it is 5:00 stocks looking to end on a high note after a rough week for equities some of the only stores are open what kind of numbers will home depot and lowes report the house prepares to vote on a $3 trillion spending package. abbott under fire. a warning on the highly touted testing kit not working as well as hoped

and getting back to business in the empire state as a slow reopening in new york today. it is friday, may 15 you are watching "worldwide exchange" here on cnbc >> good morning, good afternoon, good evening welcome wherever you are watching happy friday, we made it here is how money is setting up for the final day of the week. dow futures up about 75 points we snap a three-day losing streak still the major averages are back late in the week. dow is down 3% s&p off 2.5% even the snnasdaq is down 2%.

only amazon is higher this week. the russell 2000 has been the market story down 7% coming in today. watch for a rebound. that index down 26% on the week. also watching oil. indicating demand increase coming off the highest close in six weeks. up 11% and brent crude is back above $30 a barrel hardly a big number but at least it is not in single digits or even negative. global markets in asia the chinese markets are down and rising in europe, more tough economic news as money is contracting but not unexpected by anybody and all the major averages there they are you will more than 1% everybody knows there is bad news coming. now a measure of is bad news as

bad as some had thought. telling cnbc the white house will likely report another round of debt relief checks for american families. voting on a $3 trillion proposal today. the white house preparing an executive order which will require certain essential drugs to be manufactured only in america. that order from president trump could come as soon as today. now let's get back to cnbc hq and more of the headlines this morning. for that, we go to frank holland. >> we begin with a warning from the fda saying there is early data that suggests abbott labs rapid covid dying not tick tests may deliver false negative results. the fda is still evaluating data

and in direct communication. the abbott tests still can be used to identify positive cases. shares now lower on the news boeing ceo david calhoun trying to smooth over relations with carriers sources telling cnbc a high-ranking executive at united and another both complained about comments theater going, may have to let it go. disney is shutting down the production of frozen for good making it the first broadway show to be canceled. the show already the weakest of disney musicals which included the lion king and al aladi

i'll spare you my rendition of "let it go." >> new york state starting to reopen today but you wonder when will broadway come back. thank you very much. now to the question almost every investor seems to have with 36 plus million americans out of work, why have stocks held up as well as they have ryan payne thinks he has the answer ryan, why do you think that is not saying they are having a good year. they are down but not down 40%, why not? >> the last time we talked about this was april 31. i love being here at 5:00 with you. we are talking about a v-shaped recovery we have a big disconnect between

the economy and the market we know the news is bad. no secret. we mentioned the news in germany. we forget the market is forward looking and is on forward fundamentals if you look at any economist projections now out to q 3 and q 4, we should see significant rebound. i think the markets are telling you it should be a little better next year and why things are trading up >> we need a little good news but we don't want to be polyanna what are you looking at that tells you things are getting better >> talking about oil prices. i just drove from the jersey shore to new york city i've seen more cars on the road than i've seen in weeks. you are seeing fuel demand go up looking at airports and screenings, they are starting to go up. the economy is slowly starting to mobilize. >> i look at the boom markets,

they are fuelled by two things if you look at pessimism, it is higher than in march people are more pessimistic than they were then looking into the belly of the beast, so to speak >> sitting at $4.7 trillion of cash all of these investors waiting for the next leg of the market to drop. my thoughts are you are not going to get it. you get any dip here and we've seen that. any dip here we've bought. you'll have a lot of pressure to buy here that will push higher in the market >> that is weird, we reported that the fund flows and the cash. all of these hedge fund managers they've come on this network and said stocks are overvalued it makes you wonder who out

there is doing the buying? if everybody is with cash, why have stocks held up as well as they have? >> that initial buying pushing things up. for the most part, they are a little side ways here in the short term you have a lot of smart money that is already invested you have more money that will be forced to get in we deal with a lot of baby boomers. this is the first time we are hearing baby boomers sitting with cash and realizing. we are not getting yield anywhere else. even millennials getting tremendous cash. working on the opportunity that we need to get invested right now. we'll have a whole generation getting invested we have baby boomers that were scarred the last crisis realizing they have to get invested there are so many catalysts

right now to be a buyer of stocks too many people looking for this down leg >> a bit of an optimistic view we like to hear on a friday. have a great weekend to you and yours. thank you very much. when we come back, call it bingeing burn out. apparently even ozark is gettin old. and how nascar is getting on track to kick off the weekend with no fans in the stans. former nascar analysts with us and a different kind of driving. one small segment of the economy is booming because social distancing is in mind. 'lbe to come wel back with more cnbc after this

