stephanie link >> so i'm adding to twitter. the stock is down 11% on the year down 28% from the highs. i thought the quarter very good offset by advertising. advertising comes back. >> great stuff great having everybody thank you so much for watching kelly picks up the breaking news coverage now. thank you, scott hi, everybody. welcome. stocks are rising today on optimism that the economy is starting to reopen the nasdaq less than 1% away from turning positive for the year right now it's up under just 2%. the s&p up 1.6%. the dow up 1.4%. oil is also a driver of today's rally. it's on pace for a five-day win streak wti crude up 21% right now it's come a little bit -- no extending them i misread that for a second. $24.72 a barrel and continued to move in the session today.

even the president took note tweeting that, quote, oil prices are moving upnicely as demand begins again let's start with bob pisani with the move higher in the market, bob, and everything contributing. >> yeah. energy really on a tear right now. on a bit of a breakout energy's leading retail's leading 3 to 1 advancing to declining stocks again today second day in a row with advance/decline line. breadth as we call it. we are on 100 points either side of the roughly 2850 on the s&p 500. i think that important thing is while we're seeing energy, retail do well today, it is big cap momentum guys, kelly mentioned nasdaq, near new highs. facebook, apple, amazon up 2% today. the market moves when the big five move like that even with some other stocks moving, as well helping the markets today, reopening optimism as kelly

mentioned and a nice bounce in oil, treasury officials talking about no plans to punish china overall. ism services better than feared i think and helping signs of stabilization there, as well so some optimistic data points there to look at besides the reopening thing. very quickly, bloomin brands with numbers they own outback steakhouse, sales down 38% that gives you an idea of what we are dealing with right now. one simple data point and numbers are still pretty grim overall. >> absolutely. thank you, bob. in fact, we have a big, ugly data point the april jobs report due out this friday. everyone agrees it will be terrible but what will the economy look like in the months beyond that? it depends on who you ask right now. steve liesman joins me on third quarter growth what is the picture starting to

look like? >> it is pretty strong, kelly. you have to think a lot of the optd mic optimism is based on the forecasts of a decent third quarter. this is the average of a dozen economists on the street look at the big, ugly 34% decline in the second quarter but that's followed by a 16% rebound in the following quar r quarter. note that it's not quite a "v" because even with the bounce back in the third and fourth quarter the average for 2020 is still down 5%, at least that's where it is now. so we know the conventional wisdom which is we get back to work, the economy snaps back take a look at the other side. some of the rebound bears that are out there. they include bank of america down 1% for the third quarter. rsm up only 1.5% oxford 7.7% compared with 15.7%

as an average for the whole. michelle meyer she said to me this is such a painful and shocking recession that there will be residual pain. i don't expect business to start reinvesting right away it won't be structures and oil rigs that they invest in that will keep growth down in her opinion. another opinion, joe says he's concerned of us getting back to work too soon and based on what i've seen and am hearing i think we're at risk of another mini wave in the third and forty quarter and households will continue to self police. the other problem is that they're concerned of this getting back to work quickly either to fail or that people won't go kelly? >> right, exactly. thank you. we appreciate it let's move on to talk about the market reaction to this. if the country continues to reopen is a v-shaped rebound

still possible if not, what happens to the market joining me is steve weiting and jim karen. jim, i'll start with you because you do think that the market and the economy are at odds here. >> yeah. they are look steve was laying out this is really about the path and the pace of the reopening. yes, economic demand exists but that's not the whole story we expect a u-shaped recovery but that's not the whole story the key question that we just don't know is when the economy opens does it stay open? does it stay open universally across the united states or are there parts of the united states that starts to close back down again? this is going to matter in terms of earnings, in terms of default risks. this is the key issue that we have to look forward to. what the market is assuming and i'm on board with this is that when the u.s. economy reopens it's more than likely going to

stay open but i also think it's a slow opening and that means that the earnings and incomes are going to be coming in but it's going to be slow and consumption will be there but again it will probably be somewhat slow but enough to get a significant rebound in the third quarter compared to the second quarter and then the fourth quarter should also show some improvement, as well. >> you know, steve, i think it is interesting because you have come up with a new way to kind of look at equities and credits into covid cyclicals and defensives can you explain what broadly speaking is in each of those baskets? >> it explains a great deal of why a large cap u.s. equity particularly nasdaq has done so well come paired to small caps in the united states, global equities that if you think about digital disrupters, e-commerce which is in discretionary, information content, whether

