have never seen before >> you're not invited back anymore. you have to give us something more upbeat. >> i really have to go >> it wasn't big enough to address the structural underlying challenges that workers are experiencing >> the background alone is cheerful enough. thank you. that does it for the exchange. power lunch starts right now and thank very much. we'll see you in just a moment welcome to the kitchen i'm glad you could join us today. the dow up about 150, 125 points now. slipping just a little bit that's almost, almost, a 600 point reversal from where we were at one point earlier trump saying he be consider a

phase four stimulus package of some sort or another two of the most beaten down sectors of all, energy and financials are today's best performers how about that we'll have more on that big move lar later, one pandemic that's surging. scott's miracle grow we tend to our gardens stocks are staging an epic rebound. let's get to dom on more of this midday comeback. >> from tyler's kitchen to the main set to where you are, to behind me, we have the dow it's green it's not as good as it was the s&p 500 slipping slightly to

negative territory the red over there at the lows down about 458 points at the opening bell at the high, the green you saw in last hour we were up about 260 odd points there. that's the intraday moves. meanwhile the laggards, you've got industrials and real estate. if you look at the stocks that are really leading the charge, check out some of these. you can see wells fargo, capital one on the financial side of things as some optimism returns about maybe some consumer spending and pioneer natural as a mid cap domestic oil and gas producer tyler, back over the you >> thank you very much jobless claims as you probably heard, skyrocketing again.

climbing to more than 36 million since the pandemic began here in the u.s. steve. >> a bleak commentary on those numbers in past hour minneapolis fed president commenting on the unemployment claims calling it very troubling and saying it's hard to know if the labor market or the economy have bottomed. any mreturn will likely requirea vaccine or mass testing. total claims over the past eight weeks 36.5 million unemployment

claims filed expressing the wide spread pain in the united states from the shutdown. the percent of eligible employees who can get benefits, 15.7%. that differs dramatically by state. all of these big states here, michigan, nevada, one in five, one of four eligible workers then there are states with the fewest claims. they didn't experience the big shutdown states like florida with a lot of talk there they they are not processing the claims. one more bit of data the fed with a household economic development we're doing a special supplement for april finding one out of five households reporting they lost a job or reduced unemployment 90% of the people who lost jobs were temporary but they don't have a date. in just the past hour my colleague did a story suggesting

maybe a bunch of these thought to be temp area could be permanent. let's talk about this landscape. many hopes are riding on further support and stimulus from the government with trillions of dollars already on the table, hoump is enough always interested to see how you're coming at this. what are we talking about in terms of trillions and to put it bluntly, does it matter? do the trillions scare you do they have any meaning are we in a some post-deficit new normal what do you think?

>> the size of the deficit doesn't matter right now the important thing is it needs to be as big as necessary to bridge this economy to the other side of this act of god. that's what chair powell was saying yesterday we had to shut down this economy as a health issue and we will open it up on the virus's term, not on our terms and between here and there, the fed is all in and congress needs to go deeper in. the deficit can't be too big right now. >> i think there's something to be said for let's wait and see how these initial rounds of trillions shake out. there's an elephant in the room and that's the fed $6 trillion main street program which kind of very slowly starting to scale up

if the fed hadn't said they would do that then congress might have done more >> actually, the main street lending program is a joint venture between congress and the fed. the congress provides the equity and the special purpose vehicle and the fed provides the leverage congress has passed equity that's the important issue right now is the fed, as jay said yesterday is in the lending business it's not in the grant making business and congress is in the grant making business, including the equity that goes into the main street facility basically jay said, i've done everything i can do and i will keep doing everything i can do but congress has got to give some fiscal relief only congress can spend money. the fed can just lend money, including to congress effectively. >> steve, i want to bring you in

here to know what you're thinking through >> i want to engage paul with this new idea i have this corporate bond program has shown up that maybe the fed has been barking up the wrong tree all these years about the financial crisis about how to stimulate the economy. when i look at what's happened in the corporate bond market as a result of the federal reserve announcing it will backstop the corporate bond market, it's been nothing short of incredible. that's real credit creation, real money creation. i think the fed has stumbled on a fool here that it's not going to let go away if half of the economy is financed in the banking system and the other half through the public bond market, the fed stepping in to help the public bond markets and the reaction has been way more effective than

