the white house is now on the wires saying they are, in fact, open to a phase four coronavirus bill, but they reject the democratic proposal, a spokesperson saying the president is taking his time to determine if a package is needed in the meantime jobless claims do come in another almost 3 million claims bringing the total to more than 36 million over eight weeks. steve liesman has all the internals on that today. hey, steve. >> yeah, good morning carl this is the kind of thing that fed chair jay powell was worried about the numbers keep going and the initial round of jobless claims that happened because of the shutdown we have kind of an economic related series of jobless claims, nearly 3 million more than the consensus, down a bit from last week but maintaining a relatively high level. total jobless claims over the past eight weeks a stunning 36.5 million and the insured unemployment rate which we'll look at in a second looks at the percentage of eligible employees who are receiving claims, that's

15.7%. sort of a proxy, this is old data a week older than the other data for the unemployment rate looking at the chart you can see it coming down tick by tick but leveling off and we'll hope it keeps coming down in the weeks ahead. let's look at the states with most claims. california, 28%, michigan 23% of those who are insured or eligible for unemployment insurance getting that insurance there, down to rhode island at 28%. look at the states with the fewest claims, two stories going on here, one, some states not that hard hit, perhaps nebraska, likely wyoming, but look at the right, florida, again, that's a big national story here. the percentage of floridians who are receiving benefits being so small because of their problems with their computer systems, just 5.2%. now the fed out with a survey of household economic developments and they did a supplement for april just to try to get the recent data. they found 90% of households

report either a lost job or reduced hours but 90% on the lost job think it's temporary. the vast majority do not have a date to return the story here is that we have still continued high jobless claims, continued uncertainty once we get past this period when people have been getting some supplemental help from the government, what happens after that and will they be called back to work we'll see. >> yeah. august 1, october 1 are going to be important dates, steve. i want to talk to you about bank loss provisions but tie this into the markets with mike santoli. mike, there had been technicians looking at bkx against the s&p, bkx against the ndx and saying it was time to revert a little bit. did we witness a decent test this morning >> it seems like it. i mean it's been pretty stretched for a while. it seemed yesterday there was a little bit of buckling in there

when you had the big nasdaq 100 type names back off a little bit. one lesson from the actions this morning is that the average stock has been in a kind of correction mode for weeks now, equal weighted s&p down 8% coming into today, down another 1% today you've had a lot of kind of backfilling under the surface of the indexes for a while and you needed it all to stay weak, including the names for the whole market to break. i think it's very technical and tactical and very much about positioning and squeezes and where people are roucrowds and where are they not you can dial back to and say this is the third or fourth 5% pullback from a high that went only that far since about the beginning of april i think that's the push/pull we're ob serving right now >> steve, when you look at the banks from a stack standpoint, do you begin to think about what

q2 provisions will look like, whether or not this job loss, personal strain on balance sheets are going to result in in terms of loans and mortgages >> i think so, carl, and i think you really asked the right question it's sort of a question that powell is asking and i think a question the market is asking here, which is, this is a sort of off the mainline example here, but verizon this morning said that delinquency rates are like 2.5%. that's kind of what you would expect in part because the government appears to have stepped forward and replaced a lot of the lost income here and that's why, you know, you have the provisions and you can't really know exactly what delinquency rates will be for this month and next. as you were suggesting what happens in july and august will the income replacement be there? people, look, on average there's going to be some people left out, people not getting unemployment claims, people who may not have gotten government checks, some of the businesses that didn't get the p pp loans,

but on average, the income is there in the economy to replace what was lost from the government, okay, and so what we don't have is a plan here for july and august. to the extent that powell and others are talking about the uncertainty down the road, it's that uncertainty, where is the money going to come from to pay those bills and do you have to work, which is what mike is talking about right there, to think about higher delinquency rates in the next quarter if you don't get that replacement >> i want to know if economists are talking to you about the possibility of, i don't know, zombie companies out there because of some of the moves that you're talking about, the fact that there's been so much stimulus, the fact that it's hard to see what the real economic consequences are for what's going on. there might be companies that haven't let workers know yet they're not going to be viable going forward because they don't

