buy stocks with dividends because they have a

predictable, steady stream of income, retirees, for instance, who depend on that kind of income coming in doesn't it make it a uncertain? >> that's the idea and why companies have been reluctant to adopt a strategy like this but there are so many companies cut ing the cutting their defensive debd and the stocks are declining significantly. as we demonstrate in the note, the stocks of companies that are paying a big dividend have underperformed the market by more than 15% during this episode, so investors are selling those stocks of the companies that pay the big dividend, assuming they may have to cut the defensive debd. so if investors are going to sell the big stocks in a tough economic environment anyway for fear they'll have to cut the dividend and if companies have to pay that fixed dividend, potentially stress ing their balance sheet in order to do it, we feel it's a much more efficient way to return capital to have that dividend applied to

cash flow as opposed to a fixed dividend payment you either kr have to cut, or you have to go out and raise capital in order to cover that dividend >> mike, my question is how quickly we can expect behavior from corporates to go back to what it was. it's fairly obvious to everyone now that buybacks from airlines, for example, over the last couple of years were a mistake, united having to raise capital at cheap prices as well as take on government bailouts highlights that for everyone to see. after the last crisis, how quickly did companies pivot back to a practice that right now looks silly? >> it's a couple of years. you would go back to 2012 and people were complaining that most of the flows into equity seemed to be coming from companies. it was a big corporate issuance, debt issuance boom that was fostering that to some degree. 2007 -- it's always cyclical 2007, buyback volume was greater as a proportion of the overall

stock market than it was before this current peak we've just experienced. i think there's tremendous merit to try and create some discipline and get companies away from this idea that buybacks will be their flexible mechanism they'll let wax and wane while they honor the dividend no matter what until it's too late. it's a behavioral thing. the signaling effect from the company saying we stand by the dividend has historically worked well unless the deal gets too high, which is the market's way of saying we don't believe it will be there. >> jim, thank you. up next, we'll bring you uninterrupted coverage of the final minutes of trade when we take you inside the "market zone." just under 15 minutes left things on your mind. ave af 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,

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statement. they say there has been confusion in recent days about funds allocated to harvard as part of the c.a.r.e.s. act harvard has decided not to seek, accept the funds allocated to it they say we are also concerned that the intense focus by politicians and others on harvard in connection with this program may undermine participation in a relief effort that congress created and the president signed into law. they are going to inform the department of education about their decision and encourage the department to act swiftly to reallocate the resources otherwise known as the funds that were allocated to harvard they are making the point it has not requested, received, or accessed those funds, but it is controversial. stanford came out and said they will not access those funds either, wilf they are now putting out their formal response to that. back to you. >> and therefore removing any controversy. if this is accurate, which we

have to take it at face value, they never applied for it or received it, then for all the criticism they've got almost out of nowhere the last couple days they need to be applauded if they're not taking the money maybe it's the right choice because they're very wealthy >> both of those universities among others that were allocated funds have very large endowments but they also made the point, at least stanford did, that part of their funding and endowments have been adversely affected by the stock market recently and the volatility but harvard is the latest to come out and say we didn't apply for it, we're not going to accept it. >> they were certainly in the crosshairs despite that. >> they were >> thanks for that ten minutes left of the trading day. 2.5% higher on the dow time for "last chance trade. joining us for that, the wealth management ceo josh brown. what have you got for a last chance trade >> i missed you guys so much since last wednesday i feel like every week is an

eternity i want to give you three names that are involved in medical equipment and testing and diagnostics, all three look like they're setting up for a breakout the first is becton dickinson. this name has gotten back into a gap from late january. i think it sets up nicely. thermo fisher is my favorite of the three. t.m.o. they beat earnings this morning. and then let's look at baxter, which had an insider buy last week of about 10,000 shares in the 80s. all three names as a trade, wilf, what i would do is use yesterday's lows as your stop. again, these are trades, not necessarily investments, but i think they can all break out to new highs, right sector, right time, great companies. >> you stole baxter from stephanie, right last week i think. >> she likes it also >> nine minutes left in the trading day.

you've seen the graphic. commercial-free coverage of all the action going into the close. mike santoli here as well to break down these crucial moments of the trade daigh along with josh brown let's kick it off with a look at the broader market, stocks higher for the first tomb in three day, the dow up more than 500 points, lifted by a rebound in crude oil today you have every sector in the green bay and technology in the lead with the nasdaq popping 3%. if you look at who's leading this market, tech, semiconductors, what does that tell you about the flavor and what it means? >> it means that instinct to go for what is perceived as reliable growth is still there megacap growth is either -- the big guys that can't be displaced easily, can weather the storm, all those cliches are in place past couple days, s&p settled back about 5%. the question was, was it just d big growth stocks taking a breather or did they basically use up all the buyers in the short term because it was such an the obvious trade

