target because you should see the boxes of diapers and formula and food packages. okay and i'm trying to find a new sippy cup. i need to look around a little bit. >> you need to browse. and what i find in stores like that is you always come out with a lot more than you thought you were going in to get we'll see you tomorrow thanks for watching our breaking news coverage which continues now into the final hour of this very powerful rally day. up 90 point 0 points on the dow. >> thank you welcome to the closing bell. i'm wilfred frost along with sara eisen s&p jumping more than 3% let's have a look at what's driving the action hope on the vaccine front. we're not out of ammunition by a long hot those the words of fed chair powell as he says there's a lot more fed can do to help the economy if needed and as states

continue to gradually reopen, auto plants are restarting some operations this morning and homebuilder confidence increasing as well >> ahead on today's show, president trump host iing a rou b table with restaurant executives at t the white house this afternoon we'll speak with the ceo of restaurant brand, the parent company of burger king and pop eye's. plus, billionaire entrepreneur and restaurant owner will join us to discuss whether people will actually come back to restaurants, casinos an sporting events he's got all three of those covered. hooe also at that white house meeting. let's focus in on the big stori we're watching mike is tracking the big market rally. meg has the latest on moderna's vaccine progress brian sullivan watching the comeback for crude we'll tart off with the broaderr rally, mike, and what stands out to you >> obviously the market for

months has been moving along this spectrum that goes from you know sooner and faster for a recovery to you know later and slower and right now, clearly, came into this week traders found themselves a little too far on the side of kind of later and slower and so they're readjusting those trades now in light of the fed and in light of a potential vaccine and so far uneventful reopenings if you look at the s&p 500 over the past year, working on a brokeo breakout from the post crash rally, 2960ish would be a new high for this run. there's an old wall street rule of thumb triple tops are rare, in other words, this is the third trip up to this level and in theory, the market doesn't give you three separate times to sell the top but what the real story is today is the kinds of stocks getting us here. cyclical and value, not defensive and growth look at the are rpm. against the megacap growth etf on a one day basis, they value

etfs up twice as much as the megacap growth look at the divergence over the year to date so you see how much room there is to make up from cyclical and value stocks if in fact this is an inflection point. i mean the market on a day like today is actually acting like its early cycle the beginning of a new phase where it's been acting as if it's late cycle or bear market. that's the push pull going on. a lot of repositioning from investors who seem to feel underexposed from the rory heem at least for one day >> i know there's a number of factors driving this powell last night. the arevaccine, if you lock at stock like disney up b about 7%, to me, that seems like a vaccine play do you think the market is getting ahead of itself sort of waiting still for details on this hope e that a vaccine will arrive soon? >> i think the market is aware that you can play for a reopening and a smooth and

successful one perhaps as you get better treatments and vaccines and you're not going to be b proven wrong for a while. there's a little window here that i think investors can operate. also, where is disney coming from it traded at 150 for the highs it's not like it's back for the highs so there's also slack there where you can make up ground and till nstill not be pg in everything is great the vaccine news was the accelerate the new thing we didn't know coming into this week because powell really just reiterated what we've assumed for a while is is the fed's posture. >> we're at session highs as we stand which is almost 4% on the dow just shy of that turning now to moderna and the positive trial results mike and sara just mepgsed mentioned that gave the market a big boost this morning. meg has more on that and how significant h that data is meg. >> well it's pretty significant as these are the first human

clinical trial data results we've seen for a potential covid-19 vaccine but it's very early days that was a phase one trial and included about 45 participants but really just eight of those are the ones that are truly meaningful because those were the ones who had data to show neutralizing antibodies. those are important because they're the ones that block the virus' ability to infect cells, so while they did enroll 45 people between the ages of 18 and 55, they only had data from those eight so far to evaluate that neutral lizing response, however, it was 100% response. they said it looked well tolerated and now they are planning a phase three trial to begin in july and we know they had already plan ned to start a phase two really any day now they only started this phase one trial if you look back at the timeline, in march so this is going incredibly quickly. and guys, as we get the results today by experts in the field,

they say yes, they are promising, but they're early and there's still a lot of questions to be answered including when you give it to r more people, what does the safety look like and when you give it to older people, what does their immune response look like they are the most vulnerable in this setting going back to the setting, this is really eight patients worth of data driving millibillions o market value in the market it's amazing to think about it from that perspective, guys. >> it is and as mike was pointing out, too, we got a lot of cyclical stocks like banks rallying the most as if the economy is going to benefit from this news and i know it's very positive and hopeful data in that that phase three even is going the start in july along with the phase two, but i also note from some of the analysts notes that the bla filing they say best case q1 and therefore the timeline of when this would be broadly and commercially available is still sort of at the earliest early next year, more likely middle of next year. is that fair

>> yeah, that does sound fair. and still, that would be shattering r records in terms of the speed to get a vaccine commercially available when we hear people talking about the end of this year for potentially having a vaccine, that's most likely on an emergency use basis. deployed to the highest risk people so you're still even talking in sort of a limited or experimental setting in some ways, having vaccines available by the end of this year, so in terms of commercially b available really broadly and cleared through the fda, even middle of 2021, would be incredibly fast. >> meg, thank you. with the dow up more than 900 points setting near session highs, oil prices are also joining the party today. surging. wti crude retaking the $30 per barrel level brian has more on behind this comeback, brian. >> i'm going to say two things i

don't think i've said in years covering energy and that is oil is is the best performing sector today and this quarter the left for dead nrnl stocks have come back i mean look at that chart the red spike toward the right, that was the negative $40 range. that's what we rolled over from the june contract to may hard b to believe a month ago. feels like ten years ago and we are going to roll over tomorrow. will we go negative again? probably not storage. it is not as full as it was. it was a simple reason we're driving more some states are reopening. you talked about the vaccine right now, it's early. certain case growth rates trend and reopen states haven't witben that bad more people are on the roads that is drawing down gleep refiners are buying more so that moment we all feared where all the tanks were just going to be filled up and you had to pay somebody to take your contract, the negative price, unlikely to happen, but hey, oil you never know

that contract will roll over i think it bears repeating, $130 per round trip $60 to start the year. 40, fig price. back to 30 130 bucks. by the way, speaking of traffic, i know you got tillman coming up ask him what he sees on the streets of houston that's an oil town, a restaurant town and i can assure you, that's a driving town and there's more cars on the road. >> we will do that thank you for the tip. just question. obviously demand as you noted seems to be drivinging it. the reopening means that more people are on the roads. there's more activity happening. what about supply? what's the latest? with all the cuts and whether that's going to enter into the equation again and just put more pressure on prices as we have seen so many times in the last few months >> it's completely flipped, sara it's amazing a month ago, we had way too much supply and crashing demand well, today, it's not quite the

opposite, but it's close if you listen to opec, they say 17.5 million barrels, including the united states and g-20 nations. 17.5 million barrels per day has been removed some firms say it's 15, 17, depending on your number, demand is not back there yet, but demand is coming back. but supply cuts are far deeper than demand growth so we've completely flipped the oil script u.s. companies, they have been closing down wells not starting new wells those weekly grid counts have gone from 800 to under 300 the fastest, steepest drop in new fracking operations on record according to rystad energy it's not one straw, it's multiple straws in the same drink. means the well tends to drain faster so if you don't drill new

ones, you drain the old ones quicker which reduces that new supply u.s. may be 1.5 to 2 million barrels a day in the next month or so taken offline. so supply down demand is up a bit. not entirely but it's getting there >> brian sullivan, thank you very much for that oil prices rallying. nrnl tenergy up 6.7% s&p up 3.3% as we stand. still ahead, we'll speak with the ceo of restaurant brands following his meeting with president trump this afternoon the meeting that's ongoing we'll get headlines from it. we'll get the latest on the path forward for rest wauaurants and e challenges still facing the industry and we'll ask dr. gottlieb about the encouraging vaccine trials and how long it could take to get govlt approval back in a couple of minutes on this enormous rally day. dow's up 4%. 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.