it's a provider of video conferences, whether this is software that is running all of these systems, the impact on those industries is really minimal. you combine health care and staples and u.s. large cap shares have the largest component in the industries by far in the world so if you scale down, think about energy centric type of economies you can see really just the complete opposite why latin america, for example, in u.s. dlaur terms at a 50% equity decline if you basket the different industries, you explain what's going on in markets generally. >> steve, restate that for a moment so everybody's on the same page with you what do you think explains the fact that latin america is down 50%? >> it's the components energy, for example. where we've seen jet fuel decline, where we have seen

demand for transportation fuels. petroleum. this is for parts of the world parts of our market relatively small in market cap. now it is a higher component of the u.s. high yield market but if you think about equities markets generally, other regions of the world are having much higher weightings in industries, again, devastated by this impact if you take a look inside the u.s. stock market, things like retailing in general, away from e-commerce, travel, tourism, and industrial activity which is highly dependent on being, physical demand for commodities. those are again covid cyclical industries and throw in something that's a defensive component, real estate it is not all real estate but a good deal of commercial real estate of office space

traditionally defensive. the covid impact is a cyclical weak area. >> right jim, circle back to what you would tactically recommend here, whether it's, you know, across equities or across fixed income. >> so the best opportunity that is we see right now are really across fixed income. that's what i do i'm a fixed income portfolio manager but it is in the investment grade because this is the area with the most policy support. the fed supporting this segment of the market but it is not just about buying the index but senior citizen or thes within the index and bonds in each sector you may not want to have a big retailer with people shopping in one time might not be the best bet but with the index you might get the different strategies so the way that we think about this is to be idiosyncratic, active and very decision oriented in terms of what you buy and put in

the portfolio as we like to say a stock picker's market. it is a bond picker's market and this is how we think about constructing portfolios and the post-covid or reopening period. >> jim, steve, thank you both for the suggestions. talking about these markets today. tune in for an exclusive interview, richard clarida coming up today at 3:00 p.m. eastern time looking forward to that. wework owner changing the tune and suing the one-time biggest backer the details of the big, brewing battle. what will the company of diz n look like in a post-covid world? will parks and theaters not be a driving force of the giant we'll explore that stay with us

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welcome back what a story this is wework co-founder adam neumann suing softbank accusing an abuse of power deirdre? >> kelly, the governance and business dealings have been exposed and well documents what this lawsuit could do is reveal more of softbank's role in the

saga the complaint filed accuses softbank of undermining the part of the bailout to pay out billions to him and early shareholders an employees. it is also a very dramatic shift from what n eumann was called a beautiful relationship. >> it's a real partnership and i think the longer we know each other the more we can build it he is a visionary. he, i don't know if you know the story, the initial story to invest in wework took 28 minutes. >> kelly, that's also a reminder of the investment style and acts with the gut an doesn't always work out wa back to you. >> stay right there. let's bring in david brown, host of the podcast business wars and a mini series about the rise and fall of wework david, it is great to have you

here so, how would you describe -- what would be the name of this podcast episode for the latest turn >> well, it's funny you should say that this particular turn that adam was referring to there where he first meeted masa, that comes in episode of we crash and it was called think crazy and there's a reason for that. as most of your listeners or viewers know, masa's ceo of softbank in 2016 and a world renowned unicorn hunter. right? the gamble on alibaba is small compared with the $4 billion of wework and took a 12-minute tour of the facility and then the rest of the time in the limousine and that's it. $4 billion and then this company which basically releases office space it's worth more than ford motor company. >> right.