risk is bouncing you mentioned oil. didn't do much on the downside to other asset classes it's bouncing. high-yield credit doing okay after a couple ragged sessions treasury yields are higher it's not necessarily something that says that a different tone is in this market. it's much more just the familiar quick buy of the day >> josh, i wonder whether you're getting concerned that some of these sector-specific or stock-specific beneficiaries of the current pandemic are stretched too far. i'm interested, you picked three health care stocks it is the best performing sector, just about year to date down only 3%, tech down only 4%. do you think those couple of sectors and maybe a few other stocks elsewhere have been stretched too much to the upside >> you know, i've heard that argument be made and it may turn out to be true, but i also want to point out a one-year performance number for both health care and tech, because they're both green over the last 12 months, not just year to

date these stocks have already been leading. health care actually is outpacing tech i think it's up 17%. the xlv as a sector. bear in mind, xlv dominated by very large pharmaceutical companies and health insurance companies. if you actually go below the surface, wilf, you will find many, many dozens and dozens of charts, companies that do everything from hip replacement to robotic surgery it is a very, very broad, important sector the united states federal budgets i think a sixth of it goes toward health care. it's a huge important part of the economy and it makes sense for these stocks to be leading and performing they are secular growth stories. many may v pay dividends they have great balance sheets established brand names. they are global and can shift their business to where the action is. some of those names i gave you within health care like thermo fisher, for example, there's a

pandemic, a crisis, the crisis requires both technology and science. they are like the perfect company, a company of destiny to pivot their business to address it that's why i like these names and i would not be getting off of them despite the fact they've done well this year while so many sectors haven't >> let's talk about snap, the shares of that company surging today after reporting strong numbers last night surge as well in user growth as more people engage while at home ceo evan speak l weiiegel weighn >> we believe that, you know, staying close to friends and family is important no matter where you are, whether you're at home or out in the world so we're really optimistic that user growth can continue there are changes in consumer growth, people watching less content because they're staying home a bit less. we'll see how that evolves in terms of user growth, we

think the people want to be connected to their friends and family this period of time is a bit of a reset are people are reprioritizing what's important to them. >> what are your hopes long term for monetization of that engagement >> snap's daily user growth is off the charts i have a teenager at home. it has never been more important for people to keep their digital lifelines to their friend groups, the people they literally aren't allowed to see. that might lessen to some extent when we're able to walk outside our door and kids can go back to school i think what you've said is the right point, is monetization even if that user growth slows down think about this snap last quarter made $2.02 on every one of its users, which sounds like it's not bad, but facebook is 7.25 will snap ever know enough about its users and their online shopping and surfing habits to

get up towards that $7 so this company can grow up and find its full potential i would argue no but i could be wrong about that that's the bet you have to make if you're bullish on this name it's not outrageously expensive if 2021 and 2022 numbers are realistic, so it's a name i'm watching but i don't currently have any investment in it. >> a lot of social stocks getting a boost today on the advertising growth and the users there. twitter up 10%, facebook is up 7% expedia is another big winner the s&p 500 today. seema mody has the details on that one >> my sources confirm that apollo group and silver lake are in discussions to invest over $1 billion in expedia, both private equity firms are requesting a seat on expedia's board and the deal if signed would represent a vote of confidence for the online travel company that was struggling even before coronavirus hit earlier this year and laid off 3,000 employees. it's pulled it 2020 guidance

bookings continue to plunge. expedia has drawn down nearly all of the $2 billion in its credit facility so sara and wilf, the pressure is on expedia and its chairman, barry diller, to address concerns. what i would say, both have a track record investing in travel apollo took norwegian cruise line public back in 2013 and silver lake putting money into airbnb two weeks ago we'll see what happens with expedia. >> apollo said they were looking at leisure and hospitality companies when it comes to loans and money like this. thank you. mike santoli, more on the market internals today with two minutes left of trading. what do you see? >> pretty upbeat, sara looking at the breadth, the new york stock exchange up versus down volume, about 3 to 1 or something like that. most of the day about three-quarters of the volume to the upside not bad, maybe a little less than that right now but not overwhelming we were talking about the growth

dominance. look at the nasdaq 100 versus the russell 2000 that's just today. it shows you where the dollars are flowing and not so much. then the volatility index, it had sort of popped in the last couple days, back above the mid-40s. it's receded again we're having 2% daily moving it probably won't go down too far. >> mike, thanks. we have 60 seconds left at the moment s&p up 2.3%, nasdaq up 2.8%, dow up 460 the session high was about ten minutes ago, 594 we've just come off that high as we approach the close. that's the s&p 500 chart steady improvement throughout most of the session and a tiny pullback as we approach the close. in terms of sectors, all 11 sectors moving in the same direction. tech, energy lead the charge on the s&p. consumer staples, financials at the bottom but they are up more than 1% themselves of course oil has been very much in focus if we look at brendt, which

hasn't had any contract expiring issues, that's up 1.5% today, still down 26% for the week as a hole whole a little bit further, dollar strength as the bell rings, we are up 2.3% on the s&p 500, 2% on the dow, 2.7% on the nasdaq. sara >> first up day in the last three. welcome back, everyone if you are just joining us, i'm sara eisen with wilfred frost along with mike santoli. take a look at how we finished up the day on wall street. the dow up 450 points, lost a tiny bit of steam to the close but a steady up day. the s&p 500 up 2.5% a few moments ago. every sector fin irk in the green. for some perspective, so far for if year, s&p down 13%, still on