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moderna shares surging after announcing positive news on their human vaccine trial in all 45 participants, the vaccine produced antibodies. what does the road look like for fda approval swro joining us now, dr. scott

gottlieb as always, great to see you. thanks for joining us. what's your headline take away the market's unbelievably positive on this data. is it right to be so >> well look, very encouraging i think there's now been data from a number of different products that demonstrate we're probably going to be able to get vaccine in some time frame i think with the moderna vaccine, what we know is is that it produces antibodies the antibodies produced in the subjects in eight of the cases, they were neutralizing, which means they'll eliminate the virus. it's not because the data was negative they only had data on eight of eight subjects but you can infer from that that in the other subjects once we get that data, probably some proportion, maybe all, are going to also be

neutralized. i think that's why people are encouraged it's a vaccine that demonstrates it can produce antibodies in people and as those should be useful for targeting the virus and eliminating the virus. >> how common is it for promising early results to have more difficulty when they get to sort of larger trials, especially for a promising treatments and vaccines like this one >> right, well this is very early. i think why people are enthusiastic is we weren't sure whether r or not the approach developing a vaccine was going to work and what we're seeing is that using this approach and pfizer also has an approach similar to this, but using this approach, you can develop a construct that in humans, can produce antibodies against the virus, but it's a lopg road ahead. they have to figure out how to manufacture it what the right dose is we don't know how durable the protection will be and we don't know how extensive it's going to be in fact, in this trial, they had

three different doses a at 250 micro gram dose, 100 and a 25. it appear that is the 250 micro gram dose produced fever and heir not taking that forward and it also appear that is the 25 dose probably didn't produce a robust enough immune action and they don't seem to be taking that one forward although it's not clear but the subsequent trials, they're going to test the 100 dose and they added a 50 micro gram dose so dose finding is key trying to figure out what the rilgt dose is because you don't want to give so high that it's goip to produce too robust of an immune response you're going to have a reaction, but you want to give a sufficient amount that people are going to get a durable response they need to do some additional studies. there's a number of hard roads and they have to manufacture it at scale

and converting from an experimental type platform to figuring out how to manufacture the high amounts you're fwoipg to need to commercialize it, that's a complex process in 2009 as we went from you know, went to commercial scale manufacturing with the h1n1 swine flu vaccine, as we went from the production runs we were using in the clinical trials to the ones we needed for the commercial man fufacturing, we found we weren't getting the yield we expected and lost two months of time doing that. so a lot of things can go wrong. there's a lot of complexity, it's still early, but this is encouraging. >> dr. gottlieb, when the dust is is settled on all this and we're at the end of 2020 and the whole world has been b vaccinated if that plays out, is this a winner takes all? will we have been vaccinated but one company, whoever gets first

will be produced around the world or will there be mull principle serenes that get used? >> i think there will be multiple vaccines. there's a lot of different approaches each vaccine might be useful in certain populations, so we might be using them in a bespoke way with different populations of people more productive in people. and i think that also it's probably not going to be the case that one manufacturer is simply the entire u.s. market let alone the entire world if you look at the flu vaccine, you have multiple manufacturers in the space each taking a slightly different approach and there's enough room in the market for multiple manufactures to do that properly also when you look across the landscape, some companies are taking a novel approach. this rna are taking a different apro some are using one like johnson & johnson or the one by astrazeneca which was licensed from oxford university others are taking a more

traditional approach so are the chinese vaccine manufacturers. for the most part, the three largest projects they have underway take a very old approach >> so you are the perfect perscription to person to ask this what is the path forward from here for moderna to get fda approval >> well it's hard so say o i'll speculate. i think they're going to b probably have to do multiple phase ta and 2b trials to desi different doses. they're going to have to look at this vaccine and they have these trials now starting to get underway in different populations inclueing the target populations which are going to be older adults, but i think the fda is is going to want them to get the dose right and do studies to make sure they're taking the right dose forward because it's probably going to be the case that we're not going to be able to take multiple vaccines forward in multiple doses. we're just not going to have the clinical trial capacity to do

that and the other thing is that starting to enroll clinical trials this summer or the earl hi fall is probably going to be difficult because we don't know what the incidents of coronavirus is going to be in the population i suspect that the instance is going to fall as we get into july and august and we don't know where it's going to be epidemic where the outbreaks are going to be come this fall. and so you're going to want to probably wait until the fall until you can figure out where the virus is going to be until you start to enroll those really large trials they'll try to get them underway earlier, but enrollment is really going to get boosted once you figure out where the virus is spreading in the fall we will have outbreaks in cities and maybe states and those are the places where you're going to want to deploy the vaccine and run those trials >> finally, you know looking at the data from the weekend and i know you're looking at it closer than anyone, are you surprised that we haven't actually seen fingers crossed more of a spike in some of the states that had reopened that seems to be sort of clusters and areas but overall

in terms of hospitalization numb numbers and mortality numbers, it's not looking bad yet especially for the states that are opening. >> right it doesn't look that bad there is some concerning signals. we've seen some bump up in hospitalizations in florida and georgia and texas that we need to watch closely, but we expected to see a bump in cases as we started to reopen the economy so we shouldn't be surprised that we're going to see cases go up and hospitalizations rise a bit as we reopen the economy. we haven't seen big increases. it's still early, but it's certainly encouraging so far that we have not seen big increases as tats start to reopen and you're right. state like georgia and florida have been reopened now for some time and people have been getting back to more casual business i think we still need to be careful as we go out the best thing we can do is each take precautions wear masks, wash our hands try to practice some level of social distancing.

if everyone does that on a wide scale, that can really mitigate spread i do think going to be a seasonal affect here i think as we get into the summer, there's going to be some backstop from the summer months, especially july and august so hopefully we can catch a broet breather in the summer that doesn't mitigate the risks this fall. hopefully by then, we'll have a vaccine that we can start to deploy on a clinical basis >> thanks for yoining us great to see you >> thanks a lot. >> we've got just under 40 minutes left before the closing bell we've got a pretty strong rally. the dow aes up more than 900 points 918. s&p up 3.3%. nasdaq's up .4 russell 2000 index of small caps, up almost 6% partly on the hopes of moderna's vaccine. after the break, uber moving higher while the company is is

announcing more layoffs. we'll look at what the latest round of cuts could signal b about uber's future. plus, tilman fertitta will join us we'll ask him whether people will feel safe coming back to his properties and casinos and of course the nba when they fully reopen we'll be right back. the united states postal service is here to deliver your mail and packages and the peace of mind of knowing that essentials like prescriptions are on their way. every day, all across america, we deliver for you. and we always will. and their financial well-being. since our beginning, our business has been people. it's evident in good times, with decisions focused on the long-term. and crucial when circumstances become difficult.

