it is 5:00 at cnbc and here is your "top five at 5:00. the number of global cases hits a sad milestone. president trump attacks china over a massive misinformation over the virus. and the future of the office getting back to work in orlando. what theme parks are planning to do that is turning heads on wall street

morgan stanley's lead biotech analyst is here on this thursday, may 21 you are watching here on cnbc. good morning, good afternoon, good evening and welcome where you may be watching thank you for starting your thursday with us here is how the global markets are getting through their week the dow indicated down over 100 points i wouldn't buy too much into it. it has been a very volatile week we were up big plus 900 points on monday. up fairly big, up solidly yesterday as well. could be a topsy turvy week. the dow is up nearly 4% just

this week. the s&p 500 is at the highest level since march 6. some big news in the bond market the option of 20-year bonds that raised $50 billion why is that news we have not sold as a nation 20-year bonds since back in 1986 also a bunch of single stock stories we need to pay attention to on thursday take-two interactive a little lower this morning. everyone apparently staying home playing video games. just off the all-time high stock two, expedia, a little higher despite a drop in sales good news is that expedia did note a slight rebound of travel bookings towards the end of

their quarter. and finally, apple showing a big sign of the times now releasing a new software update which will make it easier to unlock your phone while wearing a mask the new update will immediately display screens that will allow users to open screens manually instead of that gap when it doesn't recognize your face. real sign of the times back to the markets. a number of items dominating your headlines today number one, latin america overtaking united states and europe when it comes to daily increases of the number of covid cases. the global tally over 5 million people around the world. also today, president trump perhaps stoking more tensions with china in a series of tweets accusing the country of a

massive disinformation campaign around the virus's spread and he doubled down on claims that they could stop the virus in wuhan as early as january it has been a very good week for stocks joining now, managing director at direxion. do you think we will actually this year make new all-time highs despite, you know, a global pandemic? >> caller: good morning, brian thank you for having me. i don't know that we'll make all-time highs i think we'll hold up and the volatility will continue you have the situation where the stock and the index does not match what is going on

the fundamentals are pointing to this earnings may be weaker the good news that with some of the states reopening, these hopes for a virus working, the fed put some of these things are driving the market optimism. if they continue, we can hold up and find bright spots here you mentioned them this morning with tech being one of them. >> tech being the biggest bright spot nasdaq hitting an all-time high. taking a diversion between main street and economy not ever been starker. you can see what you think will happen what are your clients doing with their money now? where are they placing their bets >> sure. it varies.

the first thing we say is now more than ever, it is important to look for diversified portfolio. in terms of the longer term with the news-driven market buying operation in the efficient companies quality of names. for the short term, we've seen a bunch of names we've seen dow jones internet, etf-type product that's the whole amazon, paypal, the leveraged stay-at-home story. some of those names are held up quite well in this pandemic. tech is another one. apple, microsoft, they have strong balance sheets. they are almost behaving

defensively. we need data and access. those have continued to work to give a few examples there. >> i'll call it bp and dp. i'd say before pandemic and during pandemic. we can't say after yet it sounds like what worked bp is working dp with the addition of zoom and web ex which is owned by cisco >> exactly you have a lot of names and you think retail is down we've got numbers out of target and lowe's and positive momentum there. the top names in those indices are amazon, starbucks, mcdonalds. amazon is crushing it. whether you are buying consumer staples, they exist at amazon. people are buying their paper

products there, their ppe, their wants over their needs that name continues to do well if you can't afford the stock, that is another place. consumer drove the economy going into this and that continues to perform. >> amazon at an all-time high yesterday. in my next life, i'm going to be a box maker or at least a recycler it is amazon's world and we are all just living in it. when we come back, what might your new york city, boston or d.c. office building look like when you eventually return? the ceo of one of new york's biggest real estate company is doing. i want you to think boxes in the elevator and one of the top tourist attractions reopening today. a new look at graceland.

oil surging from less than zero to $33 in a month. will opec ultimately let the world down rbc health elima croft is here that's next. save hundreds on your wireless bill

