hopefully they turn profit >> it's going to be wild to see what happens here. i feel bad for everybody involved everybody. seth and phil, thanks. we'll see where it goes here whether congress does mandate something or not that does it for the exchange. time for power lunch we'll see you in just a moment welcome. welcome to power lunch welcome back to the kitchen for a friday our breaking news coverage of the coronavirus and the markets continues right now on "power lunch. stocks are making a midday comeback now with a second day in a row the dow bouncing off lows, coming back approaching the positive mark there. it fell 270 points as tensions rose this morning earlier with china. we'll talk about that in just a moment more disappointing economic data coming out earlier today retail sales really slamming the market today weighing on

sentiment. energy stocks higher now for the second day in a row. that's as oil jumps to its highest level in nearly a month. back near $30 a barrel what's going on there? plus, texas reopening. maybe that has something to do with it. texas reopening restaurants and retail stores over the past week we'll talk to one restaurantur who owns about ten restaurants in texas looking forward to that. thanks stocks are on track for their worst in two months. >> even as we take a peak at green, positive territory. if you take a look, tyler mentioned a 270 point decline for the dow industrials. we are hover, there you have it. a new fresh intraday high as the dow is up 32 points. it's not a lot but all three sectors in the green

they were all in the red at one point so far today take a look at energy. we mentioned those oil prices. remember, focus on technology. we're marginally in red territory. a volatile session for the bond market on this friday after a record drop in retail sales. let's get to rick for the details. high, rick >> it was indeed a record drop retail sales down 16.4%. the lowest ever. if you look at one week of two year note yields, you can see last friday we traded intraday lowest intraday ever

we hover around 14 basis points. only down a basis point on a day. 14 is the lowest close ever for a two-year note. let's look at intraday of ten. industrial production made up 101-year low the lowest ever in 101 years that level down 11.2 you could clearly see at 8:30 eastern that's when we made the low at 58 basis points it's moved up sense. if you open the chart up to early march, we see the all time low, closer on the left at 54 basis points and we've been walking down towards it for a couple of weeks now. much of that is at the pain of

others like merging markets that need to procure dollars at higher levels. tyler, back do yto you >> thank you have a good weekend and stay well for more on today's market snap back that we've been witnessing in realtime, let's bring in michelle mckinnon and ron. let me begin with you. one of the things that had the market concerned earlier today and i believe has you concernedd between the united states an china, specifically about sort of impeding the sale of certain semiconductors to huwei. you're worsried this would worsn the situation overall. >> i think that's right. i think i'm not the only one

that shares those concerns. it's really anti-growth. i think it would exacerbate the downturn we're seeing. tensions are growing between the two countries. i think not to our advantage and i would agree with our colleague jim kramer, this is not the appropriate time to engage in this type of behavior. the u.s. economy hasn't recovered yet. we're not dealing from a position of strength, nor is china for that matter.

>> why don't you weigh in on the point ron is making in respect to trade it's also some of the comments about the virus's origination in china. china's responsibility for it. this is not made what seem the relations between the united states and china any better. how worried from a market perspective are you about a deterioration in u.s.-china relations? >> of course it's a concern. i think there's so many concerned right now for investors to try to weigh. it can be really exhausting. when you think about the november election it will create volatility what we're telling our clients is to stay invested. we haven't changed our long term strategic allocations and further more for investor that might have gotten out of the market back in march, it's tough to try to make call of when to get back in.

>> michelle, while i'm with you, i'm going to stick with you for a second crude is up about 20% over the course of this week pressing in on $30 a barrel. what does it mean? what does it tell you? >> it's been volatile. we choose not to i vest in commodities. i think the volatility has shown it's been all over the map the past few weeks i think crude being up is probably positive. maybe that's showing a sign that the economy will get back on track. it's a few days volatility and really hard to say >> ron, i want to get your reaction to a comment yesterday by dan of zuirion investments.

he went after the fed and by extension the fiscal side for the amount of sort of tonnage, money that's been pumped into the market let's listen to the sound bite and get your reaction to it. >> rates are going to go higher at the worst possible time for the economy and i don't care what other expert vs s have to , i disagree that we can pretend it's nothing and just throw whatever money we can at it. that's classic maladaptive economic strategy. >> part of his argument -- >> i would disagree with that. >> part of the argument is at some point the bills will come due and you're flooding so much new treasury into the market at a time when the world may not be as devoted to the dollar as a reserve currency and the result could be higher interest rates you have to pay more to attract the buyers to absorb the supply.

