has been doing basically an end run around existing regulations to what they're doing this morning and announcing some new regulations to prevent them from getting access to u.s. technology here's the way it's going to work according to the department of commerce this morning they say foreign firms using u.s. chip making equipment will require a license to supply those chips to huawei and huawei is likely going to need a license to continue to use technology tied to the united states they're concerned about certain technology being used in the manufacturing process that's u.s. technology being huawei getting access to that because of some concerns about existing companies that have deals in process to buy some of this equipment or use some of this equipment there's going to be a 120-day delay for products that are already in development, that is, there's a little window if you have stuff that's in the works right now. beyond that, there will be these restrictions in place and they say that huawei will need these licenses officials were asked on a conference call this morning how

likely it is that huawei will get those licenses and the department of commerce wouldn't say specifically they won't get any licenses, they said they will review those on a case-by-case basis you can imagine given the administration's crackdown now it's going to be difficult for huawei to get any of these licenses from the united states to use this type of technology back over to you. >> eamon, it's jon what this seems to me to be is something that introduces a lot of uncertainty into the semiconductor industry in general. i mean if you look at chip equipment suppliers, if they can't supply technology to one of their major customers, that has an impact on their ability to make money. it has lots of follow on implications down the line is it your sense that the administration is taking an initial stance and looking for room for flexibility and to negotiate or is this something they're going to push forward in the semiconductor industry has to brace for >> well, we don't know for sure,

jon. this is a piece with the administration's overall push to bring supply chains back to the united states in general and then specifically focused on huawei they don't want huawei tech inside the united states and any of these vulnerable areas. they are convinced that huawei is capable of inserting bugs and other backdoors into their equipment and they don't want sensitive american data flowing over these systems i think this is a long-term push by this administration the one thing question is, as we're coming up on november here, if you get a new administration coming in in january, six months away at this point, what would that do to all of this policymaking and how are businesses trying to adapt to this new policy given that there could be a reversal of that in just a few month's time. a lot of uncertainty here and you hear it from both companies that are selling to huawei and companies that are buying huawei products some american companies that grumble there aren't great alternatives to get this stuff from anywhere else at this

point. >> yeah. i think you hit the nail on the head when you said long-term push here. this has been something in the works for many months now, if not been discussed or debatesed for a number of years as well. we're getting these developments out of the commerce department basically within the same 24-hour period that taiwan semiconductor is planning or announcing it's planning to build a $12 billion chip factory in arizona as well and it isn't just huawei as we've been talking about that's impacted by a decision like this it is names like tsmc. >> yeah. look, and anything from this administration's perspective, anything they can do to encourage companies to build their products here, particularly companies from allied countries or american companies, that's a win, right both politicallyin terms of th jobs impact and also technologically in terms of the potential for hacking. you see the administration amid this covid crisis saying look,

over the past couple decades we've gotten out of whack here in terms of our supply chains and want to bring all of this sensitive stuff whether health care or chips and semi conducting technology, we want all of that produced back in the united states. now, you can argue whether that's the right policy or not but that's the policy of this administration and that's what they're driving here. >> to close this out, i don't see exactly how this helps that policy because this isn't about where things are made. it's about whether you can sell to huawei or not if your product is made with u.s. equipment, no matter where it's made if you're tsmc looking to build up manufacturing capacity in the united states to ship worldwide, now you got to worry about well, is there the possibility that this specific technology or that one of the suppliers who i sell these chips to ends up selling it to huawei and then does that put me at risk doesn't in a way that discourage

companies, perhaps, from locating their manufacturing in the u.s. and being subject to this regulation? >> look, sure, there can be unintended consequences here clearly the intended consequence here is to inhibit huawei's ability to do business in the united states and around the world. remember, this is an administration that has talked about acquiring with u.s. government dollars foreign chip makers and competitors to huawei who can make this broadband technology, simply buying them because they're concerned there is no viable u.s. manufacturer of some of this 5g broadband equipment right now. this is a real concern in this administration and they are trying to block huawei from being the global default provider for all of this stuff because they fear the chinese intelligence will be able to insert all sorts of backdoors in this system in order to steal government data, corporate data, personal data, everything around the world.