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dow's up 916 points. breaking news on square. kate rooney has the story. kate >> so square is now the latest tech company to allow their employees to work from home permane permanently. just announcing that this comes a week after jack dorsey aes oth's other company anouning the same thipg. they want employees to work where they feel more creative and productive moving forward, they'll allow employees to work from home permanently ooempb as offices

reopen square and twit ter are are the only big tech companies while google and facebook have announced they'll allow employees to work from home until the end of the year. this can have big implications for the city square has more than 3,000 employees and just opened a new office in oakland so guys, we'll keep a watch on this, but back to you >> thanks so much for that and we're not talking about an old school company there this is a modern forward thinking set of companies and from a ceo who said he wanted to go and lead his company's from africa none the less, hugely significant if you would think companies can start to move that way for commercial real estate all over the developed world sf >> also, i was just going to say what about culture is workplace culture going to be thrown out the window if everyone's working from home >> that's the biggest loss of this and not having immediate exchange of ideas. one just thinks though for a big bank for example, which you know i cover very closely, there's still an important aspect to be

there in person but in the very least, can you not move more towards an environment as opposed to everyone having their own desk and therefore this flexibility days of the week if you haven't got meetings even that means those big companies will reduce their space by 20% even if it's not by zero it's a huge, huge swing factor we'll have to wait and see if others follow the likes of square and twitter, but very significant. >> yeah, absolutely. i think the banks will be an interesting test case because they need the exchange of ideas. so does any company, right, in order to thrive. so hopefully this is all temporary. >> definitely would be concerned if i was in commercial real estate now uber announcing more layoffs today as the company looks to refocus on is core businesses. diedra has the story for us. hi, d. >> that's right. another 3,000 jobs are being cut and this comes just weeks after uber laid off 3700 employees

so combined, it makes up about a quarter of uber's total workforce that has been eliminated in less than a month. now these are extreme cost cutting measures, but uber is seeing ride sharing bookings plunge amid the pandemic he didn't say the cuts over. perhaps more telling, he said that he's reevaliuating some of uber's big bets like freight and the key is that uber, remember its ipo last year, it set out to be the future of transportation, a platform that encompassed many, many different methods amid the pandemic, it's looking like a straight ride and food delivery company, so you have to wonder does it justify the valuation it's at right now. back to you. >> and didn't da rarks a just talk about the green schuettes he was seeing in uber's business which sent the stock flying? >> he did. and there was kind of a harsh

line in the e-mail to employees today where he said they have enough cash on the balance sheet. they're seeing rides rebound their food delivery business is doing great. he said at the end of the day, he talked to other ceos, consulted with many, many people and didn't see a way of avoiding these job cuts, but sort of adds insult to injury but remember, too, these cuts have come over two weeks they didn't happen at once so employees who may have thought they were safe aren't and we still don't know if more are to come >> right we have to talk to you about soft bank, more big losses and jack moss stepping down from the board. just more bad news goes from bad to worse for him >> yeah, very, very bad news and i can tell you that it was a brutal fiscal year for the company. softbank posted its worst fiscal annual result in its nearly

40-year history. investment losses at division fund amounted to nearly $18 billion in losses. softbank's uber investment, about $1.5 billion wework now valued at $2. billion down from the $47 billion it was valued at about a year and a half ago. other vision fund start ups like hotel chain, chinese ride sharing firm, they're struggling too. one web has gone bankrupt. in fact of the 88 companies in the division fund portfolio, 47 of them have been marked down. jack mas departure from the board, that's another blow as alibaba has been the crown jewel of softbank. and the ability to see these young entrepreneurs and really grow them. now there was one slide that i have to show you guys. i'm sure you've seen it in the softbank presentation that really sums up the softbank vision fund portfolio and losses you're seeing it, right?

>> i saw you tweeted it. i retweeted it it's unbelievable. the unicorn inclusion is absurd any way. the total lack of numbers. i mean it just strikes of desperation. we'll get back to profitable il and rising higher in the future. i mean on top of that, based on various different companies reporting of this update, did he really compare himself to jesus as well? >> yeah, that happened in the call he's made sort of big sweeping ta statements but it was his indication to say look, not everyone has an easy path. i may be vindicated later. so he's known to be make iing ts kinds of wide, sweeping claims he likes to reference star wars as well. remember, too, when the vision fund set out about three or four years ago, he really positioned himself as this founder friendly ceo. they had a billion dollars they were going to help companies grow so it was pretty

remarkable, where on the call overnight, he said maybe 15 of the vision fund portfolio companies may go bankrupt. he said basically, tough luck, we're not going to fund you. so the it's a marked change in these rough times for when the vision fund r started. >> thanks very much for that extraordinary chart as you said. we're going to switch focus now. time for a coronavirus news update frank holholland's got it. >> sports stadiums in new york remain empty, but today, governor cuomo is encouraging pro teams to play ball, but without fans he said the state is ready to help, but acknowledges those teams will have to figure out on their own if they can make enough money by only playing on television now to france. one-third of france's children have been b at skooat school fo week now wearing face coverings and trying to maintain social distancing, but some schools have been forced to close again with a flare up of 70 covid-19 cases. back at home, job satisfaction

has gone up for those who have jobs survey monkey puts our workplace happiness index at 73 out of 100. that's up from 71 for last year. there's a r correlation between able to work from home and happiness on the job go to cnbc.com for all the findings of work and work from home during the pandemic wilf, back to you. still ahead, shares of cure leaf turning positive. we'll speak with the executive chairman about the results and whether more states will move to legalize marijuana as a way the generate needed tax revenues here's a check on bonds yields moving higher today. ten-year, 0.73% as we stand. back in a couple of minutes.

we've got about 23 minutes left of trading. dow's up 972 points. three things driving the action higher hopes on the vaccine front asthma der na reports positive data on an early stage coronavirus trial. quote, we're not out of ammunition by a long shot. those words by jay powell as he says there's a lot more the fed can do to help if needed last night on 60 minutes and as states continue to gradually reopen, auto plants are restarting some operations this morning and homebuilder confidence is rising 29 out of 30 dow stocks higher boeing, ratheon and dow are

leading. they're up each 10% at least >> still to come, shares of restaurant brands are up 60% we'll discuss path forward and take aways from today's white house meeting with the restaurant brand's ceo (vo) our communities need help like never before

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welcome back let's get to bob pisani for more on today's massive bounce for the markets. >> hello, wilf, good to see you.

there's four main themes that have f moved the market in the last several months reliably up or down and today, two of those have had good news so it's easy to understand why the market is up so strongly the four theme, first and maybe most important is the reopening theme. is the reopen going well or not? that's number one. number two, monetary and fiscal stimulus are we going to get more or not going to and number three, treatment and a vaccine. are we getting more advances or not? then finally, the trade war with china. is it heating up or not? look at what's happening today two of these buckets, very good news treatment and vaccine, well, we're get iting advances. the moderna news is an excellent story and monetary and fiscal stimulus, you heard sara talking about mr. powell they're going to do more if they need to and he wants congress to do more even fiscal stimulus those two fronts really moved the market an look at this rotation going on.

banks real laggards here industrials had been sideways. energy is off the lows they haven't broken out tech's been the market leader but it's sort of performing in line health care is another marketer and that's underperforming you want to know what's really a sign that things are really rotating look at this old school tech hp, see red sxerox and corning. that's rotation, folks >> haven't seen that in a while. bob pisani, thank you. this is the last commercial we'll take before the close. up next, uninterrupted coverage of the final minutes of trade when we go inside the market zone on this powerful rally day here on wall street. we'll be right back. the cornerstone of our communities. and our family needs help. right now they're facing a crisis. and they're counting on your takeout and delivery orders to help them through.

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let's kick things off with the broader markets, which are right at session highs up 4.2% on the dow just below 1,000 b points but we touched 1,000 points federal reserve chair powell was on 60 minutes last night talking about what's left in the fed's arsenal. >> well there's a lot more do. we're not out of ammunition by a a long hot >> that's one of the reasons being cited for a strong market. mike, i guess the question is whether that was fresh news to hear him say that, gien p all of the coverage we've had on this channel on everything he said for the last couple of weeks and even whether you could frame what he said about the economy and therefore the potential need to explore that remaining arsenal. is a little bit down beat. >> yeah, certainly not fresh news, wilf i think maybe a welcome reminder, but the bigger thing

about this rally is it's rallying on the prospect this economy won't need that much help in other words, that the fiscal bank support can bridge us through to period when activity itself gains back a little bit more pace. now we don't know if that's correct, but i do think that investors clearly came into this week feeling underexposed to the possibility that the reopening can go more quickly and perhaps more smoothly and it's taken the s&p back to a level. let's just remember, it's really just not even 1% higher than we were 20 days ago the difference between the treasury yields are higher the kinds of stocks seen as if they're more geared to the economy and we had a three or four week period where the average stock went down 10% so the market gathered itself we've been here before, but under somewhat different conditions than we were back in late april >> i mean mike, it's been a while since we've had a 1,000 point rally. in the dow

