surprise me. i'm not in the doom and gloom on that you have to look at it as opportunistic. the people that were there will gather money and open up a new spot i don't want anybody to close at all, that includes myself, but it takes a lot of planning and most restaurants don't carry cash like that because they generally have a lot of investors and the investors want their checks on a monthly or quarterly basis, so they don't carry a lot of cash and when you cut off revenues like that it's hard for people to survive you got to make some quick changes and swift changes and be very, very smart to come back in the market with that being said, i see the market on a very big v curve i think things start to go up and very quickly over the next three or four months so long as everybody gets a little more comfortable and everybody is safe we say it over and over again, we have a protocol every day at 9:00 with our general managers, stay with the safety protocols, don't let down on safety that gets us to the next step.

retail, restaurant, travel, all the same things. >> chef tim love, thank you for joining us appreciate the optimism. >> have great day. >> it's felt in the market you too, chef love the dow at session highs up more than 650 points. >> yeah. nice rally here. we'll see you this afternoon good morning, everybody. welcome to "squawk alley." i'm carl quintanilla with michael bloomberg and jon fortt coming to you live with separate locations. session highs up 660, s&p 3k since march 5th. positive headlines on the health care front and fundamental front as countries around the world accelerating the lifting of restrictions 10-year 70 basis points not matching last week's high. we're going to keep our eye on that of course the historic reopening of the new york stock exchange our bob pisani has more on today's return hey, bob >> of course, carl, you and i speaking with stacey cunningham

just after the opening this morning, stacy was on the floor and a big get for her, governor andrew cuomo ringing the bell with her impressive performance with her there. we've emphasized this is a partial reopening, only about 25%, less than 80rs of the floor brokers there right now. the designated market makers visible at the posts not there right now. that will be several weeks away. everybody required to have a temperature check going in the door, not a coronavirus test, just the temperature test. there is no public transportation allowed uber is allowed and this will stale as long as there's a stay in place order and they're requiring legal indemnification by everybody signing the leem indemnification as people go in the door what's the staged reopening if not an announcement made on this but my sense they will let this sit for a couple weeks, see how the trading goes, make sure

there's no reinfections and then more people that are asked to come back, but the people coming back, carl, are bigger companies, designated market makers that are throughout and bigger floor broker operations like goldman sachs or jpmorgan or morgan stanley. they may have their issues about how comfortable they feel coming back under these circumstances with no medical tests and signing that legal indemnification may be a big issue for the larger companies my sense we'll sit for a couple weeks, see how it goes and there will be discussions among the bigger companies about the prospects for coming back. so far at least a smooth open on the partial reopening. carl, back to you. >> all right bob, i will take it. thank you. meantime stocks surging this morning as optimism over reopening and hopes for coming back seeing bolster the major averages tech continues to lead other sectors higher during the pandemic i should mention the dow is at session highs led by raytheon,

goldman sachs, dow chemical, among others john blackledge of colin joins us now let's talk some tech, john what a market we're in right now. i was looking at the chart, a six-month chart, and if you were to show me that six-month chart of the stocks you cover but erase the dates and prices i would think you were showing me october 2018 through march 2019 with that christmas eve low. we know that's not the case. the economy has been dramatically impacted here so what are the risks? >> yeah. so when covid happened we started to do a bimonthly consumer tracker survey and we're seeing some mixed things from the consumer, so the consumer would be like a key risk for a lot of these platforms. while in our mid-may survey consumer indicated their spending in the next month would be the same or more and it was up from a month prior, covid-19

fears continue to rise as u.s. starts to reopen for instance, people feel less safe in mid-may versus our end of april and mid-april surveys about re-entering every category we track retail stores, restaurants, gyms, et cetera. so if consumer sentiment continues this way our view based on the data is that the digital platform should continue to benefit and as you called out like these are players in e-commerce, online grocery, food delivery, home entertainment, home fitness, so, you know, the outperformers during the crisis and the companies that we continue to delay are amazon, wayfair, uber, peloton exposed to this and getting the pull forward of demand that we think could be more permanent as we as the u.s. continues to kind of reopen >> so john, how should an investor think about this then is your assumption that this crisis is leading to massive behavioral changes and therefore

