will collectively make a charitable donation of $10 million to benefit covid-19 relief the event will take place on the 24th of may at the medalist club in florida and melissa, if they were looking to something to bet on, i bet you this will be the most highly wagered golf match of all time! this will be watched see you tomorrow and breaking news coverage continues with the closing bell >> thank you, melissa and tyler and welcome, everyone. i'm sara along with wilfred. stocks surging with 59 minutes left in trading. another week of millions of americans filing for jobless benefits as productivity measures plumet but stocks once again shrugging off the bad data better chinese data as that economy shows signs of recovery. autos and exports coming in better than exing pecht ed and the nasdaq once again outperforming the broader indices on track to post positive for the year.

all of faang higher with names like paypal up 5% today. >> we have two bad final hours of trade over the last two sessions and we have sold off over the last couple of hours off the session highs as we stand. ahead on today's show, we'll speak exclusively with thomas barkin on the heels of another massive jobless number why he says we may be at the bottom of the downturn he just said that on a podcast about an hour ago. plus, former treasury secretary, jack lew, will join us to discuss the government's tuss efforts and whether cash is going to the right places and the countdown to another big afternoon of earnings. uber, roku, dropbox and trip adviserme adviser. we'll bring you all the numbers you need the know as soon as they hit we're off the session highs. dow high was 430 points. up 206 just shy of a percent s&p 500 and nasdaq still up more than %

let's focus on the big stories mike is tracking the market rally. meg has the latest on moderna jumping on news surrounding its vaccine candidate, but first, the broader markets. >> it's been pretty sticky in this range kind of the upper end of the range we've been in for a few weeks. actually, you mentioned a late day fade we've had a couple of days this week we topped out today exactly where where did on the s&p 500 two days ago on tuesday at the 2900 level not sure if there's a grand significance there last week, we got up to around 2950, but it seems as if the rallies have lost steam around that zone k but still very much in the upper end of the range we've been in since the march lows at this point i did want to look at the equal weighted s&p versus eck wii the that track the rest of the world markets. it shows you they're in sync there's a lot of comment here, why is the u.s. stock market acting as if it can shrug off

the awful economy. it's basically the same as the way the rest of the world is is truting it neutralizes the huge growth stocks and it shows you that that's really the source of whatever outperformance we've got and you mentioned the nasdaq going to 9,000 finally, a glimpse at sentiment because it's been stubbornly pessimistic if you look at retail investors a weekly poll shows the biggest spread with bears exceeding bulls since february of 2016 and that's despite fact that the market itself has seven weeks and 32% off of those lows from march. so that would say on a contrarian basis it's hard to have real big immediate losses if people are already bracing for something nasty. i think some would take it hard that it does seem right now there's still a will the of skepticism about this rally. >> of course the other big point we hear about as ta who justifies the market being where it is relative to the economy is the scale and size of central

bank stimulus and again, that also speaks to why the u.s. has been a bit stronger than the rest of the world not that any central banker is not stepping up to the mark, but the speed, the pace, the scale of what the fed has done does stand out also >> without a tout. doubt. movement from before the crisis to now, the incremental stimulus efforts. the trillions they're putting out there. going to zero and now even a very short-term treasury and trading with the suggestion that maybe we get below zero. we'll see about that, but yes, no doubt that's been a distinction acrossthe world, too. >> all right, mike see you in a little bit. we'll turn now to the battle against the coronavirus. moderna shares jumping after news surrounding its vaccine candidate. meg. >> hi, sara, the new ss that they've gotten the news from fda to move ahead and do a phase two clinical trial of their vaccine candidate for covid-19 as they're also finalizing a protocol for the phase three

study, which they say they expect to begin in the early summer of this year. that's months ahead of what they said just a couple of weeks ago which was then to start it in in the fall if all goes well, they should have regulatory approval in 2021 if you look at the timeline for this, this is something we've never seen before. they started the trial in the middle of march and we still haven't seen the results they're moving into phase two based on what they've seen in the safety in that study and we hope to see those results soon, but they've moved very quickly through this establishing a manufacturing partnership and now with those plans to move into the bigger study. it's going to enroll 600 people. half of whom who are young er, 8 to 55, then older. they'll follow them for 12 mo months but not wait for the year to move ahead with studies these are going to be stacked on top of each other, guy, moving at unprecedented speeds and we'll have to hope it works and

we'll see a vaccine next year, but a lot of questions until we see the data >> right then there's a lot of optimism out there about this kind of information, meg there's also a lot of studies coming out, or a few coming out showing that covid-19 has mutated. there are different strains. maybe europe is different than china. new york is different than the west coast does that complicate efforts to make a vaccine is this the case where it's like the flu shot where you don't quite know if it's going to be the right strain every year? >> that's a really important question and something that all of the people working on both vaccines and antibody drugs targeting the virus are looking at and they tell me it is important, but at least the papers that have come out so far observing mutations in the virus don't affect the projects that are ongoing. moderna says that if mutations did affect what they were targeting, they could move quickly to get around that because their technology can move so quickly. regeneron, which is developing

antibody drugs says they specifically selected antibodies that aren't affected by those mutations and they have back ups in the clinic, too, or not in the clinic, but they would get ready to potentially put into the cling if mutations affected the drugs they're developing, but you're right this is something to close ly watch. so far, the mutations don't seem to affect the projects that are ongoing. >> well that's encouraging thank you. and by the way, the ceo of moderna will join a slew of other industry executives for our cnbc healthy returns virtual summit happening next week, may 12th register at cnbc.com/healthyreturns. has the economy reached a bottom we'll ask thomas barkin about what he's seeing in his district as some states reop. plus, could twilio getting a major pop of earnings citing an uptick in contact center and tele health business

we'll speak with the ceo about how the company is managing to deliver strong results ahmed the pandemic

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let's check individual market movers shares of lyft surging after the company posted an increase despite the pandemic it was downgraded calling the increase in dead mohannad a head fake up 21% today peloton also rising on shutdown related demand shares jumped 66% and it's seeing heightened demand for its bikes even from customers who hadn't considered buying one it's up 15%. jpmorgan e-mail has gone out to staff from their executive committee saying they don't have a specific time frame for returning to the office yet. it's quite a detailed e-mail outlining they're setting up a task force and some of the key criteria as for when they do go back, but just an indication they're still some way from s seeing those companies that are able to work from home change direction of that though there's a line to say selective return

to offices in asia has begun but for the u.s. offices at least still seems some way off the stock's up b about a percent today. one of the best performing sectors there. >> yeah. you could work from home but also large concentration of offices in the northeast and in the new york area, which was been hard er hit on the economy, more than 3 million americans filing for unemployment claims last week. this as we brace for april's jobs data out tomorrow nonfarm payrolls are estimated to fall by more than 21 million jobs unemployment rate, 16% our next guest believes we're at the trf of this downturn tom barkin joins us now on the phone to talk about the path forward for reopening the economy. president barkin, good to have you. thanks for phoning in. >> thank you for having me >> so, wanted to pick up on those comments sounds like you just made this afternoon in a web cast in south carolina

talking about the bottom is that what we think we're seeing >> well what i was seeing is we shut down the economy about seven weeks ago and you see a lot of states including south carolina at the gibrink of bringing people back it's not surprising you look to data as of today you'd see it about as low as it's going to go we'll bring in the like in the coming weeks and months. and i expect it to go up from here >> how long do you think the current level of stimulus, the current level government support programs can off set the negative impacts on the economy that we're seeing at the moment if things persisted at this for longer than you expected, how long before we'd have to see significant upping of stimulus or extension of government programs >> well, i do worry that -- when

this was passed is that we would have what people call the downturn we'd go down sharply and come back up sharply. we did go down sharply i just fear it's going to take a while for consumers and personal interaction businesses in particular to get comfortable interacting. so i think comeback is going to be slower. and that does mean we're going to have individuals and small businesses you know in need of some help. what we then do about it i turn it back to the congress, but i think we're going to have individuals and businesses that aren't going to just bounce back to where they were before the downturn as quickly as we might have hoped >> what time frame months, years? how long is this recession going to last? >> well, depends very much on the sector you're in i think there are sectors that come back fas tos. i talked to someone who's a cyber adviser today and their business is still working great. but i think in a lot of sectors,

the one and in particular, the ones that require personal in r interaction to get a sale done i just think it's going to take a while for consumers to be confident enough to interact at scale personally >> when we look at weekly jobless claims again, a number above 3 million and yet we're in the month of may almost the middle of may and the ppp program for example has been in action for quite some time and many, many businesses should have got their loans and their dollars over a month ago does that concern you that the programs as designed perhaps aren't really working? >> i've talked to a lot of small businesses that have gotten their ppp loans and are putting into effect and i think quite appreciative of it and as you can tell, there's just a big cue to get those loans out. so as best as i can tell, the money is is is going out people are just very focused on where do you go from here.