they want to keep that from happening and they're willing to take these really dramatic actions to do it >> eamon, it's a fast developing story, obviously, even as we've covered it for so long eamon javers, helping us kick off the hour today let's move on to the implications for tech. also you have facebook buying giphy for $400 million today doug ammouth joins us, head of internet research, happy friday, thanks for being with us. >> thanks for having me. >> i hope you don't mind if i start with china because there's the huawei story today pompeo promised a report on the origins of the virus fbi has warned about them trying to hack into our pharma research do you see a step or not >> you pointed to a number of different things here which are certainly important and we'll clearly see more, but i think the key at least from the internet perspective and a lot of the companies that i cover certainly the bigger f.a.a.n.g.

names, most of their business is really not in china, very small pieces of it really, so one of the good things they have limited exposure actually overall. so it's not something that we're too worried about just from an internet sector perspective at the moment >> i mean, clearly you don't see any of the companies you cover moving in the opposite direction. we're not going to see companies announcing huge expansions into china or if one did, would you consider that a big liability? >> i think you're right. we certainly don't expect any big expansions in that area. we certainly have heard some of the discussions with google in particular over the last couple years and it does not look like they're going in that direction, but no, we don't really expect any expansion there. i think the key with this sector is there's still so much opportunity in other geographies when you look at penetration rates across whether it's e-commerce, advertising, lots of

other activities, there's still clearly a lot of room to go here in other areas >> which is why this giphy deal will get outsized attention. it points to the large starting to pick off smaller players, maybe using them strategically within instagram to take aim at twitter. what does this mean, this move by facebook today? >> yeah. so i think the acquisition today, while it's not really big in terms of overall dollars, this is about competing for engagement time, for making the experience, the platform more fun, more entertaining yes, you're right, i mean there is kind of a battle that goes on for overall engagement time across users and the social space and with facebook in particular, they've obviously had a strong relationship with the company prior to now i think about 50% of the traffic actually comes from the facebook family of apps and a lot of that

in particular coming from instagram already. it seems to make a lot of sense strategically and engagement on facebook and the facebook family continues to be very strong and this should help it that much more >>. >> doug, on a day where mpd group reports that fitness equipment sales are up 130% in march want to get your thoughts on peloton, the growth we've seen within that business, and how sustainable it is going forward especially given the fact that we're also getting reports of delivery backlogs >> yeah. so it's a good point when we think about how covid-19 and the environment of the last couple months is changing things, just overall behavior and across our sector, connected in home fitness is one of the key areas. we've seen it in peloton numbers, certainly in q1 and q2. they crossed more than a million connected fitness subscribers.

there's substantial backlog there. if you go on the site now you might see eight to nine weeks or somewhere in that range in terms of wait time for a bike. but i put that in the category of good problem to have in terms of so much demand and, you know, since march, they've actually doubled their supply, their ability to manufacture here. they're making a lot of adjustments, speeding it up. hopefully by july or august they're able to kind of catch up and really get that order to delivery window down this is a sustainable type of behavior, sustainable change in our view we think it will take time for people to go back into gyms and other fitness areas and quite honestly in-home fitness will become more compelling on the other side of the crisis. >> it's jon fortt. i want to go back to the giphy deal as you mentioned 400 million might not be that much overall for a company that as far as i know is bringing if zero

revenue, 400 million for facebook to plunk that down that's a lot of money. maybe this isn't so much about engagement because people are using gifs regardless, maybe this is about data because you have to search to find a gif and i guess if facebook is able to promote the use of this one platform more and more for searching these, what they get is a sense is of consumer sentiment around the world at any given time, what are people looking to express to each other. even if they can't see specifically if it's encrypted what you're communicating they can see what you're searching for so they know how you feel, right. >> i think that's a great point. look, facebook knows a lot about its users from their overall activity on the platform in terms of the types of things in their feed, the stories that they're engaging with, the ads, but this does give more of a searchable kind of component to it as well that they can