pace for its worth year since 2008 nasdaq was the winner today. technology took the lead technolo technology, chip stocks did well energy was higher on crude oil's bounce nasdaq up 2.8% the russell 2000 index of small caps also bounced for the first time in the last three sessions, up 1.34%, lagging on a yearly basis. small caps down 28% or so for the year versus only 13% decline for the s&p. coming up, we'll get another read on the state of the economy when las vegas fans and railroad operator csx both report earnings we'll bring you those numbers. and we'll discuss reopening the economy with the lay yor of las vegas and the lieutenant governor of georgia. and terry duffy will be here to react to continental's call for a probe of crude futures trading on this week where we saw

negative prices. joining us to talk about the market today, first, josh brown is here. first to you, mike, on the rebound we saw and some of the recent price action. i read those year to date changes. i mean, some still may be surprised looking at an s&p down only 13% for the year. >> without a doubt depending on your start date, when you clock it, it's not been deeply damaging on a year to date basis it takes you back a fair bit in time because we are still kind of around those levels, even below the levels where we first hit in january of 2018 you can kind of play that both ways there was at least a little bit of a dip buying instinct you had this gentle rally. from day to day in this general vacuum of important economic releases and corporate earnings, you have the light at the end of the tunnel some days is going to look bright and nearby and some

days dim we're in a mode talking about reopening states, whether it's controversial or not, at least in a mood basis gets the market to hold up a little bit. i don't think it's changed much. we're in this range trying to digest that big rally. >> you talked about the structurally positive companies that you're happy to pay what looks like a relative premium price in terms of the bounce they've seen off the bottom. any bottom feeding, oil company, airlines, any of those more risky and exposed sectors? >> no. i mean, through funds and index etfs by default, i have and everyone else in america has the exposure to that already when we talk about individual sectors and stocks, what would you rather have more of? and that barbell approach and buying along the bottom worked really well in the forced liquidation of the third week of

march. but as markets normalize, this very rational process of active managers out there separating winners from losers. actually, if you look at an equal weighted index of united states tostocks, an etf you can throw up quickly, eusa, it basically looks at the entire stock market as though every stock had the same weighting it's down 24% on the year, no where near as good as the s&p 500, which we know is heavily weighted toward companies with tons of cash, tons of optional ti, and secular growth stories for the median stock, even in the s&p 500, the recovery does not look like a v, it looks like a check mark it is way more disappointing for people that have portfolios laden with those names does it make sense to have big winners? you tell me. look at chipotle they beat earnings for the tenth

street quarter, beat on revenues for the sixth straight quarter look at this environment they're forced to environment in like everyone else. they are coming through with flying colors, delivering to their consumers, and they have stores that are at positive cash flow under a national lockdown imagine how well they do if and when we get out of this. so should chipotle be more expensive than a name in the dow transports yes. premiums don't arise magically they come about because some companies are doing better than others a lot of it is justified and it's hard to fight against it. >> let's get to bob stanley for more on the stocks that have been leading today bob. >> yeah, wilf. we're l up today but on a light volume the major etfs half normal volume want to keep an eye on that. some governors are forcing the states to reopen so stocks that would benefit from that were the ones that did well today

restaurants were flying. ruth's chris steak house, darden brinker that owns chilchili's d well today energy stocks are up, apache up today, highest level since early march. it's up about 10% this week, very different than all the craziness around the futures market in the crude business mega cap rally today facebook up 7%, back to where it was in early march google, microsoft, apple all doing really well. when those stocks do well, the s&p will be up 1% or 2% no matter what anybody else has done bank of america, johnson & johnson. bold call. they said we think the defensive names will be outperforming from here on in that's not really happening. it's tech and consumer discretionary that are doing well finally, guys, i want to point out even with the market up, the vix is remaining in the mid-40s, 42, 43, 44 that's telling us and traders don't anticipate we're going down in terms of volatility anytime soon

back to you. >> we've got earnings out. csx, frank holland has the numbers. >> shares fractionally higher for reporting revenues that were in line, a 5% decrease year over year and eps at a dollar, six cents above estimates. the company did not provide guidance that's something we'll be listening for. it had one of its most efficient quarters of all time, an efficiency metric of a record for the first quarter. overall we'll be listening on that earnings call for how the company's volumes continued after the first quarter. we know from weekly data that double-digit declines followed in first three weeks since the first quarter ended. the earnings call begins at 4:30 shares basically flat. back to you. >> thanks so much for that, frank. let's hit the numbers coming out of las vegas sands a revenue miss, $1.8 billion the forecast was for just over

