disney is up a little less than 4% right now seaworld is spiking a little less than 10%. >> that would be a big talisman of what could be coming. and of course some of the shopping and dining areas at some of the disney locations and universal have changed kelly, great to be with you today. >> and now over to "the closing bell," tyler we'll see you tomorrow >> thank you very much for that. welcome to "the closing bell." i'm wilfred frost alongside sara eisen. stocks back in rally mode. let's have a look at what's driving the action today hope for economic recovery as states continue to gradually reopen and congress debates a stimulus extension decent demand for the treasury's first 20 year bond issuance in decades. while fed officials show an extraordinary amount of uncertainty in the economy and the nasdaq hit its highest levels in three months all at all-time highs. the nasdaq up by 2%, sara.

>> ahead on today's show, fashion in the time of coronavirus. we'll speak to anna wintour about vogue's new partnership with amazon on a digital store front. plus we will speak to truist ceo about his efforts now for coronavirus relief let's focus in on the stories we are watching steve liesman with the highlights from the fed minutes. just released in the last hour and oliver chen is with us to talk about retail earnings and the big box names he likes so far. michael, start it off with you what stands out? >> yeah. the market just bobbed right back up from that late-day selloff yesterday. in fact, the low for today in the s&p 500 hit about three or four times was yesterday's high. so it seems as if, you know, big money investors continue to

behave in a way that suggests they feel underexposed to stocks if they're not going to pull back a lot we've been talking a lot about this rotation theme. you have small caps up a lot and fin tech and financial all we're really doing is stretching the upside of this trading range. and we're hovering at this point around significant s&p 3,000 a lot of stuff comes together right there. that ends up being a pull. a few significant dates where you had big news driven rallies and news about the coronavirus so first you remember that crazy march 13th late day rally when the president had that press conference with ceos, market was up well over a thousand points there was an idea that there was going to be a national testing program. it was a little bit of enthusiasm that maybe we were getting our arms around things that rally was doomed. it obviously went to new lows over the next ten days then of course april 29th, that

was a rebound high for the s&p 500 come right as the remdesivir news came out that maybe it was a good treatment that also was given back in the short-term not a disastrous way then of course monday we had the moderna vaccine trial. good news that was kind of taken as an accelerant to the upside my point here is it's like the trade warheadlines where on a given day, they seem to be the trigger for a lot of these rallies or selloffs. but it's around an underlying trend. and the underlying trend has been the market is willing to bet that reopening means april was the low for economic activity and you have some momentum toward at least a lot of companies working their way through this phase without necessarily having disastrous consequences with their debt or anything else. so i think it's important to kind of put some of those headline driven moves in a bigger context >> what do you say to people, the bears mostly who say this can't be a new bull market because the volatility is still so high?

it's not normal to see, you know, a 900-point move on the dow. >> it's not normal if it stays this way for much longer basically if you look to 2009 and i don't really think that this was a 2009 type event it just didn't take as long to gather up in all that. but when you're coming out of the lows, you still remain volatile for a few months after you got through those lows i think it's fair to say the volatility levels have not eased back as much as you might expect given the fact that the s&p is up more than 35% in six weeks. but i do think you have to monitor that to see if, in fact, we're stabilizing around either these levels or maybe creating a new trading range if we base right here and go ahead. >> mike, thanks so much for that we're higher by 1.6% or so on the s&p 500 as we stand. the fed releasing minutes from its april meeting just last hour steve liesman has the highlights of those minutes for us. steve? >> yeah, wilf. from the rosy outlook of the

stock market to what paul harvey used to say, the other side of the story where the fed minutes where the april meeting show the federal reserve saw that the coronavirus was causing tremendous human hardship and economic hardship. and was really concerned that it would weigh on economic activity they said some businesses, quote, some business models may no longer be viable in the new regime now, this is from three weeks ago, but some of the comments of fed officials recently have kind of echoed these concerns that are out there including concern about a second wave which jerome powell just mentioned last week. that's why we want to take seriously some of the commentary in the minutes about additional things the federal reserve can do here. including they talked about additional qe at the meeting they talked about strong forward guidance either date based -- in other words, we're going to stay low and keep interest rates at zero until a certain time or data based until, for example, the unemployment rate falls to a certain level or

inflation rises to a certain level. those will be date or data base forward guidance the big bombshell here, the possibility of interest rate caps on treasuries finally, the fed staff did not see a full recovery through the year end and were concerned about the potential for secondary outbreaks. finally, saw a better case scenario that was out there. i will say robert kaplan on "squawk" this morning did discuss what we're going to need to do more so this idea of the stock market being relatively content with the outlook, i don't know if it's based on the idea that the fed will do more, but the fed is not necessarily sharing the certainty of that outlook. >> steve liesman, steve, thank you. we've got breaking news on theme parks. julia boorstin has more for us julia? >> sara, another step towards the reopening of the theme parks in orlando

reopening the parks to the task force reopening in a meeting slated for tomorrow afternoon. now, this, of course, would potentially include dates they would plan to reopen park wills need approval from orange county's government before they can reopen according to the governor who did invite them to submit their plans this past friday. all of this comes as today walt disney world takes its first steps to reopen. they reopened part of its outdoor mall called disney springs with a rolling opening of the retail outlets and restaurants. but a lot will hinge on what the government says on how they can open disney chains up 4.5%. back over to you >> some light at the end of the tunnel there julia, thank you target reporting its q1 earnings before the bell today beat on both the top and bottom lines. digital sales surged by 141%

however, target paying a hefty price to stay going during the pandemic to cover increased wages and store cleaning joining us is managing director at cowan oliver, good to have you with us we've got a pretty good taste about the difference between essential stores that were allowed to be open during the pandemic -- target, walmart, lowe's, home depot and everybody else among the essential stores, who did the best >> yeah, we're excited about target and walmart target 140% dijal growth that's really impressive this whole theme of bifurcation, clearly the malls, jcpenney apparel is apparent. month to month has been a risk factor too but we like walmart, target, costco drive up over 5 million people used it at target this quarter 40% of them are new.

and really reinventing retail in terms of drive up, curbside pickup is where we're headed and this has happened in three weeks as much as it would have taken three years of different changes. so innovation here, rapid innovation, rethinking safety, and also the entire store experience this has been happening now very quickly. target and walmart have invested in this and it's really paid off. we do see it getting bigger. these are all themes we're paying attention to. >> are these shifts we're seeing temporary or permanent >> the trick to curbside pickup is customers really love it. and they spend more often. the other issue in retail is there's a lot of consolidation happening. you're doing less transactions but you're spending more the short answer is yes, it sticks and that enhances customer lifetime value, loyalty, market share gains. it's a nice fly wheel. as you use it, you do like it. >> so what does it mean for the

other retailers that have remained closed? we're going to get l brands, for instance, which owns limited and victoria's secret, all the trouble spots in the mall that weren't allowed to be open that are going to start reopening how do they deal with the surge in online usage at places like target which also does sell apparel? >> i think there's aggressive -- that wasn't traditionally done grocery was an early innovator with this channel. so it's a model that others will have to follow and you're totally right apparel is a big question mark people are not buying as many pants, really. as people stock up on home essentials and office. we've seen a lot of apparel writedowns and inventory writedowns we also expect a lot of promotions in that category. it remains to be seen. which really needs to reinvent itself lounge wear, denim, active, athleisure, those are