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good morning it is 5:11 on a friday morning we made it, tgif. new york state will begin a gradual reopening process. not new york city or buffalo but the rural areas. the finger lake region those types of areas will start a measured and slow reopening today. when the lockdowns began two

long months ago, binge watching was a hot topic. now two months in, apparently many of us are getting tired of television streaming companies are seeing ad dollars take a big hit. going to our guest, media trend specialist i read your latest piece great work it caught my eye what kinds of trends are you hearing? more of us are streaming but is anybody advertising? >> that's a great point, brian i think you have a lot of companies that are forecasting to q3 and q4 typically around this time in the spring, advertisers will meet with networks they do these big glit si

parties and they commit to spending a certain amount of money. a lot of those companies gm, pepsico are no longer looking to make those commitments. why? they are looking for the rate of money. also too, there is uncertainty a lot of these supply chains have been impacted they don'teven know how much o what they'll be able to market >> you know, live sports, sara is such a big part of this we are waiting to hear what nfl will look like all systems a go it matters to disney, espn and monday night football. we have nascar returning but particularly football matters to this industry >> it is huge. it is the big thing everyone is

waiting for. if you notice, nbc universal, parent company to cnbc, investor in axios the one thing the chairwoman said was, we'll let you know as soon as we know about the nfl. she knew that's what marketers wanted to hear from her in talking about the fall lineup with her a lot of networks are not going so far as to say what their fall lineups will be. the only one that has come out saying this is what to expect is fox. most of that is low-budget, reality tv series or things that can be easily produced in a pandemic the nfl is a question mark right now that the whole industry is waiting to see what happens. >> the big question, i guess, is what is going to happen when things get back to normal or

normalish. the nfl draft did monitor rating two or three times normal because it was the only thing there was 0 to watch our patterns have changed. jag s jigsaw puzzles are a big thing do you think our viewing habits have changed for the short term or the long term >> youmentioned sort of binge tv viewing has gone down the weather has gotten nice. some of these stay-at-home orders have lifted at the beginning, people wanted to know are my kid's schools going to be closed a lot of the news coverage has shifted to the long-term impacts of the coronavirus a lot of people find that news to be less easy to swallow if people are not watching as

much news or getting live sports, what is the incentive to paying $100 for a cable bill we saw a record number of people drop their cable and satellite bills. roughly 2 million people it wasn't just every day households, people like you and me it was restaurants and bars that said, look, this is just a really easy expense to cut long term, you will see a greater shift to screaming because of this coronavirus and the fact that as you said, we don't have live sports and news fatigue is becoming a little real >> isn't that amazing. by the way, there are restaurants in america you can go to have dinner with your friends and family hard to imagine. sara fisher of axios thank you very much. still on deck, mark cuban. always one with interesting

ideas, has an interesting idea when it comes to giving the economy a boost. his comments on cnbc are still ahead. >> announcer: today's big number at least 100,000 that's how many retail stores are expected to close over the next five years as covid-19 takes its toll on the industry retail numbers plunged in march and the detailed retail report is expected friday this is a tempur-pedic mattress. and its mission is to give you truly transformative sleep. so, no more tossing and turning... or trouble falling asleep. because only tempur-pedic uses proprietary tempur® material... that continuously adapts and responds to your body, to relieve pressure... so you get deep, uninterrupted sleep.

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welcome back two months without real car racing is about to come to an end. nascar returns sunday in south carolina the first race since march 8 no fans in the stands. the race will be limited to a certain group of personnel but racing is racing let's welcome our guest, race reporter and former driver great to have you on cnbc. i know we've made our bread and butter on i racing and virtual

racing it has been pretty cool, even though i'm terrible but we are getting back to real racing. what can we expect with the return to darlington this weekend? >> thanks for having me on it will be different one of the biggest things. on a normal race weekend, we've got practice hours of practice. qualifying there will be none of that drivers will show up and the first lap on the track will be taking the green flag at darling ton, which is historically one of the most difficult tracks we go on to preparation will be one of the biggest things drivers may take that first run or two at 80% which is unusual these are race car drivers but you have to be smarter because this is really going to put an ownness on your

preparation and how much you are able to get this car as purposeful as it can be. >> with the draft rating up 2 x and 3 x. now, they are desperate for any new content. there is a chance to gain a new customer base, i would imagine >> no doubt at one point, for the many ill million people that tuned in and really opened eyes of people about what esports can do on the simulation side. for decades, we had sort of

fallen off that natural consciousness this is maybe an opportunity to be at the center stage. the eyes of the world will be on this event that is something everyone understands. there are a lot of eyes on this. an opportunity to have a sport that will hopefully stick around when we are past this season >> we are showing you virtual racing, i racing, i've tried it out it came up huge. looks incredibly realistic you don't have to travel, doesn't cost a lot no risk of industry. it has boomed. what do you think will happen with virtual racing?