$2 billion that's down 65% year over year of course q1 for them was expected to already factor in a lot of the pandemic's effects because of the significant exposure to macao and of course and singapore as well. they've got marina-based sands and singapore exposed to lockdowns earlier. sliding 2.5% or so in the premarket, a loss on eps of three cent, around about that level, a slight miss they also said in the press release that they're keeping previously announced capex plans. for the year ahead they were to the tunes of hundreds of millions of expenditure. they announced they were canceling their dividend to the tune of billions of dollars saved but recommitting to those capex plans. we'll hear about what they've experienced in the vegas side of things in the last month or so macao being hit hard

down 65% year over year. moving on, central capital has been an outspoken critic of the government offering aid to companies that participated in previous stock buybacks. he joined cnbc earlier today and called for regulation around buybacks >> the number one, if it were up to me, i would tell you that open-market purchases of stock by companies should be banned. it was banned before and should be again they should be done by tender offers two, it should be done when you can prove you don't need the money for other things meaning a rainy-day fund or r&d line item or something else. >> again, very outspoken a great interview. recommend to watch fit you haven't already. i guess one thing that stands out in this debate, mike, is whenbuybacks have happened and so clearly the management benefit from that versus dividends where that's not the

case, the pushback of course always is that for the person receiving the money, dividends attacks and buybacks or not, an alternative would be to apply the same tax rate to a buyback and it would remove classic argument that still suggests buybacks are better than dividends. >> well, but also dividends go to all investors, and so therefore all investors have some tax liability whereas buybacks, they're only taxable for the people who sell the stock into the buyback if you're a remaining shareholder you get in theory the benefit of a more efficient balance sheet arguably i think the argument can go along so many different fronts right now. the idea of the government kind of micromanaging the allocatio of capital within companies to say here's when you're permitted to do buybacks it's tough. it's tricky. some say you can't do buybacks unless you have a fully funded pension fund that makes sense the government could be on the hook if a pension fund goes bust it's tough to say you're going

to forbid companies for spending around the money in a way that is, you know, deemed prudent at the time >> yosh, wojosh, are you invest around the buybacks and dividends, focusing on companies that are preserving dividends? there are a number of them and raising them at&t preserving today. p&g, j&j, buybacks as well and the question of apple hanging out there. >> well, mike hit upon the key point from my perspective. i manage investment portfolios for people, and would i prefer them to get more money in dividend income and have no more buybacks not necessarily because there's that double taxation the corporate earns the profit and when they distribute a part of that, the end investor ends up paying another tax. if you tell me we're going to equalize the taxes and do away

with the dividend tax at the individual level, i'm all ears for that argument. until you do that, buybacks remain a very efficient way for a company to say, here's the deal, guys, we don't have anything better to do with this money right now so we're going to shrink the float and return capital to shareholders in the form of boosting earnings by having less shares outstanding amongst which to distribute those earnings from. why are they controversial well, they're controversial because people think companies can't do stock buybacks and also hire people and also do r&d and of course that's not true. and the best example of that is apple. a lot of people look at ibm and say, well, look at them. they did all these buybacks and the stocks still went down okay my answer to that is stocks would have went down further if they haven't done the buybacks because there would have been more shares outstanding and those earnings would have to be distributed amongst more shares. a lot of ways to look at it.

the main point is right, which is you can't have socialism for the executives of companies that run into trouble if you're not also going to do of course things like helping people out with health care who can't afford it. you can't be for one and not for the other with a straight face so his point about doing more to help people is a good point. >> i get that and the point op tax on dividends you said buybacks remain very efficient to get capital back to shareholders for any buyback, almost any company in the s&p 500 that's done abuyback in 2019, it was very inefficient because that money went out to -- >> not true. it's false >> why not >> it's false. not true all right. i'll tell you why. >> take the tax -- take the tax argument away, which i've already acknowledged you can't dollar for dollar, the dollar gets back into the hand of the

shareholder. you don't know that that has a dollar for dollar effect on the share price with buybacks. there are all sorts of other forces and just reducing the share count doesn't lead to the same buyback >> that's true >> to the same amount of return for the shareholder. it's not always very efficient is my point. >> that's true no, no, no nothing is ever anything always. and one of the hardest parts about your job and my job when we talk about these things on tv is that there's tons of gray, there's tons of nuance the point you made is right. we've done a lot of work on this, and in the fourth quarter of 2019, companies in the xlk pulled off $200 billion worth of buybacks just because we ran into economic trouble in the first quarter of 2020 does not mean that those buybacks were an inefficient use of those funds capital. let me give it to you, and mike santoli will smirk, but a worse scenario than a buyback boom how about a capex boom that's a

complete and total waste of money? we've had one of those 1999 and 2000 there was a massive capital expenditure boom that was a complete and total waste of money, arguably the money would have been better spent going back to shareholders in dividends or buybacks instead, we had this huge expense in telephony and equipment and fiber and things that ended up leading to massive bankruptcies, not just frauds like worldcom but bankruptcies across telecom, tech look at nortel in canada it's not better to just light dollar bills on fire than shrink the flow to the company. i think we just have to say there's room for both sides of the argument and in some instances it makes more sense for a company to shrink its float than just throw money at projects that aren't going to result in an roi >> i agree with that

management of companies should be free to allocate capital as they see fit once it gets to the decision to return capital to shareholders, my point is i don't understand why the balance -- in fact, it may well have been a red flag why the balance in the u.s. was so heavily tilted towards buybacks over dividends in a way that has not been the case perhaps in europe and maybe that was in fact a sign of the top when money was pouring into buybacks from heavily indebted companies that could have allocated capital in a slightly different way. >> one point on that that's fair. one quick point. they always put this chart up showing the peak of buybacks coinciding with the peak of the stock market they do it in dollar terms yes, of course, when the stock market is high, the dollar terms of buybacks are the highest because they're buying back shares at high prices. we just have to say there is room for a debate here it doesn't have to be a