uptrending those are all things we're focused on we also think less is more, the rise of re-commerce. rethinking closing as a service. and this value story where prices matter, getting your clothes at target, costco, walmart. people love that too these are all key issues for the future of retail >> when you consider some of those numbers you mentioned from target and walmart and others, should amazon be nervous i guess not relative to all sorts of other retailers but relative to where people's expectations have gotten for amazon and the part over the last couple of years where their share prices are all-time highs. >> wilfred, the major theme here is the store and the future of the store as a hub. so curbside pickup is the genesis of physical and digital. and rethinking what retail means with merging digital and physical, are they nervous

i think the future of retail involves stores. and 80% of target's online orders were fulfilled by stores. and curbside pickup was very successful at walmart and target so the future involves stores, the future also involves grocery and ai and all these doctors are converging so everything is up for consideration. and we'll probably see a lot of interesting, bizarre, relevant m&a especially as apparel and department stores need to reinvent themselves as well. >> oliver chen, thanks for joining us up next, shares of moderna on a wild right this week as the market closely watches every piece of news surrounding its vaccine candidate. after the break we'll speak with a former harvard medical school professor who says moderna's ceak t announcement was ino a o giving favorable earnings without the underlying data. we're back in a couple minutes mhm, yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those.

i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. now offering zero commissions on online trades. we charge you less so you have more to invest. ♪

there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. welcome back 45 minutes left. we're higher 4.5% on the s&p 0 500. let's look at individual market moves. shares of facebook hitting a new all-time high today following the launch of its shop platform which allows people to set up free store fronts on instagram and facebook and could unlock a $1.3 trillion

market according to bernstein. analog devices is jumping after reporting earnings that beat estimates this morning it posted earnings per share of $1.08 topping analyst expectations by 5 cents according to refintive sales fell short at $1.3 billion but up a healthy 8% today. moderna's encouraging news this week putting a spotlight on the rapid speed at which companies are working to come up with a viable vaccine. even when that vaccine is found, how quickly can they scale up manufacturing? meg tirrell has been looking into that question for us. >> hey, sara it's an important question and experts say we don't actually have the capacity to manufacture a vaccine if one or multiple of them are successful for the entire world right now but that is what these companies are working on to do it, they're striking a lot of partnerships. take a look at just some of them these are some of the biggest companies in the race. and some of the partners that they're working with

companies like emergent biosolutions which is working with johnson & johnson or lonza. those are known as contract development organizations and industry a lot of us have never heard of but are playing a large role and an increasing role in making all of our medicines. and take a look at the geographic distributions at these companiesand the size of the market here. while north america has a presence of $25 billion of revenue in 2018, asia pacific has a $44 billion slice of that market and that's projected to grow to $80 billion by 2025. of course this just raises questions about the geopolitical concerns about where these vaccines get manufactured and how that's going to play into where they get allocated if they're successful and there's going to be major questions about that we talked about it with moderna's chairman just last hour about whether there'll be enough supply of these vaccines. here's what he said. >> i think no matter how many of these vaccines actually make it

over the finish line, we will still be constrained by the supply a lot of numbers are being thrown out, but these are just estimates. >> and so, guys, some of the things these companies still say they need, more funding in order to start building up the capacity to get this done. it's such a massive scale. >> fascinating angle there thank you very much. now moderna shares have been volatile there's been criticism about whether the results were as promising as they were initially perceived. dr. william hazelltine wrote an of sed saying moderna's claim of favorable results in its vaccine trial is an example of publication by press release he joins us now. thanks so much for joining us. i said the word data at the top of that intro. your criticism is there was not

sufficient data in their release and because of that, the market was able to applaud their results perhaps more than they should have done >> i would say several things about the announcement it was premature only eight people had been studied. it was not impressive and it was opaque if a cfo had tried to get away with the same kind of announcement, it would have been greeted by division and possibly investigation. >> but isn't the point that some of these companies, doctor, are trying to get these announcements out on purpose as fast as they possibly can for the benefit of public health, for the benefit of plans to reopen economies for the benefit of trying to get, say, treatment information out there and vaccine goes along with that too? we're in a pandemic where, you know, we have people in the emergency rooms fighting this right now. >> the question is not that

we're in emergency we know we're in emergency but in an emergency, it's even more important to be clear about what you know and what you don't know there is a process which is vastly accelerated the moment the data is put together, the moment it can be presented, it's on the internet. for free everybody can see it moderna did not follow that. we don't know what happened. you don't know what happened we can't see that data let me just take the financial kp m even in an emergency that's not warranted. there are many processes we have put in place that allow global sharing of data. that's not the issue the issue is do we know what happened and the answer is, we don't. >> doctor, has this type of practice become more of a norm in recent months or even recent

yea years? was moderna acting in line with what others do with this or do you think they purposefully released this information without all the full details? >> this is abnormal. i hope it's not becoming the new normal this is a great exception. even before the manuscript is reviewed or accepted is now part of it in this time of emergency. that i believe is good because everybody can look at the information. a doctor can make a decision -- let's take remdesivir. we still haven't seen the data for that it was announced that it worked, sort of. it didn't save any lives it let people get out of the hospital who mighthave gotten out anyway maybe a day or two earlier, a few days earlier but we don't know it really did. we can't see the data. and what is a doctor going to do is he going to use the drug when a paper came out the very same

day that says it doesn't save lives, it doesn't have any effect on the virus. what is the doctor on the front lines going to do? are people battling over a drug that doesn't work? we don't know because we don't see the data that is abnormal and it's wrong. you wouldn't accept that -- >> well, i have two things on that i mean, are you questioning dr. fauci who also came out and said that this was encouraging news, and, you know, stood in front of this nih study he's our foremost infectious disease expert in this country and the other is the fda approved it. o i assume the fda would have to have seen the underlying claims. >> it is not approved by the fda. that is not an approved drug >> well, they suggested it for emergency use. >> that's right. and we don't have the data for that am i questions dr. fauci who i've worked with for many, many years and i regard as a close friend

whether he shaded what should have been done i think is a question he's obviously under enormous pressure for positive results. but i think it was not the right thing to do if you can't see the data it's 21 or 22 days and we still haven't seen the data. how do we know it works? would another manuscript that came out that was published in a very prestigious journal that says it doesn't work so what is the doctor going to do >> dr. haseltine, i want to come back if we step away from moderna and remdesivir specifically where do you stand on the timeline for when we will have an effective vaccine, whoever it is that ends up manufacturing it >> you know, let me say the first question is if we're going to have an effective vaccine we don't know. people have tried to make effective vaccines for coronaviruses, the type of virus this disease is for some time. they've not yet been successful.

some of the data that we've seen, one paper suggests with a killed virus vaccine, you can get protection another paper from a group in england in oxford, when you actually got to see the data, none of their monkeys that were vaccinated were, in fact, protected. they all had a nasal infection yes, they didn't have as much virus in their lungs, but they still had a nasal infection. 100% of the vaccinated monkeys got infected so we don't know the answer. i can't answer that question and we don't know the answer of if we can't tell you when >> dr. haseltine, we appreciate you coming on. >> you're welcome. thank you. >> thank you for the perspective. after the break, the road to reopening. a major milestone today as all 50 states have now begun the process of restarting their onies. we're going to dive into what the latest data show next.