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city, boston or d.c. but vertical cities with high buildings face unique challenges not only keeping people safe but making sure employees feel safe and can come back to work. rxr realty owns more than seven buildings in new york including 75 rockefeller plaza we spoke with the ceo and some of the new changes implemented >> we've created a product called rx well which provides our tenants with the tools and protocols and information that enables them to get to work and work in a safe way and get the best and most out of their work place. it starts with educating at home they'll be able to look at an

app and see the health index of a building if it is weak, they can decide well, i'll stay at home. we mentioned about coming in in rotations or staggered openings. the app will give them the time in terms of what time they'll come in so we don't have concentrations in our lobby or transportation they'll fill out a wellness index and answer questions and get a green or red to say whether they should come to work even to start with they'll come in and be a standard that will check their temperature. if it is more than 100.4, we'll have a wellness worker that will greet them if it is still over, we'll get them a car to take them home or medical facility they'll be wearing a face mask, censors to make sure people are

social distancing and wearing their masks. in elevators, we'll have boxes in theelevators to stand in a box and wear a mask and face forward. when they go into their space, they will have to practice social distancing. we'll give them tools to measure when they are social distancing. at the end of the day, they can look and say, okay, i was able to social distance 70% of the time maybe i can get up to 80 changed behaviors moving around so there is not people more than six feet of each other giving them a look at a heat map on their app which shows them concentration. if they need to go to the rest room, if the rest room is more than 50%, they'll wait

a whole new set of protocols >> truly incredible. new york city is uniquely challenged it is a vertical city. we move 6 million people around underground in metal tubes your firm is also in the suburbs. a lot of ceos are saying right now, the new world for them may be 325 in new jersey and 325 on park avenue, 325 in west chester and others are scattered do you see suburban lower slung, sl three stories or less with stair way use making a come back. >> you are describing a distributed work force

they'll have the headquarters and satellite offices. our clients now are looking at the zip codes to where their work forces live to decide where to put them. everyone has been getting dense, dense, dense, trying to get as many people in a small space to save money now the workforce wants more space. rather than being 150 feet per person, it might be 200 to 300 square feet per person they'll either take more space in the city or disperse it elsewhere. >> a lot of people say, i'm short commercial real estate it sounds like some parts may hurt but others may benefit. you talk about needing more space. a lot of people won't come back to work in a building. in five years, things will be very different the way we feel now will change,

hopefully. there may be a feed for more space. >> there is a new normal there is this period where there is a need for more space and more emphasis for remote working. just after we saw after 9/11, some of the protocols and infrastructure put in place carried on i think the same thing will happy here >> truly interesting stuff from rxr and what the building of the future and this new world will like like. we'll look at the future of work in the days, weeks and months ahead. it is not just madonna and lady gaga and president trump are at risk also increasing the chances of cyber crime. we'll have more on that. >> announcer: today's big

number, $2.2 trillion. where the con congressional budget office sees the gdp for 2020 expecting to drop by the second quarter. we live in uncertain times. however, there is one thing you can be certain of. the men and women of the united states postal service. we're here to deliver cards and packages from loved ones and also deliver 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. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. and try pure protein shakes, with 24 vitamins and minerals.

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today. dow futures are down what a week it has been. gained a lot back yesterday. futures down again but still a solid week with the dow up nearly 4%. we have more to do coming up when we are back on "worldwide exchange" after this i got an oriole here.

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the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today. welcome back the high-profile hacking of the

famed alan grubman revealing even more information on celebrity clients including president trump, madonna and others if $42 million in ransom is not paid. the group says it already sold off the trump files and will auction off what it has on madonna. let's talk more about that with eamon javers exposing a big hole in cyber hacking and we are all working from home now. >> caller: exactly they are saying the cyber criminals are having a field day with the coronavirus our ceo had a lot of ideas about why that is.

breaking into two categories one is the technical weaknesses we are seeing and the other is the social weakness. look, a lot of companies had been five days to put their entire work force on this work from home set up they are using a lot of video conferencing systems people are not familiar with and using family home internet routers even children's gaming systems are using the same wi-fi parents are using for their office work. all of that creates new vul ner b ibilities and new ways in. you talk about social weaknesses a hacker sending you a phishing email takes advantage of that by

sending you these e-mails that look like they might be something you are supposed to click on from your office and you click on it. there is a lot of virus anxiety out there. people are more likely to click on e-mails that pretend to be about covid-19, particularly if it is information that looks like it is coming from their office all of that creating a problem how much will that cost to fix anywhere from $247 and $1,755 per employee is the cost to secure all of that >> do we have any idea what is in those trump files a bit surprised that alan grubman has trump as a client, maybe from his television days >> we don't know of course the president was in the entertainment business