revolution where any company that does buyback is a villain and anyone that's against buybacks is robin hood it's not reality >> hear hear >> guys, we'll leave it there. good debate. josh brown, thank you. moving on, continental resources calling for an investigation into the handling of crude oil futures. the company's executive chairman harold hamm telling us earlier about his concerns listen >> i find it highly unusual that for the first time ever in over the years that we have any commodity trading at a negative. and, you know, it happens with crude oil. so on the day before the last closing day of the month so something went awry i know they put in, instituted a new computer system, perhaps that it's it, i don't know, but

there's more here at risk than just that. >> he also sent a letter to the regulator saying the sanctity and trust in oil and commodity futures are at issue joining us now in an exclusive interview, terry duffy thanks for joining us. we want you to respond to mr. hamm >> sara, wilf, and mike, thanks for having me and i hope you're all safe i don't know if i have enough time to respond to mr. hamm and his comment bus let's address what you just played to say we've never had a commodity go negative 50 years is factually incorrect natural gas has gone negative. other products it's wrong to say that i find it very misleading information he put out there in his comments with cnbc terry, h

investigation for market manipulation or failed computer systems or programs that went forward. can you answer what they'd find for us now >> well, first of all, you heard from the chairman of the cftc yesterday. he was on your show and i listened to that very intent ti. the cme, we are a neutral facilitator and we're happy for people to look into the markets. we have seen several things. it's critically important to talk about what happened on monday we had roughly 130,000 contracts of may crude oil of open interest we traded 154,000 of may crude oil on that monday we traded less than 80 contracts at the price soft zero, 10% of the price below zero mr. hamm and any other commercials who are traditionally in the market believer that the price would be

above zero, why would they not have stood in there and taken every single barrel of oil if it was worth something more the true answer is it wasn't at that given moment in time. supply, demand, and where you're going to store it was the problem. he knows it. we all know it so that disturbs me very much with the misleading information. the market worked the way the market was supposed to work. the public as he refers to it, or the longs, the u.s. owe an etf -- they weren't in the may futures contract they were long rolled out, as is most retail participants so these were professional players in the marketplace in the last day or two of trading, which is always the case again, if someone believes the price is worth more than it is, they would definitely stand in there to take it they did not for the reasons i just outlined. >> so can you explain -- it's somewhat confusing as to why the price actually did go negative and why it might not have as

many real-world implications that people say. it's paper losses. how does this happen exactly >> it happens because the hold is product and where you're going to put sit almost impossible where are you going to put it? you can't get it on tankers fast enough there's a number -- first of all, we had the president on march 12th stating that he was going to top up all the u.s. oil reserves and there's another fact that piece of news was in the market, and in the $2 trillion stimulus plan, that got stripped out of the plan. so he did not allow to purchase the 70 million barrels of oil to top off the edge strstrategic o reserves another factor a lot of fundamentals went into this that nobody where talking about. to say why did it go below zero, because no one was willing to step up and take that product at the price of zero because they knew their costs would be higher

than that. that simple. no different than a retail store that's closed today but still has cost they don't like it so that's negative pricing also. >> terry, you mentioned that the etf, perhaps the uso and retail investors likely were out of that contract in the day that it actually went below zero, roll eight head or liquidating or whatever they might have been done is there not an issue to be looked at that the uso, this etf, in some instances owns a tremendous percentage of the outstanding front-month contracts? i know they're changing their contracts. any other measures you would take to mitigate the effects on settlements? >> let's be clear on this. they weren't likely out. they were out. that's the fact. second of all, as you know, the uso etf is not a tradable fund every single day it's normally parked positions against the futures.

so whether the claims of 15%, 20%, 25% of the open interest, this is not tradable on a daily basis. this is just getting exposure to the marketplace. we are in constant contact with people at uso and other large participants under accountability levels of what they are going to do as it gets closer and closer into the delivery mechanism that's why usa was not in the nay contract with monday's action >> terry, some individual investors, talking ing just abot retail investors who have more of an excuse to not understand that this product could have gone negative, some of them were then left with negative values in their accounts if they held this and they didn't have enough cash on hand i think it's fair to say for a lot of retailinvestors they would have expected that the most they could lose was the original amount of money they had in their account

do you think they should be on the hook for negative values or somebody else should be? >> mike, futures contracts -- i'm sorry, wilf. futures contracts have been around for hundreds of years and i will tell you since day one, everybody knows that it's unlimited losses in futures. so nobody should be under the perception that it can't go below zero we clearly outlined and we've seen other commodities go below zero in the past and this one was no exception we worked with the government regulators two weeks prior to making our announcement that we were going to allow negative price trading. so this was no secret that this was coming at us we have to do things to allow the market to go to a price, what is reflecting the fundamentals of the product, and the futures market worked to perfection if you were a commercial short, which you should be short, you should be thanking the futures market for allowing you to stay in business. that offset your losses against

your cash positions. and the markets worked exactly the way they're supposed to. the small retail investors are somebody we do not target. we go professional participants in our marketplace at the same time, they need to make sure that i they understan rules and it's up to them to make sure every customer knows the rules. >> terry duffy, thank you. >> thanks. appreciate it very much. >> in the ongoing debate of when and how to reopen the country, the mayor of las vegas has gotten attention for calling the shutdown total insanity. she joins us now las vegas major carolyn goodman. good afternoon thanks for joining us, mayor >> thank you good afternoon to you. thank you for having me. >> what do you base the call of total insanity on? you don't believe the medical experts, the science experts, or that you just think the economic impact is too steep?