faster share gains for the tech giants, and if so, didn't the bull case for them assume that they were going to gain this share anyway is it just that they're going to have to spend less to achieve it now? >> yeah. i'll give you an example on-line grocery, 36% of people we surveyed in mid-may purchased groceries online that was almost double the penetration from a year ago. we're seeing this pull forward of demand and again, we think some of these changes will be permanent. so, you know, a third of these people were ordering -- that ordered online were picking up at the curb and amazon, for instance, amazon is [ inaudible ] online grocery players. >> john, i get the thesis that you've developed here and the

case for some of these names however, many of them have not only rallied from their march lows, they're now at new all-time highs what do you think evaluations here, has the studeopportunity already come and gone for investors to get in these names? >> i don't think so. for amazon, we're at a $2700 price target, still some upside there. wayfair $200 price target. uber at $55. peloton, there's still upside there. i do think there's still upside. i get they have been big outperformers relative to the s&p but think there's room to go it's about and what we're tracking bimonthly is demand and demand for these platforms we think will continue to be elevated and sustained and hence i think the stocks can continue to kind of tail forward. i don't think they will gap up but they will continue to inch

upward as we get through the year >> john, one of the takeaways from your survey work was that consumers appear to be incrementally less confident about just about everything except for schools over the last few weeks and i wonder if you see that bottoming in the near future >> yeah. carl, it was interesting because it was the third wave in mid may and we saw all of them gap down over the three periods, so like you guys are talking about, the market is ripping today, but the consumer is, you know, kind of concerned about doing things in their normal life like even in the survey just we asked about disruption to your life and it's on average the consumer expects 6 1/2 more months of disruption from covid, so i think this goes back to what we're talking about

the digital platforms and the ecosystem should benefit if consumers are concerned about doing things, you know, goings to the retail stores or a concert or going back to the gym. >> john, finally, curious your take on the ride hailing platforms. on the one hand they are a digital platform on the other they are really reliability on the consumer's willingness to go out and do things which your survey seems to indicate the consumer is slow to do. so long term, does this have to do -- do you value them based on their likelihood to benefit from consolidation or the food delivery diversification or what >> yeah. it's a great question. when we -- we look at these companies over a ten-year period and when covid occurred, we cut our numbers. obviously uber i think they said the ride business was down 80% in april over a ten-year period we think

the trend will be fine and our long-term numbers didn't change. there's massive disruption this year and probably next year. there's going to be a drag, but for an uber, to your point, their food delivery business is really accelerating, right their gross bookings up 90% in april versus 54% growth in the first quarter. they get some benefit there. for sure, the -- on the ride hailing side for uber and lyft there will be, you know, bookings down a lot this year but the secular trends should be fine and longer term they should be fine and people may be concerned in large markets in new york about using the subway as things continue to reopen so over time it should be fine for them >> okay. thank you. >> thank you as we head to break novavax has begun human testing for its

human vaccine. the ceo is going to join us this hour so don't go anywhere. mean time, stocks at session highs with the s&p above 3,000 and thdoe w back above 25k we're back in two. e remotely. yeah, everything is running smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

welcome back should twitter ban the president from the platform? that is the question that our next guest is asking in the latest op-ed for the "new york times" titled "twitter must cleanse the trump stain.

recode's co-founder kara swishe joins us this morning. heck of a column. >> yeah. >> it revolves around this letter that was written to jack dorsey asking him to delete tweets by the president that comment on the death of his daughter -- >> his wife. >> at least one statement that twitter has given -- >> carl -- >> doesn't sound like that's going to happen. >> carl, his wife was skilled. died >> yes >> his wife died in an accident and she had a heart arrhythmia and fell and hit her head and since then there's been all t s these conspiracy theories related to joe skacar ba ro. i didn't call for a ban on donald trump i called for this what this man, this dignified man did, to say take down these tweets and show an example of certain tweets are not allowed which happens on twitter all the time,

by the way >> so, are you -- given the statement that dwttwitter has given, what do you think is going to happen? >> did they give a statement >> i've seen one comment from a spokesperson saying they are essentially working on it. >> they are. >> very sorry for the pain that he has -- >> go ahead. sorry. >> go ahead, kara. >> yeah. i didn't know they had done that i mean, i'm sorry for the pain is not really good enough and i think one of the things they are working on and which i reported in the column to label these tweets and say they're false and link them to the very extensive reporting on this poor woman's tragic death and i had said that was naive and not enough in some cases you can do one off take downs which they do all the time they took down a chris petine pelosi quote about rand paul my whole point was there's other ways to think about this and let me show you someone who is in