it has maintained that momentum. >> i've been a huge supporter of the esports initiative working with i racing. actually own a team in the top place in the series. that is a thing that will benefit from the momentum. we saw the viewership of those races, the top races for sim racers, no real racers, we saw that double. these have opened soem eyes and having people talking about it that is one of the things that motor sports has the most to gain out of many of these major sports you have this huge financial entry. what you have with simulation racing, you are lowering that entry to nothing

it is a couple hundred bucks for a wheel set and you are out there effectively becoming a professional racer with that small investment which formerly was nonexistence in motor sports that can open up a huge base of participants that wasn't there before we were already seeing a real growth in that realm obviously, this accelerated. i'm going to keep i racing i know for the drivers heading to darlington this weekend, that is one of the tools they'll use. that's a big part of it. >> no practice that's what they got to do virtual is cool. i look forward to the real thing as well. parker, great to have you on look forward to seeing everybody even at the track social distancing we appreciate it, parker have a great day

>> thank you very much going to be a great racing weekend. >> any racing is a good weekend. with almost every other store in america closed, what kind of numbers will we see from home depot, walmart, target? our friday exclusive, what company insiders are the most bullish on their own equities right now? top five names showing big insider buys the dow up 62. we are back right after this low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. and try pure protein shakes, with 24 vitamins and minerals.

the stock markets looking to claw their way out of the hole this week. the white house signals support for the potential of trillions more in debt-funded relief new york state looks at reopening as the stock exchange says it is time to get back to work on the floor. an unlikely winner in america. a feel-good small business story for you on this friday may 15. this is "worldwide exchange" here on cnbc welcome back good friday morning, tgif. do days of the week even have meaning anymore?

if they do, happy friday here is how your money and investments look as we are half way through the 5:00 a.m. hour the dow up cold comfort even with a 350-point gain because major averages are still on track for their worst weekly performance since late march sources telling cnbc the white house will likely support another round of relief for the american people. the house will vote on a proposal for a $3 trillion spending package later saying that in its current form is unlikely to pass this morning, not watching stock futures. we are watching oil. a good economic tell oil coming off the highest close since april 3. oil is up more than 11% this

week demand is up, driving again. production and output is down. we have the rig counts later today. showing another big drop we'll get that to you when it breaks time for our friday exclusive on what company insiders are getting bullish on stocks. here are the top five insider buys herman miller, the long-time former ceo buying that as work changes, maybe he's betting on that. illinois tool works, the ceo there buying $1 million in stocks ticida and harley davidson, the ceo apparently getting higher on the

hog. biggest insider purchase for harley shares by anybody in 13 years. over $2 million worth of stock being bought by the ceo of harley davidson. the top insider this week is a huge $5.4 million buy on upwork, upk. not a number we talk about a lot. reminder folks, we'll bring this to you every week here on "worldwide exchange. some execs getting bullish on their own equities no insider buying to report at jc penny. sources telling us the once retail giant could file for bankruptcy protection as early as today although final negotiations between jcpenney and its lenders

could begin. calling for a decline of 12.3% all ahead of a major week for retail results joining us now to break it all down, director of retail research the earnings, we look back most people would say they don't matter a lot we want to look forward. home depot these types of home improvement stores are open. the parking lots around here look packed. what kind of numbers are you expecting from the walmarts, targets and home depots of the world? >> they are expected to post some of the highest same-store sales. over 50% are expected to post losses but there are some winners. those are home improvement

home depot and lowes are said to post higher sales and costco, walmart, target and the dollar stores are all expected to see positive same-store sales. in addition to those, the drugstores but there is one particular retailer that stands out because they are expected to see an impressive 23.4% same-store sales this is the luvsac their comps have been very strong and have continued through the pandemic as consumers stay at home and try to improve the stay-at-home experience >> i remember like a year ago, you came on and said like the lovsac, the big bean bags and those chairs has that been the trend?