a number of specific developments an coronavirus responses. in georgia the latest statewide hospitalizations for covid-19 dropped by about a third in the last two weeks even though it was one of the first states to reopen the total number in cases still increasing though. in florida, another test for reopening. overall cases are steadily increasing, but the positive test rate is decreasing. that's also encouraging as a greater percentage of the overall population is tested that state has reopened retail and barbershops. you can see not as bad as georgia, but cases still steadily increasing. and across the country, mobile data from apple and google showing a return of economic activity like gas usage which is up in ohio google data shows retail activity just 18% below pre-pandemic levels. transit now just 14% lower than normal despite the growing case numbers in those states. overall painting somewhat encouraging picture for the slow

reopening of the states. >> yeah. indeed and one of the factors cited for the strong markets we've seen today and this week. up 1.6% on the s&p today 3.8% for the week so far still ahead, vogue's anna wintour will join us the fashion industry faces hurdles during the pandemic. as we head to break, here's a check on bonds yields dipping today the 10-yeesh sitting around 0.68%. we're back in a couple minutes

dow up 375 points. here's something for your radar. argentina is barrelling toward a debt default on friday again this time retail investors in the u.s. stand to lose manage argentina's biggest creditors, blackrock and a group that also includes fidelity and t. roe price according to people familiar as of today, i can report that blackrock is pushing for the group of other bondholders to place a new offer to the argentinian government valuing the bonds at 50 to 55 cents on the dollar which does mark a blackrock stance however, t still far apart from the initial proposal on 39 cents on the dollar according to a personal familiar. so we'll see if a group of bondholders back their latest

offer and if they can provide a default with the government on friday all this drama predating the coronavirus. the broke government has been trying to restructure $65 billion of initial bonds before friday, failure to hand over that money and reach a deal or reach a deal would mark the country's ninth default. i think the reason of highlighting it is these bonds unlike the last fight is these bonds are in index funds and u.s. holds them. >> obviously it would be emerging market index fund it's a little bit of a run and in this environment the only way you get that is by taking on some kind of risk whether it's default or currency or other so obviously a little bit of a lesson

marked down to some degree on these funds. it's not as if it'll be blind sided by these you know, definitely that is the takeaway >> mike, thanks so much for that sara, great stuff. we'll keep an eye on that on friday time for a coronavirus news update frank holland's got it for us. >> vice president mike pence visiting florida today to deliver personal protective equipment in orlando pence says 8,000 inspectors have visited nursing homes across the country to make sure they're meeting health standards to prevent the spread of covid-19 in michigan, barbers gave free hair cuts on the state house lawn it's a protest against the stay-at-home orders that have kept the salons and barbershops closed for weeks the state house has been the scene of several protests as the state remains shut down. restrictions will be eased in parts of northern michigan on friday temperature screeners are one of the new jobs that's been created during the pandemic.

mass sewing is also up go to cnbc.com for six more in-demand jobs and a look at what they're paying. that's the latest. sara, back over to you >> frank holland, thank you very much we've got 27 minutes left of trading. here's where we stand. we're strong across the board seeing more than 300-point rally in the dow s&p up 1.6%. the nasdaq charging ahead up 2% just adding to significant gains we've already seen this week so far. after the break, what happens when that pantry loading ends? we're going to ask the head of unilever north america as the country starts opening up slowly [squeaky shopping cart] [sniffing]

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welcome back breaking news on ford. phil lebeau's got it for us. >> hey, wilf take a look at shares of ford. two ford plants that have restarted production are now both idled again this afternoon. one of them expects to be back up in the next couple of hours one is the ford plant here in chicago. the other plant in question is dearborn they had to idle it due to with one of the workers there this is not surprising that's why you're not seeing much reaction from the stock nobody in the auto industry expected this ramp up of production to be a smooth one. they expect to see this with suppliers and auto makers at least for the first week or so as they're starting to get these plants back online and they're dealing with coronavirus certainly in certain areas like in the detroit metro area.

>> so just to be clear, are they testing these employees at the plant? >> yes, they are and they also -- there's a number of protocols before they begin their shift. then if certain things are triggered as far as temperature checks, what they're saying in terms of who they've been exposed to, then they will be administered that's how they determined this worker was positive for cd not only with screening as they come in the plant, but also in terms of social distancing, trying to limit interaction of workers. but guys it's not just ford, it's all manufacturing plants it's really hard to start back up in an environment where everybody was only a couple of feet away and now you're going to be at a greater distance in many cases >> yeah. an issue for all employers, i would think, as they're looking to reopen. >> it is >> thanks. >> you bet shares of unilever are

trading a little bit higher. up a third of 1% the company has a wide ranging portfolio. more than 100 of them from food to household cleaning products to health and beauty how's the company holding up amid the coronavirus pandemic and do they expect the shift in consumer behavior to continue once this is over? joining us by phone is fabian garcia thank you for joining us first, talk about the impact you're seeing across your brands and your business and the balance between people shopping at the grocery store and for essential goods and the hit you're taking from them not going to restaurants >> well, thank you so much for hosting us first of all, i want to recognize that the pandemic is a humanitarian crisis. so obviously we're all impacted by it. from a business point of view, you heard the results reported we were flat as a company globally and what we have seen in the

market is -- consumers obviously are -- have been stocking up and that happened through the begin og the pandemic. and obviously now things have receded a bit. consumers with adapting to the pandemic by staying home, obviously, cooking more at home. obviously by relying more in e-commerce and all of us have experience. we are all more conscientious and with heightened sense of cleaning >> you mentioned some stockpiling that may have abated it a little bit. gauge for us the level with which that has fallen from march, say, to today >> we continue to see a upward

trend. again reflecting these trends i'm talking about month to month. in march was all about building up pantry stock. and in april consumers were still looking to fill out the stocks and products that were scarce in the supermarkets of course unilever being a company with a resilient supply chain, we were able to respond to extremely high demand in my of our categories and we were able to supply fully the product in the hygiene, food, and obviously cleaning categories. >> fabian, at unilever you guys have been very -- looking at supplies that were cleaner which is where the consumer were going before the pandemic. nontoxic, no parabens, that sort of thing.

>> do you expect that to change permanently? >> we have had a lot of positive reaction to the products that we offer in the cleaning area also i want to highlight that all of the unilever products in all of the categories where we compete provide consumers with great value at affordable prices i don't know how many people your audience understands that unilever is the company behind brands like dove bar, suave shampoo, vaseline, ben & jerry ice cream, or meal solutions or seventh generation cleaning we have 100 brands in this country.

because of their need for cleaning, hygiene, and great there. more than we ever thought it was possible before. >> fabian, thanks so much for joining us >> thank you this is the last commercial we're going to take before we approach the close up next we'll bring you uninterrupted coverage of the fimites of the session when we take you inside the market zone. more important than. at&t is committed to keeping you connected. so you can keep your patients cared for. your customers served. your students inspired. and your employees closer than ever. our network is resilient. our people are strong. our job is to keep your business connected . it's what we've always done. it's what we'll always do.