obviously get more data and everything in real time. look, i would say facebook has certainly bought much bigger things with zero revenue and i point to whatsapp many years ago and the fact that that platform still does not generate much, if any, revenue really now. but look, there can be a lot of other benefits to your point around data, engagement, you know, that work their way through the facebook family of apps i think the key point here, the key takeaway in my view is that while a lot of companies are pulling back, changing the way that they invest during this crisis, facebook continues to move forward you see that obviously with the acquisition today but you also saw it with their investment in india a couple weeks ago as well which is fairly significant and much bigger dollar amount. >> yea yeah. whether it's facebook or a potential tie up in all the reporting tied to that around

grubhub and uber, i do wonder what you think about the m&a landscape for tech and whether there are certain names you're watching more closely as potential takeover targets or merger possibilities >> yeah. so in terms of m&a, i would say look, certainly the news this week around food delivery and uber and grub is, of course, very front and center right now. look, that's an industry where we've been looking for rationalization there, something that we thought would happen generally probably 12 to 18 months behind what you saw in ride share, so look, we do think that further consolidation overall is necessary and important there. i think there will be other areas too. i think you have a situation in tech and in the companies that we cover right now in particular where a lot of them a strong balance sheets, ability to acquire and then i think you

have a lot going on in the private market, smaller assets which are going to have a tougher time and it is going to create some interesting opportunities here nothing i guesses otherwise i would point out on the public side, but, you know, certainly food delivery is front and center right now >> finally, doug, i don't think you're all that hot on online travel, but we did see this week a bunch of new plans to open casinos, marriott with new sanitary policies, boeing with this new initiative to convince people that planes are safe. would you expect any incremental or positive linearity on interest in travel overall >> so in terms of online travel you're right we've been cautious around the names there for a while now and look, i think it's going to take people time. it's going to take time to

really in volume get back on planes, get back into hotels when that happens, these will be names to own and i think in some ways you're seeing these companies like a booking, for example, which, of course, is getting a lot leaner through the downturn, but in some ways they're going to come out the other side stronger when travel does return. it's kind of a question of timing, you know we don't really see that picking up right now but it will be interesting at a point in time there's other things in the internet sector certainly that we prefer right now. >> doug, appreciate that you got a lot of interesting coverage that is of interest to our viewers. we'll see you soon. >> thank you thanks for having me >> morgan? >> thanks, carl. after the break it's been one week since california partially reopened we're going to check in with one vineyard owner in the state on how she's handling the pandemic. that's going to be right after

this break in the meantime the dow is down 186 points on pace for its worst ayitus decline in eight weeks. st wh (soft music) - [female vo] restaurants are facing a crisis. and they're counting on your takeout and delivery orders to make it through. grubhub. together we can help save the restaurants we love. find a stock basedtech. on your interests or what's trending.

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when every connection counts, you can count on us. get the connectivity your business needs. call today. comcast business. welcome back across cnbc we're taking a closer look at how states are faring as they try to find a balance between reopening their local economies and protecting citizen health it's been a weeksince pennsylvania, north carolina and california reopened.

pennsylvania has seen a 13% increase in cases and an 18% increase in testing since reopening with 20% of tests coming back positive but now when we compare the seven-day averages of cases week over week, it's seen a 10% decline in cases which is a good thing. retailers there are allowed to open their doors but large gatherings of 25 people or more are prohibited north carolina has seen a 25% increase in cases while testing has increased 28%. 8% of tests there are returning positive and when looking at cases week over week, north carolina has seen a 23% increase in cases retailers in that state are allowed to open at 50% capacity and restaurants must continue takeout and delivery service only finally california has seen a 20% increase in cases with week over week increases of 6%. testing has increased 31%.