>> wanted to talk about the market action today. we're seeing some action in the bond market. the fed funds futures rate has gone negative today. record low rates on the two year and five year. i know that chair powell has said that the fed isn't looking to go into negative interest rates in terms of a policy what do you think the market is trying to say there though >> i can't speak for the market, but i very much agree with what he said there. i think negative interest rates have been tried ain other place and i haven't seen anything personally that makes me think they're worth a try here >> when we take a snapshot today, president barkin, of the nasdaq positive year to date, in fact, it's just gone negative, but essentially flat year to date and tomorrow, probably see unemployment confirmed at above 20%. did you fear massive long-term political backlash to the

current shape of capitalism in america and the way in which governments and central banks bail out economic downturns? >> i think this is a different downturn than the one we saw 13 years ago, 12 years a ago, where we saw the bailout i don't think this is about bailouts this is about a health crisis. and health crisis we've decided we're going to try to handle through social distancing and social distancing creates issues with a set of businesses who didn't necessarily commit any sins they're shutting down so that the hospitals have capacity. it just feels to me like a very different conversation than the one you just put on the table. and so i'm hopeful that we're going to get through this and get to the other side and i'm hopeful that people in the country will align with you know how those in leadership have chosen to handle this, states and otherwise. >> south carolina as you

mentioned was one of the first states to reopen end of april with retail. what have you heard talking to some of the members and what have you seen in terms of early indications of how fast that activity is coming back? >> i think on the whole, the it's still quiet you know there are people who have reopened. when people do reopen, you tend to see in the first couple of days some pent up demand of people who come back, but like i said, i think it's going to be a slow rebuild on the consumer side there are a lot of people who have hunkered down with their families for a significant period of time are just very cautious about infection risk if they emerge into the personal side of the economy. i also think there are certain things you know think grocery delivery, that if you try them, you might want to do them again. so i just think people are just going to be cautious coming

back i see a slow rebuild on the consumer side. for perspective, i've seen some shopper track data that suggests that three months after they closed, china, south korea, after they reopened, are are still 40 plus percent down from where they were and that just underlines i think the challenges of getting consumers to get back into the marketplace at scale >> so if it's slow and this is with us for a while, i wonder how you think about what else is fed could do and what the bar would be for the fed to take even further action? we talked to vice chair clarida earlier in the week and he said the fed can do more. the balance sheet can expand even farther so for you, what would you have to see to take more action >> well, i would agree with rich we certainly have capacity in our balance sheet. we have capacity in our lending programs i believe very much in targeting what we're trying to do to

accomplish a means you're trying to get to. and so it happened that the real issues in markets we faced six weeks ago indicated that intervening would be a useful thing to do and we did it. congress passed the cares act and very much immediate kneaded by businesses in need so we're buckled down to try to do that for me, my hurdle is can we have a positive impact within the scope of our legislative mandate and if we can, i'd like to do that >> president pabarkin, thanks s much for joining us. >> thank you pleasure to be with you. >> 40 minutes left in the session. up b about 1.1% on the s&p 500 up next, shares of twilio rocketing higher on the back of earnings with the cloud company's ceo saying on the conference call in many ways, twilio was built for this moment it's up 42% today and we'll discuss those results, the stock move and much more with the ceo

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shares of twilio are around 40% who see the stock as a coronavirus play after yesterday's strong earnings. they provide in app communication like messaging and calling and is seeing new covid related use help its bottom line joining us now is the ceo, jeff lawson chlgt thanks so much for joining us >> thank you >> you said on the call, i mentioned it in a tease, that twilio is essentially a company built for this sort of environment. tell what you say you mean by that in terms of the level of increase of interest you've seen

>> well twilio is a cloud communications platform. used by software developers and companies to build commu communications into the products that we all use every day. and as covid has emerged, what's become clear is that twilio has three things that many organizations need we have dingital engagements communications technology. we have agility of software. able l ty to build quickly and reinvent on the fly as needed and cloud scale. because this hasn't been a time when people could do capacity planning and racking up servers. they need to build something, turn it on and they need it to work so twilio has provided those things to companies, non-profits, even to governments through this period of time as we always have throughout the course of twilio >> i mean jeff you've got 57% revenue growth last quarter. i don't think any other company had seen that kind of growth which industries and which type of companies drove it? >> well we see a broad base of

customers. twilio has a highly diversified cust ber base. over 195,000 active customers and they represent everything that you can imagine so we're seeing obviously strength in certain categories, for example, as commerce has turned from physical in person commerce into curb side pick up or delivery. there's been a lot of work flows that need b to be invented as food has turn ed from sittin down in a restaurant to something being delivered to your door. food delivery has been an area of growth for us we've seen new strength in te lrk e medicine and health. it was a fortuitous coincidence we announced hippa workloads in february and turned out that was just in time for the onslaught of tele health initiatives that many software companies and hospitals and medical providers were putting in place to address covid and so across the board, we've seen a number of use cases

that have grown in relevance because of the need for social distancing where a lot of people stay home and one of the biggest areas we've seen also is in the context. we have a product called flex. a cloud based contact center and contacts are ageing and work from home instead of going into the office, flex has enable aed organizations to keep those workers safe and enable them to continue serving those customers during this time >> if you had an xesing partnership with a company and they had seen a massive increase in the usage of their services, do you get to share in that pick up or is is it a flat rate and you just have to deliver the product even though there's significantly higher usage >> good question we have a usage based price. which means when a company is just getting starts, it's very cost effective because they pay very little but then it has a rollout for a solution and gets

used by more end users the pricing model means the company typically pays us more so during a period like this, that gives a lot of flexibility to customers to expand during this period of time which represents the business for us but they can also contract the workloads so that flexibility is pair mount for companies who are dealing with crisis, who are building very quickly and who are growing their products and changing and recon fkocoreconfii businesses even in normal times, continually reinventing how you engage with your customers and building service sochlt that usage base model is very flexible for customers they love it and great for our business because it means that as companies use more of our services, our revenue grows. >> so jeff, you mentioned some of the areas of growth we're seeing right now online education telemedicine online grocery how do you think about which ones might stick and become more permanent even after this pandemic