he interacted with a lot of celebrities over the years it is possible there is some trump information in the files through one of his celebrities but i've talked to some cyber security experts who are skeptical and say this may be just an effort to drive this into the headlines, that has worked on part of the hackers and to drive up the fee here they are ransoming the fbi, as tough as this is, the fbi always recommends you don't pay the ransom >> nobody from the irs is sending you an email saying log in and put your social security here that's not real. still ahead, your daily dose of good news as more of us are going out and spending we'll show you the latest sector that could get a post-pandemic pop. plus facebook's pledge to

pay $1 million to women and minority-led businesses. and change business asked swing state voters for a one-word description on how president trump is handling the pandemic that one word --ell wit is striking it is coming up after this (vo) our communities need help like never before

and wells fargo employees are assisting millions of customers across america through fee waivers and payment deferrals, helping people stay in their homes through mortgage payment relief efforts and donating $175 million dollars to help hundreds of local organizations provide food and other critical needs... when you need us, wells fargo is here to help. the nasdaq 100 is now just

2.5% from the high it all comes down to the latest health data. we help track the trends in the fight against covid-19 these stocks you get a bet on as their research has been spot on and their lead analyst has never been on tv until today he's here on "worldwide exchange" in a few minutes a little less conversation and a little more action how graceland is getting ready to rewelcome visitors in the pandemic era this is "worldwide exchange" on cnbc good morning >> welcome back and good morning. hope you are having a good start to your thursday how your money and investments are looking. half way through the 5:00 a.m.

hour dow futures are off just over 100 points the markets with really whip saw action the dow surging 900 points on monday, lost about half that on tuesday, regained a bunch on wednesday and futures are down today. the s&p is now close to its highest levels since early march. both the dow and s&p are on track for their best weeks since early april. once again, the big star has been big technology. the nasdaq 100 is up nearly 4% it is now just 2.5% from its all-time high. here may be your stat of the day and it is only 5:30 in the morning. one-third of the nasdaq 100, 35 stocks are now up more than 10%

in the year 2020 not over one year. that is year to date one-third of the index during a pandemic. 36 million unemployed americans and 35 stocks are up more than 10%. we'll probably hit new highs in the next couple of sessions. facebook is one of those 35 stocks it is up 38% just since april 1. can you believe that facebook coo telling us that facebook is going to give $20 million to small businesses owned primarily by women, minorities and veterans that have been hit hard with the lockdown >> just like with facebook shops, we are listening. what small businesses have said is we need cash. we put $4 million to work in the united states. we have marked half of that for

women, minority and veteran businesses we know when crises hit, the most vulnerable are hit the hardest. we are aiming to get the money out the door. >> they can afford it. that stock up 40% since april. stocks you got to watch today include aurora cannabis. it is buying u.s. based cbd company reliva allowing the company based in canada to enter the u.s. market. master card. if you work for master card, listen up, it will not ask any employees to return to the corporate offices until it is ready to do so also reevaluating the global real estate footprint and considering consolidating some offices. employing some 20,000 people

globally and is based in westchester county, new york we try to find a good little piece of data to get your day started. take a look at this. this is data showing foot traffic at new car dealerships around america coming from the company called gravy analytics that shows while we are off our highs we are having action and people coming back to browse the car lot at new-car dealers posted this on twitter many are reporting that despite everything going on, they have strong car sales whether it whether it is bordom people need cars, another piece of positive currency for you today. also today, more aid is on the way for small businesses via the ppp.

paycheck protection program. as the money gets dispersed, many are wondering, what exactly are the small businesses that get the money doing with the money. kate rogers with that side of the story. >> good morning, nearly all businesses have been impacted in some way whether by mandated closures or furloughed employees. government aid have been popular and 80 per% have applied 90% reported they did get funding. most are moving ahead with using the loan right away. 10% say they have yet to spend the money they've gotten the law requires a split 75% should be used on payroll. the other 25% on rent, utility

and payroll and more they say 100% of the loan will be forgiven. at least 75% of the loan will be forgiven 72% said understanding the terms and conditions of the ppp were very or some what difficult. 46% said spending within eight-week period would be difficult. getting to precrisis count would be difficult making loan forgiveness more flexible shifting what the funds can be used for with the 75/25 split and the time period being extended if your business isn't opiate, some people won't be comfortable using the funding. some say there is less demand. others say there is confusion around the guidelines and small businesses may want more