i ever seen in the banking system paul, are you there? >> i think his shot might be frozen for a second. i'm going to engage you in that. you're talk about why don't they just guarantee the stock market. i'm not saying in this case i don't understand why >> they did, kelly >> that's what i'm saying. >> that's the untold story >> that is the issue we know it works but should they do it becomes more front and center >> yes should they do it is a whole other question i'm talk about from a simple monetary policy effectiveness point of view. the fed does not have to guarantee or buy the stocks if effectively it buys the bonds. what it does by providing the

corporate bond guarantee out there, so to speak or making a market available for corporate bond lending is to say these bonds are not going to be wiped out. that means the equity won't be wiped out and i think a lot of the rally we had in stocks was b because of fed coming in and saying you know what, that provides some cushion or floor to the equity market >> ty. >> i wanted to ask paul but i'll throw it out on the table for you. >> i'm here. >> he's back i'll ask you paul. you say don't worry about the deficits now it's not a concern but we're going to be throwing a lot of tonnage in form of treasury notes and bills and bonds into the marketplace. a lot and a lot of them are very short duration it will have to be rolled next year are you worried at all that this massive supply may not have

commensurate demand and interest rates could go up. >> i do not worry about that at all. there will be no problem funding whatever we need the united states will be the global currency. >> i guess we got his answer there. he's not at all worried about that as he froze up again, kenly. he got the answer in >> he did. we'll try again with paul. we're sorry that was so in and out. i think stooeeve did a fine job ginning up the discussion. tyler, carry on. let's give a try with phil

auto sales improving for the fifth straight week but demand has yet to snap back in any measurable or big way. phil with some details on cars, trucks and suvs. phil >> it's improving. leets say it's not as bad as it was at the end of march. when you look at tlate esthe lat numbers and they track how retail sales are going it's not when you buy it from the automaker. it's when you buy it from the dealership the decline last week, down 20%. that's nothing to write home about but far better than where it was on march 29th when the decline was 59%. the sales rate, by the way, which is measured by when dealers buy vehicles from the auto makers, the expectation for this year is that the sales rate is around 15.5 million vehicles.

ford holing its annual meeting, doing it virtually they were asked about are you ready to restart production on monday and the president of the company said wii reae're ready start on monday. the question of whether we get to full production, there's no way to know at this point. gm said they expect to have full production up in four weeks. the wild card is what happens with mexico. i'm hearing mexico may not give the full green light on starting production on monday that's crucial because of 40% of the parts were north american production here in the u.s. come from mexico. >> and the covid situation down there is worsening delta retiring its triple 7 boeing fleet and warning about

over staffing issues in the fall >> right they're not just parking them. they are out right retiring them it's about bringing down the cash burn which is about 50 million a day. they have 14,000 pilots now. today they sent a memo saying in the fall, we think we will have 7,000 too many neterms of pilot. that means you'll have to get rid of about half of your pilots by the way, next year, 2021 q3, they are expecting to have between 2500 and 3500 excess pilots then. >> all right >> wow >> exactly >> phil, thanks very much. we appreciate it coming up, we'll have more on today's market reversal with

real estate the worst performing sector tapestry which owns brands like coach, kate spade and others is putting out plan for its path forward the ceo will join us later this hour stay with us there's much more power lunch after this these days staying connected is more important than ever.

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welcome back, everybody. the president tweeting today that he is confident that a vaccine should be ready before the end of the year and that he seeing quote, good data from the dozens of states that have begun to reopen. that's in conflict with comments earlier this week from dr. anthony fauci. he told congress there's no guarantee a vaccine will work and reopening the economy too soon could trigger more virus outbreaks. in some state that have reopened we started to see case counts go up my next guest says we're at a tipping point for our health, economy and maybe even capitalism itself. tell white house is involved and what it does and how it's working on covid >> thank you very much global virus network was established about ten years ago,

2011 it now has a network of 53 scientific institution in 32 countries who preparedness it was kco-founded by robert gallow it's a really, super intellectual collaboration without a lot of bureaucracy >> i was looking into the website last night and just to do a little preliminary research and i recommends everybody go there. it's a lot of information there. let's turn to the question at hand and that is the sensible way of eopening the economy. what i call the reopening paradox. we are all that train is levering the station many states have reopened. we know on the one hand that we have to do it.