pain, which there are a myriad of examples on twitter, but made worse because it's the president of the united states with 80 million followers and amplifies it in a way that is astonishingly damaging i don't really -- i mean joe scarborough is a famous person and can deal with this and being accused of murder or having an affair falsely, but it's this man and i wanted to focus on him. this is a widower 20 years ago lost his wife in a terrible accident and is still living it because the president wants to attack joe scarborough and drag his -- the memory of his wife. it's really an astonishing situation for with the to hatwio deal with and the rest of us to watch. >> i wonder to what degree is the trump question on twitter, i don't know, whether to call it a red herring or -- because he's the president and whatever message he wants to amplify, if he posts something like that and it gets taken down, that's going

to amplify it. the message of the husband who is complaining is also amplified. so yes, twitter needs to have a consistent policy, but isn't the real issue some of the stuff that you are talking about also, the people whose messages get amplified who are saying false things and they're not labeled it doesn't get so much mainstream attention and then they can metastasize in the digital world in ways that become dangerous >> well, jon, you can't solve every problem on the planet earth, but you can make an example of things. you're a parent. there's an example people have made examples of all the time and in certain cases you can do that. by the way, twitter doesn't have a consistent policy. it takes down things like this it takes down things like this all the time it's just they're not going to take down the president's because they're deemed newsworthy my point it's not newsworthy and not everything a president -- they've taken down bolsonaro's tweet, they took it down, like a

health tweet they took it down they didn't label it, they removed it they can do it and they can do it for heads of state and they can do it in this case and other cases where it's egee gus. especially because this widower has written such a an excellent argument as to why to do it and the pain that he's been understand i don't want to appeal to people's emotions, but why not appeal to their sense of decency. this poor woman died 20 years ago in an accident and it's metastasized into this thing and you can't take down screenshots that will be made but you can go to the source and say this is not going to stay on our thing, it's not newsworthy and false and it violates rules we have which are so inconsistent and i think that's okay. it's not censorship. people go around with the first amendment and this and that, the first amendment says congress shall make no law, not twitter twitter is a private company it does it all the time.

publishers do it all the time. it's okay to say something is wrong and it's the right thing to do to remove one thing. i don't think it's a slippery slope or anything else sorry. i just ranted. >> along those -- i wonder, kara, along those lines and i realize this is its own can of worms but whether this restokes or rekindles the argument around amending section 230 which i know senator hally and lawmakers, quite a number of lawmakers over the last couple years, have raised as a possibility. >> i don't think so. i think it's an interesting situation to debate about liability in this case and i do -- twitter has culpability here in terms of how to deal with this issue of donald trump and how he uses the medium the fault is entirely the president's in this case the desperate need to politicize this woman's death falsely it's an interesting problem

sman and some days we'll debate it and some of the things around 230 should be debated. facebook trying to do a content board, i've written about that maybe twitter needs a content board out of jack's hands and the board of people that have a smart discussion about it debate it and decide what to do i'm not sure what answer is, but it certainly isn't dragging the memory of this woman and hurting her family and her husband -- i urge you to read his letter. that does say it all >> kara, you mentioned facebook and i've read that the president's tweets on this matter have been mirrored over to facebook. if that's true why should jack have to bare this decision by himself? >> he should it started on twitter. this is president trump's main medium and he has to because he's the boss and gets paid big bucks because he started it.

we act -- it's interesting that this twitter, of course, has become a public space but it is not a public space it is a private company profit-making company. media company, if you want to call it a publisher or platform, that's fine, but there are responsibilities of being a publisher on some level and he needs to focus on it or at least hand it over to someone else like mark is trying with a content board or some other issues to just degenerate into this people can say anything they want, that is not actually true in practice. it's not true anywhere but it is important to debate it in the substantive way and they will get mirrored. they will get repeated the screen shots will go on. president trump will continue to do it. he's tweeting about it today again because he wants this to be discussed, right. he wants to take distraction away from the fact that so many people are suffering from covid-19, why not create a ridiculous circus so people look

over here. but it is a bigger issue about the decency of these platforms and they've done a great job on the health care stuff during covid and they've -- they can do it and actually make good decisions and decisions that are important for society and in this case, it's just one example of something that really needs to be changed and it isn't political. it's a woman's tragic accident that is getting politicized in a way that is really reprehensible. i think most people get it i do think most people get it. decent people get it for sure. >> the statement i mentioned earlier, kara, reads in part we've been working to expand existing product features and policies to more effectively address things like this going forward and we hope to have those changes in place shortly we'll watch that space. >> yeah. they are. >> it's a must read. >> thank you >> thank you very much we'll see you soon kara swisher. now let's take a look at where we stand across the major averages this morning.