>> we want to open back up because we have so many people out of work. we're a hospitality state. that's our industry. and so all these small businesses, the people who have put a life earning into are closed down. all these employees. we have about 900,000 out of work and can't put food on the table much less pay rent or mortgages and we get calls all the time begging us to open up and because we are a competitive enterprise here, i'm sure that whether or not restaurants are successful and remain so, people not coming there, because they don't feel comfortable, that

will happen. i'm sympathetic to the people we've lost in this state and most specifically in northern nevada we've lost 150 people. but we have over 2.3 million people here and so many are out of work, especially the low or middle income people and they're calling and i'm trying to help by getting us back open. >> mayor goodman, we certainly understand the economic costs and we report on it every single day and how it's hitting people. this is the big dilemma, right you can't be willing to sacrifice people's health in the interest of the economic health, can you? ho dumpb think about that? >> absolutely not. i look to history and the days of polio and the west nile virus and the legionnaires' disease, and i feel very, very confident. we never closed down the country or the economy when we were fighting so desperately to maintain, find out what was

wrong, and find a vaccine. and once we have the vaccine, we're going to be great. until that time there's no plan. that's what i've been begging our governor to do i know he is working his hardest to do what he can. but we want our employees back to work putting in proper safe guards to maintain the healthiest of environment, which we have've always had, because that's why you're seeing a wonderful community like las vegas for conventions, major league sports, entertainment, large crowds being able to be together >> mayor, what you're listing there are all of the most high-risk types of events and gatherings >> yes >> for what is the most virulent type of disease that we've seen in many years compared to the ones you listed. i guess there's a disconnect

you're not asking for a small reopen bug embrace the most high-risk types of economic activity >> for those who are so concerned, and that's everybody that really is concerned, and we have a population that really says let me back to work to support my family, put food on the table, everybody has the right to their own opinion and to taking care of themselves and their families so on one side of the coin, those who do not want to mingle in a large group, again, at some point, but what i'm hearing from the top professionals that are out there as pundits to us all are saying we don't know an end to this, we don't know whether it's going to come back in a month, if, in fact, we got a hold of it, or if it's going to be here through the end of the year so the question is do we remain in our homes for a whole year? and then what happens to the entire economy and most importantly to all these people who are now going to become part of the homeless

population so my whole call is please give us a plan, give us a time line which the president so far has responded to, but i, as a nonpartisan, am calling for those also, the middle income, low income, who in this state are out of work because we are a service community. and it hasn't been broken. >> when i hear about reopening vegas, i think about a lot of people in the same room, touching the same slot machines and the same cards and the same dice what if you do pursue this path and reopen and people don't come >> well, that unfortunately i have no power over, first of all. the gaming control board and the state have total control over when casinos can open. but it is about private ownership. and so each one of these hotels, these wonderful hotel, 155,000

rooms in their casinos, how they're going to go ahead and fight and combat and prepare, they've already been doing it. they've already been planning. everything is cleaned down once again. but we wouldn't have been so successful all this time and have so many conventions and so much activity, entertainment and sports, if we hadn't already been very careful about all hygiene here >> my final question is, don't you think the doctors should decide this whole question about reopening? i mean, with all due respect, versus listening to different opinions from politicians and pundits -- >> sure. >> -- isn't this just up to the health care professionals? >> yes, and they're telling us they have no handle on it, we have no vaccine, no treatment, and so the reality -- >> they're telling us that social distancing is working >> oh, no, no, no. i'm sure all the private businesses are looking at that and how they operate so absolutely you're right

social distancing is going to be a piece of the reopening we just want to do it and get our people back to work. >> have you spoken with the president about this >> in particular, in specifics, no but he was out here for our return to the working world of our hope for prisoners he was out here for the graduation of these wonderful people who made a mistake in life and now have come back to work so i did speak to him briefly then but not about this. >> mayor carolyn goodman, thank you for joining us >> thank you >> still to come here on "the closing bell," we will ask the lieutenant governor of georgia how the state will enforce social distancing guidelines and businesses such as hair salons and gyms which will be allowed to reopen from friday. as a reminder, you can watch the slow or listen to us livonhe bcppe t