know yet people who think they have a job really don't, and, therefore, we could see the impacts of this stretching well into the fall and perhaps the winter >> there's no doubt there will be zombie companies, jon you have to sort of ask the question which is how does the government make a choice between saving those companies that deserve to be saved, saving those companies that don't deserve to be saved, and even if they did before the crisis, may not need to be in existence afterwards there's simply not a very good way for the government or the fed to call those out. the problem with this downturn is, you look to a downturn or a regular recession and say those who don't survive probably shouldn't have survived and the strong will survive and so you have what we call creative destruction. i'm not sure -- and i don't know the answer to this -- the extent which you want creative destruction to work in this process because let's say you

have a company, a nail salon on one side of the street, another nail salon on the other side of the street, one of them got a ppp loan and the other didn't, even though the other one may be a better run company that one is going to survive it becomes random. that is going to be an outcome like nothing we've ever seen where the normal processes of economics are not working and in a sense the government is suspending >> mike santoli, i want to get your thoughts on where we are in the markets in general because we've been in a pretty tight range over the last couple weeks and there seems to be a push/pull happening between bulls and bears or optimists and pessimists, where on the bearish sides some of the heavyweight wall street investors, stan druckenmiller and david tapper, paul tutor jones, i could go down the list, saying stocks are overvalued here and there's a disconnect but on the other side

you have companies like mastercard coming out and basically suggesting that we're moving from stabilization to normalization in terms of the data they're seeing, more reopening efforts from starbucks, tapestry. the freight data from cast freight index suggesting we've seen potentially a bottom as well how do these two forces play against each other and what does it mean for the market going forward? >> i mean, it's obviously an eye of the beholder market you can say that it looks very overvalued or top heavy or very narrow in terms of the kind of leading stocks all the most obvious ones, nobody feels like they have an edge in the big growth stocks we can all name right here. and then on the other side of it, are you a rate of change investor where coming off an extremely low base, you know the market always anticipates an inflection point and the stock price is going to lead economic activity is this now enoughimprovement to say that, in fact, you're up and away in terms of the rate of

change being better. i think that argument worked a lot more effectively when the s&p was at 2500 as opposed to 2900 and that's why i think price matters a lot when commits to sorting all this out because nobody really is working with substantive real-time information that seems all that relevant you have to kind of project it out either it's going to be a more of the same environment or it's going to be a rotational environment where some of the real economy type names like consumer finance and autos and appliances and all the rest of it that have been left behind right now might start to work again and get some traction. that's the argument that's going on within the market at this point. you know, maybe you can look at this chart and say the s&p seemed to define what the ceiling is for this phase right above 2900 we don't know what floor is, if this is really a routine pullback after a pretty good rally >> steve, one last thing, i had to laugh yesterday, jpmorgan has the new model that looks at the

risk that nber declares a recovery in the next 90 days and their argument is that the data would tell you there's about a 20% chance of that happening, but the stock market will tell you there's about an 80% chance. i mean that's a pretty dramatic disconnect >> yeah. you know, i started the week reporting on the disconnect between the economists and the market and my phrase was that the market had become unhinged from the uncertainty it was so certain, and i think powell's speech yesterday was redirecting the market to kind of focus again on what he calls a significant downside risk. i would say this, i take a back seat all the way in the back of the bus when it comes to listening to santoli on stocks, obviously, but my one thing that i look at is, the number of companies that have withdrawn guidance i mean, if the executive of a company can't even make up a number, which they usually do, how is an investor supposed to