>> so yeah i think i would be feeling warm and fuzzy coming to my relationship with softbank, at least in the early days but coming to think crazy masa san as we talk about in accept soed four of thor yes, se series says to push to the limits and i think most entrepreneurs with $ billion feel like i'm anointed by this guru of this unicorn hunter i'm must be doing the right thing. a lot of things change, you know. >> deirdre, grab him, bring him in >> can you hear that if i could venture a title for that podcast episode let me take our colleague amanda's suggestion, life comes at you fast now less than $5 billion value

a beautiful relationship now an abuse of power i think that sums it up. >> you are living that right now, deirdre life comes at you pretty fast. >> i didn't know if the mic could pick it up. >> i think everybody sympathizes right now. david, we'll return to you in this issue what next for softbank i don't know the millions to pay out here but a lawsuit is something they can ill afford right now. >> that's true but then again, i mean, i have seen a lot of critiques online of how adam is playing this out. how dare he seems to be a strain that is coming from a lot of people i don't know i mean, i'm not privy to the contract when softbank stepped up its recommitment to wework but, you know, if there has been a breach of contract i don't think that adam has much of a choice here. he's going to have to pursue this by the way, a lot of people are under the misimpression that wework is kind of a tumbling

down from what i can tell, actually, they have made enormous investments in their own company and have been growing. it seems as if the new leadership at wework is committed to making it work so, you know, i'm not sure that i would just count this off as a cynical move on the part of adam i don't think it's anything look that. >> deirdre, i'll give you the last word on that. >> i don't know. i take issue with the fact that wework is growing. rather i think it is trying to shrink they're cutting costs everywhere they can they had to reassure investors of $4.4 billion in cash as of the end of last year and i don't know if that's enough to face a recession. remember, the whole business model is taking out long-term leases and renting them out on shorter terms. what happens there i think they're trying to scale back very, very quickly and you have this visionary adam neumann who's ambitious and being pushed

and now you have real operators and can they scale this back fast enough? >> it's true we knew the recession risk for them and now a pandemic and a recession that we haven't really even fully entered into. thank you for your thoughts. coming up, it is not your imagination. food prices are going up with some products jumping 25%. while overall u.s. auto sales sunk by more than half, there's a bright spot in the sector what it is and who's benefiting. you can watch or listen to us live on the go on the cnbc app "the exchange" is back in two minutes. a genius... and it appears you're quite the investor. i like to trade. well, td ameritrade has pros ready if you need help, say talking through a new strategy... ... just in case things, you know, get a little rocky? i'm sorry on the upside i think that's waterproof.

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welcome back let's get the very latest in the coronavirus pandemic sue? >> thank you very much here's the latest on the pandemic everybody, as you probably know pfizer has begun human trials for the experimental covid-19 vaccine in the u.s

the ceo calls it less than four month's time frame of clinical trials an human testing, extraordinary. it contains genetic material to fight the virus with antigens for a human response. at least 15 children hospitalized with an unknown severe illness that may be linked to covid-19 in new york city the patients range from 2 to 15 years old. several have tested positive for covid-19 or had a positive antibody test result. and former president braoba is addressing students as part of graduate together the one-hour televised program will air on network tv and all streaming services you can get more on the coronavirus coverage by heading to cnbc.com. i'll send it back to you. >> thank you so much. the pandemic has also been putting pressure on the food supply chain and as a result the

price for certain products risen sharply. jane wells joins us with more on who, what and where. jane >> hi, kelly meat shortages are real as these packing plants have to close due to worker illness. i want to show you the affect on prices we have told you that the livestock producers have a glut of animals selling at a loss but look at the price of beef leaving the packing plant and goes to the grocery store. this is before the retail market it is going way up it is the box beef cutout price and in one week it's up 24% to 30% depending on the grade chains like costco limiting how much beat to buy at wendy's uses only fresh beef and in some places now it is not selling hamburger. i went on the door dash app, only chickens. 18% of the wendy's stores without beef supply and food inflation about twice the norm

right now. but back opposite if unemployment is high by the end of the summer. listen. >> we also expect to increase in reliance, retailers using to drive traffic into the stores and the amount of promotions that consumers relying on at the shelf. >> yeah. that will be later not now. hardly any promotions now. we have plenty of food it is the food delivery under stress and right now more because of worker health than it is logistics back to you. >> wow i was at the store yesterday and thinking about the ground beef price. i was just -- listen, jane i'm so relieved it is there. they could charge me 75% mock-up. i'm relieved to get it. >> certain things are not selling. the high-end cuts of meat which usually go to restaurants, there's a potential, look, you're slaughtering a cow. you may have to turn that filet