>> yeah, i have longer term concerns clearly about the size of deficits and the accumulation of debt. having said that, you're in between a rock and a hard place here refr knews were going to fall in the midst of this depressio depression/recession, whatever it turns out to be issuing debt to try to provide relief for the economy is one of two choices. you have neither one has paul suggested yesterday is all that great. having said that, if the bond market was going to find this maladaptive economic behavior so loathsome, rates would be up we're borrowing $3 trillion this quarter. the yield on the ten-year

treasury will be below 1% and the 30-year at 1.3%. people would have thought you crazy but that's exactly what's going on i would argue it's that gentleman's reasoning. >> all right maybe we'll have you, him and mr. mcculley on. you can hash it out. kelly. retail sales terrible this morning. plunging more than 16% in april which was far worse than expectations courtney reagan is here with the details. >> far worse than expectations but we never before seen a month like that. we're nearly all non-essential retail, restaurants were closed and americans stayed off the

road but still it was pretty bad. for the month of april we did see retail sales down 16% from march. if you look at year over year down about 22%, the commerce department survey shows that if you look at the clothing stores themselves, abysmal. this makes sense because everything was closed. down 79% from march. grocery stores, that was down 13% from march which is interesting. it was up 13% year over year that suggests to me we weren't quite stockpiling like we were in march but we still bought more than we did last year building materials, garden supplies, those stores were open we could all be planting those victory gardens. i know you've been doing that. still sales down 3.5% in april for that segment too nonstore, this makes sense this is largely e commerce up 8.4% from the month prior. up 22% when you're looking year over year. separately, i want to talk about what we learned about jcpenney

they may be clear to filing fast break bankruptcy but it did make an interest payment due today. $5 million there's another $12 million interest payment that was due april 15th they opted into a 30-day grace period they will not comment whether or not that will get paid today but it is in fact, due today kelly, back over to you. >> the equity is at 26 cents i don't know why people are calling them -- and this is an industry thing i don't know why they are calling them victory gardens >> it had to do with after the war back many, many years ago. >> that was after the war. we're in the war we're fighting the war >> we are in the war but it's like let's get outside and show it hasn't defeated us.

let's make our homes look beautiful. >> it's hopeful. the semiconductors are getting slammed add the u.s. moves to stop ship shipments to china. we'll see what else we should expect in these moves. the furlough fall out of the 18 million americans waiting to return to work a new study says that nearly half of those temporary furloughs will become permanent. we'll talk to a toecomp onist behind the report about which sectors are hit the hardest, after this i'm 53. but in my mind i'm still 35. that's why i take osteo bi-flex, to keep me moving the way i was made to. it nourishes and strengthens my joints for the long term. osteo bi-flex. plus vitamin d for immune support. confident financial plans, calming financial plans, complete financial plans. they're all possible with a cfp® professional.

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welcome back the coronavirus pandemic accounted for a record number of job losses in april. 78% of unemployed americans said they considered themselves temporarily furloughed and expect to be back to work in six months a new study out from the university of chicago paints a much gloomier picture estimating 42% of of those furloughs will be permanent why do you think this job loss will be permanent? >> it's great to be with you well, you cited the 42% figure

we got that in two parts first we surveyed firms in april and asked them, what fraction of yourlayoffs do you say are permanent? that number was 23%. a recent household survey by the washington post got the same number then we did something else we looked back and we said, of the layoffs that firms and workers thought were temporary when hay happthey happened, howf them led to recalls. a good chunk of them never led to recalls >> i can see during '08, '09, a lot of those job wouldn't come back because we had a housing bubble in this case with the pandemic, why should it have the same effect why shouldn't it be the case the job losses will prove temporary as people return to their daily