>> great question. i mean i see a lot of the nic initiatives going on right now actually aren't new or invented. these are accelerations of digital road maps that many organizations have that because of the circumstance of covid needed to bed i think about tel a lot of hospitals have experimented with it they've done a few visits here and there, but because of covid, they moved a substantial number, in some cases, almost 100%, of their medical visits to virtual ones now you think about when it's time to go back to life as normal, when we get there, god willing, do we think we need to go back to wanting to drive across town to visit a doctor when we could just fire up a web browser and see the doctor in 30 minutes? why would you take a day off wo work or retail. when now we're doing curb side pick up. and we start o why would i go back to the store when i could just click a few buttons and

drive by and have someone put it in the car they're making our lives more convenient and so i think the invention with this acceleration of the digital work flows that companies have been building for a long time, these trends are here to stay >> it's a pretty bullish forecast for your own business the only question is then why did you suspend guidance >> that's a good question. obviously we have a very strong q1 and we guided to a strong q2 and but when we look at macro picture, this is a macro economic environment unlike any one we've had probably in 100 years give or take so in that kind of world like peering into our crystal ball and giving guidance for extended periods of time, just didn't thing like the thing to do we feel l our products are incredibly relevant to the world as they've always been and now even more so, we don't want to guess what the macro economic s environment is going to bring in

other periods. we think the most prudent thing to do is to leave your visibility into the quarter and that's what we did >> thanks for joining us >> thank you very much for having me. time now for a coronavirus update with sue herera hi, sue. >> hello, everyone here's what's happening at this hour the malaria drug touted by the trump administration to treat covid-19 has failed to help patients during experimental tria trials a study funded by the national institutes of health and published in the new england journal of medicine showed hydroxychloroquine did not decrease ventilator use or death during those trials. a defense official tells nbc news that a pentagon memo saying military recruits will be permanently disqualified from service if they have tested positive for covid-19 is actually quote, interim guidance the official says those who have recovered may be able to get a waiver to serve. a group of truckers are line

ing the streets outside the white house hoping to catch the attention of the president the group is there to raise awareness about a lack of protective gear and the decline of freight rates in the trucking industry and it is official tiger woods, peyton manning, will tee off against phil mickelson and tom brady on may 24th the charity golf tournament will provide 10 milli$10 million for relief efforts looking forward to that. as always, you can get more on the coronavirus coverage by heading to cnbc.com. i'm sure they're going to make a whole heck of a lot of money, sara >> oh, yeah. lot of people want to watch. especially right now sue, thanks. zblncht ahead, the count down to earnings reports is on uber, roku, trip adviser, dropbox and many more names. and an exclusive interview with drew houston a quick check on bond. yields making a big move lower

ten-year below 7% yielding .62 two year and five year are at record lows and the fed funds rate which sort of tries to mroy what the federal reserve is doing goes negative. we'll be right back.

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24 minutes left of trade box launching a new layout today. new features include the able toy work together on documents in realtime and a deeper integration of zoom video. the ceo joins us now for more in a first on cnbc interview. welcomeback to the show. good to have you >> thank you, good to be here. >> so you announced all sorts of new projects for your customers today, which you already help with cloud storage, in trying to view what they'll need i guess in the work from home future what is your vision here >> yeah, so box serves nearly 100,000 enterprises that globally that need to be able to securely access and share their data from anymore so when they

moved into a work from home oriented way of working, they quickly needed to be b able to get access from their files from are remote work locations. they're obviously spending way more time on video like zoom or webex or teams and they need to be able to access their data from those conversations, cl collaboration with their colleagues across their supply chain. so what we did was going back about six weeks ago, we decided to accelerate and pivot our product road map for this year to make sure that we could rapidly support our customers with these use cases so today's announcement is one of f biggest updates that we'll start rolling out to customers, but it's a new faster simpler way to use box to organize your files securely and collaborate inside organizations customers are familiar with. we'll be working with zoom more where we can launch into zoom meetings from box, but you'll

see core functionality that continues to integrate with products like slack, like webe like microsoft teams and many more to come. we want to make sure you get access to your data. >> why now for this, aaron sure ly this is the type of service you've always been offering maybe the usage has gone up, but why couldn't you have done this six, 12 months ago >> yeah, so what this was really is an acceleration of our product strategy and road map so many of the things we're announcing today were planned products throughout this year so we decided to really pull them into the beginning part of the year and we prioritize some other initiatives that are maybe less immediately impactful to customers. so what we did was really pivot our strategy and road map and help our customers with their secure remote work and initiatives and a lot of this due to the growth and collaboration in sharing and usage of our integrations that

we're seeing across the customer base today >> but do you see customers having a willingness to spend right now? what do you see in terms of corporate spending and i.t. budgets during this tough time when many are cutting and laying off workers? >> so this is obviously a really difficult time for many sectors of the economy many types of businesses i think as you've seen from at least the earnings calls that have happened recently, there are parts of the economy that are still growing and in fact, some parts are growing faster. so if you think b about digital initiatives in retailil or healh care or federal government or life sciences, these are spaces where there's an increase in growth rates in the amount of conversations and demand for digital technology that these organizations need so twilio's earnings being just a recent example from yesterday so this is definitely a situation where some businesses are going to pull back

particular ly in areas like cap. when you look at digital transformation initiative, often time s, these are about better serving your customers and making your company more productive and being able to find growth when you need it most and that's what we're seeing more conversations and i think you're seeing that from at least some of the earnings calls that have happened this far >> what's the feedback been like from your customers? have they found work from home a revelation or just a temporary way around what is a problem for nehme? do you think some stays forever? >> i think it's causing companies to ask a lot of really important questions of wait a second, we're actually more productive we can make decisionser. we can get on a meeting with people all around the world with people where normally that would have been scheduled two or four weeks out. i can instantly collaborate with people in real time. so there's a will the of

productivity benefits that we are seeing from mcustomers. we're having conversations with customers where they're trying to figure out what does the new normal look like once we're in a health situation where we can go back to the office, do you still allow people to work from home do you have workplace flexibility? but almost universally, the customers i'm speaking with cios, ceos, are seeing gains happening now at least from their knowledge workforce where people are more productive, they're able to move businesses forward faster that being said, obviously there's part of the economy that are totally disrupted right now and we have to get those people back to work and move the economy forward. so i think this is going to be an important moment where many work styles transform because of this and many business models continue to move more to work digital platforms and being able to serve customers digitally >> why are you pushing a closer integration with zoom when there's been so many security and privacy concerns with using

it is that not a concern for you? >> this is a company whose leadership rapidly went and dedicated their time toward the security and privacy issues they were running into and many of our customers used them actively so we wanted to make sure we could integrate and support these use cases and at the same time, many of our customers used technologies like web ex or teams or google so we want to make sure we can integrate with all the technologies our customer rs using the first of these integrations, you'll see continued innovation with our broad partnering system going forward. our job is to be the world's best way to securely manage content and files no matter where your employees want to work >> aaron, as always, thank you so much for joining us >> good to see you >> we're going to take the final commercial break before we approach the close as we stand, we are higher, but off the session highs off about

1% now on the s&p 500. the market zone when we return there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed,

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welcome back we've got 13 minutes left in the trading day. commercial free coverage of all the action mike is here to break down these crucial moments and toe, we've got stephanie link with us as well let's kick things off with the broader markets. stocks trading higher but, near the session lows dow's up nearly 211 points the session for the dow have been up over 400 points. the low is 172 nasdaq outperforming, on track for a positive close for the fourth day mark lazry called in today on the halftime report and gave his outlook on the market. >> i think it's great the market's come back and it's positive but things are going to take a lot longer. when people have been talk iing about we have to wait for earnings, they're going to be a lot lower. >> we've had some fast closes

over the last two trading days we've lost steam throughout the session. >> a few days in a row where you've had a gap higher at the open market traded higher most of the day then a fade everyone seems to know what mark said, which is we're not seeing right in front of our eyes any improvement in the economy it's going to get worse before it gets better on the ground and also everybody knows these huge growth stocks that have carried the indexes up here, maybe they've gotten stretched relative to everything else. a day like today, it's more of a mixed leadership picture, but the overall picture is s&p kind of flattened out stalled here and it's unclear if it can has used up all of that sort of cautious sentiment that is just prevailing out there in the near term or what. so i do think that it's underable why the market is hesitating at these levels, but to me, doesn't say that somehow