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welcome back higher by 2% on the dow, 3.2% on the s&p, 2.8% on the nasdaq. 456 points for the dow we shed about 150 points in the final minutes of trade but unless gains across the board for the major indices. >> let's send it over to mike santoli, looking for another dashboard on the session mike >> this is the investors intelligence survey, comes out on wednesdays. this is the number of bulls subtracting the number of bears. when this is zero and that's roughly here, it means there's more bears than bulls. that did happen at the lows. it also happened right there, late 2018. you can go there in early 2016 it's usually a contrarian buy signal for the markets, not a sustainable advance, and some would argue given the severity of the decline in stocks one

might have expected this to get lower than it did. in 2009 it was deeper. i think it was such a quick episode and didn't give investors time or advisers to adjust to a bearish view sentiment is no longer an outright tailwind for stocks because you have had this rapid adjustment now that there are more bears than bulls, at least in this survey >> the other question is the level of consensus of people saying we'll retest the lows and deploy cash then it slightly offsets any potential downside from here if it's a consensus call. >> i think it was a consensus call before the rally on the rebound suz r wwas so strong. people might say there will be a retest but not many are positioned in that direction i would call it neutral. >> mike, thanks. up next, how hospitals are trying to protect frontline workers amid shortages

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tumt r time for a news update with sue herera >> good afternoon. new jersey's governor phil murphy reporting a drop in new case, deaths and hospitalizations, adding he hopes that decline continues he blasted senate majority leader mitch mcconnell for suggesting states be allowed to go bankrupt during the pandemic. >> come on, man. that is completely and utterly irresponsible. there's no level of responsibility associated with

that he's dead wrong. that won't happen. we won't go bankrupt you have my word we won't go bankrupt >> mitch mcconnell following up his earlier comments on state bankruptcies saying senate republicans will wait until at least may 4th before considering the next coronavirus stimulus bill he says he does not want to help states solve their pension funding problems in california, gavin newsom says hospitals can begin scheduling surgeries that had been postponed but he has no date to reopen that state's economy. >> for more, head to cnbc.com. sara, back to you. >> all right, sue. thank you. the senate passing another round of coronavirus relief funding with $75 billion expected to go towards hospitals. this comes on the heels of the $100 billion in funding hospitals received as part of the $2 trillion c.a.r.e.s. act despite the funding, our next

guest says it won't be enough to cover the losses it and other hospitals are inincuring from t outbreak rich friedman's mt. sinai's health system handling 20% to 30% of the coronavirus cases in the united states. that is an amazing statistic what kind of drain is that having on your hospital financially and obviously the wider impact as well >> well, you know, we're at the accept ent epicenter of epicenter since this pandemic has started, we've had 6,500 admissions in our hospital system. we've had 3,000 discharges, 1,800 patients right now, but we've also had 1,450 deaths. this has been pretty intense since the beginning but it came on in an onslaught and, you know, we have turned the corner if you will we're starting to see the amount of hospitalizations and

discharges be around the same at this point but you have to understand the rest of the hospital, you know, all of the services, the elective surgeries and everything else have been completely shut down for five weeks. it's been the most challenging and intense period that, you know, we've ever seen at our hospital system. >> have you felt like during the process you've had the right level of funding and equipment >> well, it's been a journey five weeks ago we were very short on the ppe side so we had an emergency mission where i adopted the nbd missions flying to china to bring back 5.5 tons of ppe because we were that short. since that point in time, our procurement team has worked very hard and the public at large has been helpful for us to secure the needed masks, gown, face shields. it was worse four to six we'res

ago. we're concerned because of amount of usage not just mt mt. sinai but other hospitals have we don't see an end to that. the cdc said they see another surge for the fall and the winter protective equipment and the front line has been foremost on my mind since this started >> i was going to ask you about the cdc warning, the second wave how would you prepare differently knowing what you know now if this does come back as we start to look at reopening our economy again? >> well, the first thing ken davis is worrying about, our ceo, is how are we going to stand up our hospital after we can bring down the covid cases so we can deal with the elective surgeries, you know, the transplants, the strengents

that's the next phase after phase one. the preparation for a second surge will include all of what you'd expect first is we'd have to make sure we have the bed capacity we have to make sure we have the ppe needed for a surgery and then the manpower issue is huge the toll on our frontliners is -- at this point it's almost unspeakable what they're enduring these are great, hardworking people, but they never imagined that this is what they'd be up to obviously, they committed their careers to serving patients and taking care of them with compassion and care. but every day this is -- you know, this is very, very tougher on them. >> are they going to get more compensation sorry to cut you off we're running out of time. will they get more compensation for hazard pay >> yeah. we're going to take care of our front line the best we can we're not up to that yet we're focusing on taking care of our team and serving our patients at this point

>> rich friedman, thank you so much for an update we wish you all the best >> thank you very much >> as all the doctors and nurses and everyone that works at mt. sinai. >> still to come, the state of georgia reopening some businesses this friday e eunaask thlitent governor why he thinks the state is ready for that.

on monday, georgia's governor said some businesses will be open on friday, gyms, bowling alleys, hair salons. the announcement caused some backlash as the state hasn't met guidelines laid out by the white house which include seeing a downward trajectory of cases over a 14-year period. we're joined by georgia's lieutenant governor geoff duncan >> thang you to lieutenant governor geoff duncan for joining us on those white house guidelines, lieutenant governor, georgia has only seen six days of declining cases, three days of declining

deaths why move more aggressively than what the white house the advising >> the details do matter the steps we're taking are incremental measured steps moving forward we continue like other states to look and analyze the number of different sources of data and analysts that have looked at that information one of the most important pieces that governor camp and our team has looked at is the abundant number of resources available and hospitals around the state comingi coming this pandemic we were concerned ant the level of hospital resources and equipment. we see an overwhelming number of our communities have surplus capacity with equipment and hospital space to be able to combat this. >> but what resources do the small businesses themselves have to deal with do they have the term or the tho check customers coming in?