lives, so to speak >> two big reasons this idea we'll go into a deep freeze and when the thaw happens we're all going to be back to things as it were. i think that idea is serious problems and partly wrong. we can see that in the kind of demand shifts that have already happened businesses are doing a lot less travel than before the pandemic. they won't go all the way back to where they were any time in the near future. airline travel is down more than 90% from a year earlier. airline industry isn't going to come back to those levels in the near future. that's a lot of lost jobs. then within sectors like say health care, there's going to be big shifts we've already seen a move to telemedicine which is quite new in the u.s. scene. that's not going to reverse. some medical clinic, some doctors will be very adept and meeting the demand for telemedicine customer preferences to avoid disease transmission risks we'll see a lot of shifts of

that sort. a shift away from dine in restaurants towards take out and delivery it's already happened. some of it will stay in place. one other thing to keep in mind is in the past, when we had temporary layoffs, most of them came back within two months. the ones that came back. this pandemic recession looks like it will go on much longer than that and that means many of those temporary layoffs will never result in recalls. >> most people will tell us it will be a depression or terrible event say that's why we need $8 trillion of stimulus and more from congress and more from the fed and international coordinate nation you guys have a different response you say that instead the best way to make sure the economy comes back more quickly is to remove barriers for faster recovery that includes unemployment

benefits that exceed worker earnings, occupational licensing restrictions anybody who tries to open a business knows what you're talking about. there's rarely appetite for this response why would this time be different? >> let me say there's a role let me start be unemployment snurns once that you mentioned a new study by my colleagues find if you look at the bottom one fifth of wage earnings, they are getting paid twice as much for unemployment benefits as they were paid when they were working. that kind of policy discourages and delays this reallocation process we need.

don't get me wrong, there's an important role for unemployment insurance benefits to help those who have lost their job. paying them more to not work than to work the not a very good idea in my view. like wise, let's take the way the u.s. government is responded to the airline industry problem. right now the u.s. government is paying the airlines to keep their employees on payroll till october. well, news flash, the airline industry is not coming back to where it was in october. as soon as october rolls around, there's two choices. either taxpayers continue to pay airline employees not to work or there's going to be large layoffs in the airline industry. that's just delaying the kinds of reallocation that we need you mentioned several other things occupational licensing restriction s a great example. during the crisis, governor cuomo said, wait a minute, don't we want out of state health care

personnel to come to new york and practice and help our pashtpasht patients in new york of course we do. it ran into occupational licenses restrictions. i hope that kind of thing is permanent so the kpi can many quickly respond to the kinds of shifts in labor demand they are taking place because of the pandemic >> i encourage every one to read the paper in my newsletter it's fascinating dive on what this might look like we appreciate it >> thank you >> tyler thank you very much. still ahead, semiconductor stocks under pressure. weighing on the tech sector more broadly as tensions with china raise over the coronavirus fall out. we'll tell you the names one

analyst says are still safe to buy. plus, talk about power mover shares of aurora cannibas surging more than 60%. that's just today after the company says consumers, what is are they doing they're stockpiling poe ining pe outbreak toilet paper, paper towel, weed. the stock is still down from its high we'll have the ceo it will be a high point, later th hr. isou this is decision tech. find a stock based on your interests or what's trending.

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here are the leaders it's walt disney leading the way. obviously the biggest pandemic names that's traded out there. tyler. >> kelly, let's go over to sue for the latest on the coronavirus. hey, sue >> good afternoon, every one here is what we know at this hour the white house says work is progressing quickly on a coronavirus vaccine. that is the message from the head of the government's vaccine development program which is called operation warp speed. >> i have very recently seen early data from a clinical trial with a coronavirus vaccine these data made me feel even more confident that we will be able to deliver a few hundred million doses of vaccine by the end of 2020. >> in england, the vaccine being developed and tested by oxford university will not be expensive

and it will be produced in very large quantitiequantities a key goal has been to make a low cost vaccine that could be distributed around the world around the world there are more than 4.5 million confirmed cases of coronavirus the u.s. makes up about a third of the total or more than 1.4 million infected russia is in second place with just over 260,000 cases. as always, you can get more on our coronavirus coverage by heading to cnbc.com. back to you. >> a salt lake up in the semis that's whattage i agnalysts aren this news. i caught up with mitch he covers the ships.