the market's been ignoring economic markets in a new way. >> a new high profile backer today. paul tudor jones buying crypt o currency he reportedly comparing bitcoin to investing to gold in the 1970s in a recent market outlook note stephanie, sort of unlikely, more prominent, sort of mainstream name into bitcoin which we don't often hear. we talked to mike novograts who runs a bitcoin fund. does that make sense with all this money printing and inflation and stimulus do you think it might be a hedge against that >> yeah i think you can play the inflation or reflation trade in a lot of different ways. it could be bitcoin for sure, but it could also be in gold it could be a basket of reflation kind of names. you want to own a basket because

they're volatile names like ppg, dupont, dough, they would benefit if you see higher inflation i think you have agood chance of seeing some inflation if you look at all the fiscal and monetary policies that have been put in place around the globe, it's 22% of gdp that's a lot that's a lot so i'm watching tips copper, commodities, not so much oil. it's in its own world at this point, but sure. i think you can play it and it's just whatever you choose to, which way you want to play it. >> mike, gold had a nice jump today as well. i guess the question here whether paul we need to get him ton to explain it, but bitcoin hasn't been tested in the same way that gold has through generations as a hedge against things like inflation. but both of them share the same aspect no fundamental underlying reason why the hedge would work necessarily.

>> right >> no, exactly synthetic dingital gold, which s something other people treat as having value, it produces no cash, therefore when real interest rates are low or negative, you know the cost of owning and speculating on it ar pretty much nothing. so i do think that's where those things are connected right now. i also think it's interesting that the conventional wisdom about crypto that prevaileded at the beginning of the craze is almost 180 degrees wrong and i'm glad i thought this was the case, meaning that it's not really about the block change. it's about the instrument that's had more of a life in terms of an investment thesis where it's going to continue or not. i think everyone has to acknowledge, it was a game thafthat was created a decade ago to be a speculative instrument and you can have any store you want behind it. i don't see mi inflation in the world would increase the value of bitcoin >> shares of paypal. >> you're a believer, mike

>> sorry, sara >> sorry nope just going to say it's had a nice run since that march low along with risk assets like stocks it's nearly doubled >> exactly so maybe it's not another hedge afterall moving on to paypal surging on the back of quarterly earnings the payments company missed earnings on the top and bottom lines but said it expects a strong recovery in the current quarter as more people shop john line the ceo joineded us earlier to discuss the changes. >> you're seeing dingital payments move to a must have essential service. we're all going to be very cognizant of hygiene, of health issues, of social distancing so i think we're at a tipping point in e commerce. i think we've accelerated where we were going to be maybe three to five years in months have

jumped ahead >> stephanie, where do you stand with the relative pricing with the likes of paypal and fen tech companies and the classic older banks and where you stand at the moment on wells fargo, whichnd you've been positive on. it continues to underperform the rest of the big banks ooechbd today when banks are outperforming, it's sold off a lot and is only up 0.6% compared to morgan stanley, citigroup, up 4% today >> first, i'll take the easy one first. and that's paypal because i own that one and i actually pitched it as a last chance trade a couple of quarters ago seems like a lifetime ago. but i thought that the quarter there were some positives there really to think about. constant currency revenue of 13% in this kind of environment is very strong in my mind you have improving take rates. you have the tpv total payment volumes up 22% in april and that was encouraging

that's why the stock was up today because everyone's excited about what the comments were the last two weeks of april. they've got a total addressable market of $5 trillion and they dominate in their space. this is one with the multiples expanded from 31 times when i pitched the name to 39 times, i think the growth is there and justified. this is the harder one this is also a turn around story. as you know, wilf, and i really think this new ceo is going to be able to make a difference he's going to be able to reduce overhead their efficiency ratio is sky high at this point, in the 70s so i think they can bring that down we have a lot of questions still but i do think the balance sheet is very good and i think the 7.7% dividend yield is safe so i'll take it and stay patient. >> let's hit uber set to report earnings in a few minutes. >> uper shares are urging on the

back of lyft's better than expected results, but there are some key differences to prepare for. first, uber's reach is international so it felt the effects of the pandemic earlier than lyft. it is more diversified with a significant food delivery business remember it has stakes in other ride sharing firms around the world that are also struggling amid the pandemic. like lyft though, investors are going b to be looking for any commentary surrounding the last few weeks, whether they've seen any kind of rebound albeit from a low base and what it's outlook is is for the rest of the year >> thank you what are you looking for mike in uber especially teeing off of the price action and i wonder what you're making of it for lyft and just how relevant this past quarter is for these companies because isn't it the current quarter where they're really going to feel the pain >> for sure. i don't know really that last quarter does have a lot of relevance. i think you want to hear uber say maybe what the weekly

incremental changes are in rider and what they foresee in terms of rider driver economics from here on out. it's fascinate tog remember that you know there was a big bullish push in uber all that stuff is off the table. the stock is exactly between the high price it's traded at in the year it's been a public company and the low price. hard to see an edge here although what your seeing in the market today is at least a residual willingness to believe in a lot of these concepts although they're the ones with a little more momentum behind them like a peloton or perhaps like a paypay or square >> stephanie, where do you and on these names >> i'm not involved in either but if i had to choose, uber would be the one because you do have the uber eats which i think is is actually benefitting from us being at home, right. so and we've had actually some interesting data about delivery, food delivery. qsr gave us some interesting information earlier in the week.

so i feel like if you're going to go there, this is the one i would do but i still struggle with the valuations. i always have, and the cost vukture. i like that they're going to lower their employee count it's not good news, but at least it will help them. but i still feel like there's a lot of questions in these business models. >> all right just about three minutes left of trading. mike, what are you seeing in the market internals today as we yet again fail to get to the session highs here into the close. >> they've stayed positive about three quarters of it has been to the upside all day it's a more mixed leadership picture here you have a lot of that disruptive tech but along with it, insurance is bouncing. some other financials are bouncing some energy as well. a little value version you can see that here in the momentum etf intraday compared to what's calleded the pure

value etf. verystatistically cheap stocks out there, which has been an awful performer. we've had a couple of efforts here in this direction of a mean reversion type move in this direction. volatility index, it's continued to receive getting down toward 30 if you look at the vix futures, they're starting to get a more normal shape so slowly as the market hangs in here, we are seeing a little bit of that. anxiety premium bleed away and also the market's been calmer with the sub 1% moves several days now >> steph, the three days in a row of slippages into the close, still nicely higher today, is that something that concerns you? do you think there's a will the of people out there that are selling on any little positive bounc bounces? >> well i wouldn't be surprised. we were up 30% from the lows, so not a surprise but i actually thought this week as a whole was is good one. very constructive. we had every reason in this

world to sell off on monday from buffett's xhaents to the china trade heating up again and we ended up on monday, we ended up green and we're up for the week, so i think that that speaks to people getting a little bit more encouraged on the reopenings partially. the treatments, the vaccines that sort of thing but again, it goes back to what i made comments about paytall pal on the number of commentary. we have had a number of companies talking positive about a pick up in april wendy's, paypal, lyft. even costco and target talk about their digital sales rebounding nicely. i think that suggests that maybe april and may day for the economy is probably the bottom if you will. the trough >> we have got just 30 seconds left of the session. mentioning oil, which was up 5% today. down 3%. also improved intraday

it was flat and now up 2%. equities have slipped. the dow's now up only 200 points that's about 0.8%. the s&p 500 up 1.1%. nasdaq up 1.4% financials, the best performing sector of the day, have slipped significantly into the close health care and consumer staples, only two sectors in the red at the close s&p 500 up 1%. interestingly for the week as a whole, the dow is only up 0.6% with the nasdaq up over 4% >> and the nasdaq just goes positive welcome back take a look at how we finished up the day an wall street. certainly not near the highs of the session. more towards the lows. the dow did manage to close up 211 points got a tick up there into the close after losing steam up 1.5%.