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later today, do not miss an exclusive interview with merck

ceo ken frazier happening this afternoon on the "closing bell" as that company pivots its focus to covid-19 treatment and vaccines that starts at 4:00 p.m. eastern 'rba ia meus wee ckn mont

welcome back let's turn back to this morning's market action as stocks surge higher to begin the new week bolstered by hopes for a coming vaccine oppenheimer manager john stoltsfuss joins us. >> thank you for having me. >> the s&p 500 is back above 3,000 today and moved above its 200-day moving average first time we've seen those milestones since march 5th what do you think of stocks at these levels >> we have to say that they're reflecting a market opinion of where it wants to go, which is genuinely higher, seeing an

environment where we are likely in the beginning of a transition from crisis to economic recovery it doesn't mean we're in a post-covid environment at this point but we would say with the risk of a second time of this coming back at some point, it would appear to us very clearly that we are now in that process of transition, much as we saw in '09 after the market had hit bottom on march 9th and in this case it's march 23rd in this crisis, and the resulting interim rallies and moving towards a more sustainable recovery ahead >> so you're calling bottom? you think the bottom is in >> i think the bottom was put in on march 23rd and that's not with stand something kind of a disastrous flare-up or resurgence of this is thing, but it would appear to be that the

process of sheltering in place, wearing masks, social distancing, has been effective through this period where likely the virus may be on its own rolling over even as we see more companies in the process of developing immunization, et cetera >> i want to bring in morgan stanley's andrew shinman into the conversation as well andrew, i want to get your thoughts on the market here. do you think we've registered a bottom, and b, what do you think the recovery in equities specifically continues to look like, if so? shoe absolutely. i'm in the low camp and i think we're having a v recovery because i think the u recovery is a very convenient recovery for people, but rarely does the market give you that a u gives people that opportunity versus v it doesn't.

i think the sentiment polls still remain very negative cash on the sidelines. there is heavy crowding into the stay-at-home, the fab five largest mega cap stocks, and the valuation spread between those stay-at-home stocks and the reopening stocks is very, very wide, so the pain trade to me still is higher, not lower >> the market, as you mentioned, has had a v-shaped recovery. the economy doesn't look to be having anything like that. i wonder what investors should factor in from here, what they should expect to happen? does the market stall out to reflect a longer recovery in the economy? does the market sustain this you know, due to fed action, there's just nowhere else for investors to put their money >> i think the market is going

to stall out as we get into the summer, but it has nothing to do with the virus or to do with how fast the economy is reopening. my view is always that unexpected bad news is much worse than expected bad news we expect the economy is going to take a while to open. we expect there will be retransmission that's all expected bad news the question is, what will come along that we don't know about, we're not talking about right now, and the more the market goes up and as we enter the summer months which is all of the time for a little bit more caution, i think you have to start to think about what are the things that we're not really talking about now that could, you know, have set the market lower. i think we've had a very good move off the low and i would be a little bit more cautious as we push north of 3,000. >> kudlow is on the tape, a couple comments, one he says the president is so miffed, his

words, with china on the virus that trade deal is not as important to him as it once was. also says he does not think that upcoming legislation will give another $600 plus for jobless benefits that sort of raises the question, what happens when the market starts to get more visible signs of the scarring, the economic scarring, that's taking place >> well, carl, i think that's almost inevitable in some way that you're bound to have a retracement here at some point but it will likely be very much like you get in one of the workout type marketplaces where you find it's two steps forward, one step back, sometimes three steps forward, one or two steps back but it's a process the process appears to be set in place to get out and ahead of covid-19 that said, the market is always prepared to look for a catalyst that especially when you have

markets rallying powerfully, look for a catalyst -- the market will look for a catalyst that justifies a short-term investors, nervous investors and traders an opportunity to take profits without fomo we've seen that countless number of times in the most recent bull market that was killed off by covid-19 curiously enough, not by any action of the fed or any problem in its sector that would have developed into a systemic problem, it was covid-19 killed that bull off. we would have to consider that here, you know, the interim pullbacks are to be expected it's lifting there will likely be conjecture at different points tied to well how much longer do we get this rescue package, the power of a rescue package, to provide a bridge over troubled water our thoughts, we think that's going to be taken as needed, especially in an election year