bro broadcomm did 900 million in revenue last year. they could retaliate it's going to build an advanced semiconductor in arizona spending $12 billion to do so in support from the u.s. govrt. it isn't immediately clear what that support means production starts in 2024 and will create 1600 jobs. back to you. >> thank you very much let's get more on the outlook for chips this year on trading nation today i'm joined by patrick moorehead. mice pun patrick, welcome how would you play the

semiconductor names? >> yeah, so first off, i think this china spat is another episode in this ongoing trade and ip i wouldn't look too closely. this is what the 12th version of these bilateral spats. that was a new piece that came out from the federal government today which said, if you're even using u.s. based equipment or u.s. based software to make your chips, you need to get a license from us to go there. >> does the fact the chips are trading down make sense to you or is it a buying opportunity? >> i think it's a buying

opportunity. i don't see any of this sticking or having long term i understnd. some of the stocks that are down like qualcomm, first off they get credit for intellectual property for every smart phone that ships regardless of if it's going into china there's only a few, handful of qualcomm chips going into huwei gear some are odd >> odd can be good if you're looking for buying opportunities. thanks for joining us. tyler. still ahead, backlash as parts of the country start to reopen wisconsin disregarding a large measure social distancing requirements and some states seeing a surge in new cases of coronavirus. we'll discuss that one

aurora cannabis soaring 60% today. we'll talk to the company ceo about the growing problems in the pot industry remember you can always, always watch and listen to our live onto go on the app, cnbc app we'll be right back with our special breaking news coverage of coronavirus and the markets, after this (vo) our communities need help like never before

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stocks are making another big comeback we were down 271 points. now the dow is up about two tenths the russell 2000 small caps are leading the way. often that is seen as a good barometer for the market they are up 1.5% today

oil too. it's jumping back toward the $30 a barrel mark as it closes up for the day. dom is at the kmocommodity desk with more. >> the ois private schools will close out on a high market 40% upside for july. the wti prices up for the third week in a row. off the very depressed levels. steve drops over the last several months some fundamental tailwinds coming via china data showed signs of a rebound in daily oil use for the economy as it continues to reopen and that process happening with the covid-19 pandemic.

ta led to negative prices. not seeing that action now there's also wider use of other types of crude oil futures for different expiration dates and without physical settlement aspects. a lot of things have played oil. back over to you >> thank you very much new york state giping phase one of its reopening plan in mostly rural parts of the state. largely upstate that haven't seen as many cases of coronavirus as we have down closer to and in new york city >> the governor allows gar deng and landscaping businesses to open statewide five regions now meet the

metrics for testing cases and hospitalizations today, they can resume some business we're talking manufacturing and construction, retail pick up or curb side delivery only and strict guide lielines in place as they have been for these essential businesses >> my biggest concern is everybody is being careful and everybody has to get used to doing business this way. cdc has issued new nashtional guidelines saying if you can't do it safely, don't reopen tyler. >> you know i wonder how much pressure the state is under to reopen because of the loss of tax revenues

>> the hole is $61 billion for new york state he and other governors have begged for federal said. there's a trillion dollars worth of support for state and local governments in that heroes bill fp now under a vote in the house. >> the decline called cape gains and sale taxes will have a fleg tifr affect on state budgets it makes no sense to be laying off police, fire, teachers and sanitation workers while simultaneously saying they are essential. >> saying this bill is dead on arooif arrival when it gets to the senate >> thanks very much.

kelly. we're taking a closer look at how states are faring since reopening on may 1st, texas has seen a 55% increase in tass that's an average of 1100 a day. they are also increasing testing with 7% returning positive even if we look at the seven day average of cases they have continued to rise. up 16% that's the latest on texas tyler. despite that rise in cases in texas, many restaurants in the state have been reopening and they have been reopened for a couple of weeks now at 25% capacity tim love owns 14 restaurants with the majority of those based in texas he also got some in tennessee. he's implemented temperature checks and face covers for employees. he said he's seen big crowds since reopening and we welcome back chef and restauranteur tim love good to have you with us you've come back to business