we presume that doing it entails some unknown but distinct risk of higher transmission of the illness and probably death the question is what do governments, individuals and companies need to do so we open int intelligently and not out of some defienance that we're just impatient and want to get back to work. what do we need to do? >> that's a huge question and the right question i think we need to back up we need to agree that the economy does need to reopen but we don't need to think about things in completely binary terms. it's kwae a question of how to e while minute miimizing total ham

in a broader sense, i think that we need to look at this as a completely new environment that we're in we need to apply basic evolutionary biology to everything that we do, which is we need to adapt we have a problem right now. that is we don't have the instant point of access, testing that we need or we should have the majority of people who have this virus, don't know they're carrying it. we're uncertain if there's specific antibodies that we can develop after we had the virus and if there are, how long they last for we know that vaccines and cures take time to develop and test adequately this is the united states of america, ty. we don't deny reality.

we don't blame other people whether it's china or anyone else and we don't wait for government bail outs those are all maladapt ifr strategi strategies we americans get things doej we need to reopen in way that helps to minimize total harm what does that mean? >> let me just go to the individual here because i think that's where you're going. we have a public health crisis that pre-dates covid and that goes to all kinds of coexisting conditions that this virus takes advantage of obesity, heart disease, copd and other things addressing those things is one thing we really need to do in this country, wouldn't you agree? >> totally agree

we need to shape up. covid afflicts the aging body, not just old people. every one with lifestyle driven preexisting conditions are vulnerable we need to address our unhealthy living, our environmental toxicities that cause aging lik cellular and tissue damage tissue and organ degeneration like cancer. as you said, 40% of all adults in this country are obese. just losing weight and taking care of yourself reduces your own vulnerability. then we need to turn around and act with situational awareness and responsibility about what we're doing and who we're doing it with to avoid the potential of millionsof american deaths before this virus. >> and who we may be putting at

risk by our actions that may not be particularly responsible. two quick final questions. the first one is this. i just asked paul mcculley a question you put in my head the other day. with all of the supply of treasuries that will come on th market over the next two years, ten years, how can we be certain there's going be demand to sop it up without having to raise interest rates at precisely the same time as the world may be moving away from the dollar as a global currency, global store value and where we're having disinflation he wasn't concerned about it are you? >> yes, i completely disagree. i heard that interview i think he's drinking from the kool-aid that he's used to drink from it's inconceivable to me that we can continue to pretend that we can just print money and give it away apart from the fact if you step back and think about the implications of that, we are

answering an era we have of state capitalism in the united states of america. i heard congratulatin the fed. what in the world are we talking about? i completely agree with you ty we have a real concern by the way, china is doing business while we argue with them they're doing business with everybody else in the world. buying their commodities and selling them digitally infrastructure complete with surveillance capabilities. all paid for in one. foreigners that own a big chunk of our outstanding treasury will be decreasing their treasury holdings as we got $5 trillion of new treasuries being sud this

year 30% have less than a 1% maturity when that come up for refinancing, sure people say we should be issuing longer term treasuries go ahead and try it. steve mnuchin talked about issuing a 30-year treasury earlier this year before this whole crisis took place and got nowhere with it. rates will go higher i don't care what experts have to say i disagree we can pretend it's nothing and throw whatever money question at it that is classic maladaptive economic strategy. >> you have given us a debate that we'll schedule with you and mr. mcculley and bring steve into that. are you worried about how rich the stock market is priced lot of people are. are you?

quickly, pleased >> i'm not especially worried. there's some under valuations. but what's happening now is stock market is catching down. danny meyers not going to open his restaurant because he can't make money with half occupancy which is what's required employees themselves need to think about the fact that 60% of all american households have high risk residents in them. even though you're perfectly fine as a young person who is healthy and in good shape going back to work, if you get the virus and you don't know it, you may infect people you live with and you need to encourage your employers and ask them to answer question before you go back to the office about how they're

going to develop approaches for instant point of access monitoring and reconfiguring spaces to reduce the risk you'll be affected. >> dan, we have to leave it there. thank you for your time. >> thank you >> kel >> fascinating still ahead, real estate is the worst performing sector today. check out the pain in the commercial players as many americans are working from home. lsg is down 60% this year. we're going to have the story and a traders take take a look at scotts miracle gro. its shares are near all time highs as it benefits as people spend more time at home om eila a garden. the ceo will join us ahead there's much more after this connected. ng u so you can keep your patients cared for. your customers served.