7% of tests in california returning positive manufacturers and retailers who offer curbside pick-up there are allowed to operate as of last friday morgan >> jon, thanks one california industry particularly hit by the pandemic restrictions is wineries projected to lose up to $5.9 billion in revenue for 2020 according to some system joining us now to discuss the path forward is amelia, the president and ceo of seha vineyards and a member of california governor gavin newsom's task force on business and job recoveries thank you for being with us. >> it's my pleasure. thank you so much for inviting me. >> as we start to see certain aspects of california's economy open up right now, what does that mean for your business? i would imagine given the fact that it's an agricultural entity there's been operations in place to some extent up until now but

what does it mean in terms of ability to start having consumers come back? >> well, it's been a blow to the wine industry, especially to small producers because most small producers are dependent on direct to consumer business model so we are dependent on sales of wine loving fans in our tasting rooms. we closed our tasting rooms march 15th and the way we do tastings as we know it is going to be very, very different because it's going to require very strict sanitizing little is going to change, but what we want to make sure is that not just our most important

people, our team who works in hospitality are -- that they're kept safe, but also equally the guests so the wine institute has proposed guidelines for reopening protocols and there's a very large, long list of what will be required new positions may be available because every tasting room will feed once we're allowed to reopen to have a concierge/hostess to make sure that everyone that comes in understand what is required of all of the guests and also what the wineries are going to be able to provide. >> yeah once all of these protocols are put into place and you are able to open your doors and to be able to offer that tasting room service again, do you expect customers and consumers to come back or do you

expect them to be hesitant >> i hope that they will be -- everyone who loves wine in wine country will be excited to come back because it is -- most wineries do have -- are allowed to taste outdoors. it's so beautiful right now and the season is about to start in a different situation, but we do hope that we will have guests once we're reopened to come and visit us we and the hospitality industry, the wine industry, the hotels and restaurants, we want to make sure that we're ready, that our teams are safe, and also, to follow all the protocols for all of you are guests to also be safe and to have our, you know,

our legendary experience of hospitality. >> hi, amelia. it's jon fortt i wonder is this crisis going to change the way business owners, wineries like you think about your business model? maybe i'm oversharing here, but at home, i'm buying a lot more wine because i can't go out to a restaurant and drink it, so if i want to have wine with dinner i have to have wine at home. i imagine, though, that unless you got relationships already with distributors who are really active online or unless you already had a great online marketing operation, it's hard to reach that consumer are you going to do anything differently along those lines going forward? >> well, we are already. on march 31st we launched our first taco tuesday, wine and more, to reach new consumers and using all of the social media

platforms. we've been able to reach -- we have been able to reach new consumers. now being that unless you are a larger winery and you have distribution throughout the u.s. and you sell your wines in wine shops and grocery stores, well that channel is still pretty much going very strong however for most of the small wineries, well that is nonexistent. therefore, we do have to be innovative and figure out other ways of reaching fans. we've been able to maintain a level of sales because of our food and wine pairings and i love mexican foods with wine and giving recipes and inviting guests every tuesday at the same time at 6:30 p.m. to join us on our facebook live stream.

>> yeah. >> and it's worked for us. it's a lot of work and it's stressful, but we're grateful to reach others. >> i'm going to check that out in the meantime in a week where we have seen more business owners from hair salons to elon musk at tesla becoming critical of how the reopening process is happening in california, as someone who is a member of the governor's task force, what are those discussions that are taking place and how have you been advising the governor and his team >> well, it's such a balance because, number one, we want to make sure that the expansion of the pandemic is contained and -- but at the same time, businesses are also suffering and the economy so it's a double-edged sword because yes, we want to

make sure that business remains viable, but at the same time, we want to make sure that people are safe we've had already a few meetings virtually with all of the chiefs of the task force and it's -- i've been assigned to the small business committee, and also the cdfa and i work with them, the california food and agriculture department as well as -- but we just have to make sure as long as there's plenty of testing and tracking can be done, then it's going to be very difficult to have all of the very high contact businesses open the wine industry is one that is

high contact because it's all about you see a lot of wine glasses, social environment. >> yeah. >> so it's going to be difficult, but i feel that once all of these guidelines are established we think california and then -- going to also have guidelines about that. >> yeah. >> it would be safe to come and visit us >> all right well amelia, thank you for joining us and keep us updated on that process. >> well, thank you so much and stay healthy and safe. >> you too in the meantime on this friday, trying to watch the markets here dow down 140 been in a tight range despite the historic data we've gotten the level is more interesting on thursday, we'll talk to art cashin and bob pisani and what itig mn wte ain in a minute.ga (♪)