>> yeah. can't overlook that fact as well andrew, just to wrap all of this up, given the conversation we are having and the nuances and factors going into it, despite what sounds like an upbeat outlook from you, where does an investor put their money to work right now? >> well, i think you have to -- like last time i was on the show i talked about the housing stock up almost 100%% off the low. the good news on housing data today. i think you have to root around for areas that have not participated as much and take advantage of that and i think financials are, you know, starting to come to life, but, you know, very -- they've been the big laggards i think that is the fast pitch right now is in the economy reopening, but those that have not participated as much as i would say the financials are the most obvious >> yeah. certainly financials are the

best performing sector in the s&p with every sector in the green today. guys, thanks for joining us. jon and andrew. >> thanks for having me. >> the ceo of novavax will join us in a moment as that company begins human testing for its covid-19 vaccine the stock up 14.5% don't go anywhere. we're back in just a moment. oot) - did you know that americans that bought gold in 2005 quadrupled their money by 2012? and even now many experts predict the next gold rush is just beginning. so don't wait another day physical coins are easy to buy and sell and one of the best ways to protect your life savings from the next financial meltdown. - [announcer] today u.s. money reserve announces the immediate release of us government issued 1/10 ounce gold american eagle coins for the incredible price shown on your screen. these gold american eagles are minted at the united states mint, and right now they are being sold at cost for the price shown on your screen.

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distributors in the country. us money reserve has proudly served hundreds of thousands of clients worldwide. don't wait another minute, call now to purchase 1/10 ounce gold american eagles for the amazing price shown on your screen. it's a big day on cnbc for hopes of a treatment and a possible vaccine the ceo of novavax will join us on the other side of this break. later merck's ceo ken frazier at 4:00 on the closing bell with news of their own. we're back in just a moment.

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let's get over to meg tirrell who joins us with the ceo of novavax as they begin human testing for their covid-19 vaccine. meg? >> jon, thank you so much. stanley erck, the ceo of novavax joins us now stan, thanks for being with us this morning you know, starting with the news today that you've begun your phase one trial of your covid-19 vaccine in australia, tell us why australia? >> well, we've done it there before we have a history of making vaccines for emerging infectious diseases where it's really important, timing is really important to get it started, and then to follow through and we've done this with a pandemic influenza strain and ebola and actually with another two

coronaviruses, so this is our third coronavirus vaccine. it just works and so what we do is we start early in australia they have a very good setup for phase one trials and then we go directly into phase two trials in the u.s. and australia following up on that it's a formula that works for us >> and help us understand the time lines a little bit. i think you said you're expecting the preliminary results in july, and then if those are positive i guess moving into that larger phase two study, which you could do in multiple countries we've been hearing about this coordinated u.s. trial will you be a part of that if all goes well with the phase one? >> yeah. i think so it's not clear to anybody what phase two and phase three, the differentiation between those two are going to be. there's lots of different possibilities. our current goal is to run this trial in 135 subjects, get data in july, look the data

the data will tell us safety, confirmed safety and immunogenicity, assuming immunogenicity is as we expect it to be from our animal studies. we'll pick a dose and go into a phase two study in thousands of people probably not just in the u.s. and in australia, but other countries as well. we've got offers to run this phase two trials globally. the goal will be to get into phase two trials that are sufficiently large, that we can determine whether the vaccine is efficacious in a short period of time, hopefully by some time during the fall. >> i understand you have about just under $400 million in support for cepi, coalition for epidemic preparedness innovation, a health funding group for vaccine development. will that be enough to take you through clinical trials and through some ramp up in manufacturing or will you need additional funding >> well, it's designed to do

both it won't take us all the way through widespread distribution of the vaccine that's a different funding route. this will take us through our phase one and two clinical trials and through really importantly our scale up we did something that not everybody does in parallel, you often do the ramp up, the expensive manufacturing ramp up subsequent to your phase one data we started early because we knew if we waited until we had phase one data we would lose four to six months and in a pandemic that's huge. we started early and we are making -- we made product that is now gnp, suitable for use in phase one and face two and scaling up to a much larger scale and hear about our plans for global production in a relatively short period of time because we're trying to get -- we have an antigen, a protein