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making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. 14 minutes left in the trading day. we're in "the closing bell" market zone. commercial free action going into the close mike santoli here to break down these crucial moments of the trading day along with josh brown. we'll kick it off with the broader markets. erasing yesterday's losses the dow is up now 377 points the s&p 500 up nicely as well. and guys, if we close here,

2972, that would mark the best level since march 6. we are wiping out the pandemic losses >> yeah. really two and a half weeks when we did peak in the s&p, february 19th it is a pretty remarkable move i almost wonder is this market going to have to keep grinding higher until people ask why is the market up so much given what's going on in the economy clearly nothing is interrupting the general sense right now. the incremental reopening is going to refresh business activity the whole story we've been kind of working at for weeks now. there's nothing that's come along to falsify it in the short-term and therefore underinvested investors feel like they have to at least gain exposure to that theme in parts of the market that got blasted so that's what's going on. it's also with 200 day average

maybe we're a little bit too close to the hot stove not to at least touch it the first time. >> josh brown with this scale of rebound, have you been taking profits in any stocks or sectors? >> no. and what we're hoping for is i don't know about revisiting the lows, but we are hoping for opportunities to add in that late february early march period we hope there'll be another opportunity. that's what asset allocators look for we're hoping it happens. i think the really key thing to keep in mind here, sometimes it's really simple there's two things that are worth pointing out the first is the index returns, the indices have dominated by market caps that are enormous. they determine what the direction is of the major averages and because their weights are so high, what you're seeing the index do is very misleading until you look down a few wrungs and look at the median stock

and the median stock is doing better and starting to price in a reopening. but there's a long way to go the second thing and this is important back to the asset allocation concept if you're looking at five, seven, ten year treasuries and you're saying to yourself, okay. i know there's a 95% correlation to starting interest rates with forward returns on an average annual basis, well, i can't afford to have my money get put to sleep at 1%, at 1.5%. i actually have to earn something on it. so if i'm willing to give corporate america the benefit of the doubt that it'll be able to climb out of this earnings hole and i'm saying to myself, i really don't want to be more than 30% bonds or 20% bonds. i want to have equity, then it explains perfectly why you're seeing people being back in the market despite the fact that we have yet to see maybe even the earnings trough. we might not have seen the worst of the crisis financially, but it's possible that we've seen the worst of what it will do to

stock prices >> on the topic of earnings, lowe's beat their earnings estimates this morning, the home improvement retailer seeing same store sales surge more than 11%. ceo marvin ellison speaking with jim cramer on "mad money" about the strength of the business >> there's no way we could have the sustained l eed levels of g online if we hadn't made that migration to google cloud. and we have a series of other great functionalties that you're going to see from a one click checkout search and navigation, the ability to schedule and induce -- do all types of visibility and order destination online we're going to be rolling out pick up and store lockers. we're going to modify curbside delivery we have an array of things that's going to give us one of the best platforms >> you can catch more of that exclusive interview on "mad money" tonight at 6:00 p.m. eastern time mike, where do you stand on the difference between lowe's and

home depot's numbers and both to have them compared to the likes of walmart and target? >> yeah, i mean, lowe's has been this kind of ongoing transformation story so it's little more than just the macro. what i find interesting is it's now in the class, lowe's is of the big dominant winners at the expense of smaller players but again, lowe's stopped -- traded well off highs of the day. i almost wonder if the market is saying we got it we gave these guys benefit for being this strong in this environment. maybe we have to spread our bets elsewhere if, in fact, it's going to be a reopened economy so you can both say good numbers, good strategy and maybe the market already, you know, has gotten there >> yeah. target also down 3% maybe on a similar kind of idea it is a new era at united airlines scott kirby taking over as the carrier ceo. phil lebeau with the details and with the interview today >> sara, when you look at united

airlines, the stock getting a bit of a bump today. the virtual annual meeting was held and scott kirby said what we've heard over the last few days they are seeing a moderate increase in bookings it's a clear one fewer than 10,000 passengers per day. where are they in mid-may? a little bit better. but that bottom point there is the key one. last year they were average lin over 500,000 people for day. in terms of when things start to get higher to a more normal level, here's scott kirby on "squawk box" this morning. >> we don't know what demand will be in the fourth quarter and the first quarter. no one knows what the recovery is going to look like. and so we need to prepare for flexibility. that's the message we're sending to all of our people we hope as i said we hope that we can work with the unions to avoid furloughs and actually just use fewer hours >> united cannot lay off workers, have major layoffs

until after september 30th that's part of the agreement they made with the treasury when they took $5 billion from the federal government they plan to shed 30% of their management jobs this fall. guys, we're now in this period here where it's all about cash conservation and seeing if they can see a sustained increase in demand and by that we mean something more than 50,000 people per day. >> united up nearly 5% now chinese tech stocks under pressure today deirdre bosa has the latest. >> take a look at chinese internet etf it took a stumble midday as a senate bill was passed by unanimous consent that could delist from u.s. stock exchanges if written into law it would require companies to show that they are not owned or controlled by foreign government. and this is widely seen as aimed as beijing alibaba fell to session lows and looks to end the session

down by about -- where is it there? by one-third of a percent. jd.com, tencent music. also recovering quite nicely that may be because it still needs to be written into law at this point >> thanks so much for that josh brown, what's your take on whether or not these companies will be able to get in line if this laws does become law and whether or not the u.s. listings are crucial to them or not >> so this is how you know that most of the money moving on headlines is algorithmically driven there's nobody that understands this space that was a seller on this news today. unless they thought it was greater for all and they'd be able to buy it back cheaper from someone who doesn't know what they're talking about. 90% of the 200 listed u.s. chinese companies that are trading here it's about a central dollars of

market cap combined. 90% are audited by one of the big four so deloy, kpmg they're already mostly in compliance now, should there be a lot of lucken coffees going around on our exchanges? no i like the senate is looking at this seriously i don't think there should be publicly traded china frauds i do think that companies are domiciled in foreign countries, china or elsewhere, understand that there are consequences to their listing. so i like it i just don't know that it applies to alibaba alibaba is a $600 billion company. jd.com is over a hundred billion dollars. these companies have made u.s. investors money. and another thing that's important is they're already anticipating the politics spilling over into the market situation. so last year alibaba very quietly relisted itself in hong

kong you're going to see trip.com do the same thing already in motion. you're going to probably see jd do it. and others so it's going to be a political issue more so than a financial issue. so i think people that all of a sudden got bearish on chinese growth metrics or chinese internet metrics, rather, probably don't really understand what they were invested in in the first place. >> well, those stocks are coming back from a dip earlier in the session on that news let's get back to julia boors n boorstin she's got an update on the theme park openings. >> that's right. while there is this orange county meeting tomorrow where we're told that the theme parks would be -- we just heard from disney saying that is incorrect and they are not submitting a reopening proposal tomorrow. we have reached out to universal

and whether they are planning to submit their proposals we have not heard back from them we are also reaching out to orange county to get more on the reopening task force and what is happening at the meeting this afternoon you see disney shares up more than 40% back over to you >> slightly off their session highs. julia, thank you the second best performer in the dow, mike santoli, disney's been buffeted around on vaccines and reopenings it's a litmus test for whether as a society and economy we're going to get back to normal. >> right and what is normal if you turn it into occupancy rates. also by the way, no billion dollar box office movies getting released either. it's been incorporated to some degree in the stock, but it is going to be one of those sensitive names to any fluxuation expectations far fuller return to some kind of normal commerce.