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welcome back, everybody. i'm sue herrera. here's what's happening at this hour new york city now has 110 cases of children with a rare inflammatory syndrome thought to be related to the coronavirus. that is up 10% since thursday. mayor bill de blasio said today all five boroughs have cases. workers wearing protective overalls and masks sanitized st.

peter's basilica as it prepares to reopen. celebrations are set to restart on monetary for the first time since italy's two-month lockdown began. disney has decided to let it go the big budget musical "frozen" will not reopen when broadway theaters restart making it the first production to close due to the coronavirus. and that leaves just two disney musicals on broadway "the lion king" and "aladdin." all of broadway scheduled to remain dark until at least labor day. get more by going to cnbc.com. >> looking forward to broadway reopening. >> yes. as we head to break let's get a check on the markets with stocks having their worst week in nearly two months all the major indices down shy of 1%. we're back in two. your interess or what's trending. get real-time insights in your customized view of the market.

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a new survey from the

silicon valley leadership group this week asked companies in silicon valley how they are adapting their operations during the pandemic 102 responded. the results showed that about 47% of companies there are hiring only for essential positions. on the downside, about 12% of respondents say they are either considering layoffs or deeming layoffs necessary, guys. this organization in the valley, really interesting i had carl, the head of it, on last week when i was on the exchange and he's in constant contact with the leaders of some of the largest companies in the valley the number of companies that say layoffs are necessary is going down since last week and certainly since the end of march, but it's not clear to me whether that's because they've already done layoffs and don't see the need to do more or whether the situation is getting better this data does indicate there's a lot of pressure on tech out

there. >> it's really fascinating, jon. i'm curious whether they asked any questions about work-from-home and what that's going to look like given the fact that we've heard from so many companies in silicon valley this week about what those plans look like extending to the end of the year and beyond >> yeah. i could look through the survey. i've got it in a connected google doc they asked a range of questions, some of them are the same week to week and some not a lot of companies are saying that the majority, the large majority of their workforces are working from home. i was speaking to intel's chief people officer yesterday about exactly that and the companies aren't sure exactly how that's going to affect their culture going forward. what percentage of the workforce might continue to do that. i pointed out it's one thing that you can remain productive when the entire workforce is working from home. when you've got some at work and some at home how does culture work they don't know, morgan. >> all right

as we head to break, take a look at the 10-year chart of jc penney the company announcing it has made its scheduled interest payment and it will continue to evaluate certain strategic alternatives keep in mind we are talking about penny stock as well. ayitus bk.ightac st wh in less than two yeare

concentration of tech stocks in the s&p 500 has gone from 20% to about 27% today. a bulk of that market power is concentrated in a few big tech names like apple and amazon. joining us to discuss what this means for the overall market is alex matturri ceo of s&p dow jones indices. alex, good morning. >> good morning. thank you for having us today. >> great to have you as i look at this and it's kind of staggering, i believe microsoft, apple, amazon, alphabet and facebook are about

20% of the s&p's market cap. on the one hand, there are risks there but it seems like those companies overall are pretty stable are they stabilizing the index as well? >> well, it's really a function of they are the market, right. you look at those companies and index, number one, represents the marketplace and the marketplace price now is valuing those companies better than a lot of other companies the businesses are doing well. that's not a factor in terms of where they show up in the index. it's really the market cap as their businesses continue to do well, the global businesses, their leaders in their markets, you know, investors are bidding up their values and therefore it's going to show up in higher weighting in an index like this. >> it occurs to me also that all of these companies, owe their valuations in large part to the cloud. microsoft with azure, apple services strategy is heavily