1,017. i wonder how much investor position iing and sentiment haso do with it in the fomo, the pain trade is higher because everyone was off side the fact that all these hedge fund managers were feeling very bearish that the market was overvalued that just squeezes the market higher >> that's absolutely the context r for it all the headlines we're talking about today wouldn't have had this kind of potent affect if you didn't have people that were r more defensive or felt like the market was going to get away from them on the upside. now we had lots of thousand point rallies in march when the market was in the process of crashing this feels different because we perhaps tried to build a base well off the lows but ipg you have to keep in mind also the s&p is back today as where the it was march 9th that was right before the shutdown really went comprehensive and before the nba suspended the season so i think we're back to that level where we know things are going to be weak but it seems as if the market is trying to make

a plfor the idea that a corner s been turned perhaps. >> up 3.6% on the s&p. by bio tech is surging what kind of investors own these names? some moving a few hundred percent just on one news elise >> mutual funds and advisers who ip vest on behalf of their clients make up a will the of these beneficiary companies in bio technology, but take a look at the individual investors. these are either company insiders, people who invested early on those types of people make up around 16% according to fact set. individual investors themselves, 60% of moderna shareholders. now for another one of these covid-19 names, it's around 9% innovia it dwoez down and for gilead, it's about.4%.

so it could be a lot of individual shareholders that benefit from this. remember, ceo the moderna is now a billionaire two times over because the surge in the stock back to you. >> thanks for that good r for them. hope it plays out nicely for them scott, to come to you, when you see moderna up 20% and the broader markets up over 4%, 4.3 as we stand, does that feel legitimate to or overdone? >> well, wilf, probably the market's a little ahead of itself, but you have to think about what, what is being priced in successful reopenings. better news on the virus we know the fed, chairman powell, just reiterated last night, they're going to do what they need to do. congress has thrown a lot of money at the markets, so for us,

there's been a lot of technical resistance the last couple of hundred points in the s&p. you guys mentioned it before the start of the show. you know a lot of these traders they've been short they keep having to cover. they've done it multiple times and certainly, i would be sho shocked if we didn't touch the 200 day moving average in the s&p 500, which is basically at 3,000 so there's been a lot of things that have helped to push the market higher but you know, we need to see over the next three to six weeks, we need to see some more good news and it has to do with the continuation of virus positives and then of course we need these reopenings to go well >> want to mention the banks with the broader market up 3.5%, banks are one of the best performing sub sectors kwb is up 8.p 3ers even though that's a huge one-day move, you could expect it to be bigger still based on some of the factors and based on

some of the recent performance month to date. just in may even with today's move is still down 6.4% putting it around 8.5% still behind the s&p 500. just in the month of may and year to date, the wbw index down still close to 40% and so still a massive underperformer relative to the individual markets. mike, clearly, we are seeing a big rotation today the thing i'd say as it relates to the banks is is we've seen one day shifts like h into the sector, but they've never lasted and that will be the question of course to see in due course whether or not the banks can play serious catch up because they are massively behind the index still year to date >> for sure, wilf. they're what value in general has been doing but more so did mention the treasury yield move today finally breaking up in a ten year toward three quarters of one percent. that was different than what we saw when the s&p was back at

these levels several weeks ago we're till talking about small changes, but i think that doesn't hurt also if you read this market action as saying maybe what we've put in place policy wise is enough to bridge the economy oaf, it means we're not going to be talking quarter after quarter about these banks having credit losses, increase all the time. so that to me was part of the issue here is that we're trying to handicap exactly how big a hole was being dug in terms of defaults and credit wear and tear on balance sheets and that if we're going to pull the date forward of getting back to something like a norm al economy thep the backes banks have that much less pressure on them >> well i feel like one of the big questions and there's a lot of agreement, disagreement out u there about this, and scott, maybe you can help us out here are we in the early stinlgs of a recession or a a recovery? >> well, for us, you know, we had expected a short and deep

recession. well, we're in the middle of that right now and i think when it's all over and done with and the nbe rerks calls the official end to it, it will probably have ended or will end sometime in june and if you look at what typically happens is usually about halfway through the recession, you start to see things like financials doing better small caps doing better. those types of things so the market, you can tell the market's tarti instarting to thu that, but you would argue that we're in the middle of the recession that will probably be over sometime you know officially when it's all said and done by the end of june. >> there's a prediction. all right, several big media stocks rallying today on hopes for that coronavirus vaccine julia. >> that's right. driven by optimism that a vaccine will make gatherings,

large groups of people, possible again. live nation shares gaining nearly 16% today that live events and concert ticketing company also just f furloughed 20% of its staff. now disney shares are up 7% today. that's ahead of wednesday when it will bereopening its disney l outside the park in orlando. the movie theatre stocks are also higher led by cinemark up about 11%. i max up about 5% and amc up over 4% there. now the media giant that has suffered the most this year is viacom it's up over 10% today and a bullish analysts notes it's down b about 50% year to date guys, back to you. >> julia, thank you. scott, you want to bet op these media stocks right now and the hopes of reopening and recovery? >> well, we like communications services that's done well we know we've all been using the streaming services of a lot of these companies, com services

have done well we expect it to continue to outperform >> mike, is this media sub sector we just mentioned kind of some of those semitelcos as well is that one of the areas that has suffered significantly both because of its value style and its underlying exposures >> cyclical exposed to advertise ing and have most of them a fair bit of debt so those have been the things that the market has tried to avoid during this period and so if there's a sense that there's going to be a change in tide and in fact leverage is not going to be you know an albatross going ahead and yes, in fact advertising might have a brief dip lower than they will benefit a lot of companies, the extreme versions of the travel stocks, the direct lever to travel where they just look like you know cheap call options on a return to normalcy so they're going to

swing wildly on a day like today when people are going to accelerate their idea of when the economy can do better. >> so mike, we've got about under four minutes left of trade. dow's up 925 what else are you seeing in the market internals >> it was one of the strongest openings in terms of the number of stocks rising we've seen in a long time. if you look at the new york stock exchange most of the day, it's been 90% to the upside. this is the kind of acceleration to the upside that has breath to it people like to see now we've seen a bunch of these during this period it's been an all or nothing market on a lot of days, but still a positive then look at high beta. the more aggressive parts of the market way outperforming low volatility interestingly, low vol is still up it's not as if people are outright selling the big defensive stocks the way in a broad way. that would say that the overall indexes have struggled, but for today, it's going up less then

the volatility index did buckle below 30 still relatively high for a market that is rolling right now. but it's definitely in the process of normalizing if you look at it on a one year chart >> mike, what do you say to the bears that say the biggest updates, the biggest rallies are often seen in a bear market. is that the case >> yeah. well, it is true historically, but it's also true that when a bull market is just getting going, there are these upside grab type days i don't think you necessarily can you know, call the verdict on what this is right here if we're still going to be range bound. again, april 30th. we ran to 2955 on the s&p 500 intraday that was the day emp was celebrating the remdesivir trials and we thought we might have a cure. so yes we have to be b weary of the fact that one day does not necessarily define a trend and maybe this is just kind of a

capitulation of people who have been a little bit too cautious on a one day basis, but you have to say that the market is not cooperating. it has refused so far to create downside momentum. i was talking at that late last week never got more than a two-day down spurt or a 5% pullback since the beginning of march until that changes, it's tough to necessarily say this is purely a bear market for sure. >> thanks for that one minutes left of the trading session. massive gains today as we said throughout the past hour the dow was up 1,000 points tep, 15 minutes again now only 907 points. s&p 500 up 3.2%. as mike was just saying, it's been broad as well rare on an update that we see the s&p 500 equal weighted index up more than the main index, but that's the case today. 3.1% for the s&p 5.5% for the equal weighted index. the nasdaq, the laggard of the major indices today, which sp k speaks to that point as well, up only 25% russell 2000 up a massive %.