>> looking at the market, all sectors higher what do you see in the market internals? >> yeah, they've been pretty sturdy that's pretty inclusive as i was saying before. that you would check off and say the rally looks relatively healthy at this point even though we're fading from the day's highs. did want to highlight skrus to the prior point that pej is an etf, invesco leisure and entertainment fund disney the second biggest holding here it's restaurants, hotels, media companies. all the stuff most impacted by the shutdown it's up 12% week to date clearly that's been a theme running due. it's also down 37% from its high so that's the terrain that we're now trying to recover here and there's a lot of it in these types of stocks. it is succumbing below 30. we have a three-day weekend

ahead. this should bleed lower. it should get toward a range more normal. to your point earlier, it still seems like there's aftershocks or agitation in the market just because the size of that downside shock in march was so great. it's slow to fade. >> thanks so much for that we have one minute left of the session. we're high by 1.7% on the s&p 500. the dow. up 370 points. the high was up 440 or so. nonetheless, still a healthy gain of 1.5% today on the dow. the nasdaq charged today it's up 2% in terms of the three major indices. energy at the top of the list up close to 4%. oil prices up 5% today continuing a very strong rebound of later up 14.8% just this week bottom performing sector is health care. as i said, that is still positive utilities in real estate near

the bottom of the pile as well all 11 sectors are higher. the dollar today just slipping a little bit mainly because of some strength in the euro. the treasury market slips a bit. as the bell goes, though, nicely higher 1.7% on the s&p 500 taking gains for the week to 3.8% dow's up 1.5%. nasdaq up just a little over 2%. another strong finish for the market adding to gains for the week welcome back, everyone if you are just joining us, i'm sara eisen with wilfred frost and mike santoli take a look at how we finished off the day on wall street dow closing higher 370 points. a gain of 1.5% and you got some leadership there from disney which actually closed as the best performer on the dow just in the last minute. intel, american express, chevron led with oil prices higher today. the s&p 500 saw every sector higher as wilfred just noted

but you still got more than 2% gains. the nasdaq also closing up higher now less than 5% away from its all-time high. and the 2,000 of small caps, it was the big winner still is the big loser on the year closing up today 3% which takes it down about 19%. so far for 2020. coming up, we will ask the ceo of the bank truist about coronavirus efforts. and later this hour, we will discuss the new fashion partnership between amazon and vogue. we're going to speak with anna wintour. joining us first to talk about the market today, josh brown still with us. first to you mike santoli and how we interpret the action today which continues to be bullish. was there any big headline or push behind it after we got that disappointment on the vaccine front yesterday?

>> that's exactly where i was going to start the answer is no it wasn't economic data driven or really even earnings driven i think it's another day went by without seeing a flare up of new infections, without really getting in the way of this idea that slowly we're going to allow the business to resume an what that means is the support programs put in place, maybe there's a shot that they actually are going to be enough for now. now, all that to me is also in the context of big professional investors who have felt underexposed to the market if things are not going to have another scare. and that to me was really you could see the footprint of that and the way we did have these slow grind higher across growth and value stocks and whether it continues, i don't know you can create an argument that s&p 500 tags 300 seems like the initial phase of

this rebound who knows. we have to wait and see from here gets real once we get past more. who knows. but i think that's what's been happening mostly in the last couple of weeks. >> s&p 500 meaning 3,000 there we close at -- >> 3,000, sorry. 300 on the spy >> oh, sorry how important is the 3,000 level obviously closing a little below it today, mike >> it's important to some degree now just because -- i mean, moving average there it's kind of flattish, that average right now. so that often has been an excuse for the market to kind of scissor above and below when it's been coming from a big selloff to the upside. maybe that's why it has significance also we haven't been above 3,000 in the history of the world until last october when we got liftoff toward the early 2020 highs. that was that kind of big momentum move that got so it's not as if we're still

talking about being on depressed levels if you look below the surface, there's still a ton of stocks down a whole lot more than that because of the distribution of that index >> josh brown, i feel like you've been a little skeptical of this entirerally comeback and now that we're sitting at levels we haven't seen since march 6th, i mean, are you rethinking your position at all? are you rethinking your ability to be bullish in this environment? >> no, i'm still skeptical i'm going to tell you why. we're in these stocks like everyone is. the whole world owns apple, amazon they're the biggest waitings in everything it's not like i'm saying don't believe that stocks are higher as i pointed out in the previous block, the stocks that are higher happen to be really big they have never been better in the environment for what they do so i'm happy with that part of the market the problem becomes when you start to look at things like for example the dow versus the

nasdaq the disparity is ridiculous. the dow was down about 5% or so over the last year while the nasdaq is up close to 27%. it's like these are stocks living on different planets. >> well, the russell and nasdaq is even sharper. >> correct so i feel it's very important to bear in mind in april about a third of people who were supposed to pay rent didn't. and we'll get the may data soon 37 it's important to point out in april about 15 million credit cards went unpaid. and we've got forbearance and the banks working with consumers so they're not going to be racked with penalty fees but this is the environment we're in 30 million people have been thrown out of work in the last five weeks we hope that for the majority of them it's just temporary and they're coming back soon but we can't know. we can't know. so i don't think it makes sense if, let's say, you panicked and you sold but if you panicked, i

don't think you look at the markets now and say, oh, my god, i have to put everything back on that i had taken off i don't think it's necessary i can't give individual advice i can only tell people the way to avoid that happening to you is to have a plan in advance of how you're going to behave decide what are the things that are going to cause me to sell and cause me to buy back and if it's you interpreting economic data, you're already a mess okay so have it be something based more on your own life, your own situation. so here's what i'm going to tell you. a majority of investors got this right. if you look at vanguard data, fidelity data, hundreds of millions of people did not alter their asset allocation, did not freeze 401(k) money coming in. they left everything alone it happened too fast for them to get scared in some cases and thank god. it worked out well for a majority of investors.

so where do you stand then on the amazon versus wells fargo trade for the rest of 2020 >> i don't have that trade on. wells fargo versus amazon. so be long one and be underweight the other. and wait for mean reversion. i don't have that trade on i don't think it'll work so it's not that you don't want to have any exposure to banks. it's that i don't think you want to make a bet that the environment between now and the end of the year is going to so materially change that the best company in the world all of a sudden is going to be overtaken in gains by one of the worst run banks of the last decade it's just not -- for me it's not how i've ever done well. i like big trends. i like secular growth. i like companies that are doing well i know there are people that like to go the other way and fade this has been a painful market for people who see themselves as faders, knee jerk contrarians. it's just not working out well

right now. >> we've got an earnings report out. it's expedia and seema mody has that >> a significant miss on the bottom line. reporting first quarter results adjusted loss of $1.83 versus the estimate of $1.23 loss the key metric to watch for online travel. down 35% in the first quarter year over year newly appointed ceo of expedia saying like all travel companies, a major reduction in business since the onset of covid-19 remember, the company has taken steps to boost its liquidity position over the past six weeks. the company's raised $3.2 billion in debt and equity including over $1 billion investment from silver lake partners and apollo global those two private equity firms did gain a board seat. so the question on the conference call that comes up at 4:30 p.m. eastern is whether lower cost cuts are in store and

what other changes could be in the cards for expedia. that call again starts at 4:30 p.m. on the last call it was one that got a lot of attention with chairman of expedia. sounding off calling out the work culture calling it lazy we have to see what the narrative is like on this call >> thanks so much for that mike santoli, this is one of those stocks that's enjoyed a rally from its lows. it's up almost 100% from its march lows and just this past week running up significantly into earnings >> it looks like actually a lot of stocks in the impacted areas of this area and then it's had this very kind of volatile saw tooth recovery