value that stock upon what will they value that stock? if they're not asking for much greater risk/reward for taking guidance on the stock that's withdrawn they're unhinged >> they have to value before the 1990s when nobody did guidance when everybody is lifting guidance everybody wants to lift guidance because they hate it otherwise. if you're not getting credit for transparency you would rather say, sorry, can't help you here. >> that's a fair point given the debate we've seen. >> maybe there's a structural change in theway guidance is issued, guys that was a good way to start the hour talk to you guys later, mike santoli and steve liesman. >> now to meg tirrell who is taking a look at how coronavirus tests are shaping up across the u.s. meg? >> steve was mentioning the disconnect between economists and the market there's also disconnect in what

we're seeing from where expert says where we need to be on testing and where we are let's take a look at where the u.s. is overall with the number of tests it has been ramping up and you can see over the last week we're sort of getting around 300,000 a day, prominent harvard group suggests we need to be at 900,000 tests per day by tomorrow in order to safely reopen they've done the modeling by state based on the size of each state's outbreaks. you can see a breakdown of which states are doing the most. the gray states in a good position, doing sufficient testing and positive rate of tests is below a 10% threshold, a threshold that w.h.o. recommends in order to see if you're doing enough testing and not missing a lot of cases out there. the darkest states are the ones that are neither meeting the number of tests needed nor that 10% threshold. guys, there's another question here about tests too, which is how accurate are they? this is really coming into the news right now with the study yesterday that morgan cited on the abbott i.d now test and nyu did a study

that has not been peer reviewed where they compared the abbott i.d. test with a validated cepheid test and they found it missed one third to one half of positive samples half the time they were telling people who did have the virus they didn't. we reached out to abbott and they dispute the findings and the results are notes consistent with other studies of the test and distributed more than 1.8 million of these tests and the reported rate of false negatives to abbott is 0.02% which they say they previously shared with the fda. they say it's unclear if the samples were tested correctly in the study. in communications with other users of the tests they say it's performing as expected another piece of concern about this test it's the one mainly being used by the white house and was touted by the president in a rose garden ceremony a couple weeks ago i reached out to dr. michael at the university of minnesota about this test and he said he was in disbelief weeks ago when he learned the white house was using it as a screening test for contact with the white house

staff. he said it would be like giving skirt guns to the secret service. guys >> wow that's some wording there, meg tirrell. i'm glad you referenced that as well because the efficacy of the tests, you can say you have a test but how well does it work that's what everything hinges on speaking of disconnect, seems like there's disconnect in terms of the guidance and time tables we're getting whether from different officials in the government or even different ceos at different drug companies right now on when everyone thinks realistically we'll see something like an effective vaccine that is actually in the marketplace and able to cover americans and other people worldwide? >> yeah. there was a story from the novartis ceo saying he thinks it will be the end of 2021 which would be a two-year timeframe to be getting a vaccine even that would be faster than we've ever seen a vaccine in history. we just have to watch the

progress of these companies that are trying to shatter records in vaccine development. it's really anybody's guess right now whether one will succeed. we all hope they will. the timelines so far have been impressive, but until we really start to see the results of these studies which are already ongoing it's going to be an open question how soon we'll actually get a vaccine that can be broadly deployed >> meg tirrell as always, thank you for your insights and great reporting. still to come, the casinos of the future, a look at measures the industry is taking to secure customer safety. we're going to be discussing that right after this break. stay with us ever since we've gone mobile on the now platform, something's gotten into the office. i hear you. feels like there's no barriers between departments now. servicenow. the smarter way to workflow. truly transformative sleep. so, no more tossing and turning.