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all right. let's go to sue for the latest on the coronavirus hi, sue. >> mhello. good afternoon new jersey's governor says beaches along the jersey shore will be allowed to reopen for memorial day social distancing must be maintained and groups of ten or more people are not allowed. restrooms and showers will be open but amusement rides and arcades will remain closed the global death toll from the pandemic is now more than 300,000. france's total has jumped ahead of spain's with 351 new deaths report eed since yesterday this has france started reopening stores and easing virus restrictions the u.s. remains the country with the most deaths now above 85,000 here is a story we love.

in illinois one family is trying to share a hug safely. plastic separates 85-year-old rose from her grand kids but she still lets them share a loving embrace for the first time in weeks. got to focus on the good out there. as always, you can get more on our coronavirus coverage by heading to cnbc.com. kelly, back to you >> thank you as the heads of major companies tout the viability of working from long term or ever, some are saying the office isn't over >> the office sector will come back according to several analysts but with some changes more offens may move to the subo shorten commutes reits with a bigger urban footprint like sl green would be at a disadvantage.

companies may be looking for more space, not less as they reconfigure to accommodate for social distancing. some companies will want more flex space companies that rent private offices and conference rooms for day or week and that benefits brands like regis. as for the health of the office market, after hitting $35.66 per square foot at the start of this year, the average office rent will hit 33.23 in q4 of this year and gradually recover back to current levels by the start of 2022. on vacancies the aver raj was at 12.3%. that is rising to a high of almost 15% in q1 of next year but then gradually ri cov lly ro current levels by 2022 how do you trade investment trust? let's bring in the trading nation team today.

what's your outlook and where would you be trading in the property sector, if at all >> we're cautious on the space i think earnings will be set in general across all companies in this particular space there's so many unpredictable variables such as rent collection, such as financing, debt, leverage and across so many sectors short term we're advising our clients to turn elsewhere for yields pharma, tech, tell kecon that being said, at some point in future there will be value. we just feel like shorter term the uncertainty is out weighing the value that would be there. i would keep a close eye on it as the world starts open and people start going back to work. where do the trends end going back to work is it really people working from

home m or will or will we figur to social distance and be back at capacity in 12 to 18 months >> that being said, is there anything in real estate that you do think is attractive here? >> not right now, kelly. we have been reducing our exposure to reits and we're cautious on the sector going forward. as michael mentioned a lot of rent collection issues another thing that is interesting in the event this does get worse and there's a black swan event, a highly levered asset like this. this is part of the equity piece of the capital sort last to collect. fp you look at it from a technical point of view, you can see the low part of this chart you're seeing the ratio dropping real estate was on the last part of the sell off as well as the recovery back. we continue to remain cautious >> all right caution for both of you. todd and michael, thanks for more trading nation head to

our website or follow along on twitter. kelly, thank you very much still ahead, two big ceo interviews you'll want to hear we'll speak to the ceo of scotts miracle gro. that's one of the stay at home stocks up 20% in just the past month. tapestry working to reopen stores around the globe. its ceo will lay out its path forward as well as retail in general. remember you can watch or listen to us live on the goe, on the cnbc app we'll be right back as our special breaking news coverage continues.

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is have moved to the upside in trading session only to lose some of those gains in the past 40 minutes or so the dow is hanging on the the green. the s&p fractionally lower the nasdaq down by half a percent. >> gains are accelerating. oil prices are surging 6.5% gains there they are getting help in part from the international energy agency or iea. it sees a record drop in oil demand in the year 2020 but not by as much as previously thought as economies around the world begin to ease economic lockdown restrictions it said as demand picks up global oil stockpiles will fall by around 5.5 million barrels

per day in the second half of the the year tomorrow's friday and that means the weekly baker hughes rig count data we saw a record low reading for the number of active oil and rigs in america. tyler, back over to you. thank you very much. let's take a closer look at an under the radar stock that's been doing quite well with more people staying at home theeds days shares of scotts miracle grow in the green today and up more than, get this, 40% in just the last two months. the stock also near an all time high on stronger demand for its gardening and long term products seeing huge momentum in its cannibas equipment growing business as more states legalize marijuana. welcome. good to have you with us >> thank you under the radar. we're not that under the radar, are we >> i don't think so. i mean there's been a lot of