into ground beef so it may be very tasty ground beef. >> something to keep in mind don't want people to develop too fancy taste, though, as a result of this. jane, thank you for the reporting. we appreciate it. coming up, disney will report after the bell. the stock down 25% in 3 months what will post-covid disney look like plus, nearly 4 million homeowners are in mortgage forbearance plans. what's the path forward out? we'll explore that and shares of shake shack in the red today same store sales dropping nearly 13%. the ceo today sounding optimistic of how things looked lately >> over that last six weeks we have seen a steady curve up for us it is really encouraging i'd say it's also thanks to the team we have created these drive-throughs at a shake shack that never existed never had a drive-through.

we have the drive-up, curbside lanes and shifted to over 80% last week of our sales is on our digit digit digital channels the number of first timers more than doubled so it is exciting because we know that the guests tend to be stickier than a normal guest and we are working back towards dining room reopenings derek, seems like your team is operating just fine remotely. yeah, everything is running smoothly with the now platform. (bling)

see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

welcome back to "the exchange." rally across the board today almost 2% for the nasdaq dom? >> all right it is a day for the bulls but can it last? that's the big question as major u.s. indices hold on to the gains. at the highs the dow was up 420

points up about 350 right now the s&p was up 56 points at the high every sector in the s&p 500 is in the green health care, technology and energy shares all kind of leading the advance. meanwhile, on the laggard side of things, materials, consumer discretionary and consumer staples. the consumer theme to emerge in stocks on the move today we mentioned energy. chevron shares are a big upside mover. optimism continues to build about a pickup in demand for fuel as economies really start to reopen and people and businesses try to get back to work norwegian cruise line is moving in the opposite direction as it warned it may have to seek bankruptcy protection. oil prices not helping there either keep an eye on shares of beyond meat reporting earnings after today's closing bell as supply chain issues remain for traditional meat producers, three stocks on move today back over to you. >> good point.

the substitution effect. thank you. let's check in on disney shares now down about 1% as the company gets ready to report after the bell today with the stock down more than 25% in 3 months, yulia boorstin has more on what to expect to hear today julia? >> kelly, the focus for disney less on the first quarter results and more on guidance for the impact on its coming quarters on coronavirus in the coming quarters especially for the parks division now expected to be the biggest drag on results. investors want to hear how much closures will cost and when parks reopen and the cost of low attendance they'll be listening for the theatrical audiences returning and how it thinks about the reliance on the releases over at the tv division, the question is how deep an ad recession and what kind of cord

cutting they're seeing disney plus hit 50 million paying subscribers far faster than expected. kelly? >> thank you. my next guests say the challenges of disney run deep. for more, i'm joaned by james chuckmock and ed lee for "the new york times." good the see both of you ed, starting with you, kind of on the longer standing issue of espn and cord cutting. you have people asking for refunds for sports channels that they ended up not airing the sports they were looking for this was the big earnings juggernaut for disney. it has to be significant. >> oh yeah espn has been the biggest sort of -- one of the biggest profit drivers for disney and sports. right? there's no sports. no one's tuning in on top of that as you mentioned at the top of the segment, cord cutting is a huge factor so even

when sports comes back and advertising supposedly does there's fewer people on the paid tv account in the first place and espn one of the most expensive line items for operators so if there's a chance that people defected with the current situation it's not going to make a difference if you have sports and the longer term hit. >> what about disney plus? you say despite having 50 million paid subscribers it may not be enough. >> disney plus is a one bright spot if say netflix and amazon made for these times, disney is exactly not. theme parks and sports and movie theaters, they'll see an up tick from disney plus but probably started late and it's also not going to be big enough to

replace what they lose from the other things so it's always a long-term effort for disney plus in terms of ultimately replacing what declining cable subs but it is a little bit late right now an not big enough to be meaningful hopefully they'll give us good guidance with this current quarter looks like for them but not replacing the big losses elsewhere. >> james, let's turn to the ascertains that you made that you think they should do more in the video gaming space, maybe an acquisition. why emphasis in this area for the future >> right yeah you have a great headline with disney plus. you know with the 50 million subs but to be honest with yourself disney's facing more secular challenges than any other company everything they do revolves large crowds live sports. theaters theme parks. but the reality is looking at the company 90% of the business is on the decline. and the one bright spot is 10%