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♪ welcome back as you can see right there the dow just turning positive, albeit fractionally up 42 points after being down as many as 458. across the u.s. state leaders are facing the choice of when and how to reopen their economies while balancing citizen health we are tracking how states are faring since reopening on april 20th, south carolina has seen an 83% increase of cases and 72% increase in hospitalizations however, testing is up 130%, with 9% coming back positive

since april 27th, minnesota has seen a 259% increase in new cases and 123% increase in hospitalizations an average of 60 hospitalizations per day testing is up 107%, though, and 11% of tests are coming back positive minnesota plans to reopen retailers at 50% capacity on monday and bars and restaurants on june 1st. south dakota, since moving forward with its back to normal plan april 28th, the state has seen a 66% increase in cases and 87% increase in hospitalizations, an average of 8 per day. testing up 58% and 14% of those tes tests are coming back positive south dakota never issued a stay-at-home order and casinos did reopen last weekend. >> the increase in hospitalizations across the board concerning, that shouldn't

be increasing with testing staying with casinos and the virus, the industry not pushing its luck when it comes to reopening. a major transformation is under way. contessa brewer has that story >> reporter: casinos aren't willing to roll the dice with coronavirus exposure so gamblers will see some immediate changes. doors that open automatically. dealers wearing masks. limited spaces for players at the tables. >> nothing beats the energy of standing around a craps table or a crowded blackjack table when players are winning. that's not going to happen in the same manner. >> reporter: poker rooms may have plexiglass partitions blackjack tables may have sneeze guards on steroids and cards dealt face up for less handling. at the slots machines will be turned off between players casino operators are increasing their cleaning budgets sanitizing chips or changing cards more often in this deadwood, south dakota

casino, crews put stickers on spaces they've just cleaned. >> one thing that will stick is a renewed focus on sanitation and hygiene and cleanliness. >> reporter: amid covid-19 concerns, casino buffets will likely become historic relics as they're expensive to operate for some, drink service will disappear for the near future. employee testing and temperature checks will become standard in some casinos wynn resorts has established an on-site testing center the shutdowns push traditional gamblers to online casinos and more states are likely to approve mobile gaming in their pursuit of new tax revenue mgm resorts told me they are going to upgrade their air filtration system and aim for everything touchless think voice activated elevators. the biggest change may be in how you pay to gamble. already electronic payments are

the basis of mobile gambling and casino operators across the nation are urging regulators to approve electronic payment in bricks and mortar casinoses so imagine how many germs you could skip out on if you ditch the dirty dollars and ante up with your smartphone. >> that sounds great i wonder about the impact on the workforce. higher cleaning budgets so maybe that means more people cleaning. do you have fewer servers and in a culture that's heavy on tipping, particularly in cash, boy, that's dirty. how do you handle that >> yeah. so one, that's the point, they're going to have is hand sanitizers for the cashiers to go between customers a lot of casinos are mandating that their employees, all must wear masks, any time on the property, and in terms of switching out labor costs, already you have casinos pushing back and saying, look, if i can only open at 25%s capacity i

can't afford to bring people back to work there's no way for me to make that profitable. the las vegas casinos, there is no opening date set yet, so people who are jonesing for their vegas fix, have to do what i did pull in a zoom background and make that suffice for now. >> contessa, this may be out of left field but if they're trying get traffic back in, do they adjust their payout ratios or house edge to make it more worth your time to come in and at least play slots? >> the short answer is no. what they're doing, they're focusing on their lucrative customers and marketing at the beginning because they don't want to spend the money on it, it's only going to be tailored to people they already know that are great casino customers the gamblers that come in and know how to put a stake down, these people are going to come in and play the penny slots might not be on the market for some time.

>> it's going to be fascinating to watch the level of complexity that it takes to run a casino on a regular day, not to mention in this new world we're in. thanks contessa brewer, as some of the casino stocks are in the green this morning as the dow briefly went positive after being down 460 points this morning, we'll take a short break and be back in a minute. e, and especially your awkward ones. thanks for sharing your cute kids. and your adorable pets. now it's our turn to share... with the geico giveback. a 15% credit on car and motorcycle policies for both current and new customers. and because we're committed for the long haul, the credit lasts your full policy term. so thanks again. one good share deserves another.

confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional. find yours at letsmakeaplan.org. let's get a news update with sue herrera at hq.