attention on lot of high-tech stocks that have done well and some of the obvious runs i guess the characterization is that you guys might not be an obvious sort of stay at home stock. let's move to the question here, which is this. i can't imagine a company that was hit with the eye of the storm more than yours. i can't imagine there's a more important time of the year for your business than march and april when this really hit how did you get through it >> well, started looking at the possibility of this occurring once we started seeing news in early january coming out of china. i think at first people thought i was pretty crazy as i talked to my team about my concerns and as we got into february, we started legit putting plans together to operate remotely.

we really didn't know what was going to happen. we were pretty nervous about it. i think as soon as this started going down, what we started seeing is not only could we operate from home very effectively, which we have done and continue to do, but our feel force -- probably two-thirds of our people are manufacturing, sales, distribution people, they did have to go to work unlike the rest of us who were able to operate from home. we paid them 150% of their normal pay they have done absolutely heroic work out in the field. probably at the peak we had 450ish out of 5,000 field people who were reporting covid like symptoms although very few of them were ever tested.

they did heroic work the retailers got their head around what was happening and what became clear right away is we had a license to operate as far as essentiality and consumers wanted our products. that's, it's been crazy ever since. >> i'm a big consumer of your products i need some starter fertilizer by the way >> we can make that happen >> that's all right. i know where to find it. let's go back to something you mentioned and that's a lot of your work force began early onto work remotely and it's done very well what percentage of those workers do you expect will come back to an office ever what are you planning for there? >> i think we're mixed on that p i can tell you from my point of view, i'm someone who commuted from new york to ohio every day and back i can tell you i'm not -- we're

up in our home in vermont. i'm not going back to the life i had before we're operating really well remotely eng o i think our willingness to learn as we go has helped us a lot of people are happy being home i think there's some people that will be able to work more from home than from work. other people, i think a lot of our finance people, to be honest, they have more solitary work when i talk to them -- especially if they have young kids, they want do get back to work i think we have a super unique culture, a good one. i think the more we're away from home, i do fear a bit what i

call cultural dilution we're looking to phase back to work probably early july our sales and manufacturing are already at work. our remote people -- rnd has come back. our executive team and our support staff are looking probably in july i think maybe one or two days a week it's moe mostly to remind people who we are i don't think we have a need to rush back to work. i'm still nervous and i personally don't want to get anybody sick at work >> i appreciate your prudence and i sure all of your employees do i do hear you say you'll spend a

lot less time traveling back and forth. see you soon thank you very much. kelly. new york to ohio every day he's not the only one. a lot of people do that. maybe not going be doing it for a while now. thanks fascinating to hear. i'm looking at the bed product shares of tapestry plunging 50% this year because retail is getting slammed by the pandemic. the ceo joins us next. talk about coach, kate spade and what he sees for future of shopping stay with us woman: my reputation was trashed online.

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welcome back it's no surprise to anybody to know that the coronavirus pandemic has hit retailers from high-end to discount extraordinarily hard and shares of tapestry especially with its losses nearly doubling those of the xrt. the etf that tracks the retail sector today, tapestry revealed its reopening plan by the end of this week, the company expects to have more than 300 stores offering curb side or store pick up. courtney reagan joins us now with the exclusive with the ceo. court. >> hi there.

thank you very much. i would like to welcome judy let's pick up where tyler left off. all of your stores in china and south korea are already reopened i imagine some of that informed your strategy for north america but rath ethan opening up the stores as regular, you're just going to do curb side and store pick up. why not open fully if global regular lations would allow youo do so? >> great question and it's great to be here we've come at this three different ways we've focused on leading with our values and so we've been very focused on our people, on our customers. and on the communities that we work within and it's been clear to us as we listen to our people that the right way to step into reopening our stores is to do it gradually. that's something we learned in asia in china and in south korea when we went from being largely