you also have your carry out business how different does it feel right now operating at 25% capacity in texas, 50% in tennessee. >> it feels about 25% of what 100% is. at the same time, the positivity in the air is really tremendous. people want to be out and go out and see other people they want to do it in a safe way. right now i wouldn't call it big crowds because we can't have big crowds tables are 7 feet apart. we're at 25% capacity. we're doing it really well again, safety is a paramount for me making sure my employees are safe first when the employees are safe,

that means the guests are safe we have done a very good job of that so far. we're very strict with our safety protocols so far the guests have been very happy and excited to be out. >> can you make money at 25% or 50% capacity that's question one and question two, you said the math is simple it feels like 25 or 50% of normal does that mean you brought back 25 or 50% of your workers and the remainder are not brought back you haven't brought back 100% of them i assume. >> we offer jobs to every single one of our employees we have about 80% of our work force back today to answer your question about making money at 25 or 50%, this seems to be the question that everybody seems to ask most often. what we forget is we are in a new normal my concentrate with my organization is to make sure people are safe and in order to do it at 25%, it gives us time

as the governor said, we will open up slowly making people feel safe and making people safe is our number one thing. therefore, right now do you make money at 25%, most people can look that and go for sewer that's not going to make you money but it will make us get our properties ktocols in place. we'll have our safety measures in place and make some money i did get everybody back to work in our business, people want to do what they're good at. now i have people back in their places doing things they are very good at the positivity with my team is just amazing right now >> clearly, you're playing the long game there. that's really to be applaudsed i'm curious because we had a

guest on earlier who made this point. you said you offered all of your workers, 100% of them the opportunity to come back and roughly 80% have said yes. the other 20%, have they given you a reason why they didn't come back? is it because they're making more money on unemployment than they would if they come back do you have any ideas? >> i don't want to be presujsive of that but that's probably the case as these things kind of come together, i think we'll start seeing the work force come back. those who want to work will go back to work we want to give people that opportunity. get them back the work get them happy get the economy moving it's important we do that but most importantly in a safe way >> sorry to interrupt but final quick question, you've been taking temperature of guest who is arrive at your restaurants. how many have you had to turn

away >> we've turned away four total people for a temperature of above 100.4. the remainder had to come in and have their temperature taken, you can tell they are a bit weary about it but after they have their temperature taken we give them a little glass of champagne or maybe some punch or something like that. it kind of eases the mind. it's new it's something new for everybody but it's kind of like winning the game okay, i'm good we can go in on the way out they'll go, it was really good. it makes me feel safe. that's important to me >> that's smart business thank you very much. continued good luck to you kelly. >> i appreciate that >> always great to check in with him. abbott labs is lowed about the concern of its rapid tests we'll tell you what president trump had to say about that. we're all over the market. the stocks are said to close their worst week in nearly two

months the dow turned negative by seven points we'll have more on the other side of this break

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they are saying they got a bat long term impact a lot of people think the pandemic could help their business and draft kings up 14%. we end with sorrento said it's identified an antibesiody. this is still early research the drug hasn't entered human trials it still caught plenty of attention in the market. the shares are up 161% kelly, thank you very much let's talk about shares of abbott labs. they are taking a beating about questions about the accuracy of its coronavirus tests. the details on that one coming up plus, will there be a cannibas comeback? those stock vs been clobbered but the country's lockdown has turned into a catalyst surprise surprise the ceo ofura auto join us. t stay with us california phones offers free specialized phones... like cordless phones,

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new concerns today about the ak are rasy of abbott labs quick test for coronavirus meg has more >> well this comes after several studies raised accuracy questions and specifically the possibility of false negatives late last night, the fda issue ing a warning that there could be some accuracy concerns with that test and that negative results might need to be checked with another test. now this is the id now test touted by president trump in the rose garden. it is said b to have been used potentially by white house to do screening. the president was asked about it today and he defended it here's what he said. >> no, abbott is a great test.