>> good morning, carl. good morning, everyone here's what we know at this hour data from oxford university's vaccine trial shows of the six monkeys studied none developed pulmonary issues commonly associated with covid-19 that trial is still in its early stages united nations health experts are warning of a global mental health crisis a report suggests isolation, fear and economic turmoil are likely to create a surge in the number and severity of mental illnesses. south korea's women's golf tour resumed today it is the first lady's professional golf association tour event in the world since golf championships were postponed due to the coronavirus. south korea has, however, reported nearly 11,000 cases of the virus and 260 deaths we're back in an hour with more. as always, get our coronavirus coverage going to cnbc.com morgan, back to you. >> sue herrera, thank you. european markets are set to close in just a moment

eric chem mi has the breakdown. >> following sharply today's virus recovery hopes dwindle all european sectors in the red with the autos and insurers leading the declines mcdonald's, subway and starbucks have started reopening in the uk, but only for to go services. lloyds of london says the coronavirus pandemic will be responsible for the largest loss on record for insurers cruise operator carnival will use a combination of layoffs, furloughs and salary reductions to cut costs while its ships remain docked. british air ways is forging ahead to dlash 12,000 jobs despite the uk government extending support for wages. the ceo saying the aid would not make up for the drastic industry changes and weakened global conditions. sanofi back pedalling saying its covid-19 vaccine will be available to all countries once ready. the clarification comes after

the ceo said united states would receive first priority since it was the first to fund research that comment sparked outrage from the french government. reuters is reporting european union officials are planning to take stakes in public companies. after the break, the chairman of citi national bank on why he thinks we need a new version of the new deal. we're back in two minutes. stay with us hey it's me, lily from at&t. i'm back working from home and here to help. hey lily, i'm hearing a lot about 5g. should i be getting excited? depends. are you gonna want faster speeds? i will. more reliability? oh, also yes. better response times? definitely. are you gonna be making sourdough bread? oh, is that 5g related? no, just like why is everyone making sourdough now... but yes, you're gonna want 5g. at&t is building 5g on america's best network. visit att.com to learn more.

welcome back our next guest believes the country needs a new economic plan that includes infrastructure, job retraining and other measures joining us the chairman of citi national bank and rbc wealth management in the u.s., russell goldsmith, featured in a "los angeles times" article titled "this l.a. banker thinks the new deal can point the way to recovery." thank you for being with us

today. >> morgan, it's great to be back with you actually, i'm in favor of more relief and recovery both >> okay. so when you say -- so let's break that down. when you say more relief, we had senate minority leader chuck schumer on talking about the house bill to add another $3 trillion in aid in stimulus right now which is widely believed to be dead on arrival in the senate. when you say relief, are you talking about something like that or talking about something different be >> i was on the fed's federal advisory council in '08 and '09 and saw the playbook the government created to fight the great recession and in so many ways we need that playbook and there are three parts to it, and we need it on steroids given the severity of this recession worse potentially than '08/ '09. the fed is doing everything it

could, doing a great job building on the architecture of '08/ '09, and congress has supported relief in a big way but we're not done in '08 and '09 the states and local governments didn't get relief and they laid off more than half a million people and that hurt the recovery, it hurt the delivery of the essential services locally i'm not sure everything in the house bill is perfect, but certainly support for state and local governments is critical. only the fed can come up with the kind of resources that states require, and these are the services every american counts on, police, fire, teachers, emt, our health system those are two layers of the recovery stool, with the fed which they're doing, more relief is still needed, but then my point is we've got to turn to recovery as well in '09 under president obama,

congress passed $785 billion fiscal stimulus plan we all learned that shovel ready isn't immediate, and in hindsight, $785 billion is a huge number, but it wasn't enough my point would be, we've got to do all three things now. the fed's cooking, congress has more to do on relief, and we've got to put in place the kind of recovery stimulus that in the next six to 12 months will really start to make a difference so we can get out of this severe recession sooner, faster, better >> yeah. when you talk about a new new deal, in the 21st century what would you envision that looking like and how realistic to think that i guess both sides from a political standpoint could come together and actually craft something? >> well to the second point and maybe i'm optimistic, unduly optimistic, but i think you saw the senate and the congress voting with overwhelming