here is the reality. there is 36 million unemployed nobody is making light but for those still working, you are saving a lot of money. people are spending on their nest, so to speak. >> absolutely. consumer behavior has changed completely for those that are employed, they are willing and able to pay full price for items to make the stay-at-home experience more comfortable. refinitiv found out, consumers are paying full price for robes, socks, pajamas what is interesting, even grooming products, they are growing pandemic beards, those have sold twice as much as last year at the expense of shaving products people are not shaving, they are

growing pandemic beards. there has been a complete change in consumer behavior >> these trends are incredible i guess the question is, what are the trends going to look like when we start to reopen i know many states have already started that when the country starts to come back to life. any indication of what the new trends will be will it be the same as the old will we go back to doing and shopping and spending the way we did before >> absolutely not. nike is on the other side. they have closed many stores in asia because they are highly reliant on the chinese consumer. they are telling us now traffic malls are back at the levels from prepandemic but still, consumers are going on line to finalize their

purchase omni channel is key if you want to survive this pandemic and has helped those winners look at target target for five years, their stock used to be earnings but they used to take a hit because they used to tell us we are investing in our omni channel experience today tharks is translating to very strong comps. they are one of the few retailers to post higher same-store sales next week >> it will be a long time before many of us go to a crowded shopping experience. thank you for being with us. coming up, talk about a grand slam one restaurant stock taking off this morning we'll reveal the name and what the shares are doing we gave you a clue, folks. a big win for the president and the grand canyon state the world's biggest

semiconductor maker, taiwan semisaying it will build a $12 billion factory in arizona the white house also in talks with intel and apple on building more u.s.-based factories for critical electronic components dow chemical losing a little steam. we are back after this

semiconductors, shirts and

sausage in focus first up, applied materials second quarter profit and revenue missing forecasts. amat is not going to give guidance for this coming third quarter. it expects the supply chain to gain strength in the second half of the year, helping recoup some lost sales stock two is dillard's, the retailer pointing to smaller than expected first quarter loss. the company says the pandemic continues to point to the impact plans to open another 120 soon as well as some clearance centers. and the one we teased. we gave you a clue grand slam come on. it has got to be denny's

shareable family meal packs for pick up. more than 500 locations have reopened dining rooms with limited seating in 21 states now to our up lifting story. to the recovery of the economy beginning today, new york will begin the phased in reopening of new york state we are not talking new york city more up state, areas of the hudson valley. other parts of the country, arizona, nevada and others stay-at-home orders expire today. they can always be put back on let's get to frank holland who is back at cnbc hq >> good morning, the cdc issuing

an alert about a rare but serious auto immune condition happening in children. the illness first reported in the uk late april. there have been more than 100 cases in new york since early may with at least three deaths new york governor saying 71% of suspected cases were in intensive care units with 43 hospitalizations the nyse will open the trading floor on may 26. according to nyse president, the exchange will reopen to, quote, a sub set of floor brokers with vital new safety measures. the floor has been shut down after two people tested positive cunningham will be on squawk on the street today and dallas maverick's owner has an idea when it comes to

stimulating the u.s. economy speaking to cnbc yesterday >> from my perspective, i'd like to see a stimulus that supports customer demand, consumer demand i would rather see us give out debt cards, if you will that say, here is $1,000 you have to spend within two weeks and preferably locally to stimulate demand what we do with trying to keep employees employed, they are not going to survive mark cuban putting his money where his mouth is keeping the staff of the dallas mavericks employed through all of this >> frank, always good to see you, buddy have a great weekend companies around america are hurting. even in the toughest times, there are surprising feel good

stories out there. one is drive-in theaters as traditional theaters remain closed jim kopp is the owner of family drive in theater outside of virginia he said the business has serviced nearly 5,000 movie goers this month alone he expects that trend to continue on a personal note, i have been to that theater in high school my dad went there because his dad owned a gas station about a mile from the theater. are you shocked in the boom in business in good old stevens city >> yes we are we are surprised there are a lot of folks anxious to go out and be safe and get

some movie entertainment >> do you expect this to last, jim? that is what we've talked about. after things start to reopen, do you think you've gained these customers back for life. they get to realize, man, this is not only retro. it is fun again. >> we certainly hope so. we want everyone to experience the drive in we always say it is an experience whenever you get the families or friends together and have a big movie on the big screen and experience that at the drive-in. that is always memorable we are hoping all the folks that are rediscovering that will continue to be our patrons >> you know, i remember going to that drive-in you own now. you do have to get out of your car and walk over to concessions and get the soda and the candy