it's about the direction of the incremental chak in terms of what their baseline business levels are very hard to handicap because things were not as seema was saying necessarily going great in this industry so to me it's a lot of -- the overall market is making the case this is not anymore looking like a classic bear market bounce that's just doomed to roll over necessarily. because it's up so much in 40 days however, those parts of the markets that were impacted you haven't really escaped the gravitational pull of those in a decisive or convincing way that's why i think it does seem as if there are two tiers of this market to study >> if you told me -- >> got more earnings out hang on, josh. hey, josh, i do want to come back to you but first let's get to take two interactive. we've got josh lipton on that. josh >> so sara, that stock halted. it's going to be resuming

trading around 4:25 eastern. but we do have results $1.07. bookings here, $729 million. the street was closer to $584 million. a big beat there the q1 forecast looking between 90 cents and $1. not clear if that's comparable but bookings, big beat $850 million for q1. analysts thought closer to $498 million. for the year, though, a bit light. they're looking if bookings between 2.55 to 2.65 billion though remember this is a company that does historically guide conservatively in terms of the segments, digital online 6$635 million that's a beat 37 the other segment, physical we tail at 162 million beating expectations quote here from the company as

well while fiscal 2021 will be a light year for new releases, we expect to deliver strong results due to the diversity and strength this conference call kicks off at 4:30 eastern, guys. >> josh lipton, thank you very much josh brown, didn't mean to cut you off. wanted to get your thoughts on the broader market >> that's okay >> i think that's where you were going to go or were you on to travel stocks? >> i wanted to talk expedia. this company is only worth $11 billion in market cap right now. so i think it's one of the biggest bargaining out there if you want to bet that americans will never travel again, ignore what i'm going to say. if you want to make the alternative bet which is that, yes, we'll wear masks for six months, then there'll be a vaccine, people will bring wet wipes on the plane but overall things aren't going to radically change, then expedia is a better bet than the airlines

like, if you know you're going to get a recovery across the board, why would you want the companies that are encumbered by debt and now new government conditions on what they can do with their workforce, et cetera, et cetera? expedia is a better bet. they're going to benefit too and it's an internet company it's a high margin company going into tonight, 75% of the time they've beaten earnings they're a very well-run business well capitalized so it makes sense that this stock has had a nice recovery. and if you told me, josh, pick a travel stock, you can't look at it for three years we're going to put it in the vault. check it again as the world forgets about coronavirus. like, this would be the one i want to be in. i'm not in it yet, but i might >> even after its 100% bounce from march lows? >> so there's strategy and tactics. strategically this is the name i like tactically is today the day i buy it after a monster move this week maybe not. >> josh brown, thanks so much. >> i have a tactical question

for you. just quickly, you said at the onset i want to be really clear. you're feeling bearish and sentiment or in thought but you're positioned bullishly? >> well, we run a strategic model and practical model for clients. our tactical model has more nasdaq and almost no s&p and no international so you can infer that's the overall posture with the caveat every household has a different mix of those strat yes and no household looks exactly the same because this is not a hedge fund every client has a different investment objective and needs a different level of risk. so to answer your question, i'm very skeptical that the economy just wakes up a month from now and everything looks great i do acknowledge the fact that some of the comps are going to look incredible. we're going to see things like

airlines up 700% in a month. and it's going to sound great. the environment is still going to be lousy. we don't know what investor sentiment will be. >> great to see you as always. thanks for joining us. up next, we will ask blackrock's jeffrey rosenberg whether he thinks negative rates could be coming to the u.s. in the near future and what it ulme fwod anor investors we're back in 90 seconds at mercedes-benz, nothing less than world-class service will do. that's why we're expanding your range of choices. many dealers now offer optional pick-up & delivery

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let's get to bob pisani for a summary of today's market action hey, bob >> highest since early march for the s&p 500. we're approaching that 200 moving day average the right leadership today, i keep emphasizing the need to broaden out the rally. can't just be faang stocks, folks. we need banks. we need energy we need industrials. there's american express, a great day. chevron's up 5%, 6% this week. caterpillar is up 7%, 8% this week boeing up 10% or 11% and another good day today banks, energy broadening the market the stocks were a little weaker. that's fine. they had a run earlier merck, pfizer weaker home depot, how come that wasn't good today have you looked at home depot's chart? this is a "v" essentially.

it hit a new high yesterday. it's valued so given theed ath added expense, no surprise it was there. we'll have an ipo at the new york stock exchange. it's going to happen pricing in the next hour this is select quote they do the insurance quotation sites. they're going to price 25 million. it's a pretty big deal and priced for trading tomorrow. keep an eye on that one. big for baby boomers looking for insurance policies guys, back to you. >> it's odd to have an ipo at the stock exchange with the floor not even open for trading. bob, thanks. the treasury's 20 year bonds met with pretty strong demand after being met for auction for the first time since 1986. of the multistrategy fund. jeff, thanks for joining us. what is the demand and the test of the market for 20 year bonds

say about the overall environment and the bigger picture right now? >> well, it says two things. it says, you know, first of all we're going to get a lot more issuance and, you know, reopening the 20-year size was bigger than expected this is just the tip of the iceberg of what we're going to see going forward. as we look to pay for and fund this historic expansion of fiscal policy. so that being said, it went a little bit better than expected. but it's the taste of stuff to come. >> so what's your view on u.s. treasuries would you be a buyer of them at the moment >> so, you know, u.s. treasury market is in a very different place. and, you know, the other big news outside of, of course, the treasury auction is the fomc minutes and everyone was very focused on whether we'd get more clarity about how the policy's going to evolve beyond just simply supporting market functioning. and we didn't really get that

today. we'll look for that in the future but what we have underlying support for market functioning with some discussion around what many market participants have been talking about are we buyers, sellers, based on the fundamentals and expectations of inflation. we're simply looking to what is the fed going to do. what rates will they tolerate. what curve shape will they want to see because this is no longer really a free market that's determining prices but really the fed using its balance sheet to offset the supply >> are you saying the bond market is totally disconnected from the market reality? >> no, because the economic reality is what is ultimately driving the fed's policy decisions. the attainment of their objectives but there's a much, much more forceful intervention in the

market today you know, in a very short period of time, we have effectively altered the structure of how monetary and fiscal policy works. you have to appreciate how large of a change it is when the fed took interest rates to zero and said our balance sheet is at the use is for the use of fiscal policy we will maintain and support market functioning we have seen an enormous expansion of the balance sheet in order to accomplish that. so yes, you're suspending a lot of the old ways of thinking about how investors set prices and injecting a huge new player, the unlimited size of the fed balance sheet. absolutely a huge structural change we talk about what is value, what is the right level for bonds in the market. >> jeffrey, what are investors doing with fixed income? are they still treating it

overall as safe haven and don't really kind of care how much it's run up? or are they kind of price sensitive and selling their bond allegations? >> it's interesting. i listened into the earlier speaker and he was talking about, you know, how he uses bonds and he shifts his stock allocation and bonds out of that that's a very traditional way of thinking about stock bond allocation but i think you're going to -- and investors are really going to have to rethink that assessment in the environment of what i just described as -- you have now the proximity to the lower bound. if you're using bonds as safety to offset your equities, you have a lot less of that safety in the potential for bond yields to fall. you're much closer to the lower bounce

if there's another downturn, but the degree to which you're going to get that benefit is much, much lower and so you're going to need to rethink what that mixture of stock bonds means in a world of interest rates much closer an the back end of the curve is closer to interest rates we saw after the '08 crisis it was a very different environment. >> thanks so much for joining us. >> thank you thanks >> jeffrey rosenberg of the blackrock system bond fund l brands earnings are out. courtney reagan has the numbers. >> hi, wilf. for their first quarter, they're reporting a loss of 99 cents that's wider than what the street was looking for estimating the loss would be about 72 cents revenues also missed expectations at $1.65 billion. the street was looking for $1.72

billion. overall comps for l brands which is bath & body works and victoria's secret, very interesting divergence within that bath and body works' comps were up 40% remember they sell hand sanitizer. while victoria's secret comps total were down 13%. again, the physical stores for this retailer closed during much of the quarter shares of l brands bouncing around just a little bit now effectively unchanged. back over to you >> thanks so much for that now the new home of high fashion could be amazon possibly vogue editor in chief anna wintour will tell us why many are turning to the oinnle giant to boost sales in an exclusive interview coming up.