bipartisan majority so far and i just hope they don't lose that spirit in the face of this horrible clamty, this tragedy we're headed well over 100,000 dead if that doesn't galvanize bipartisanship, i don't know what will. you're right, we actually have i think a national agenda that everybody knows about, so we could not only stimulate the economy and enhance the recovery and get people back to work, but we can do it in a way that invests in america in a very solid way that makes sense and the list is long. >> russell, i wonder along those lines -- >> our public health system -- >> don't we need a philosophy for why a new "new deal" would need to be put in place? some people seem to be arguing for stimulus and relief to bring things back to how they were other people are trying to use this as a springboard to i guess

equalize inequality or something is does somebody need to say, here's the type of america, here's the type of economy that we want to build, whether it's to restore economic mobility, to give a chance to people who want education or to better themselves, doesn't there need to be a stated philosophy for further spending >> absolutely, jon i think that's very well said. what i am trying to say is, is not to make kind of radical changes politically, not address some of the contentious issues, but try to pick the kind of investments that i think almost every american can agree on. it's blatantly obvious, for example, national security has to include a radical improvement to our public health system. when you lose over 80,000 people dead, more than vietnam and 9/11 and, sadly, it's growing, that's a national security issue.

we can divert some money from the pentagon and spend it on doctors and health care and vaccines and prevention. things like building out our infrastructure, responding finally to climate change. retooling our economy, investing in education there's a whole range of things that i think most americans can agree on that aren't contentious politically but will create millions of jobs an they will help us get out of this severe comatose economy faster and better but we'll do it in a way that we've invested in america and we'll be a better country for it >> russell, i'm glad you brought up national security because china keeps coming up in the framework of ending globalization, potential retribution for the virus as it was, we think, caused, repatriating supply chains what's the impact on inflation and farmers and our availability

to get medicine and the consumer is it a good time to go to war with china >> it is not a good time to go to war with china. i think in many ways it's a distraction from what we have to do i like to say at citi national and rbc, we are where we are and let's deal with it we are where we are and we have a horrible pandemic and we need global cooperation you know, as you've reported this came in not just from china, it came in from europe, it doesn't matter where it came from, it's here. how do we deal with it let's do the testing, let's do the contact tracing and let's develop the treatments and vaccines let's keep our frontline people, our courageous heros in hospitals and emt and first responders get the relief to the states so they can afford it and start putting in place, probably in a phase five bill, the recovery stimulus in the obama era it was $785

billion. my guess is, it's got to be at least 2 trillion dollars the fed can -- the federal government can afford it interest rates are at historic lows unemployment as you reported this morning is getting close to 40 million americans and there's another 20 or 30 that are understaunder employed the data lags. this calls for the '08/ '09 playbook but on steroids we have to do all three things well the fed is doing great congress has more relief to do, but congress has also got to put in place the kind of recovery stimulus that this severe recession threatening a depression confronts us with today. >> in the meantime i want to get your thoughts on the state of financial services right now bank stocks, i realize they've paired their losses in trading today, but in general have been bludgeoned over economic downturn, loan losses and loan

interest rates how would you describe the health of the banking system is there a cause for concern >> you know, this is another great lesson of '08/ '09 dodd/frank got passed and the fed and occ adopted higher capital standards. i'm competent our banking system is in great shape, probably the best it's ever been in of course the markets are nervous. a credit in this crisis, unlike '08/ '09 will be a lagging indicator and people don't know what that will bring. so that creates uncertainty. i think that there's been tremendous consolidation in the banking industry, which has been healthy, so you've got most of the banking in somewhat larger -- citi national is an example, part of the royal bank of canada, one of the safest banks in the world we're in superb shape. that's true for many banks in the united states. but especially i think ours.