sectors were higher on the day, but two notable losers health care and consumer staples. those have been b outperformers lately more defensive and financials and materials topped the list. the nasdaq, the big winner, up 1.4%, closing below that 9,000 level, but closing just positive for the year that was a big talking point in today's session. just shows us how much we've climbed back from this hole we were in in march now about 9% off the record high for the nasdaq russell 2000 index of small caps with some small rer gains today as we saw with the overall market investors are now ready for another busy earnings after hours session featuring results from dropbox, uber, trip adviser and zillow we'll speak with dropbox's ceo about whether they're seeing a jump in customers with more people work from home. and then we'll ask former treasury secretary, jack luw,

whether he thinks the government is effectively allocating coronavirus relief funds joining us, stephanie link is still here first though to you, mike, on what was f a cyclical bent to today's rally. if you look at the groups that stood out, financials and materials is very different flavor to what we've been seeing late ly with some of the more defensive names doing better what was that about? >> you know, i don't know if there was really a theme developing here or if it was a reaction to any kind of data point. you can't tell me unemployment claims coming in zais disastrously high. i think the market is comfortably stuck as a whole if you look back a few weeks, it's about at these levels no real net damage now we're still within a couple of a percent of recent highs you have a lot of tactical rotations. charts making the rounds about how growth has exceeded value performance over the last x number of years by the most in

history virtually except for the year 2000 and it seems like everyone thinks there should be an impulse in another direction and on a one day basis, we've gotten a few of these. ive seen a market rotating to stay still is theme we've seen for the last couple of weeks >> we've got our first earnings report book holds and our numbers >> reporting earnings of $3.77 adjusted well below the estimate of $5.64 revenue coming in at $2.29 billion. that is above street consensus, but still down 19% year over year we also want to look at the ceo is saying here we have taken immediate steps to stabilize the company by reducing costs and bolstering our liquidity position the pandemic has profoundly impacted our economy and the entire travel industry another number to take into account is bookings. that's a key metric to watch

$12.4 billion. that's down, just emblemmatic of the challenges the travel industry is facing key question now is how is a reopening of certain states and economies aross the nation going to impact travel plans for americans and how much is a return to travel tied to testing and a vaccine? today on hilton's earnings call the ceo saying a vaccine will be a game changer the ceo will be joining me exclusively on "squawk on the street" at 10:30 a.m. tomorrow to further discus when we can see more americans head back out there. for now, the tok stock is down fractionally back to you. >> thank you very much looking forward to that interview tomorrow stephanie, are you investing right now? putting new money into any travel stocks? airlines hotels

any of these names look cheap to you? >> the only one i've been a adding slowly has been wynn resorts and i was encouraged by the commentary on their conference call. they cut the difr dend, eliminated it, but i think their balance sheet is much better they also offered, just went into the debt market and got some cash there, too so that would be the one i think this quarter wasn't really that surprising a negative 50% in terms of gross bookings, that actually is what we were hearing in the rumor mill and what expedia has been seeing, too, so i feel like that number isn't a surprise. it's going to be key of what they say on the conference call. the stock rallied 23% from the lows into the print. so i see why it's selling off but there in the eye of the storm, it's not a comfortable one i feel is worthy of an investment >> let's hit dropbox those earnings are out

>> dropbox hitting a milestone here reporting its first ever gap profitable quarter shares in the afterhours are up about 2% but remember it had gain ed about 7.5 in today's session. gap earnings per share was nine cents and it hit that earlier than expected. it had first outlined to hit it at the end of the year adjusted eps was 17 cents. that was a beat. revenue also a slight beat $455 million versus 452 expected increeds to 4.6 million right in line with estimates. we are looking for usage numbers because it would have seen the benefits of the work from home trend towards the end of the quarter. they just put out a blog post outlining that i'll bring anything relevant back for when we talk to drew houston. >> thanks r for that roku numbers just crossing eps a loss per share of 45 cents.

revenue, nice. 21 million forecast, 307 million. seeing active accounts of 39.8 million. that was a little bit ahead of forecast of 39.5 million $24.4 per users. that's just ahead as well. streaming hours, fractionally behind for this quarter at 13.t13.2 in terms of what's happened since the end of the quarter in march where streaming hours are up 50% year over year for q1 they're saying in april that was up 80% and active accounts continue to grow fast in april quite a lot of wordy commentary about covid and what has happened in this time since the end of the quarter but seems like that is encouraging commentary as well as was the numbers themselves in the first quarter but seeing it slip a bit it's been a decent stay at home

work from home cord cutter type of performer >> really strong rebound from march lows want to get to uber because those earnings are out >> share rs dropping in extended hours about 3% in the first number that i want to get to because it is a big one. net losses double what the street was expeblcting. 1.4 billion. about half of that is what analysts were looking for and it looks like uber's investments in those ride sharer, that accounted for more than $2 billion of those net losses. uber did warn on this a few weeks ago thand perhaps that's why you're not seeing the stock drop more than 2%. gross bookings were hit by the ko crisis but still managed to grow 8% because of uber eats rides, they declined 5% year over year. revenue, excuse me, that came in

at $3.5 million and that is is 3.5 billion, excuse me that's in line with estimates. investors going to be looking at this massive loss number but key will be when we hear any commentary about what they have seen in april if they're starting to see any kind of rebound like lyft outlined though from a very low base yesterday. back to you. >> what was the active rider did they break that out like lyft did which was a nice surprise for lyft? >> it was a nice surprise. let me continue looking for this and i'll bring that back to you. >> okay. thank you. and quick programming note uber's ceo will be joining squawk box tomorrow to talk about these results. the stock is down about 4% it jumped 11% off those lyft results. i mean how do you think about what we just heard >> i mean it was up 11% today.

tough set up it's gone from 14 to 31 from its lows to now. i think gross bookings were better than expected at 8% i was thinking more like six i'm looking at uber eats at 50% growth i was thinking in the 40s, 45% level. if i'm going to own either of these two, at least you have a business that favors them at the stay at home environment so but i'm not involved because i just can't get my hands around kind of the business models and all the spending they're doing and the amount of losses that they're putting up it's really tremendous >> interesting move there. uber after hours down 3.3% of course that and lyft benefitted in the session today. zillow numbers are out and dian oleic has those for us >> yes, zillow reported a loss of 78 cents a share. shares are down about 2% in afterhours trading that is right along guidance of 1.005 billion on revenue

revenue guidance for q2 was much lower in a range of 577 to 620 million versus estimates of 627 million. premier agent annual revenue growth accelerated to 11% from 6% in q42019 traffic group increased 16% annually driving 2.1 billion visits during the quarter. that's up 5% year over year. in its offers program, which was suspended as the economy shutdown, its i buyer program, it sold 2300 homes bought 1400 and has 1798 homes in inventory the ceo said they are actively starting to restart zillow offers likely within the next few weeks. at the end of q1, the company had 2.6 billion of cash and investments on its balance sheet, the highest in company history. barton said real estate is resilient and people still need to move and dream of moving perhaps now more than ever back to you guys >> thank you we've also got to get to live

nation concerts getting hit pretty hard as well. julia with those results >> that's right. the company's adjusted earnings are coming in at a loss of 94 cents. that's a larger loss than analysts has been anticipating just a hair light at $1.37 billion. but the key thing here is really what the company says about the future the company did announce how u hard it would be hit in the quarter due to the shuttering of all live events, but what they say here is looking forward out, further out given that 80% of shows have been rescheduled rather than canceled and we note all fans are holding on to their tickets, we believe 2021 could return to show volume at levels consistent with wa we've seen in recent years so no commentary about things restarting this year, but they seem confident about things coming back to prior levels next year so 2021 is the year there.