the video game maker take-two interactive resumed trading. they were halted for their earnings sharply higher up more than 7% after profit more than doubled in the fourth quarter. revenues, bookings all coming in stronger the ceo saying in the release nearly all of our titled out

performed in the fourth quarter as people remained home during the pandemic we'll send it now over to mike santoli for a look at market sentiment and where we stand right now. mike >> yeah, sara. it's a little more upbeat. i would call it mixed at this point. i'd say more neutral versus its history, about twice as many bulls. look back in march that was a good bullish signal when it was negative basically more bears than bulls. i call it neutral. a tail wind for stocks as a sentiment indicator. now we're hitting lows at the bottom end of the range from the last couple of years this is short-term options this is starting to surface as a little bit of a complacency signal so maybe tactically means it could become a head wind for stocks making further progress right here, guys >> mike, thanks so much for that interesting indeed

breaking news on aurora cannabis >> shares of aurora up 16% right now after announcing an all stock deal to buy the company reliva for $40 million reliva's product sold in circle k convenience stores and all products are $20 or less something the ceo said is key in the current economic environment. the current estimates for the cbd market is that they'll grow -- it'll grow to about $25 billion by 2025. again, shares of aurora rising 18% after-hours trading after announcing this deal back over to you >> thanks so much for that up next, we will ask the ceo of truist whether he thinks the financial industry could be set for another wave of mergers. and tonight main street in crisis the struggle for businesses in springfield, ohio. plus pitbull stepping up for latino business owners and will your summer vacation exist this year?

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zbrmplgts we're back the additional $25 million will go towards bringing technology services to undervalued communities. aid small businesses and volunteer efforts. truist ceo kelly king joins us now. good afternoon to you. >> hey, will how are you? very well thank you. we'll get to that fill tlopic efforts in a moment, but i want to start more broadly in terms of whether or not you're seeing optimism in terms of the economic activity you're seeing which the broader indices particularly the nasdaq clearly pointing towards even if bank share prices themselves suggesting the opposite. >> yes there are some green shoots out there. i was just looking at some numbers in the last couple of

da days for example, we had the highest level of production in the month of april that we've ever had with robust mortgage activity. interestingly even consumer activity judged by looking at our debit and credit card transaction activity is down year over year, but still not as far down and if you take travel, it's actually up. so it's not as bleak as we might think. you know, when we look around in terms of the tragedy of the medical statistics the underlying business community is actually better than you might think. >> so we mentioned you're entering your giving at this time is that focused on smaller businesses, for example? are those the areas that need it most that aren't seeing some of that bounce you just mentioned >> yes

well, the small business community represents the majority of the employees into country. it is being hardest hit by covid-19 ppp is helping but there's still so much need out there. most small businesses don't have the same -- they live week to week what we're going to do is go in and supplement ppp providing financing through some of the organizations that are prepared to help some of the smallest businesses like community development financial institutions they're set up to help the smallest businesses with some of the most difficult situations. we're going to be putting money into the cdfis to help them reach into the small business communities and help them a lot. then we're going to use connectivity we're trying to focus on areas

that are kind of forgotten so there are a number of areas in the country that there's no real connectivity for these young children out of school trying to learn. and so we're working with some really good partners to figure out a way to get internet capability into these homes that would otherwise not have it at all. so we're using this money to reach in, to help those areas that are not being helped in other ways and we are really excited about it >> it's really good to hear, kelly. this is sara i just had a question for you back to the markets on the federal reserve. and the fact that we're back to rock bottom zero interest rates. when do you think that ends and how much of a challenge is that for you on the business model? >> hey, sara it's a really big challenge for banks. you know how dependent we are generally on net interest margin

although i'm happy we have a robust nonentry line of businesses like insurance work with the fifth largest entity in the country and so forth for the banking industry, it's extremely hard when rates stay low, it makes it very difficult to get the margins we need. they want to keep rates as low as they can they're right about that it's still the right thing to do and so i believe rates are going to stay, you know, in the general range that they're in probably throughout this year and maybe a good ways into next year then as economic activity is stimulated, you'll see them be able to slowly raise rates they may actually be very smart about how they're handling this different than the great depression

even better than the great recession. so i comment chairman powell and his team so they're doing a really good job. the banks are working really close with them through ppp and other programs so a lot is being done which is why i am somewhat optimistic that while this is going to be hard, you're going to see a really hard second quarter a little better third quarter and tougher fourth quart canner. but we're going to get through this working together. and i hope people will not lose hope because we have a real sound financial system that is working very closely together. we have lots of tools available. and it's going to work out just fine >> kelly, you, of course, executed one of the biggest mergers in the u.s. banking space for many years there's rumors we may see more of the same in the coming months and the crisis provides opportunity there. how hard was it to get to the point where you and suntrust decided to merge do you expect there to be a wave

of further consolidation or one or two or none >> well, you know, our merger pre-covid was a result of what i call the first crisis. this is kind of the second crisis medically induced the first crisis was a change in paradigm with regard to consumers when they decided to demand more convenience and then amazon stepped in to meet that demand it changed the world all of a sudden we found the consumer demand, the integration between touch and technology we saw the need to get ahead of the curve. and maintain the already existing level of trust we had i believe other institutions are going to have to reach the same

conclusion i said it before covid and i'll repeat it now. i have no specific information about any institution. but i believe you're going to see an increased level of activity that will actually be very good. it'll be good for the economy. it'll be good for the industry it'll be good for the consumer it's just a good thing look, there's still over 5,000 institutions in this country and i'm pulling for the small banks. don't get me wrong but all of us however large we are have to find ways to meet the consumer demand. if the banking industry does not adapt, then others will adapt for us and so, you know, we're going to change and we're going to make it work. >> kelly, good to see you. thank you for joining us >> thanks. i tell you you have two new viewers in your station today. my two grandchildren juliet and knox and they're watching anxiously to see your good show.