i think people are understandably concerned, but i think the banking system will weather this very, very well again, the banking system is a reflection of the economy, which is a good reason -- you know, the things i'm calling for are an insurance policy. maybe i'm wrong. i hope i'm wrong >> yeah. >> we all buy insurance to protect against the worst, and in this crisis, with unemployment at these levels, gdp is going to plunge 20 to 30 to 40% in the second quarter on an annualized basis, it's time with rates so low for the fed, the federal government, to step up and ensure that we have a stronger, better economy over the next few years >> russell goldsmith, thank you for joining us today >> thanks for having me with you. it's my pleasure as we go to break, take a look at shares of delta this morning. did hit seven year lows.

retiring 777s, trying to get cash burn to zero and the airline expects to be overstaffed on pilots by more than 7,000 based on capacity expectations this fall we're back in a minute

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♪ the delayed olympics looking to be costly julia boorstin has more details. hey, julia >> jon, the international olympic committee saying it expects to bear costs up to $800 million for the delay of the 2020 tokyo olympics. those games have been delayed from this july to next july. the ioc announcing this in a conference call saying they're working to have the games in july of 2021 in a safe environment, saying they're full speed ahead focusing on tokyo and don't want to fuel speculation the site would change nbc universal which has the domestic rights to the games,

discovery has the international rights, both said they won't suffer losses from the rescheduling of the games from this year to next year, though they are missing on potential gains from the related ad revenue but it does seem here based on the $800 million that the ioc, international committee, is bearing the brunt of that big move guys, back over to you >> julia, interesting. of course athletic associations have a lot of decisions to make and on a week where the japanese prime minister has warned about a second spike and a surge in new cases there, morgan, i'm reminded that a few months ago you had areas like london saying they would offer to host the games if it was impossible to do so in japan. it's a very fluid situation. >> it certainly is i know you've been watching it closely, carl. still to come, is your boss tracking your work from home productivity we're going to talk with one company that monitors employee activity coming up next. with stocks lower right now, the

dow down 122 points after moving between losses earlier and then gains and then back to losses. stay with us i think you'll see many employees that will continue to work from home, you'll have many that will get back to the office, and then you will have some that will do both i think it will change things like how we think about talent in the future. i think this has given us confidence that we can higher rtipnt anywhere and have them paicate productively on teams regardless of their location

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as one of the largest us gold coin distributors in the country. us money reserve has proudly served hundreds of thousands of clients worldwide. don't wait another minute, call now to purchase 1/10 ounce gold american eagles for the amazing price shown on your screen. with millions of americans shifts shifting their work to home, are companies seeing a lack of productivity jared, good morning >> thanks for having me on

i'm excited to be here >> tell me what's the surge in demand look like >> we're seeing incredible surge in demand right now in the last two months number of customer sign ups has more than tripled. i wish it was under different circumstances but the fact is remote work seem to be going mainstream now i think companies are having to adapt to this new normal we have heard from several companies that have thanked us for providing a tool like this because they don't know if they would be in business without it. >> the concern i hear is a kind of brig brother, overlord always watching getting the job done and looking busy, two different things do companies have enough intelligence about how people normally get work done to accurately measure productivity at home? >> i think these are additional tools that companies are getting smart about looking for. i want to say employee privacy is very important to us. we lead with transparency.