energy is the leading sec r ttos oil continues the rebound. industrials up second, 6.6, financials up 3.3% the banks rallying some 8% today. all 11 sectors higher by at least 1% a little bit of doll r lar weakness, down 0.8%. yields rising, too, the ten year at 0.73% as the bell goes, s&p up 3.1%. >> and up more than 900 point gain for the dow welcome back we just wrapped up the best day for stocks looking at the dow, s&p and russell since april 6th so over a month. the dow finishing up 911 points. almost 4%. all 30 dow components higher s&p 500 gaining more than 3% nasdaq up 2.4 and russell, the show stopper, playing a big

catch up, up more than 6%. coming up, we'll ask the ceo of the financial services forum whether big banks will continue to be able to pay dividends to share hoholders during the coronavirus crisis breaking news now on federal reserve chairman, jay powell steve liesman with the details >> thank you, sara some headlines breaking about the testimony that jay powell will give tomorrow to senate banking as part of a mandated testimony from the cares act he'll say the fed is committed to using its full range of tools and that data show a sharp drop in output and sharp rise in unemployment the downturn he says is without modern precedent and in certain areas where the fed stepped in and stepped in quickly and substantially, he says there have been marked conditions that have improved significantly in those areas. the fed has taken unprecedented steps in a rapid fashion and it

will put its tools away when the economy and financial conditions improve. also talking about the fed being committed to transparency. for its lending programs and the fed has announced a series of measures to release the names and the borrowers and the rates that the borrowers borrowed at. but guys, no particular info on in the statement when the new programs will launch there are a bunch of programs the fed has under the cares act that are supposed to be any day now. we thought some might have been last week, but no information in the testimony to congress, which is about the status of these programs about when the ones that have not launched will be operational. >> steve liesman, thank you. we'll look to that testimony tomorrow we'll play it live for you when jay powell is bf f congress along with steven mnuchin. joining us to talk b about that and the market today, scott wren still with us and liz young joins the conversation first to you, mike we'll throw it to you on the

powell comments. i don't see anything new in there. looks like he's pledging to maintain near zero interest rates. so he's out there and he's sort of promising to be active and says that the fed's got a lot left it can do to help weather this storm >> yeah, that's the backdrop and the backstop i think perceived in the market now. more than that though, with that in place, the idea that there's momentum toward allowing businesses to restart, that incremental moves are in the direction ore openif reopening economy and honestly that ceos and public officials are willing to try to do this. that to me is what you can read through some of this market action and again, the bulls will be okay can't be disproved quickly. that's why market can shuttle up to the high-end of f this range. have some of the more cyclical stocks come off depressed levels a and move to a point on the spectrum that says things will be better not worse. that to me is the read on what

the market was doing today >> liz young, all the sort of positivity that has been taken from comments from the fed chair in the last 24 hours towards his willingness to go where ever is is needed in terms of the policy arsenal he has to his fingertips, also you could spin it as a negative outlook on the economy that that might be needed >> i don't think that's the way that the market is going to interpret it right now so what's been happening since march 23rd is that the market has been completely forgiving of any bad data that's come in and rewarded a lot of the positive data and if you make an equation that equals a bull case, everything that we talk ed about today is in that e quax. continuing fiscal support. continuing monetary policy support and almost coming out of a hose that sees no end and now the promise of maybe a faster vaccine. that all yus drijust drives thel case forward and to make's

point, the bear case is really hard to prove. we're not going to know that until much later in the year but i think this market will continue to rally as long as the bull case is innocent until proven guilty. >> so with that, kind of call liz, are you changing the s sectors and advice that you've been givie ining clients? >> no. the whole time we've been talk ing to clients about making sure that you stay present. stay cautious but present. this is not time to try to be a hero in our opinion. this isn't when you go after the deep value sectors and the things that have been beat up. they're cheap for a reason so you still get what you pay for. we see continued opportunity in technology i do think there's going to be a bit of a rotation out of some of that large cap tech space and into the maybe the smaller and mid tech cap space which are the companies that are going facilitate less human contact going forward. so far, the winners have been the ones that helped us stay

connected, entertain ed at home so i think there will be a little rotation in the market cap of tech, but tech continues to have strength and demand regardless of what the shape of this recovery looks like >> let's get to the other big market factor today which is the positive vaccine news from moderna. early results of a trial there showed participants developed antibodies against the virus let's bring in ted, he's got an overweight rating op tn the sto. do you have an overweight rate ing on the prospect frs r this particular vaccine and when do you expect is the earliest it can be broadly commercially available? >> yeah, we are very bullish, especially following the positive phase one data that was reported by the nih today. just quotie ining dr. fauci froa recent interview from national geographic, he said he believes a vaccine could be available as

early as january next year and the company that's developing hopes to start a phase two study this quarter and even a phase three study this summer. so really the development of this vaccine is living up to the massive need and we're really seeing it, a very rapid for this this vaccine >> ted, tell us a little bit about moderna. we know it's one company of the many working on a vaccine candidate and lesser known with less resources than say a j a&j who's pouring a billion dollars into this. what's special about moderna what's their edge? what sort of technology do they use and what's their background? >> great question. so, moderna is a messager rna company and what's really important about this is rna is what is the basis for the sars

covid 2 virus. so it's really a good way to present information to the immune system in the case of a vaccine. now moderna's actually developing several vaccines for other dit hases such as cmv and rsv so it's a place where we believe this technology is ideally suited you you put that together with a massive need that's evolved because of the pandemic and you really see now how the company has put a lot of effort into rapidly advancing. they were the first company to deliver a vaccine to the nih for the phase one study and now are the first company to deliver phase one data importantly, too, they received a $483 million contract from barta, part of the dod, to help fund dwevelopment of this vaccie and entered into a big contract with the manufacturer and their goal is to be able the produce a billion doses a year by sometime

next year. so it's really an area where the technology meets the need and now they've put in all these additional pieces to help advance the development. >> ted, to sara's point, there's a lot of competition out there of course, which is great for all of us in terms of trying to find a vaccine, for your bullish outlook on the stock and over $100 price target, does moderna need to be both first and best with its vaccine or as long as they get some approval, does that justify your price target >> yeah, the answer is since people haven't been expose d to the virus have no natural antibodies, the first one really increase of antibodies is protective and is a benefit. what they whoed today in the phase one study was that with the lowest dose, they were able to get antibodies to the level of people who are recovering from covid-19 and the higher

dose of 100, they were able to exceed that. so we've seen these lower doses are safe and now that they're showing. so i think they will be the first one there. truthfully, the need for this on a planetary basis, on a b global basis, far exceeds one billion and it could be very interesting to see whether or not sars covid 2 is a seasonal vaccination that's required almost like the flu so there's still more questions to be answered but this is a really important first step in terms of what we got from the hnih today. >> talk about your conversations with investors and how this has sort of renewed excitement in the entire biotech space the headline, innovations, just how different it is for you now in terms of covering that and who's getting in on the action

>> yeah, absolutely. i've been at piper jaffray for 17 years and this is one of the most exciting times for all of biotech and this one company is really emp fiing the innovation that's taking place in this sector more broadly. really the ability, the strategic and even the societal importance of what biotech is doing. in terms of investor, we've got some people who were short, screaming at us about this one, but there are some people who are really excited about this opportunity. i had one investor tell me this morning he asked me how much has covid-19 cost the u.s. economy you know, trilli trillions of d, so tell us about the fix of a couple of billion dollar vaccine that can actually get the country back into a more normal situation. you can really see the value add from a product like this >> ted, thank you so much for joining us scott, just want to round things off in the broader market after this massive rally today is your outlook for the rest of