and the popcorn. i have not been to a drive-in movie in about 30 years. what is the experience like? i imagine you still have some touching and waiting in line how has it changed for you >> with the coronavirus, we have a lot of space the cars are spaced 10 feet apart. instead of having two vehicles per speaker, we are having one we still have the classic speakers, they are covered up right now because they are a potential hazard at least, they still have the sound coming from them everything is on line. you are able to drive on down to the theater and buy a ticket now you have to buy everything on line. our food concession is by on line app also. it has changed the way we are doing business in that everything is on line. it is a contactless, type of

process. the rest rooms and one patrons there have to be sanitized the rest roroom lines will belo which surprised us they continue to have the lines, particularly in the ladies room. they are happy that it is sanitized in between use we are really happy that the crowds are coming out. >> jim kopp owner of the family drive-in in stevens city make breaking news to you. i talked to a friend on nantucket island in massachusetts. they are talking about putting in a drive-in theater in nantucket. can you imagine. >> thank you come by and see us

>> always great to hear a good small business story there after the break, we'll get back to the stock market. a rough week for stocks. futures are higher now what can you expect going forward? we are back after this stick around

welcome back it has been a rough week for stocks all the major averages are on track for a down week and some of the worst weekly performances since late march lagging everybody has been the small cap stocks getting smaller. the russell 2000 down more than 6% and now more than 27% from the all-time high. what do you do now joining us now, investment

strategist lindsay bell. great to have you on the previous few weeks, everyone was like, look, the market is coming back. the nasdaq 100 looking like we were going to get back to normal from the markets perspective anyway what happened this week? what has been the reset? >> i continue to say this market, especially over the course of the last month, the market really hasn't done too much it has been driven by technical factors. because there is a lack of fundamental data what we are getting is backward looking. investors are looking at forward looking guidance what we are doing is following the average. it has been a strong support level for the index. we broke through that on wednesday. yesterday, we close at that level. i'm watching what happens.

if we close at that level, we could see the bulls return next week >> has this been a technically driven market? a trillion going to the markets, tepper and druckenmiller saying things about the economy you wonder if it is just machines doing all the of buying >> it is a good question you are seeing sentiment from retail and institutional investors turn very bearish. while those duke it out, i'm going to follow the technicals retailers pulling money out of etf. bearish on the institutional side the shortest since 2015. more since 2001 on the sidelines. there is a lot at play here, we

are seeing our retail investors continue to buy throughout this last couple of months. >> listen, this is going to sound a little weird i know there is 36 million unemployed nobody is reducing that at all thankfully, congress has stepped up stimulus has helped a lot of families at least for now. is there a small argument to be made that the economy is not as bad as the giant headlines might suggest. given that 120 million americans are still working, they are saving their money and there appears to be some pent up demand i'm not saying it is good but maybe a 1 outer 10 instead of a 3 or 4 out of 10 >> i appreciate what you are saying you have to remember, those unemployment checks coming in,

they get $500 bonus. if you are one of those unemployed, you could be making more money than you did when you were most people got those $1,200 bonus checks before the government you look at the savings. 13% in the last reading. that is pretty high. i do think cash is burning in some pockets where the rubber is going to meet the road is this fall when unemployment benefits run out. >> if they do. >> that will term if we can continue down this road. >> congress is voting today to extend them out to 2021. a lot of people are saving money. they are not traveling or going out to eat, not driving much leave us some optimism where should our viewers invest right now? >> i think you've got to stick with the stall waters that have

been leading this. stick with technology and health care i'll leave you with that >> we appreciate it, lindsay bell have a good weekend. be well. be safe. thank you. another nine-day week in the bank we made it have a great weekend we'll see you on monday. squawk and the gang pick it up now. take care. across america, business owners are figuring things out. finding new ways to serve customers... connect employees...

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. good morning reopening america. several states easing restrictions but there are new questions about a critical covid test that come from abbott labs. the fast ones, the one the white house uses

and in washington, the house prepares to vote on a relief bill that the senate says it dead on arrival. and bracing for ugly new retail numbers. tell you about the country's best positioned. and "squawk box" begins right now. good morning welcome to "squawk box." i'm becky quick along with joe kernen and andrew ross sorkin. u.s. equities up higher. s&p up by 1.20, the s&p up by better than 1% and nasdaq up by almost 1%. it is friday horay. i