weighted in the cloud and its app store. amazon the leader in the cloud alphabet and google pretty much everything it does is in the cloud. facebook as well then regulatory also it's unusual to have so much of the s&p's valuation linked to a couple issues? >> i think look this goes over time we've gone through these cycles if you look back, it was financials back in the early '90s it was consumers earlier than that you go through these sort of cycles there's no value judgment on these companies that get added to the index or weighting in the index. it's reflecting what's the market, how the market is valuing them we don't offer any judgment on these companies. >> alex, s&p, dow jones indices, overseas, has hundreds of thousands of indiceses s&p and the dow are most

popular. in general have you found that there has been a surge or unexpected demand in other types of indices or products with everything we're seeing happening in this outbreak >> well, i think certainly what's happenings has been shown the true value of an index, right. an index has many different uses number one, measuring these markets. how do you know what's happening in these markets, not just in the u.s. but globally. also, it's allowed investors to henl some of their risks to use indiceses or taking views through etfs an index funds. we have over 800,000 indices and many have products tied to them. it's really about giving investors choices and these sorts of markets investors need to reposition their portfolios and these indices allow them to do that. >> alex, are there other indices that might better do what the s&p has traditionally done,

which is represent kind of big companies in the economy overall? it seems to me if you're an investor looking to bet on the u.s. economy, it's harder to do now in the s&p, one could argue, because really you're in large part betting on those five stocks what are your other options? >> well, i think, look, that represents the u.s. marketplace, right, of course a lot of these companies are global in nature, a lot of their revenue comes from global markets, so it's just a function that the s&p is s&p represents what's going on in u.s. markets. there's other indices, certainly mid cap, small cap, many index choices out there, but in terms of representing the u.s. economy, there's nothing better really than the s&p 500. it is the most widely used index globally as the measure of the u.s. market and the u.s. economy because of that. >> does this, i mean i guess part of what i'm asking is, the criticism traditionally of the dow is that it's weighted toward

these particularly large companies. it seems like the s&p in these times, given these five companies, is taking on more of that attribute, does it not? >> the dow is a price weighted index and so the weighting scheme is really a function of what's the highest priced stock in the index it's 30 stocks the s&p 500 as capitalization weighted measures the value of a company in the u.s. marketplace and again, u.s. marketplace really has become a global marketplace because all of these companies, all are listed and traded here are global businesses nowadays. i think it is very representative of the marketplace. certainly the s&p 500 represents larger portions of it, represents roughly 60% of the u.s. market capitalization as we said it is a little more concentrated than it has been historically, but that's just i think a function of the companies themselves that

continue to do well. >> indeed, makes sense alex, thank you. >> thank you >> guys, the dow is down 173 here as we are off the session lows and did hold 2790 yesterday. that was the key level for art cashin with whom we are going to check in after a short break

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let's get to our josh lipton with more. josh >> so morgan, that's right check out the smh this morning, that's the etf that tracks the chips. it's in the red, though remember it did make that very sharp move higher off its mid-march lows. i caught up with patrick moreahead about this news that the u.s. government is moving to cut off chip supply to huawei. he says that could have big ripple effects, that huawei has pivoted to smic a chinese company for low-end chips but morehead saying huawei would have a hard time making it without access to u.s. companies. he also says huawei relies on tsmc, too, the largest contract manufacturer of chips on the planet speaking of, they just made some very big news themselves now confirming they're going to build an advanced semiconductor fab in arizona with production starting in 2024

tsmc says it's spending about $12 billion and that has support from the government. no details, though, yet on what that support exactly means tsmc says the plant will create 1600 jobs. importantly this is an advanced fab, it's going to rely on tsmc's so-called 5 nanometer tech this could be used to make the most powerful, efficient chips out there. i also caught up with rbc's mitch steves he said this should benefit names like applied materials as well as companies he argues like nvidia and amd and it would minimize their supply chain risk. >> interesting news, josh. interesting foreign intel which already has i believe four fabs in arizona one of them employing about twice as many as tsmc plans to wonder if they get any incentives to build more or expand their two thank you. still to come, we are going to get art cashin's take on today's market and the road

ahead. ayl rhtack. st with us rom 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.