>> thanks for that mike, another very busy after hours earnings session with some significant movers again and i guess once again we're seeing that the even without clear guidance going forward, the backward looking quarters are making a difference for certain stocks the notable one there. >> right i mean partly because the stock prices in general have moved around so much so basically, the tactical action beforehand is has set them up in a certain way you have a good illustration of whether you want to say let me take a bet that these businesses basically at a a standstill like a live nation are going to come back sooner than not which would create upside because nobody really expects much or something like a roku where the benefits are essentially known and it gets credit for it up front and also nobody really cares about bottom line earnings so those are the two ways this market has traded on a given day. not sure we're going to get a

verdict after hours today exactly how it's going the play from here, but the uber number, yes, a bad set up. yes, most of the loss that was not expected was just write downs of f those overseas investments, but i think that's going b to be an important big market cap on people's willingness to look through this period >> they're also showing huge growth in eats and freight in terms of the breakdown of uber diedra has more information on the quarter. >> you asked me about active riders uber calls them monthly active platform consumers so that covers its ride sharing business and uber eats, 11% in the quarter, but remember that uber would have started to feel the effects of the lockdown in the final weeks of the quarter, but again, uber eats proven to be b a strong point in terms of growth, it's still losing money. here's an interesting number i want to pull out asia pacific revenue grew 32% in the quarter. now unlike north america, uber

would have been feeling the harshest effects of the pandemic in asia pacific so the it's interesting that was actually up 32%. back to you. >> so now that you've looked through it, who's weathering this better? lyft or uber >> i think it's a hard question because they have very different business models. lyft is focused only on ride sharing here in north america. uber has this user eats business i know we keep talking about it being truongenistrong, revenue quickly. so at a time when uber is trying to cut costs, they may have a more difficult time doing that you saw this in the results, too, with other ride sharing companies around the world so you have to wonder if it's more difficult for them to pull levers in such a diversified and larger business. >> thanks so much for that just want to bring out one other line of discussion in the roku report which says that changes brought about -- >> i knew you'd go back there. >> by the pandemic may even accelerate roku's path to

greater platform scale in the years ahead, we believe the vast majority of tvs will use a modern tv streaming operating service to connect to the internet stephanie, clearly, suggesting here that not only are they benefitting in the short-term, but it will speed up up a theme we knew was out there in terms of cord cutting. whether it feels in comcast or disney's numbers benefit. >> they're more insulated from the advertising weakness and that's what's plagued so many companies so that's in their favor. but this is what this market is. you have the stay at home stock beneficiaries like roku, like a dropbox versus these companies in the eye of the storm like a bookings holdings, uber, and you have to decide as an investor where do you want to go, where do you see the value you have to have some of the stay at home ben fas beneficiard

you want to own some of the cyclicals and some recovery stocks because they're going to recover more than the first group and you'll be happy that you have some exposure there >> julia, you've got more on roku for us. >> yes, i think it's really interesting pointing out here how roku is both suffering from covid and also benefitting from it particularly in the advertising pace they say in this letter to shareholders here that they saw an increase in video ad campaign cancellations or delayed starts through u march primarily from categories hard eest hit includs travel, quick several re raunts, theatrical and automotive. on the flip side, while they suffered from those cancellations, they said that they believe that as the traditional advertising market shifts away from the tv up front system and shifts away from pupsing traditional tv ads they'll move more ad dollars on to the roku plat r form, but i think one of the reason we see shares down over 5% is because they are feeling a little bit

perhaps more impact from covid than analysts may have anticipated. >> interesting point julia, thank you thank you, stephanie link for joining us that was an intense after hours session there and mike stays with us. still ahead, much more on today's earnings bonanza as we catch you down to uber's earning call we'll also break down dropbox's better than expect results and we'll ask jack lew about renewed trade tensions wh initcha are threatening hopes of a recovery. that's all coming up u on closing bell when the world gets complicated,

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shares of uber moving lower after reporting results just moments ago. big, big loss. though some growth beneath that in businesses like eats and freight. joining us to break down the numbers, tom white and edal from bushsecurities along with mike here as always so tom, first impression of the numbers and the share price reaction actually come back from some of the losses and had a pretty strong day today in the session. >> yeah, look, i don't think the headline numbers look that bad to be honest you know consensus estimates

kind of are a pretty wide range at this point. you just had people trying kind of react to how quick the health care situation is evolving but if i had to nitpick a little bit, looks like a rides business is maybe a little bit light on gross bookings that might raise questions about what uber's market share position in some of its major markets was entering the pandemic you know in the press release, dara kind of hinted that maybe they were seeing some kind of green chutes or in the markets that are starting to open up we'll see exactly what that means you know lyft also last night talked about pressure on their business moderating, but in their case, it was the difference between negative, down 75% for the month of april versus down 70% kind of exiting the month. so not too much to get excited d about but we'll see what uber has to say kind of on these markets that are starting to open up a little bit

>> on the ride sharing itself, compare or contrast uber and lyft over the past 24 hours for us >> well i think we have more to learn from uber on the call. the other thing b about uber is it's international so it saw the impact from covid earlier. given that, the fact that bookings were only down 4, 5%, i think that's a president obama otive. the overall numbers weren't that bad. what we want to learn on the call which is what we learned from lyft yesterday is is what the demand the demand is like in april. you know lyft saw demand about 70% in the u.s i would expect something similar somewhere to uber. so what we want to see is what demand looks like in april how they're trending there when you look at their results yesterday, put them tokt, combined, i think things are more encouraging than people were expegting just a few weeks ago.

>> mike, uber eats gross bookings, surging 52%. people ordering food, restaurant delivery at home does the stock move on the eats business is it big enough or just those ride sharing numbers, which are obviously way down as a result of the crisis? >> i think it's necessarily big enough to move the stock what's interesting is that if you look back, wall street sentiment was pretty negative for the eats business seen as a bit of a drag on the overall performance and it was a complicating factor. i think long er term it's an interesting kind of case, uber is, because wuf a lot of things that can maybe cause adjustments to the long-term investment case, the business model whether it be like i said the rider, all these unemployment people out there making it easier to pull in drivers and to essentially maybe not subsidize rides quite as much. does it make it easier to find riders if people are unwilling to do public transportation r or are people going to buy r cars

who don't have them right now to stay isolated. i think a lot of stuff is in the mix. also though, the economics of the eats business. it's perceived as not really being in the sweet part of the food delivery food chain simply the delivery, the distribution r part of it. >> tom wrrks do you stand on that long-term question as to whether this opinion opinion will change people's tastes between wanting to get in a car, sharing with someone, own a car or public transport? >> that's a question investors are really struggling with i don't want to hedge, but i think the jury is still out. you know obviously uber and lyft kind of the pitch from day one and certainly during the ipo road show was all b about replacing car ownership. last night on the lyft call, you had their management team makin the claim that you know in a period of economic uncertainty, consumers are going to be unlikely or discouraged from making these kind of high fixeded cost investments like buying a car

and also simultaneously they're going to be square d scared awa from public transportation due to sanity issues then again, a report by ibm today suggested that a lot of people were interested in buy ing a karrer for those reasons so you know, it's a a very big question unfortunately, it's not a question we're probably going get an answer to tonight on the call, but it's something folks will be wrestling with for the next several months. >> thank you both for joining us >> thank you trip adviser numbers are out. seema has those for us >> a pretty weak set of results from trip adviser. seven cents adjusted versus the consensus of 19 cents. revenue well below street consens consensus. the company estimates daily bookings declined year over year general ly by more than 90% during late march and this trend, the company says, continued through april.

the ceo saying quote, we believe we are currently going through the darkest days the company is implementing cost savings program including a workforce reduction of 23% of its workforce. the company did announce that about two weeks ago, however, also, furloughs of an additional 850 employee or 22% of its workforce coming clearly taking steps here to address its liquidity concerns you're looking at the stock down b about 5% and it was already down about 40% year to date. >> thank you up next, we will ask the ceo of dropbox whether he's eiseng a jump in users and how they ensure data is safe from hackers. we'll be right back.