that needs to be scaled up that we have in sweden and we're expand all of those avenues so that we can make very large quantities of doses both this year and in our target for next year is quite ambitious, but we think doable to produce over a billion doses of vaccine we would like to do it in various continents and do it in europe and the u.s., perhaps india, and in asia it's an aggressive goal. >> yeah. definitely interested to see how all of this progresses this is morgan brennan thanks for joining us on the show, stanley. at least from a market standpoint, company seen as one of the smaller, perhaps less established and i realize it's been around for a while, novavax, but less established companies in the race for a vaccine just speaking from, you know, in terms of what the company actually has on the market already more broadly

where offerings are concerned, what does novavax actually bring to this race that perhaps others don't, especially given the fact that it is so crowded right now? >> well, we have a platform that's been proven now we've just opened unblinded a phase three pivotal trial for influenza. we set out to make a better influenza vaccine half a dozen years ago and we compared ourselves to the best selling influenza vaccines in the phase one and phase two and then we did it again in the phase three trial. we opened up the data and it's the best data we've ever seen. we met all of our primary and secondary end points, we showed our vaccine has a much developed much more broadly neutralizing antibodies and in addition, compared to any other vaccine, flu vaccine, that we compared ourselves to, we got great t cell responses we stimulate both sides of the immune system. it's the same platform, the same

time of recombinant protein and adjuvant we're using for coronavirus. we've -- this is a platform, it's not our first try at this platform >> stanley, hi, good morning, it's jon fortt i'm wondering, best case scenario based on the current pace, how soon could this vaccine be broadly available >> well, you know, the definition of broadly available is -- there are various definitions of that, but i think everybody agrees that the first broad distribution will be to the frontline workers, the health care workers, and if our phase two data support the safety and immunogenicity we hope it will and we're able to see a signal for efficacy it's possible that that first line would be vaccinated some time in the fourth quarter of this year. >> wow >> stan, it's meg tirrell again, merck also out with news this

morning on its vaccine development plans and i talked with ken frazier this morning, the ceo, who noted one of the things they were looking for in the vaccine platforms was the ability to administer the vaccine with one dose so a booster shot wouldn't be needed. i understand your approach requires two doses and do you think that puts you at any disadvantage >> no, i don't we have an arms in the phase one trial for one dose and we have really good responses from animals with one dose. the real determination will have to be after we do the phase one, whether we design the phase two with one dose or two or whether we have two arms and compare one dose versus two. we get nice stimulation of what they call neutralizing antibodies with one dose and you get an eight-fold increase in mice at least with two doses, so which are they both protective or does it require two doses, it's not known yet we'll see. we'll have to make that determination.

>> and another thing that you're looking at in this trial is whether adding an adjuvant helps with the efficacy of the vaccine, i understand. tell us about that approach, why you think an adjuvant could help >> it is i think it's really important. i think we'll be -- it will be clear that the adjuvant is needed it is needed in our previous trials with ebola, with the influenza trial that i just told you about, the phase three trial, and it just stimulates such a higher response than the antigen alone that we believe that it is involved in stimulating broader antibody neutralizing responses we showed it against drifted strains in flu there's not just one flu strain that infects us every fall there's a series of strains that keep mutating and drifting and with our adjuvant we think we get a broader antibody response

in addition we get this t-cell mediated response which is we think really important for efficacy it's -- i think that it's going to be differentiator of our vaccine. >> and finally, i just want to ask you, novavax, as morgan was if you're successful in developing this vaccine, getting it to market on profiting from a vaccine in a pandemic scenario >> on profiting. is that your question? >> it is >> okay. i think there's -- although there's lots of questions around what prices will be, i don't think there's any answers yet. we signed up to -- there's got to be broad distribution there's got to be equitiable access there will be tiered pricing depending upon affordability so

the vaccine can be used globally we don't know what our costs are so it's hard to know what our price or profit margin would be. that's to come we do know this is one of the largest opportunities or obligations to distribution vaccines globally. we're talking billions of doses. it's never been done before. we'll do some of it on our own and some through agencies and we'll do some through maybe pharmaceutical partnerships. there's lots of ways to go down this pathway we're nonl thonly in this busin four months now. >> all right thank you for being here >> you're welcome. >> morgan, back to you thank you. stocks up more than 1200% since the start of the year. let's get a check on where we