stocks are having their worst week in about weight weeks. let's check in with the director of floor operations. guys, happy friday it's good to see you both. >> thank you good to be here. >> good to see you >> you laid it out yesterday at this time. you said watch dow 23k watch s&p 2790 we held. what kind of lessons can we draw from that. >> i think we're in a testing period they are clearly on the defensive. last week you asked me, did i

agree that there might be a v shaped rebound i said that was hard to believe and thought the market and the economy would be under stress. i think so far the week proved that out yesterday we bounced from what looked like free fall the dow jones 50-day moving average just below 53,000 that would be the first line of defense in any selling. there's a chance that the president's team may adopt an

anti-china and china's handling of the virus as part of the team going into the election and that will make for further trading bumps and that will keep the bulls on the defensive for weeks, if not months to come >> bob >> i think just going to the nyc announcement about a partial reopening. obviously there's a complex stew of things going on business, medical and legal issues i think the key point is the floor brokers need to get back to work. they add value to the nyse model. are you open to be partial reopening for the floor brokers on may 26th. do you support that decision in. >> being a veteran i would support the opening. i think the model works best in

its entirety i think they want to come back having been here after 9/11, i recall that we were closed for four days which is historic. they managed to get the place where you open but because of the president, the governor, the mayor, a whole variety of people told them you have to get the stock exchange open because it is a functioning part of the u.s. economy it's a way to measure values and how things are progressing and i think that's exactly what's happened again here. the traders obviously are concerned about things like the virus and whatnot. we understand it's a unique institution. it's a special place and if america needs to exchange to be open, darn it we'll have to do it >> i would agree with that point. i guess the question is the way it's being done. they're only doing temperature

checks at the door they're not doing any coronavirus tests and requiring people to go in to sign a legal document to say we understand the risks, we'll abide by the rules. this brings up this very tricky legal question do you think businesses like the nyse, all these companies that require face-to-face meetings with people when they reopen need some kind of safe harbor provisions for them to feel confident they can reopen and also a set of guidelines that everybody follows. is this something that the country needs to consider and bring into law somehow whether it needs it or not, it's going be fact of life. it's about ability and personal decisions and whether you begin an operation and people say you made me think that the place was safe you going to have to note that you understand the risks that

are there. we're seeing it all around the nation that will continue the whole question of reopening and coming out of this thing will be about personal liability and how you get things working one of the reasons why athletic events and theaters and whatever are having such a hard time deciding what manner to do i for one would be happy to see the exchange hope. i would love to see it open in full bloom let's get start estarted any wa. the economy needs it a lot of us who have been around here for 60 years want to get the shoulder pads back on again. >> i think everybody knows how you feel they might feel the same way it's been closed since march and trading has been fine from a market structure standpoint. that's a testament to the nyse

is there danger we're doing it simply for the symbolism or the livelihood of a small subset of brokers? >> if you were to dig down to it, you can see that some of the normal signs of liquidity and how the operation functions is not quite there. in full bloom it's a very special operation and i think they want to try and get there i'm a big fan of human involvement. i've been on the floor from the kennedy assassination and the cuban missile crisis and i know how important and valuable it is to your clients to have the ability to gauge things and exchange information

i think it's an important thing. as i said, i honestly believe in my heart it's being reopened to some degree at the request of the government and i think it's an important part of the american economy function well may 26th will be a big day i know i look forward to getting back we'll see,0 how this thing gets put together we'll talk to you next week, i hope >> i hope so maybe we'll ins late ourselves against any liabilities. >> when is bobby van going reopen >> we don't know i think communication among brokers on wall street will improve once we get the watering holes open >> art, bob, thanks guys have a great weekend

that's the morning of this friday next week, guy, it's going to bring all those retailers, walmart, target, home depot, lowe's buckle up for next week as well. let's get back to headquarters and the judge for the half thank you very much. welcome to the halftime report our top story, the state of stocks which are now on track foes their worst week in a a couple of months we're debating your money today with our investment committee which is with me as always.