dropbox just out with earnings the company reporting its first ever profitable quarter. we're joined by drew houston in an exclusive interview

>> thanks for that and drew, it's great to see you and your first gap profitable quarter that's quite a milestone you guys reached that as much of north america was going into lockdown measures. that's set to continue for some time with facebook announcing it's going to let employees work from home through the end of the year m i'm going to ask you about your role at facebook later, but what are you guys doing to capitalize on the continuation of this trend for the next year? >> well first this shift to work has been about as dramatic as you could possibly imagine and so it's been really reward tog see customers relying on dropbox to help with that transition we've seen everything from a hospital in boston using dropbox to coordinate their response to lenders to help small businesses with their loan relief applications so we've seen record trial volume record ngagement

the number of trials is up 40% so we're certainly seeing the demand >> and how do you plan to capitalize what are you guys doing to get some of those bigger enterprises on to the platform >> well i think that this shift to remote work is going to last well beyond when we physically go back to the office. i think it's a huge opportunity. because right now, all the tools we're using weren't really designed for this environment so we're really thinking about what if they were although we're not physically together and even though we have plexab flexible ility and a hybrid mod how do a i get a sense of the people around me and what's going on in my team. these are the things we're thinking about in terms of design standpoint. how do we help our customers with both this transition work, but all of the problems that today are unsolved because there's a ton of room for opportunity in that experience and this is and being a dlab

rater, just being able to work effectively where you are is a huge opportunity >> you guys are seeing increased gaugement on the new desktop a.m. app i wanted to ask you b about you new role with facebook you joined in march. that was a move mark zuckerberg consolidating power among the board. how do you see your role there and do you think with the current board, facebook can hold itself accountable for some of the issues it's faceded for a while in privacy and misinformation >> facebook is a transformtive company. it reaches billions of people around the world it's hugely influential on all of us and it's been a really great opportunity to get involved on a lot of these is e issues that i really care b about with some pretty incredible responses around the table. >> it's sara just back to your business so many large and small

businesses we report on every day are really suffering we're likely in a deep recession. how tough do you think it's going to be to maintain both customers and pricing in this period >> well, i mean yeah, covid-19 has been challenging for everyone and the human toll has been heartbreaking and our customers are suffering, too that can impact our business and any business fortunately, people need to clab b rate around content and they need to work and distribute and dropbox enables that it also represents a huge opportunity and if anything, we've seen more demand for dropbox with all the increases both in terms of more demand for dropbox and as you pointed out, our engagement is up we have more than 60% using our new app in the last couple of

months and a need to have better tools to work in a flexible way. >> has it intensified the competition though, drew we add aaron levie of box on earlier. clearly the likes of google and microsoft and others are all trying to offer similar options to work from home. do you think it's attracted a bigger pushback against what you were doing already >> well i don't think, a competitive environment is anything new to us to get that flexibility and be able to work from everybody where and want a solution that can work with all the different ecosystems and tools we're using because you might be using office but more and more, we see

our customers using g suite and slack and zoom and this period has really validated that approach our zoom integration engagement is up 20 times normal volumes and i think there's a real demand to pull it all together and i don't see anyone else doing that quite the way that we are. >> hey, drew, slack raised money last month to sort of take advantage of this moment and you've been hint iing at this, too, and talking about how this move cloud has just sped up. is that something you would consider at dropbox, how are you if you're going on the offensive, make sure you're getting a piece of this market that's coming online at a much faster pace and competing with the boxes throughout >> yeah, well as i said, we're pretty well positioned and a lot of the investments we've made to build strong fundamentals and now profitability leave i think are put us in a better position. so we've got a strons balance

sheet and are going to continue to run the business and invest to get after the opportunity >> thank you >> stock's up more than 2% after hours. >> thank you >> thank you and thapnks to drew. when we come back on closing bell, we'll ask jack lew about increasing trade tensions with china and how a new trade war could impact the economy ♪ ♪ ♪ and geico loves helping riders get to where they're going,

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the treasury announcing this week it plans to boar renearly $3 trillion this quarter to support the economy. more than twice it borrowed all of last year according to a report out of the new york fed, less than 20% of

small businesses have been approved for ppp loans meanwhile, 55% of masmall businesses in nebraska exexpect to receive funding so funds getting allocated effectively. joining us now is jack lew, good afternoon to you thanks for joining us. >> good b to be with you, wilf >> i thought i'd start on a broad point about the economy. we'll get the unemployment rate tomorrow all expectations are that it will be at or around perhaps above 20%. i mean gauge for us how shocking that number and whether it's realistic to be hopeful that it can fall quite quickly through the second half of the year. >> so it's shocking but not surprising we shut the economy down because we had a health crisis so that it's not a surprise that we have an enormous number of people out of work. it is a shocking number. i think that the challenge we have is the recovery will be

dictated largely by the health situation and our ability to respond to it. none of us know precisely what level of return to normal we'll be able to go through and still stay safe. i think the best we're going to be able to do is getting part way back to where we were. i don't see people filling sports arenas or airplanes or crowding into restaurants anytime soon so we know that there are going b to be parts of the economy that are slow to recover even if we come out of this well that's a little different than when it started. when it started, there was the hope that because we went down immediately because of the health crisis, we could come out immediately. i think the best we're going to do is a slow recovery. i think when you look at the cbo forecast, they're showing unemployment averaging 10% in 2021 and ending next year at

9.5% so we are facing a long haul and i hope that as congress responds in this next round of the legislation, they put measures in place that provide critical relief like extended unemployment benefit that is go until the economy recovers, not just to a date certain, which is way too short. >> so it sounds like you think mr. secretary we're going to need a lot more help and stimulus from congress >> yeah. i think that as long as people can't get jobs because the economy is on partial recovery and the if we're looking at unemployment rate that's in the neighborhood of 10%, we need these kinds of extraordinary measures my own view is we should keep things like extended unemployment benefits until we get say within twopoint of where we were before the crisis. we were at 3.5% unemployment so until we're at 5.5 or 6% unploit. we're a long away way from there. i think you can see from the character of the political debate it's getting harder and harder to get these things done.

so when they do business in these next couple of week, they ought to be looking ahead not just the next three or six months, but they should put a mechanism in place that keeps the relief there while need and they need to turn their taepg to the terrible problems that state governments are having they've lost are on the pathway towards losing $650 billion of revenue and they have expenses piling up because of dealing with the covid kriss congress has appropriated $150 billion. that's not enough. that's why the bipartisan national governor's association say iing there's a need for $50 billion of additional relief and that goes to states all over the country. i hope that this does not get to be politicized because what will happen if the states don't get relief is we'll be seeing layoffs of public employees and those are the same people we're depending on now to keep emergency services going and it will hurt the economy if we have

layoffs at a time when we need to be struggling to get people back to work >> so clearly you think more needs to m co. m from the government but what rating out of ten would you give mnuchin's handling of this so far? >> i think the response early on was slow from the administration to embrace the severity of the health crisis. and frankly, to weigh the balance of economic and health risks. the economy cannot do well if people can't go to work because u they'd get sick so i think getting our hands around this earlier would have been better for the health and economic trajectory at the moment when they engage a time to get an economic package in place, i have to give everyone credit for moving quickly. everyone knew it wouldn't be perfect. i have my criticisms and questions about some of the provisions, but moving with the speed ha they did is admirable i think in the execution, we

still need clarifications of things like ppp. it was not a secret that small main street business did not have banking relationships that would giet them to the front of the line there needed to be guidance to get them to the fronted now. >> we've been showing graphics from our states of play survey that cnbc has done polling about how people are feeling. whether they're feeling safe and what's interest iing is there'sa stark contrast between republicans and democrats we found when it comes to whether they feel it's safe now to go to hair salons, whether they feel it's safe to get kids back at school really big differences why do you think there's such a partisan divide on these issues now? >> you know i think the national level, things have gotten very partisan i think if you look at the states, republican governors, many of them are dealing with this situation in a manner very

similar to democratic governors. you compare ohio with the governor to california or new york. so i don't think it's simply party line i'm not a political analyst. i don't do opinion surveys i think people are influenced by what they hear from the leaders that they respect. and i think it takes leadership for there to be an embrace that we need to do hard things in order to avoid worse outcomes and better results i don't think that leadership has been coming from the white house. it's been the opposite >> has it been coming from vice president biden? you endorsed him on our show a few months back. do you think this whole crisis has increased his chances of win winning the election in november >> look, as i said on your show many months before anyone knew there was going to be a health crisis, the, in my view, vice president biden is the best qualified candidate for president.