how are you enforcing thes guidelines and making sure when a customer or employee enters those spaces they are face >> i think it's a great point to bring up because this is not forcing anybody back to business this is about a small number of businesses that the state had to tell on almost a minute's notice to shut their doors and back away these are businesses that weren't able to telecommute, weren't able to remotely work, but i think the important thing to understand -- and going back to the details matter, there is a long list, a stringent list of requirements that these businesses have just like many of the other businesses that are essential, that they've got to follow you know, look, i think the consumer here is going to need to continue the gain confidence and these businesses have to work towards that. interesting point to bring up, two weeks ago i started making cold calls to ceos from the largest businesses in our state and small businesses too and getting their take what i understood from them is every industry and business will have a different recovery strategy

every business and industry will have their own unique innovative ways to deal with this one of those was a good friend joe rogers, the ceo of waffle house. he said, geoff, just give me the list of rules and regs and we will be because our livelihoods depend on them. he was talking about the tens of thousands of employees worried about putting food on the table. he will follow those rules and i am so proud of the millions of georgians that have personally sacrificed to get us to the point where we've been able to flatten the curve and taking small, incremental steps forward. >> i'd like you to elaborate on that which ceos are asking you to re-open those businesses because we've seen many mayors in the state of georgia, we've seen religious leaders and franchisees say they don't feel comfortable opening until the middle of may. so who is telling you to open now? >> i think it's important to understand nobody is being forced to open

i would imagine a number of businesses don't feel comfortable they have the access to the equipment yet to do what they need to do or the access to the labor to sterilize and clean their facilities i think it's important to understand that the only way through this is with innovation. it is with an understanding that, you know what? the government will not create one law or one rule that makes this come back to normal we've got to understand that this is a first step in figuring out what the new normal looks like and personal responsibility goes a long way in this country. it's one -- is personal responsibility we in georgia have been working very hard to get to where we are at today a lot of way to go teleeducation, telehealth, telecommuning. i want georgia to be the technology capital of the east coast and certainly as the optimist i am on the back side of this, we'll have an opportunity.

>> finally, the governor said that cases will inevitably go up because of this. what metrics are you using to decide whether it's safe to proceed as is or whether you'll be able to pare back some of these guidelines >> i think we'll continue to look at a be in of different data points. both the trump administration and vice president pence has virtually almost every day been in communication with governor kemp to talk about this, but i think it's important to understand that we need to govern through the facts and the figures and the data and not just out on social media blogs or on pundits that want to have five-second sound bites and we're certainly paying attention here in georgia. >> lieutenant governor, we thank you for your time. we'd love to have you back when we have the statistics and some of the data to talk about. >> lieutenant governor, and kale a thank you very much for bringing us that interview >> up next, the cast of "friends" banding together for

charity in the wake of the coronavirus. deilanthe tas d rest of your good news rundown for today. straight ahead every financial plan needs a cfp® professional --

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up next, we'll come back to some of these after-hours keofings and take a look at the

lis las vegas sands now up 7% we'll be back in a couple of minutes. and we'll be here to serve you for a hundred more. ♪

>> now for our good news rundown highlighting some positive stories out there in the midst of the coronavirus american eagle outfitters are donating $1 million to covid-19 relief efforts along with a million face masks to health care workers in an effort to support commune is in need lidge tal lending start-up, hiring 1,000 laid-off hospitality workers, the marriott and the new york sports club about hiring furloughed workers. online pet retailer chewy surpassing $4 million in relief efforts with its new humane

society partnership. >> the hit series "friends," auctioning off tickets once it's safe to film again >> ashton companier and mila kunis launching wine to help proceeds, 100% will go to feeding families in need, supporting ppe workers and supporting small businesses, and the demand for wine and it's a great product and the proceeds go to a great cause. win-win-win. absolutely it's not beer which i think you would take over wine >> well, it depends. it depends it's fun to have unlimited quantities of both you have to mix and match. >> i just want to point out some after-hours movers including las vegas sands, mike, which disappointed on revenue posted a 51% revenue decline, and it has

turned around and is shooting higher now, 7.5% >> how much damage has been done to the stock and that would certainly qualify as one that did get pounded along the way. >> earnings do matter, some big individual stock movers, and tonight, we're out of time from sara, mike and i, thanks for watching melissa lee will be breaking down all of those after-hours movers for you next. welcome to "fast money "" your traders for the hour, tim seymour, guy adami, steve grasso and the investor mark moby doesn't believe today's bounce and he'll join us ahead. macy's shares tumble as the company looks to raise cash and we'll find out if any of our traders are shopping around this name we'll tell you what sent shares of j & j to new all-time highs today and we begin with a double dose of earnings and csx and a read on thec