of the business disney plus is losing money and think that given the behavioral shifts to see with the technology move forward and people having more time on their hands and spending more time at home we think that they have to go after gaming in a very, very big way and if they don't we think there's a gaping hole in that ecosystem and simply not able to fill by following the old playbook. >> what happens when we start to reopen and people not at home with the time on the hands should they change the business model so much to change the current climate or not what's the edge on video games are you suggesting they develop disney-based video games or buy an outright provider of video game content >> i think that they have to go bold, big and bold the same way that they have done with live sports throwing billions at it for the rights, acquire the audiences and eyeballs and i think if they don't, because the

fact of the matter is, yes, things can open up but behavior is changing. there's a reason why activision cites -- well, i should say netflix cites fortnite and youtube as competitors it is no longer about controlling distribution, content is emerging from everywhere so people are spending more time on the screen there needs to be a way to monetize that -- those eyeballs because the fact of the matter is disney is predicated on maximizing lifetime value. if you're not doing the things and behaving the you used to they won't extract value on top of the subscription they're trying to get from disney plus. >> fair enough act activision named disney as a competitor ed, i'll give you the tonight of video games to go forward or what other kind of splashy options disney has. >> i like that idea a lot. i think video games is a really

smart play in the absence of sports but even in the future near or farther future when sports comes back, it's that much more important. the bigger sort of narrative here is how much time will investors give disney? because it takes maybe a year, two years or more for theme parks to really come back and theaters to come back and if they can't weather that time line or if investors are sort of getting sort of impatient with that timeline, i don't know, i kind of feel like disney is a takeover target. it is a great, great business, assets but it is a matter of the waiting game if investors are impatient, i don't know, you could see apple coming in and wanting to take it or take a piece of it. >> amazing to go from an absolute darling to a potential tar get. ed, is that your wine chart over your shoulder there?

are you into that? >> i totally love it r. you kidding me any chance to do the research and remember where grapes come from you spotted sort of one of my own things >> i go with what's on sale. what's the cheapest? that's the kelly - >> sometime that is's also a strategy, too. >> thank you both. ed, james, good to see you and look forward to disney's report today. still ahead, the airlines received billions of dollars from the federal government to keep employees employed but united saying it will have to do layoffs. also elon musk tweeted to sell worldly possessions last week and now a giant payday. we'll have the details when "the exchange" continues. ♪i'm always walking to the same old place♪ ♪just in case i see your face♪

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welcome back it's a buy edition of the biggest calls on surprising names so let's get to it we begin with harley-davidson with an upgrade and a $30 price

target despite fears of a recession. argus said the reductions are positives to stem the fallout of covid and the plan is a step in the right direction. shares up 3% next up is l brands getting a boost to outperform at a $17 target saying that the death of vick tore's yeah secret is exaggerated and the pull back of coronavirus could be an opportunity to shrink to grow. also saying that bath & body works undervalued. trading under $12 today. and finally, draft kings getting coverage with a buy rating and a $25 price target that firm saying that draft kinks has long runway for growth and that they bear all the hallmarks of a classic disrupter. the hit of coronavirus shuttering sports they say is temporary. shares up 3% today. about 4 million homeowners in government or bank forbearance programs, delaying

the monthly mortgage payments but as the economy reopens, what's the exit from the forbearance plans? diana olick is here with the details everyone should know diana? >> reporter: kelly, the numbers continue to increase already four times what federal regulators initially predicted would be by the beginning of may but some soon will be closing in on the end date of forbearances. it is a 90-day plan to delay the mortgage payments though it can be extended up to a year but this is not a freebie and want to explain how you get out of it your servicer should reach out to you 30 days before the plan is up to discuss the following options. first, you could make up all of your missed payments in one lump sum but you do not have to let's make that clear. you don't have to. instead your servicer can set up a repayment plan for you over time that is by adding a bit to your regular monthly payment. if you cannot afford that then your servicer can set up a mortgage modification which