stand across the major averages just to begin this new trading week the dow is up 590 points back above 25k the s&p is up 1.6% it's back above 3,000. the nasdaq is freshly higher up about half a percent now. hits its highest intdaray level since february 21st. stay with us we're back in a moment hope isn't quarantined. first words aren't delayed. caring isn't postponed. courage isn't on hold. and love hasn't stopped. u.s. bank thanks you for keeping all of our spirits strong. we've donated millions to those in need and are always here for our customers and employees. woi felt completely helpless.hed to tonline. need my entire career and business were in jeopardy. i called reputation defender.

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it's only human to care for those we love. and also help light their way. it's why last year chevron invested over $10 billion to bring affordable, reliable, ever cleaner energy to america. ♪ with carry out and driver through seeing some big gains because of the pandemic, what happens to food delivery kate rogers has more on that >> with every one staying home you'd think delivery would be booming. while consumers have ordered out

during the pandemic, drive through was the preferred method followed by traditional take out and curb side pickup third party providers ranked last and were less favorable among older consumers. in store transactions along with carry out and curb side are the more profitable withcostly carry out is big business. it's why restaurants like chipotle have installed shelves. dominos has carry out kiosks analysts add the closer brands are positioned to consumers, the better equipped they are for carry out. there's no data sharing which is a win for the restaurants. deliveries also important for new customer acquisitions and

growing business in general. that's why you're seeing every restaurant company, with the exception of dominos teaming up with these different aggregato s aggregators. the only thing that matters here is if there's consolidation. costs could go up even more for restaurants. that's something we'll keep an eye on >> the big question for the food delivery apps is can they ever be profitable especially with the restaurants taking the power back in their own hands and as more and more cities consider caps on commission here is the state of the food delivery market. door dash number one with nearly 47% of the market and uber eats would put their combined share at a close second. consolidation, if that does happen, may not be the silver bullet that investors are looking for. uber eats is losing a lot of money and gross bookings growth has been decelerating. grub hub is losing money amid

the pandemic and growth has also slowed door dash has been gaining and even greater lead in the market according to this trends data. the orange line you see is uber and grub hub combined market share growth that shows a down toward trajectory where the blue one is door dash showing an upward trajectory i'm told they are still on track for an offering this year or next we could see greater operational efficiency if these numbers are true that would be hard for the others to compete with there is profitability precedence in this space look at chinese food delivery giant. it went public in 2018 with losses and had a $50 billion valuation. now it generates cash. look at that steep rise. it has a market cap of more than $100 billion it may not be as straightforward for the players here in the u.s. there's a number of policy

challenges in addition to the one that kate outlined such as the employment status of their drivers. the commission caps and anti-trust that could prevent the grub hub deal for going through. back to you. >> interesting kate, we keep saying the pandemic is accelerated trends that were already in place but you've been writing about gohost kitchens for almost a year this seems to be fitting right into that play book. >> yeah, certainly that's something that we'll continue to see grow i think it's all about meeting the consumer where they want to be one thing we saw with these delivery companies was exclus sievety. the restaurants want to meet the consumers where they are if in store dining isn't something that's safe or something that customers want to do i think we'll see this space evolves. the better off you'll be john, over to you.

>> yeah, just want to ask, does this now strengthen the hand of foy providers. i have to imagine if you're a restaurant, you need a delivery option now where as before you thought you could do without one. >> what's interesting too is some of the restaurants that are doing their own delivery, you're having an uber eats or door dash power that they do need delivery but the question is how much commission can the companies take from this there's a growing backlash against the cuts they are taking >> all right thank you for joining us today it's the dynamic delivery duo. great to get insights from both of you especially on day where chipotlehitting an all time high

sending, if all goes to plan, two nasa restauranastronauts in. first time we have seen that happen in u.s. soil in nearly a decade carl >> it's ban busineeen a busy feo space. microsof microsoft and apple the only two stocks in the red. let's get to the judge in the half thanks so much welcome to the halftime report our top story, stocks surging on roping optimism. is the once unthinkable now possible can we really hit new highs this year we begin that debate with our investment committee stephanie link is here with josh brown, josh laventhal. good to have everybody with us let's begin with the big move in stocks s&p crossing above 3,000 since the beginning of