information before applying and tabing the loan. back to you. >> an important story there for small business around the country. with every state in america now sort of kind of reopen in some ways, american roads and highways are starting to see more traffic we showed you some of the data on mobility. people are driving again with cars driving, demand for gasoline is picking up and the price of oil moved up with it. crude oil at the highest level since early march. talking with our friend, helima croft from rbc i tried to do the math on the percentage change from negative 40 but from $1 to $33 is a 22% gain are you surprised in the violent

snap back crude has seen >> it has been an extraordinary rally. one thing that is key is that the oil central banker in saudi arabia continues to cut production last year they came out with the surprise 1 million barrel cut per day. you are talking about at environment we are seeing in the pick up of demand. drivers are getting back on the road but also a pick up of demand in china. if we get to a situation where wti starts approaching $40, are u.s. producers going to start hedging again and we start to see prices fall back the reason they are more confident is because of supply cuts if those start to fade, does the rally start to fade as well? >> do you think they will?

we already know iraq is probably cheating >> iraq has a big challenge. if they shut in production operated in the field, they pay a fine iraq is in desperate financial straits. they would like to produce as much as they can and benefit from higher prices the big one to watch is russia we know russia didn't want to cut 300,000 barrels in march that caused the price war. they now signed up for 2 million barrel a day cut that has been the big argue nlt against the opec deal. there is a big risk in the rising price environment particularly if u.s. production starts coming back, russia will say again, this is a bad deal for us >> i would ask if russia and saudi arabia have kissed and made up but that is unacceptable

in these days. do you think they've meanted the mended their fences. >> it does look like their relationship is back on. in a case where prices start rising, i think the russians will start getting cold feet everything looked good when everyone was cutting together and u.s. production was coming down rapidly in the environment where the u.s. is the only one allowed to grow, the russians will say it is not a great deal for us we'll get through the juno peck meeti -- june opec meeting but it is a big issue throughout the back of the year. >> we appreciate your global perspective unlike anyone else

coming up, all shook up. the home of elvis presley is reopening. we'll speak about how they are welcoming in visitors in the current pandemic era we have news on tesla. the company has dropped its lawsuit against the california county that tried to stop it from resuming car production that plant is back up and running. authorities have suggested it would likely have approved tesla's plans for reopening. some good news there dow back up over 40. we are back after this

welcome back the path forward could run through the orange county task force office comcast's universal studiosis set to meet about the theme parks in florida today

these big theme parks may have to look no farther than memphis, tennessee for a look at what is to come and welcoming back visitors beginning today, graceland will reopen to the public with some new restrictions in the new world we are living in joining us now is elvis presley holder and graceland manager welcome on when you welcome back visitors, what kind of changes can they expect >> you know, there are things that are never going to change graceland has always been a very clean, welcoming place we'll be looking at a number of presence, 20 million people have toured graceland it is the second most popular

private home after the white house. normally we could have 100 people in the home at any one time now we can have 10 it is 250,000 square foot facility, where we could have several thousand, now we will have 320 people, which is like each person having their own apartment. it will be more spread out and safe people will feel like they have that distancing. that experience will be better i've had people call up and say i'm going to drive 1,000 miles and go to graceland. i need to feel normal. we'll loose money in this foreseeable future but we need to show the path forward we've been working closely with the county and state governor lee in tennessee has been amazing at trying to see

what we can do safely and what is possible. >> joel, i know it is hard for you and your team and you don't want to lose money many customers will like the new format in the sense that nobody wants to be jammed into a crowd. when they are viewing something as personal as somebody's home you couldn't be more right this is going to be amazing for the fan. i watch you and cnbc often so many have said that workers won't want to come back. the federal government has been so good to them. i can tell you that graceland with our employees, people were trying they were so happy.

>> i know elvis's songs would do that come on in the future and tell us how things are going. nothing but the best there in memphis. now back to the fight against the pandemic it is not just the question of course for investors in the market but for all of humanity when will we have a vaccine? will we have a vaccine we'll talk about that with our next guest from morgan stanley there is a question around any vaccine, that is making sure it is safe and not doing more damage than preventing it. a little talk outside of the vaccine story. hi, brian. the thing is that you are giving them to healthy people the bar has to be even higher. in a pandemic, you also want to give them to a lot of people to protect them there is one safety issue people