changes the terms of your loan either extending it and or or lowering the interest rate and some requires documentation of the shardship so do not lie up front and claim that you need forbearance when you don't that is real financial fraud and will bite you in the end >> another question everyone has is whether being in a program hurts the credit score >> reporter: well, initially it does not in fact, in the c.a.r.e.s act that this is all a part of servicers may not report these forbearance plan to the credit bureau, no hit to the credit it's still kind of uncertain if you go into the mortgage modification programs at the end that could hurt your ability to get another loan or refinance another loan, say you have a second mortgage or a mortgage on a different home, that could be

a problem for you. >> yeah. all right. thanks we appreciate it turning now to transportation, we have a coronavirus surprise in the autos world. united airlines announcing layoffs and elon musk on track for a mega payout. phil, start with auto sales terrible for april except for pickup trucks. >> overall for the entire country awful but when you look at certain markets and specifically when you look at pickup trucks they're red hot right now and the reason is because of the 0% financing for 84 months. at this chevy dealership outside ft. worth they have 20-day inventory left when you look at the sun belt and the southwest, look at the increases in sales in april. we are talking double digit increases in raleigh, houston, phoenix. nationwide with the cities shut down and the north and the midwest, it was down 12% bottom line is this. fiat chrysler today reporting

earnings and the ceo said he's never seen inventory levels at this rate this low remember, tomorrow we're going to be talking with the cfo of general motors reporting the earnings and talking to her about the demand for trucks and the balance sheet and the liquidity situation at general motors. >> phil, so my neighbor got a great deal on the car leases is it a great time shopping for a car to either buy or lease one? how long do you think that will last >> it is a buyer's market and depends on what you look for looking for a mid sized car, boy can you get a great deal right now. why? nobody wants a mid sized car and depends on the type of vehicle and where you live and drive what kind of a deal you get. >> you mean like a mid sized sedan? >> a mid sized sedan there you go. >> the car no one drives anymore. united, layoffs here cutting 30% of management jobs in october the share's down little less

than 2% and folks thought with government support to avoid this move. >> remember, the government support not only for united by the major airlines required to keep people employed until the end of september come october 1st and what united said is, if we don't see an improvement in passenger levels we are losing billions in money every quarter so we have got to make the adjustment and this is the reason why the low passenger levels yeah, ticked up a little bit, very little within the last two weeks and down 94% compared to where we were a year ago so as a result you're going do see some airlines who are saying, okay, we have to figure out what to do in terms of bringing people in, convincing them it's safe to fly. last night we talked to the ceo of frontier saying give me 39 bucks to have an empty middle seat concerned of coronavirus. we'll see more of these types of situations, maybe not specifically like this, but this type of situation to convince

people it's safe to fly. >> wow basically there's baggage fees, you know this and that fees if you want an empty middle seat, put that in the shopping cart. >> that is correct now, right now, probably a middle seat empty on most flights and eventually people start flying again and somebody will be sitting next to you. >> they have to comply with federal social distancing? >> that's up to the d.o.t. they haven't said anything so far. >> so far. before you go, have to ask you about tesla. the share price move, when's it mean for elon musk >> payday. the deal was to maintain a market cap of greater than $100 billion in average daily market cap for six months he would trigger the first of 12 tranches which are part of the new pay agreement that was made between him and the board of directors in 2018. what does that mean? they have done that.

now he gets $169 million tesla options at $350.02 to buy those and then immediately sell at today's price he would have $720 million profit now, you should note that musk generally is hanging on to his stock. he is not the type to get it and then dump it so it's a huge payday. as always, kelly, when you sell and we don't know when musk may sell some of this. >> right still the equity performance is pretty remarkable. i mean, i don't know if you dug any deeper into why he tweeted to sell the physical possessions, something to do with maybe wanting to fend off criticism of the payday and the peel saying that's why you wanted everybody to report to work. >> yeah. there are a million theories out there. none of which you can sit there and hang your hat on none of them i ascribe to right now. we have reached out to tesla and elon musk to see if they have comment. they have not commented on the tweet of last week.