20, which is the top sector in the u.s. you think people should take profit in and the top sector they should still be b buying tomorrow morning. wilf, this may sound strange because the sector has done so well, but we like technology consume r discretionary. we like communications services in particular. if you want to go with a sector that performed well today but that's been down and out, that would be financials. what we don't want to do and these sectors, a couple did well today, is we materials and energy, we are underweight those. if you think about those sectors, you typically need some good global growth we haven't really had that in ten years. you need some inflation. we haven't really had that in ten years. you need some tight capacity haven't had that for a listening time either. so for us, materials and energy are two places we've stayed away from it for a while and i think for now, even though obviously they've had a decent bounce

here, we still want the continue to stay away from it what we want our clients to do is try to play you know the other side of this and if we' modest growth in 2021, which looks likely, we'll probably see a good third and fourth quarter here but when you look further than that, we want to be in these sectors that are going to benefit from better economic activity. higher consumer confidence higher consumer spend iing. >> scott and liz, thank you both for yoining us today great to see you both as always. much more on this rally to come. and next, we'll ask the ceo of the financial services forum whether regulators would ever allow merger between two of the biggest banks in the nation as some have rumored of le atand we'll discuss that and much more with him in 90 seconds turn on my tv and boom,

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massive rally on wall street today. let's get to bob. >> it's not just that we were up, but what went up rotation going on. the laggards are moving to the floor and that's a sign people are having more confidence number one, banks. obviously you know banks have had a terrible time. they've been laggards today. we had double digit gains in the big regional gains as the ten-year yield hit the highest in a month industrials and not just the airlines went up airlines obviously burned through a lot of cash. a lot of hopes that some are going to survive ch hopefully

all, but we saw ge have one of its best days in months, boeing, fedex deere, right across the board. energy stocks have been very problematic. they're off the highs, but they're not really break iing o at all halliburton actually broke out today. what a weird thing to say. but they also broke as oil and commodities and general had a great day and e we had new highs today. home depot here's the s&p 500 8-1 advancing to declining stocks today vix is under 30 and we mooued to the highest levels in the s&p since early march. quite a rally today. back to you. >> thank you very much for that. now fed chair powell and treasury secretary steven mnuchin testifying before the senate banking committee tomorrow chair powell expected to say the fed is committed to using his full range of tools for its

lending trprograms joining us now ceo of the financial services forum which represents the eight globally systemically important banks in the country. the eight biggest banks essentially. good afternoon thanks for joining us. >> thank you >> let's kick off if we may about the ppp program which the banks have been the crucial conduit for. we've seen criticisms and sub pea nas to investigate the banks have been unfairly treated for being blamed with some iish issues so far? >> i think the banks performing well with this program you had 54 banks that participated as we've gone to the second round, we've seen the average loan size go down significantly. our forum members have processed

750,000 ppp loans. a little over half average under $25,000 per loan and over of them are going to small businesses that employ four or fewer employees. so i think overall, the pace at which the congress intended the agencies and banks to put these funds out has been met there's still $100 million left right now. and i think generally, the program has performed as congress intended. >> do you think it's inevitable speaking to some of those subpoenas that there has been some fraud that's taken place and where should the blame fall for that >> i have no particular knowledge. i think you know programs all over government do experience fraud and you know that's something we know. but in this case, i think you had had a lot of banks processing a lot of loans. most of them went to their existing customer base because they knew their customers.

that was a logical and expegted outcome so we'll have to see obviously the authorities need to pursue wrong doing when they find it. >> how bad is the outlook at this point for brup sis andsies and credit losses for the banks given the severe recession we're facing and some of the you know slowness in reopening? >> well, you saw at the end of the first quarter where the earnings you know the institutions and other banks reserved and provisioned very, very significantly they also implemented this accounting standard in which they have to you know, they have to book essentially expect losses so you've already seen them be very, very proactive and aggressive in terms of provisioning you can take a look at the various macro economic forecast and make judgments i think each of our firms are looking at what they're experiencing in this quarter and we'll see what happens at the end of f if quarter and have a better idea of what we're all

facing at that point >> kevin, when the big banks decided to suspend buybacks, they did so by issuing a statement via you at the financial services forum and as a group. all fight eighth of them did it together a lot of talk about dividends. whether they need to be suspended as well. what's your take on whether or not that's plausible and whether or not we can see individual banks having to do that but not the group as a whole >> well i think we're now in a period of time when the banks submitted their stress test proposals. the so-called cor process that's underway right now that process will determine whether the capital levels are adequate for institutions to be able to lend in a severe economic scenario. whether they can meet their regulatory minimums, continue to lend and they have to demonstrate in that to the extent in order for them to be

able to contribute their capital as planned in addition to that vice chairman has indicated they're performing an analysis on to which they're going to take a look at how the bank portfolios are responding to these current events we're going through right now. so right now, i think the question around capital distributions and the plans that these institutions have made, how that's going to fare as a consequence of the process we're going through. we'll know the results in a few weeks. >> kevin, last week, there was increased speculation around potential m and a within and con p sol documentation within the banking space. you represent as we said the eight globally systemically important banks. what is the chance that two of those gsibs could merge in is it zero and what about one of them? how big an acquisition would they be able to make

could they make an acquisition of a bank with 100 billion assets or plus >> as we went into this period, each of o these institutions was an extremely strong shape from a capital liquidity standpoint and i think their focus has been to use that strength to support the economy. i think going to be their focus on a continuing basis as we go into the second, third and fourth quarters under whatever circumstances we face. there are you know, there are other built in considerations and restrictions with respect to what you're asking about, but right now, i think the focus is using the strength to support the economy. >> thanks so much for joining us great to see you >> great to see you. thank you. >> tomorrow, don't miss fed chair jay powell and treasury secretary stooufeven mnuchin, bh testifying before the senate banking community, 10:00 a.m. eastern time up next, find out whether history says today's rally could signal that the bulls are back on wall street certainly was a bullish day with

the dow closinuporthg me an 900 points we'll be right back. or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

moderna, the stock of the

day. the pharmaceutical giant that announced today some promising results of early results in its vaccine trials just announcing a secondary offering moderna is going to offer 1.25 billion in common shares mike, after a day like today, where the stock surged what 20% and sent the entire market higher, they're raising new capital here in the market to try to fund what they say is ongoing research and development related to a covid vaccine >> yeah, clearly opportunistic makes a lot of sense this company is still spend iin, consuming capital, to try to come one these products and talk about a billion dollars in total cash at the end of last year, so cheeri clearly was going to need to be refunded and the offering looks like a 5% discount to the close of trading today that's about typical for a secondary when you get a spot secondary in the aftermarket to go about 5% discount to what the final trade was but of course

that discount is still well up from wr we finished last week. >> typical of any company to decide to issue equity when their share price has had a good run. how typical is it on the day they release trial results and the ceo out on cnbc and so on and so forth how typical is that? any question marks or not? is it legit? >> i wouldn't say question mark, but this is the way bio o tech works. if you have the momentum in data, people think your story is going to go to a profitable place, they will take your money. to try and make that reality you know come to pass. >> well not to mention they have some big capital needs now not just in the u.s. but around the world potentially if they're number one here on this vaccine. mike, let's turn to an historical trend that the market may be following right now you're always look iing at

historical trends. what do you see in today's action that we should know >> yeah, this is very long-term. steven at bank of had this wide angle analysis if you look back decades. if you consider that the stock market has been in what's known as a secular bull market meaning making new highs since 2013, this would be year seven of that cycle. if you go back and look at previous very long running bull markets, ones that started in 1915, 1980, points out that in year seven, there was a pretty significant gut check to those bull markets and basically, gave back a lot of the gains but did settle at a much higher level than the bull market r started at so in this sense, even thoug this is a very atypical market, this wasn't a usual bear market that came at the end of f a typical business psycher this was a shock and crash and engineered recession but it seems to fit the cadence

i don't get too caught up in these definitions of how long a secular bull market lasts or whether this is a bull market or just a pullback. i think it's interesting that the long running phases that span multiple recessions and business cycles often do have one of these serious switch backs along the way. >> sara and i only around for one of those white boxes on the chart. you were around for all three. >> i have since memory of all three. as if i was there and by the way t 1957 pullback kind of coincided with a massive flu outbreak in the u.s., too, and a brief recession. >> absolutely. >> i have a vague recollection of that. >> excellent perspective upnext,we'll ask the executive chairman of cure leaf whether more states will move to off set tax revenue they're lose iing. back in a couple of minutes. every financial plan needs a cfp® professional --