are concerned about. they say right now, it is just the ther're receipt call risk. that is the idea of immune enhancement that the vaccine could make things worse for people there is the immune enhancement that has been seen before. especially with a fever when they encounter the virus, it can be more severe also seen with rsv in the 60s, two babies passed away that set back vaccine development for rsv for 30 years. this requires large safety studies and to follow people to make sure these rare events don't happen what kind of scale will happen for these studies? we are talking about thousands of people in phase three looking at data from the ebola vaccine from merck

it shows you the scale of the trials done. they did a trial in guinea about 500 people in liberia and si era leon and then for safety, they got 15,000 people for data. for a pandemic, we are talking tens of thousands of people in the phase three trials astrazeneca plans to run a phase three trial in the united states and they just got u.s. support to do so these are very, very big studies. >> i can't wait for the day when meg pops on our screen saying we have a vaccine a pleasure to have you on. talking about the path

toward a potential vaccine welcome mat harrison, head biotech analyst at morgan stanley. amazing work appreciate you joining us in the first ever on tv interview on cnbc you've been spot on about projections in the number of cases. what are your projections right now for peak cases in the united states >> caller: our current projections are about 2 many illon cases in the u.s that has been slowly creeping up as u.s. has increased testing and we started to see some states open up which is naturally a small inflection in new cases. >> we look at the number of new cases in the quote, reopen states i've been tracking it myself we don't have a lot of data and

it has been early. is there any indication of how these reopened states like wisconsin which had the lockdown reverse. have they seen a spike in cases that they have been doing worse than states like new jersey that are still on primarily a lockdown >> currently, we are not seeing a spike. you wouldn't expect to see a spike until about three to six weeks after the states reopen. the thing to note about many of the reopening states is that unlike, say, european nations to get. a lot of the reopening states have reopened to a point where they are slightly off the peak of new number of cases people are watching because the risk there is a bit higher to give a spike as to how they've

reopened >> you have the 2 million projection we are at 1.5 million now. it does seem like we are maybe in the sixth or seventh inning at least in this round would you agree with that and how confident or not are you in this idea of a fall resurgence >> caller: it is a good question i think understanding when a second wave comes is a key factor i've been asked about from investors i would agree the most likely time period for the fall the difference is when you've seen a jump from animals to humans for the first time and there isn't a lot of immunity, those tend to not be very seasonal you have this issue where we'll have to watch this summer and see what happens the likelihood is you see more

resurgence in the fall >> are you optimistic that we will see a vaccine >> i am. it is likely midsummer when we see a u.s. vaccine >> caller: there are about 110 vaccines identified in preclinical or clinical development. we put out a report on sunday where we highlighted six of them our criteria were both where we viewed higher probability of clinical success also coupled with the ability to produce vaccine at scale our thoughts unless you can get significant amounts of doses that the usefulness will be more

mixed. the companies we highlighted in that are moderna, johnson&johnson, astrazeneca, they are moving ahead quickly. a chinese company and glaxo and sanofi which are partnered together >> you raised your price target to 90 on moderna some saying the vaccine experts are not happy with the amount of information moderna provided are you happy with what you've seen from moderna so far >> caller: the thing i focus on is that they have a core relation in the key pieces neutralizing antibodies, finding antibodies and the ability to

elicit the andtibodies in a mous model. the numbers are small. the thing i'm looking for next is we'd expect the niaid that has partnered to public those results sometime before a phase three in july. that's when we'll get the details. >> then they would be able to scale it so everybody could get a dose by when, matthew. >> caller: they've said they could have a million doses in the fall tens of billions by the end of 2020 and tens of billions run rate by the end of 2021. >> matthew and his team doing incredible work. thank you for joining us in a

first ever on cnbc interview you are working hard, we appreciate it. that's it for us on a thursday dow futures down 150 oil is up. tomorrow, i'm told, is friday. squawk picking it up next. i got an oriole here. eh. common bird. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run!

the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today.

good morning futures under some pressure after the close since the highest level since early march. investors will be watching new jobless claims number. learning more about the pandemic impact on some big companies we'll tell you what retailer l brands and travel company

expedia reported with those stocks add moderna's chairman defending their study. "squawk box" begins right now. good morning, everybody. welcome to "squawk box" on cnbc. i'm becky quick with joe kernen and andrew ross sorkin looking at the rally of the dow. the s&p the highest since march 6. dow indicated down about 175 points last i looked you'll see it is down about 172 right now. this comes after a crazy week. we are talking about some major moves we've been watching. monday, we started out with the market up more than 900 pointsment