>> not surprised thank you. good stuff. >> you bet. got some breaking news now from the deer birdre bosa. >> uber and lyft shares falling. briefly in negative territory and off session highs and comes on news that the city attorneys in los angeles, and san diego partnering with state attorneys of california attorney general to sue uber and lyft alleging worker misclassification we were talking a lot more about it at the beginning of the year and assembly bill 5, this is the bill passed in california that requires uber, lyft and other sharing economy companies to classify their workers, their independent contractors as employees and there's been a battle here in california over this classification. of course, uber and lyft reporting earnings this week there's a lot more on their plate but this is a reminder that there are regulatory issue

that is they still have to deal with as they're laying off employees. and as they really struggle to turn their business around in this difficult time. >> so they're picking now. deirdre, do you think there's a link of coronavirus and the timing of this because uber and lyft on the back heels obviously already? it's harder for people to say, yeah, i want to share a car or the drivers feel unsafe showing up. >> yeah. that has been a huge theme throughout the global pandemic is there's a very vocal group of drivers that don't think that y uber and lyft protecting them. also not providing been fits that's what happens when they're independent contractors. they don't get to share in the same benefits that corporate employees do they're essentially out on their own. some like it with flexibility but harder and harder to justify when coronavirus, there's an outbreak and they have to put

essentially the lives in danger to be the essential workers and get people from one place to another. >> interesting again, the shares turning lower on that. thanks with the latest news there for uber and lyft. >> we're going the take a look at how the ongoing pandemic is changing investor behavior that's right after this.

if you can believe it. if you want to own shares of amazon or alphabet but the more than 1,000 dollar price target

is scaring you away, charles schwab has solutions you can own with as little as $5 investors can purchase a stock slice or ten different slices up at once. these will be commission free. the economic shutdown is changing investor behavior one of the biggest trend is the rise of online investing jpmorgan soaring more than 400%. what can you tell us >> we have seen that covid-19 has accelerated the use of digital and financial services we believe that change will be here with us forever for advisers and clients our advisers are working from home providing advice to our clients using zoom each and every day many times a day for our investors, we're seeing

them, we saw 200% increase in trades over the last two months. we also have seen that they are participants in the markets in terms of buy we have seen more buys than sells. in fact, we're seeing 65% of the trades that have been going are buys >> what most surprise me is people exist who don't trade online i almost didn't know there was any other way to do it at this point. i tried to exkuecute a trade through chase. it took three days to open the trade. it never went through and i want to thank you for that. >> you shouldn't experience that our clients typically experience that the accounts are opened in realtime within the hour

we saw over the last three months, our account openings have surged so it's at the peak really 400% increase in the amounts of the accounts open >> this was a sunday night there was not realtime trading going on different age groups are making. >> not as much big tech. from investments to deposits

really boomers are trying to manage the risk. the account openings that we have seen and the funding they have moved money into the markets to take advantage of where the markets are going. >> that's fascinating. you're seeing people buying more travel stocks and less big tech. more buys than sells on any given day that people have been in the market. i kind of speaks to a couple trends other is maybe it tells us that it is consensus and that makes me afraid if that's consensus that people are so quick to buy these travel stocks and maybe there is a rougher slog ahead. warren buffet was selling the airlines >> i think our retail investors are taking dvantage.

they are looking for real up to date help inform the trades they are making our client calls we're having each and every week. they are looking for our perspective on the markets and help guide them through this time >> fascinating thank you so much. we appreciate it >> thanks for having me. don't go anywhere. still ahead, top of the hour we'll have much more on today's rally including the surge in kru crude oil. we'll talk to the ceo of parsley energy thanks to the fine print in some ppp loans small businesses could be left with big tax bills veme athat's brewing over the gornntid we'll have the latest. we'll be right back. quadrupled their money by 2012? and even now, many experts predict the next gold rush is just beginning.

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good afternoon welcome back we're in the kitchen once again. our breaking news coverage of the markets begins right now on "power lunch." stocks with a rally. the dow up about 370 points. 356 right now as investors seem to be optimistic about the progress being made in reopening the country to business. you can see that sentiment playing out if crude oil it's up about 20% again today as demand rises and production cuts begin. the balance of supply and demand may be kicking in. the ceo of oil and gas company parsely energy will be along to tell us about his company and how he's doing it. despite th