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we capped off a very strong day on wall street the dow finished higher 911 points that was the best day since april 6th. t all 30 dow stocks higher led by boeing. industrials have a good day. energy was the best performing sector but all the sectors in in the s&p finishing higher the dow at one point just before the close was up more than 1,000 points closing up there 9 1 we' got breaking news >> big news, kevin mayor, long time disney executive, currently running disney plus, has been named chief operating officer of bike dance he'll be running tiktok, businesses and will serve as ceo of tiktok so ceo of bike dance, ceo of tiktok. big move for kevin long time disney employee. obviously disney shares are down

2% there was speculation that kevin could be one of the people who was being considered to replace bob iger of course that ended up going to bob chapek a lot of speculation about what he was going to do in light of not getting that ceo role. but has scaled disney plus growing it faster than expected. replaced by rebecca campbell we'll get more details on his replacement but r for now, take a look at disney shares trading down fractionally. >> i guess julia, part of the big deal here, there's a lot one, a disney executive, but also tiktok. leading tiktok, which is growing so fast and you know by all accounts is doing very well. during the period where everyone's been quarantined even though it is right a chinese company? so how is that going to work so, tiktok of course has been exploding. this has an app that worldwide has over 2 billion users what's so interesting is that

tiktok has had plenty of issues. there have been concerns about its use of data, of violations, children's protection act a, all these different questions about the future of tick tig especially about how it's going to make money but one thing is for sure, this app is incredibly popular. short form video they're going their new front presentation to advertisers this year for the first time. and this is a huge hire for them i mean kevin mayor was really part of the disney accomplishment for so many years. kevin really responsible for make i making those deals that really defined disney's growth. he was the one who worked closely with biger making those huge deals whether it was for marvel or lucas films and now it seems that for tiktok, which has this scale, but not the ad revenue, he'll be an important person to help negotiate those ad deals to help figure out what

that advertising model is going to be and really provide legitimacy for this company here in the u.s. when there have been so many questions of that relationship between tiktok, which was originally a u.s. company musically and its parent company, bike dance, which is based in china >> got it. julia, thank you disney down more than 1%, had a great day in today's session cure leaf holdings reporting its first quarter earnings moments ago. the cannabis company rallying in trading today finishing higher by more than 11% also up for the year about 4%. joining us to discuss the pot business, boris jordan, the executive chairman welcome back nice to see you. >> nice to see you, sara >> good to have you. what is the pandemic and the lockdown meant for cure leaf's business >> well i think that as you've seen, we had a record quarter in the first quarter and we're trailing to have a very good second quarter

you know obviously we want to thank all of our employees that have been out there serving our customers and our patients during this very difficult time. i think cannabis industry has shown that it can operate in a very difficult environment and the fact that it was made as an b essential service through most of the country i think really brings it out into the open that this is an industry that's going to prosper in the united states and i have to say that most of the companies in the space are doing very, very well during these difficult times. >> as you said, a strong quarter and the share price has been very strong of late as we just showed how much is that relied on the fact that cannabis did get essential industry designation and i'm sure you welcomed that but were you surprised it happened >> i think that we were kind of surprised it would go nationally the way it did however, the industry was trailing and doing very well

our growth has been about 30% quarter on quarter and that's what we did this quarter again we're growing over 100% a year we grew over 150% this year from last year and over 45% in ebitda from last year to this year sork the industry is doing very well. obviously the essential services was really important not only for the industry, but for the patients and customers around the country and what's really important is the cannabis industry showed that it could adjust to the current environment by serving our customers curb side, doing it safely the online aspect of our business is moving a lot of governors allowed online sales and delivery, which they didn't in the past. now we're servicing our custo r customers online since covid. we're seating that accelerating into may and june. so these are are all very positive things and it's made the industry i think come out into the mainstream because today is one of the few

industries that's going very well during this very difficult period and it's showing strong results and it's one of the few industries in the united states that's actually hiring at this point in time. so cure leaf has probably hired a couple of hundred employees at this period of time to manage the growth in the industry and a lot of the other companies are hire iing as well. i think that's boding well for state tax revenues a lot of these states are going to be running large deficits and the cannabis industry is growing and so the revenues for the state coffers are going to be substantial going forward. >> i was just going to ask b about that there's a bullish school of thought on these stocks that you are going to help sort of fill the void and the big holes that we're seeing in state finances what are you hearing about legalization and the path forward here in light? >> i think very lsimilarly to te way we saw probishs get biggs

get lifted after great depression, i think you're going to see a similar dynamic in cannabis cannabis is a much safer product alcohol. it polls at over 90% on the medical side through the population polls over 70% on adult use. we just got legislation in the bill that came out of congress to allow safe banking. it's now in the sl senate, it's time for the senate to understand that cannabis is here the stay it's a large industry. it's growing as i said at over 30% on a quarterly basis and it's something that's very much wanted, accepted by the population at large and the country. most of the population in the united states now has ak sisz to medical or adult use cannabis and the only thing that's standing in its way today from getting it is really the set >> thanks so much for joining us much appreciated >> good to be here >> results have just hit and d

has them for us. >> it is a beat on the top and bottom line for china's largest search engine. revenue coming in at 22.5 billion versus 22.9 billion uan expected a huge beat here 8.84 versus 4 or rnb expected guidance q2 is a little bit better than what the street was looking for. no bottom line no full year guidance. the company says there's still substantial uncertainty and visibility is still limited. shares are up about 5% in the after hours. also commentary from robin, he says with the pandemic coming under control in china, offline activities are rebounding and bidu stands to benefit from a restart. it derives most revenue from dej tall advertising so he's saying he's beginning to see that rebound in terms of daily active

users, he says that the app reached 222 million users. that's 28% growth year over year so guys, the stock is up in the afterhours, but i would note that bidu has underperformed some of its chinese peers this year back to you. >> thanks. coming up, we'll ask former australian prime min terror, kefren rudd, whether renewed tensions between the u.s. and china threaten an economic recovery we'll be right back.

president trump has revealed he is taking hydroxychloroquine. kayla has the story.

kayla. >> well last month, the president suggested when he was defending the use of hydroxychloroquine that he might take it himself and when asked whether he stood by that, the president said he approached the white house doctor a couple of weeks ago and asked to take it as a preventative. he said he is taking it daily with zinc and he feels good so far. this is an interesting revelation, especially considering the testimony last week by the former top vaccine official in the country who alleged he was removed from his job because he thought the administration was overhyping hydroxychloroquine and did not believe that science defended the administration's position. now the white house has said that is simply not the case president trump today says that it's safe. that he's taking it and that so far, he feels okay >> kayla, thanks for that. let's bring in meg as well

meg, this drug is is clearly fda approved, so it's safe the question of course is whether there's any point in taking it and of course we also bring up the issue which kayla has alluded to, whether others will try and follow, even if that's not the official guidelines from the experts. >> we've already seen prescriptions for hydroxychloroquine spike as a result of all this attention particularly from president trump's briefings where he mentioned it so many times in terms of its safety, it is an fda approved drug for malaria and diseases like lupus and similar conditions, but it's not perfectly safe there are documented issues for people who have heart b problems in terms of taking the drug and so that is a worry in its use and is something that the fda itself has warned about. so you know president trump says he's taking it as a preventative and this is something that's being studied in a lot of different clinical trials. dwoent have data yet on how well

that works the data we have about the drug as a treatment when people have covid-19 aren't extremely positive they haven't really shown that the drug has major benefit in terms of helping people in that scenario, but of course the president doesn't are the disease. he's taking it as a preventative he's also somebody who unlike health care workers isn't coming into contact with a lot of people with covid-19 it is a head scratcher, but it's something he's within touting it for a long time and is sort of putting his money where his mouth is so to speak >> are any doctors recommending to take this drug preventively hasn't the advice been the opposite to verve it for those who need it with lupus >> i think the idea is that if it does work, it might be add a preventive drug, but the trials need to show that. still, we have heard that a lot

of doctors are using this drug even before any of the clinical trial results were in. the it was available it was something they were told would potentially work and so they were applying it and we see that in prescription data. there's just tremendous amounts of this drug being used. so much so that people who need it for provenen indications haven't been able to get it. it's kind of a a troubling scenario where everybody rushes toward something that might work but we don't have the data >> thank you back to julia with more on this disney tiktok swap for an executive. what have you got? >> well yes, we just reported that kevin, long time disney executive and up until today, 4e6s running disney's direct to consumer division, an international division, as he announces hi departure to go be ceo of bike dance and tiktok disney has announced two new executives in key roles.