and the one most likely to win in a race against president trump. i still believe that today i think if you look at what he's said about the health crisis from the very early days in january, he's been saying all the right things i know how he manage d a crisis when i worked with him in the obama administration he was the person running the recovery act he knew how to get things done you have to deal with reality. you have to do the hard blocking and tackling of getting congress and the governors and private sector into the right place to get things done. he knows how to do all those things i think he would have performed in a dramatically different way and you know apart from governance and policy, there's moral leadership i think the empathy that he shows to people who need help is so strikingly different than the lack of empathy that we see today. i've never seen it from a president of either party in my

lifetime >> i don't know if you've been following the twitter war between treasury secretary mnuchin and p axel rose, probably the biggest thing in the last 24 hours, but axel rose took him on. not going read it fully because it involves a curse word then mnuchin shot back saying what have you done for this country lately i guess we wanted to ask you if there were any famous rock star that you would have a twitter feud with, who it would be >> well, i didn't have a twitter account thep and i don't have one now so i'm the wrong person to ask >> fair enough i don't think it's an improvement in public discourse that policy is debate and made over twitter >> got it. understood thank you. good to see you. >> good to see you >> that one at least wilfred was entertaining for all of us

still ahead, roku's earnings call set to begin in a few minutes. we'll ask an analyst with a buy rating whether he is concerned about a surge in ad cancellations which seems to be pressuring the stock as jewulia pointed out. now down almost 6% after hours i had good health insurance. why isn't this covered? well, then they started getting bigger. eight-hundred dollars. eighteen hundred dollars. i saved for this. but not that much. i'm glad i had aflac. they gave me money when i needed it most. that's why aflac is here, to help with the expenses health insurance doesn't cover. i love that aflac duck. aflac! get to know us at aflac.com i know that every time that i suit up, there is a chance that that's the last time. 300 miles an hour, thats where i feel normal. i might be crazy but i'm not stupid. having an annuity tells me that i'm protected.

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breaking news on yelp. don chu. >> we have yelp results out right now. yelp's stock right now moving at least about 4.5% to the down side, about 110,000 shares worth of volume. we're looking at some of the results right now just preliminarily and it looks like we do see a miss on the earnings numbers and then the revenue numbers, my computer is stalling out. better than expected and we're looking for some of those comments out right now, but for those yelp shares they are moving in the after-market session on fairly decent volume, down 4.5% and it looks like a

miss on earnings and a beat on revenues for right now we'll bring you more, wilfred, as we know more. >> thank you >> up next, shares of roku after reporting results moments ago and we'll dig into those numbers and discuss with an analyst when we come back i'm searching for info on options trading, and look, it feels like i'm just wasting time.

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welcome back getting some news on uber. deidre bossa has that for us deidre >> hi, sara. take a look at the share prices. they have turn around and now they are positive this as the call is kicking off. they're up more than 7%. almost right off the top the ceo said that he's seeing some green chutes in the ride sharing business he says they've seen week on week growth and this week is tracking to be the fourth consecutive week of growth he also said that he believes the u.s. is now off the bottom so that is providing some optimism, and it echoes similar commentses that we heard from lyft's management team yesterday. back to you. >> fascinating turnaround. up 7%. roku shares continue to slide after hours, down about 6.5% tom forte, and also with us mike

santoli. what's your take on why we're down so much, all relative after a good run despite an earnings beat. >> first, thanks for having me on hope everyone is doing well there. first the comment by management that they're seeing some pressure on their advertising business so to be clear, they still expect their advertising revenue to grow this year, but they are seeing some pressure there as they saw some of their advertisers scale back their efforts in march so that one what i would attribute the after-hours weakness to. >> if you think, mike, about the stock and the moonshot it's been is it as simple, and i guess not with the advertising, but it seems as simple as people cut the cord, people switch to streaming which we've seen accelerate during these stay at home orders and especially as their pocketbooks get hurt as a result of rising unemployment by roku roku benefits.

>> yeah. i mean, it's the intuitive successor to the bundle. it's almost like the streaming bundle whether through hardware or software services so it's pretty much as simple as that the question is how big it gets and how fast it gets to be pervasive and can they make the economics work well, right depending on the price point of the device, getting embedded into television, so the whole story, i think, is very much in tune with what investors want to see in these times it's the alternative to play internet tv besides netflix, and it's want supposed to be profit until until next year. >> what is your take on the long-term view on roku and whether this crisis speeds up any shifts from traditional media to new media like roku does that apply here or not? >> absolutely, wilf. so when you think about e-commerce you're seeing a rapid

shift to e-commerce from physical retail and you're seeing the same thing in over the top video consumption that this is rapidly accelerating it and while this could play out well for roku is the movement in ad spent to ott from linear television so you're seeing the potential for a change in which television advertising is sold and maybe the end of the up front, and i think that roku stands to be a huge benefactor of that. >> what is, tom, their total addressable market and with adding user growth relative to the competition. >> when i think of the total addressable market i think of the $70 billion ad spend in television advertising from the user standpoint i think of them as a $30 million -- sorry, 30 million account platform with the opportunity on the global basis to have well

over that number, potentially 100 million over time. they just started their international expansion, for example, launched in the uk. so from an account standpoint, i think they could have 100 million and from an advertising revenue standpoint it's playing in that $70 billion linear television add market as it moves to ott >> tom thank you. >> stay well >> appreciate it >> you, too. another coronavirus-related disruption >> macy's delaying preliminary results on may 21st and june 6th. the recent outbreak on covid-19 has had and will continue to have a significant negative impact in the decision to furlough the majority of its workforce has slowed the quarterly close process and we'will have a full conference call on

june 1st they'll have to wait longer to know exactly how bad. >> non-farm payrolls are 21.5 million compared to march's decline of 701,000 it could be the highest employment -- unemployment rate on record. estimates coming in around 16%, quite a wide range, though that's the medium estimate 8:30 a.m. eastern time is when that will come out on the earnings front, we will hear from marriott vacations mike santoli, clearly slipping into the close wells fargo in particular, the banks are the best performing sector and a big, big sell-off throughout the afternoon such that wells only closed higher by 0.5% >> yeah. it's all the action on the upside has been before the market opens and we have gapped and then faded away.

i think comfortably stuck i keep saying where this s&p 500 is just below the highs and there will be a massive, perceived contrast between that devastating jobs number we get tomorrow and where the market is interesting, the market has been living for seven weeks with historic levels of unemployment claims and aside from super low treasury yields how this will even be reflected in the financial markets. >> we are out of time here thanks for watching. fast money starts right now. i'm melissa lee, guy adami, tim seymour, karen finerman and dan nathan uber making a giant u-turn and what they said on the call that's got the stock moving higher one top technician says a major low is in the market and how he's betting on a breakout and later, the one man who sent a giant shock wave through the entire cryptocurrency market