fully shut in china for example to today being fully open and having over 400 stores opened in both china and south korea is that it's a gradual process. it's not a just flip a switch and go from being all off to on, but it's one where you led into it led by your values, led by your people. led by your customers and particularly when we're comeing from a world where we had a lot of engagement, a lot of connectivity with our customers digitally is to trans now to a physical environment and you do it a step at a time. >> you spoke about your people there and you did something a bit different than some other retailers. you didn't do mass furloughs for your retail employees in north america. you continued to pay their salary and benefits but you're just gradually reopening 300 stores in north america for

store pick up and curb side, what does this store employment look like? is that different? do you need all of those employees? >> well, so as you point out, we have taken a somewhat different approach than some peers and we have not furloughed our employees. at a store level and our view is back to really taking the leadership from both our employees and our customers is we're going to take this a step at a time clearly we're thrilled to have 300 stores open even on a curb side or store front basis and as we engage with our consumers, we'll see how that extends in terms of additional store openings over time perhaps move iing from curb side and store front to being more fully open but it's not something we're going to dictate as much we're going to take the leadership from a a host of other sources including first and foremost our employees as

well as our customers. >> you just put up a quarter that saw its first adjusted loss in nearly two decades as a public company we haven't seen you do that before we know the world has changed in the last two months. you took over as ceo just seven months ago does that mean your original business plan strategy out the window you've got to start opver? is tapestry still going to own coach, kate spade as we move forward? >> we're in a fortunate position it's a challenging environment but we believe we're well positioned we did move very quickly early on to strengthen, to fortify our balance sheet both in terms of our inventory levels, cutting our cap ex rate, drawing down our revolver, suspending our dividend so we feel very good about that. what we feel in many ways even better as you pointed out, but actually that was well before

covid hit and we started a diagnostic process to really look hard at our business after i began and we developed a strategy which has proven to be spot on in terms of being appropriate for helping us navigate both this challenging environment and we believe come out of this environment and that's really a strategy that's very focused on being increasingly consumer centric. being very data driven using it to form a lot of forward looking decisions as well as being more lenient and agile. as we move into an environment that we see trends that increase digitalization, we believe we're very well positioned for that. >> thank you so much for being here with us we hope you continue to inform us as things move forward and more of those stores reopen. >> thank you, courtney good to be here. >> all right courtney reagan with the ceo of

tapestry brands. appreciate it. thanks to both of you. now despite today's reversal, it's been a rough week for the market ts so wllalabt ere exactly you should be putting your money to work next dow's up 145 osteo bi-flex. plus vitamin d for immune support.

the dow was down this morning before reversing higher. up 166 right now so where can you find opportunity these days with us is jim, the chief investment officer jim, what are you favorite ideas? >> think about how many people have adopts during the coronavirus shutdown those pets will need to be taken care of for ten or 15 years. i think there's a real opportunity there. online shopping. >> yep >> nike is a great opportunity we've all worn out the treads of our sneakers we're going to have to go out and buy more soon. >> i was going to ask about scott's miracle grow and a lot

of the trends are long-term, but a loft winners are expensive >> where all stocks are down year to date sh, i think there's a real opportunity in both those companies. >> fair enough you also have some work from home plays microsoft. what would be your favorite? >> i like cdw. i think with the stock down 30% because people were worried about small and medium businesses, small and medium businesses will ultimate bounce back they're the backbone of our economy and i think cdw is going to be selling more hardware and services to those companies. >> and we have time for one more if you want to sneak it in >> you know what, i look at mastercard and numbers they put up today just phenomenal numbers. negative 6% volume growth year over year. we've been shutdown and they're only down 6% on u.s. volume. that's a nice snap back and i think they're going to do welcoming out of this as cash is really a dirty word these days >> it is literally dirty. thanks so much

getting rooigt to the point. jim with some buying ideas t tyler. >> it's really work at home, stay at home, pay at home is really what he was talking about there, kelly interesting hour see you tomorrow thanks, everybody, for watching our breaking news coverage continues now into the final hour could be an eventful one here comes the closing bell. >> thank you so much for that. welcome to the closing bell. stocks have climbed back from steep losses on what's been p a volatile day the dow now in the green s&p just slippeded back into negative territory in fact, back green again. up ten basis points. 59 minutes left of this session. fears of prolonged economic weakness as a new report shows nearly 3 million more americans saw unemployment benefits last week president trump threatened new taxes on companies that make goods outside of the united states as tensions with china continue to simmer and bank stocks are bucking their recent trend, push uing the market higher today