>> oh, congratulations that's good news we like to end it there. nothing like becoming a grandfather. >> yeah. thank you. coming up, amazon is the place for all your essentials from toilet paper to groceries and now high fashion anna wintour joins us to explain why. coming up. right now is a time for action. that's why usaa is giving payment relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills.

discover all the ways we're helping members today.

welcome back high fashion meets amazon. vogue, amazon fashion, and the council of fashion designers of america launching the new digital store front called common threads vogue by amazon fashion. it'll focus on connecting small and medium sized fashion businesses directly to amazon

consumers. and joining us now to talk more about it is anna wintour, editor in chief of vogue and conde na t nast >> thank you for having me >> so it obviously gets your attention and captures the headlines. ann a wintour and jeff bezos comes together on a collaboration. how did it come together >> we launched a common thread right after the pandemic hit, because the fashion industry and particularly vogue and the cfda both have a history of wanting to support small businesses and young creative talent. when unfortunate incidents such as 9/11 or now this pandemic hit not only our businesses, but businesses all over the world. and we were lucky enough to have forged the cfda vogue fashion fund back in september so we just repurposed that

particular niche ty and immediately started to raise funds to support young designers and small businesses obviously this was not a bailout, it was more the opportunity to give small grants to businesses and designers who really had no means of paying any of their bills or really want wanted the opportunity to stay in business or help support their businesses until at least revenue started to come back in in a meaningful way. and then at the same time, i was very fortunate to be able to talk to christine who is the president of amazon fashion. and suggest to her that this also might be an opportunity for amazon common thread to join forces in creating a store front on amazon fashion that would also help give support and

visibility to 20 american designers who were most in need. >> anna, is it a sort of partnership that you think the fashion world, the luxury world does reluctantly a little bit even if it's the pandemic. does luxury partner with amazon typically which is more mass market >> i think this was an incredible opportunity to help young designers who were really struggling i was listening to the guest that you had on just before me talking about small businesses it's the same in our world it's small businesses whether you call them a luxury, accessible, or whatever it may be that are struggling because they have no sources of revenue coming in.

so not only did they support us, they made a donation to a common thread so this was an opportunity for the industry to help these people and help them understand there was a creative talent that needed a future to not close up shop this was really to support creativity and fashion in this country. i think they should be applauded for seeing that necessity. >> how do you think the long-term impact of what we are going through? you mentioned some of the small businesses and the fashion designers getting hurt what do you think sticks as far as what comes out of the crisis and how consumers change what they buy >> i think it's been c catastrophic on young businesses

and department stores. you've read about some of the companies that are being forced into bankruptcy. so i think it's really giving the industry a pause i think everybody is rethinking what the fashion industry stands for, what it means, what it should be. i think our customers, our readers, our audiences are going to want to be aligned and want to buy brands, designers that they feel are in step with their own values i think they're going to care deeply about sustainability. i think they're going to care deeply about what a design or a brand might mean i think they're going to care about what they're buying, the value and price point. i think it's a chance for everybody to slow down, produce less, and really make the world over fall in love with the

creativity and the passion of fashion. and maybe have a little bit less of an emphasis on things moving so quickly and an emphasis always on what's new i think fashion should last. it should be emotional it should have memories. it should be meaningful. and i think that we need to really re-evaluate all of us that work in this industry how we can best present that >> with everyone staying at home during lockdown, anna, i think there's been a trend to shift to wearing whatever is most comfortable as opposed to what is most fashionable. do you fear that that might have a lasting impact >> i think that when we start to re-emerge and we've seen this already in some of the countries that are slowly starting to open up, it seems like everybody's first stop is to the hairdresser.

and they are starting to shop again. certainly there are going to be a lot more people working remotely that probably means more of an emphasis on comfortable clothes. but i also think there's going to be a huge desire to dress up and to have fun and to go out and to look your best. so i don't believe that only comfortable clothes are going to be all that we see on the horizon. i think there's going to be a great demand and a great yearning for beautiful clothes and creativity and self-expression. so i think what we in the industry have to look at is, you know, how we present that best to the consumer. and i think that we have been guilty, all of us, of maybe pushing out too much too quickly and not allowing his or her to really enjoy it and value it and understand what it means >> anna, what has it meant for

the magazine industry and for vogue and conde nast we've seen the pain that the newspapers are facing and the fact that advertisers are pulling back right now in this recession. >> yes >> how is your industry dealing with it? >> obviously we've had had to po and we've had to learn how to work in a very different way, and learn how to connect and communicate remotely, and how we can manage our shoots in a very different way. obviously, we've all been working a lot with self-generated content, but i -- i actually think we created these vogue global conversations over the past few months and we're continuing it's been a great opportunity for all of the vogues globally we have 27 editions all over the world to talk about designers and ceos and retailers about what our industry should be

going forward and indeed what the future of fashion media should be, and i think it is really a time for reflection and thinking differently and understanding that the old way simply isn't going to work as we re-emerge, and i think what's been incredibly encouraging is how strong all our content is across all of our titles have been in conde nast during the pandemic and we've had such loyal engagement and 30, 40, 50% up in some cases the audiences are out there and it's just how we work with them and how we stay engaged with them as we re-emerge. >> finally, you had to cancel the met gala, obviously, because of the pandemic and we saw a lot of celebrities instagraming about that yeah. >> can you do a met gala next year if there's no vaccine >> i think that is a question

that is impossible to answer and obviously, that will be entirely up to the museum's discretion and the guidelines that we are set by the city. i mean, we have to obviously, respect and put everybody's safety -- safety first, but as i'm learning to live in a totally virtual world, if -- if -- i hope not, but if come 2021 we cannot have a physical event we'll just have to figure it out virtually >> everything else >> anna, thank you so much for joining us great to see you >> of course a pleasure thank you. >> thank you >> still to come, your earnings breakdown, expedia, l brands and take-two reporting results we'll dig in when we return.

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>> buyers are finding supplies are tight. more than 40% of homes face bidding wars during the four weeks ending may 10th, that's up from just 9% in january. go to cnbc.com to see how sellers are reacting to these bidding wars. >> tesla has dropped its lawsuit against the california county where its assembly plan is located. the county shut down order for the plant contradicted state policies tesla started production at that facility earlier this month. a maryland restaurant is trying to poke fun at the social distancing the bar and grill in ocean city has bought ten bumper tables for its diners and the company that makes the tables calls it an adult version of the toddler walker it got it in anticipation of the governor opening up outdoor dining, fish tail is known for the seafood burrito. i don't know how it will work with the bumper tables, sarre a back over to you >> that looks goofy, but whatever works >> up next, shares of expedia

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risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. shares of expedia higher after reporting results. the conference call already under way. seema modi >> the stock is up after hours and it was up by 2% and now 3% on the comments of ceo peter kern who tried to convey that while march and april were bad, they're starting to see nice growth coming into may and he said there are green chutes as summer holidays approached and cancellations have settled down and have potentially stabilized and as more people leave the city and look for vacation rentals this summer,e verbo has

been a hot spot. driving further cost-cuts remain a priority and implementing a cost-cutting plan in late february before the height of the pandemic the stock up 4%, wilfred and sara >> seem modi, thank you very much mike santoli, green chutes is that going to be the new term on the conference calls as the states start to reopen and i guess the question is how much does the market get excited by that when the market has factored in green chutes here. >> it's the new old term, right? we did start to hear it in 2009. we do get some macro data tomorrow when we test this idea, right? jobless claims and market pmis and housing numbers and leading indicators that will give a test finally with some numbers in may that maybe the market will find worth reacting to one way or the other. >> in terms of the sectors that have performed and everything is

up today, but it's alternated this week in terms of the underperformers and then the typical outperformers. >> yeah. you can say the laggards and the cyclical stocks have definitely outperformed and not really at the expense of the old leaders and we'll see if that can continue as well >> thanks for watching "fast money" picks up next. >> "fast money" starts right now. i'm melissa lee. guy adami, tim seymour, karen finerman and dan nathan. beware of the breakout that is the message from one top analyst and why he says the race for the coronavirus cure could be a race for the exits. facebook at new all-time highs and one of our traders say it's not too late to friend this name we'll bring you that trade aurora cannabis and we'll tell you what has that pot stock flying high right now. all 11 s&p sectors