we're very transparent about how the software works and we feel it's important for employees to know not just how it works but they are in control. it's a time tracking map they download it and decide when the start the time tracker and when to start the time tracker they have access to all the same data that their employer does. we think social securiit's a tw. we heard from several employees they are presht ifr bauds everything they have with juggling, with kidding being at home and having to deal with elearning, they have so much going on they don't have to worry about the boss checking in on them regularly anymore. now they can show they are working or being productive. >> how have work patterns changed especially what you mention? a lot of parents not only have to work but keep the kids on task with school >> yeah. i think the proof of work aspect is just one area that our

software covers. it's many different data points to it. i think your top performers are within the company regardless and this software is more so there to give some additional insiei insights we automate time sheets, we have pay rates and have item rye yourties for tasks which was a pain point for companies which makes sure employees know what they should be working on and when >> i know you've seen a big increase in demand for your products and more companies sign onto use it. how much does this service cost and how much of those new companies do you expect to stick around even after all of these economic reopenings start to take place and workers begin to get phased back into offenses? >> it goes up to 20 for the

highest rate plan. companies will be working long after this pandemic. this was a trend that started agts, ten years ago. we feel like we were ahead of the curve. our entire company has worked remotely from day one. i think there's huge competitive advantages to companies working remotely you're seeing things like twitter extending their work from home policy permanently where anybody at twitter can work from home after this is over this isn't just a temporary period we're in. >> crazy hypothetical. if a vaccine got announce today and we had massive doses given around the world, how much would really be unwound? >> well, i think what we're hoping for a lot of the other aspects of our software which has to do with automation will make this have staying power

this does more than preekt work. it helps you automate a lot of those back end chores we're having to do not just remote proof of work software >> do we think there's something that gets lost at an employee or a team member when you're essentially on a moon base we're all working remotely, i imagine you are too but i wonder what happens to the connectivity between employees over time and whether that's a harmful effect. >> i think you're touching on something important here remote environment, the connectivity was much harder to have with your employees it's easier to do in an office setting. you need to look for ways to increase that communication and you need to safeguard around not falling into the bad traps of communication. that comes back to managers having to do frequent check ins be p people may not be working the traditional 9:00 to 5:00

hours because of all the things we're discussing juggling your personal life with work life what you don't need on top of that stress is having the boss check in on you regularly. this will lead to better communication and not just kmek -- check ins that happen throughout the day i think it helps in that regard a lot. >> jared, how are you keeping all of this data safe at a time when there's so much focus on privacy and security and sochl the -- some of the impacts we have seen from hackers. we say protecting the sate very seriously. we have various safeguards in place and we're working every day to improve them. i don't want that to cloud the benefits overall if the employer and the employee i think this is really beneficial stuff to be using in a remote work environment. >> do you expect this type of software to become standard in productivity platforms

we're seeing battles raging between the slax, the team, salesforce platform, et cetera how deep is your integration into those sorts of platforms. do you think it will get deeper? will you have to compete with those platforms? >> i don't see us competing with them but collaborating with them, integrating with them. we do several different partnerships with some of those larger companies and that's only going to increase for us that's major focus as we have looked at these pain points that the remote work force is having, they happen for field service companies like plumbing company, construction companies and we're pushing aggressively into those markets as well and trying to come up with solutions for them to solve the same problems? >> all right jared brown. we'll keep an eye down thanks for joining us. >> thanks for having me on interesting discussion

especially in light of what cisco told jim last night on mad money about working remotely we did get that bounce, john, as the white house suggested they would be open to some kind of phase four coronavirus package in terms of aid. we got back to 2800 s&p. overall, the weakness is really in bank, aviation. it's in reits and real estate and the 52-week lows lead you to those sectors. >> you mentioned cisco it's up 5% the market overall not taking those big swings we were seeing a while ago but we're seeing interesting individual stock moves, morgan. >> yeah, that's right. we have seen a big reversal in the bank stocks that started trading lore ae ining lower. the other big focus is the labor market

the jobless claims numbers we got this morning and not just those initial claims but the continuing job leless claims tht are high now they will be the biggest focus over the coming weeks as we see more local agains aga-- economis open >> let's get to hq our breaking news coverage continues right now. our top story today, the pull back and the path forward for your money with stocks under pressure for a fourth straight day. as carl said, in just a few moments we'll be joined by the billionaire investor nelson peltz who is invested in many companies right now in the thick of this crisis some of which are probably in your portportfolios. first, we debate where we might go from here with our