very quick test and can always be rapidly double checked. if you're testing positive or negative, it can always be double checked very good test very portable. very quick >> now u the president was talking in that press conference b about operation warp speed, which is the white house's initiative to have a vaccine for the coronavirus available by the end of 2020. they say they're going to be focusing in on 14 vaccine candidates and the initiative is going to be led by dr. s lao ui. the president saying how urgent it is then minutes later, seeming to down play the risk if we don't get a vaccine >> our task is so urgent the federal government will invest in manufacturing all of the top vaccine candidates before they're approved so we're knowing exact ly what we're doin

before they're approved. that means they better come up with a good vaccine because we're ready to deliver it. vaccine or nov vaccine, we're back and starting the process. and in many cases, they don't are have vaccines and comes and you fight through it >> it's a little bit of a mixeded message there, but also in introduce iing the former jsk executive, he said he'd seen some early clinical trial data of a vaccine and made him more confident he'd have millions of doses available by the end of 2020 >> a lot more information we got today. appreciate it. thanks now is cannabis a crisis proof business share of aurora are soaring in part due to strong sales, but they're still down 96% we'll talk to the ceo about these cross currents, next [squeaky shopping cart]

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welcome back with the onset of this pandemic, consumers in a panic bought clorox, toilet paper and apparently cannabis. while shares were soaring, now 75% today after this 24% jump in recreational sales the beleaguered stock is still down b about 99% over the past 12 months. michael, why don't you think people in the marketplace picked up on this trend until today >> yesterday's results were strong it certainly demonstrates that aurora is on the right track we tarted to deliver against our reset plan in february it put us squarely on a path to profitability. we announced cost cuts and spending in line with guidance

we've delivered above average growth and most importantly, we've cleaned up our balance sheet as a prudent measure. we believe we have key objective. >> and i can see why that has investors more reassured than the fact there was some stockpiling. it can be reversed it can help you, but create an overhang where demand is lesser for a period of time so maybe the longer term positive is this idea about profitability. why has this been such a difficult period for all of the cannabis companies there was huge interest in the stocks they exploded. then there's been this nasty overhang is is it capacity? pricing, regulation? what do you think is is contributing now >> well i think look the view, the long-term view our industry hasn't changed i think the path to getting there is very different. so what it's fored companies like aurora to do is take a tep

back and rationalize a business like it is today that was the design. it was very important to you know put our business at a sp d spending level that made sense today to give us the able toy sort of draw this is about building strong fundamentals into our business and delivering sustainable profits going forward and we believe that's a strong foundation for which we can grow going forward. >> we spoke with scott's miracle grow yesterday in some ways, a good plan to work through the pandemic. they had put some thought into it were able to kind of mobilize a workforce quickly. that was peak season for scott's. obviously when this happened, i don't know in terms of the trends for you guys, but this must have been a real complication for your workforce. what has it been like? what are you work levels like? are you at all productivity? when do you expect to be back there. >> we're so fortunate. cannabis was declared an essential is service in canada

that's allowed us to maintain full operations. our employees have been tremendous and i owe a deep amount of gratitude to them. we put together a covid response team that's worked closely with our employees across all facilities to ensure they're safe that we've given them the protective equipment they need and to really communicate with their employees what is it they need to do to first feel safe and to especially sure that we can continue to remain fully operational and we have. that's why we've really been able to sort of deliver the results that we had anticipated because we had clearly been able to you know, to manage our operations in this uncertain environment and remain fully operational and we feel very proud of that. >> thank you for joining us today. as you continue to navigate this thank you. michael singer is interim ceo of aurora cannabis. the shares are up 75% today. >> you know the market wobbling a little bit down early, now basically flat

alternating between green and red. but i think one of the big stories this week is the move in oil as it presses in on $30 a barrel probably because of production cuts and also maybe some demand coming back so i guess that might be a little bit of a silver lining in all o this. have a great weekend >> you, too. enjoy the garden >> all right thanks a lot we'll put some miracle grow in breaking news coverage continues now with the gang from the closing bell >> thank you, tyler and kelly and welcome, everyone. i'm sara here with wilfred stocks have once again edged into positive territory in a volatile day of trade just turning negative 59 minutes left in the session in what is on track to still be the worst week for stocks since march. let's look at what's driving the action an historic plunge in retail sales and industrial production as coronavirus freezes the u.s. economy. increased trade tensions with china. the administration looking to