the first is replacing bob chapek running the disney parks and eck appearances division replacing the job that bob left empty when we he became ceo of disney is josh demoreau. up until now, he'sen been running the walt disney world resort he's now running the disney parks and experience division. it had been disney's biggest profit driver. of course now all those parks are zhount the second piece of news is that rebecca campbell has been named chairman of disney's direct to consumer international division. she's most rekrecently been runn the diz neyland division but before that, she was running the direct consumer business in europe, middle east and africa, so she oversaw the disney plus launch guys, back to you. >> thank you very much for the news on disney with shares off just a little less than 1% now. joining us now is bill ford.

he serves on the board of bike dance, which owns tiktok thanks for phoning in. i should have said swap. it's a coup for tiktok their new ceo coming from the head of disney's streaming business how long has this been in the works? >> absolutely. thank you for having me. we've been working on this for several months we could not be r more excited to attract a world class executive like kevin he's going to have a huge impact on businesses. >> bill, what's his number one challenge? things clearly have been going well in terms of engagement with users, particularly during lockdown what's his number one challenge he faces >> i think it's to build a global tiktok business and really communicate that tiktok is a, a global internet company that operates outside of a chinese fire wall and conforms to the global standards for

content moderation and information security and that's something that had been built into tiktok from the very beginning. but we needed to get out there and get that story communicated. >> what about the financials, bill we're hearing more with the rec, warnings on advertising affecting social media, even though facebook and snap and google all had pretty decent earnings, what's happening on tiktok, and whose dollars are they chase something. >> tiktok continues to do very well with advertisers, it's becoming really the third major advertising platform in the global internet market alongside of facebook and google it's capturing a significant share globally as well as in china, it's become the third main competitor among major advertisers. that's all positive. >> have you seen lockdown make a difference to the type of users tiktok has i guess it's always popular and

growing fast with young users. do you hope they'll remain hooked if they have. >> if you go back a year or so it was used by younger individuals. people in the 15 to 25 range, but what's happened during the lockdown it's really gone mainstream i was talking to him over the weekend, that's been an incredible achievement, over the last four or five months we've broken 400 million daily active users globally. >> thanks so much for joining us, appreciate it. >> we have more breaking news, it keeps coming this hour. on soft bank, david faber has that for us. >> we know soft bank has been

focused on monetizing certain assets they were considering selling a stake in t-mobil, of course. the company they merged their controlling stake of sprint into that is the case but we can also tell you that soft bank is going to undertake a secondary offering of an additional what i'm told by a sizable chunk of t-mobile shares into the marketplace not just the sale of some of their 25% roughly stake in t mobil to deutsche telecom. which would have the effect of taking t-mobile into 51% but a sizable sale of soft banks

steak in t-mobile into the marketplace. certainly something investors are going to ran the to know you are seeing this is after market, that would have the effect of the overall float and would be given a sizable chunk unclear how it will be taken by investors given what is a 25% stake. it is a sizable sale, not just of the 6% that would go to deutsche, to take them from 44 to 50% but additional significance sums of shares that would be sold into the market to raise money for soft bank and buy backs. this morning they also talked about selling a small part of their steak in alibaba and other efforts they're taking to shore up the balance sheet and buy back stock back to you.

>> we've been talking about those problems, t-mobile under pressure, we can talk more, but we have more breaking news, david, we'll look for it on sidewalk on the street president trump has been hosting a round table with restaurant workers and leaders. we're just starting to get those restaurant executives coming out of this white house meeting. joining us is jose sill, the parent company of popeye's, tim horton's and burger king tell us about this meeting at the white house. what did you communicate and what did you learn >> thanks for having me. it was an extraordinary meeting, we had a chance to speak with president trump, vice president presence, secretary mnuchin was there. and many others that are advisers to the president, we had a chance to share all of our experiences through the last 60 days of the pandemic i think one of the main messages

was the cares act and the ppp has been an element on the road to recovery for restaurants. many of our franchisees have applied for this, and we had other independent restaurants in the meeting that also had a chance to apply for this we brought to the table some of the challenges we think can help improve ppp, including the extension of the eight week deadline, potentially to a longer period, to be able to allow for restaurants to use the money to hire employees when their markets or communities are opening up the issue was a timing issue, one of the things that happened was the monies were made available in march and april, there's an eight week deadline to use the money to rehire the employees. some of these communities still aren't open. we felt that without adding additional funds to the program, it was feasible and i think executable to skingd the time line so that restaurant tours can avail themselves of the ppp

and rehire the employees when they open back up. >> did you get any discussion from the white house about that? >> there was a discussion. this feels like this would be a technical adjustment to the regulations and the rules of the cares act and the ppp. we're hopeful this makes a lot of sense, it sinks up with what's happening around the country in terms of reopening. i think it's a great opportunity. >> just update us if you will on the under lying outlook for your restaurants at the moment. what's the fall in those restaurants you have been able to reopen and what's your outlook for the next couple months >> well, we're excited to begin the process of reopening, we've been working really hard over the last 60 days our business as you know, was open for business across the

country. across north america we had about 10,000 restaurants with burger king, tim horton's and popeyes open through the pandemic >> we really led the way and now we're seeing, we have about 1200 or so restaurants that have become the process of reopening the dining rooms we opened the ppe, we have masks and gloves and it's hard to say what the outlook is. we're really optimistic and excited. our team members are incredible and proud of the work we're doing, and we'll do as we reopen the restaurants and dining rooms. >> thanks for joining us we were debating the nuances of the ppp program, i know you had taken a loan, you returned it

because of the pressure and the label of you being a billionaire and whether that was needed did you have a clash with secretary mnuchin and did he have a different tone toward this issue than the president did at all? >> not at all. >> i think the president understood that they needed to have different categories that even though i'm a privately held company and a self-propry tore, i still have the same issues and i wanted to put 40,000 employees back to work, i didn't feel right taking it if a lot of small independent one, two restaurants out there. there's still a lot of ppp money out there. my employees are just as important as anybody else's and i want to be able to put mine back to work another full pay and take care of them. >> you want a separate restaurant ppp program, is that

what you're saying >> the money's there, it's just that the way the narrative ended up, some k347s were too big. even though i'm not a public company. because of the size of my company, i didn't want to take it away from smaller restaurant companies, all i said is, the money's there, let's put it in different categories where they can't touch this money and we can't touch that money you want all the small independents taken care of first. and i wanted to do that, and i sure didn't want to take the money until they were taken care of >> you just opened your casino today. how did that go? >> it was the first major casino to open in america it's been closed a couple months, lots of employees are happy to get back to work we're

happy to have it open today. >> what did you tell the president about the mba, we heard he was interested to hear from you on that >> he's ready for some nba basketball just like the rest of us he just asked what's happening and have the owners and the commissioner made any decision yet and every day we're looking at the data and the nba office and adam is doing a great job of looking at all the data so we can make a decision in the next few weeks and get these players, they want to play. if they didn't want to play, i'd say let's move on. they voted we're all excited for basketball this summer at some point. >> thanks for joining us i'm sorry we're squeezed on time your meeting obviously ran over,