good morning stocks looking to extend yesterday's rally and how. some stay-at-home stocks and some of those picks fade president trump blasting twitter after the company fact checked two of his tweets about mail-in ballots. ready for blast off spacex nasa set to send austronauts to the u.s. space station it is wednesday, may 27, 2020. "squawk box" begins right now. good morning welcome to "squawk box" on cnbc.

i'm becky quick along with joe kernen and andrew ross sorkin. yesterday, you saw the dow close up more than 500 points. 529 points this morning, it is adding more. s&p up after closing yesterday up about 36. the nasdaq which was a little bit of a lagarde was up. the index has led the way several months one key measure to be watching on this. we did see the s&p 500 gaining for the first time since march 5. with these gains, it is well above that we'll see where we get with the opening and closing today. looking at what is happening with the treadsry market watching the 10-year yield

you'll see the 10-year looking to be yielding 0.698%, which was a little higher than where we were watching and wondering what will happen as the economy starts to reopen and as we get back to some of those consumer levels we have seen before >> for the first time. twitter applying warning labels to two president trump's tweets about mail-in voting pushing back on claims citing by reporting by cnbc an. president trump calls twitter out as interfering and stifling free speech. this is the first of what may become a bitter fight in the next couple of months and the role of social media fact

checking politicians on both sides of the aisle it appears facebook and twitter have tried to be hands off often times being criticized for not taking a tougher stance when it comes to the facts now we are here and on this particular instance, twitter said when it comes to elections specifically and information about elections that is what has to be accurate more than anything else. there are obviously people who think there will be a crisis about the democracy over elections. >> i thought it was notable. the other request was from the widower from the young intern that accidentally died in 2001 there are some appeals there and other quarters about those tweets i think they said they were very

sympathetic because they didn't take those down but taking action here. >> they got dragged kicking and screaming. they did not want to take the position they watched what happened to facebook getting accused of manipulating it. no one wants to be accused of taking down an election. >> in the market yesterday, i was disappointed when you get 650, 700. i'm counting on 650, 700 the nasdaq was up. watching it, like it was a head scratcher announcing phase one trials is why we are up today. it is other things and why we are reopening. it fades to 529. i was like, wow, tomorrow may be and watching it get back >> i was impressed it was a baf

500. that's where we were in the morning. to hold on to those was impressive the nasdaq was up barely >> the nasdaq was on fire a long time leading the way i don't think it is a huge surprise we watched them catch up with some of these things again, it was impressed it held on to the morning gains. that same feeling that people have, it has translated to the market people saying, okay, i'm sick of staying home hope springs ee conal. >> we are in a place we are more closed in. i have friends in hilton head

and others that are out and about. >> and they don't have the number of cases we have. >> when we see second quarter, third quarter results. if second quarter earnings are terrible as you imagine they have to be do they get written off completely >> the question in the second quarter earnings is what are th they telling us about the third quarter. no one has any questions the second quarter is off. what can you tell us about what is happening right now >> still looking at the laggard indicator. how can it be based on where interest rates are right now then it is how can stocks be

then it is your earnings can you see how it isn't the stuff in your face we are going to have david on he'll say how can the stock market be here >> that's the question there are a lot of smart people who have that view you may not have that phew view? how is that the smart people they've been wrong 35% it doesn't make them smart it makes them not savvy about the market >> joe joe. you missed it 100% on the way down and you missed 100,000 deaths we can have this debate and try to question the questions i'm asking -- >> and went i didn't say the market has been said -- >> hold on hold on. i'm not going do this with you

joe. every morning, you try to question the questions i'm asking these are questions investors are asking every single morning. i'm trying to get through some of this clutter. i may be right or wrong. that makes the market. it doesn't make people good or bad or right to act the way you are. i'm sorry. >> you yelled at the poor guy with masks >> i'm not, joe. >> you just yelled again >> i'm not go ahead no you are not, joe. i'm sorry. go ahead with the news >> you panics about the market panics about covid panicked about the ventilators panicked about ever going out again. >> joseph, you didn't panic about anything 100,000 people died, joe >> i understand. >> all you did was try to help

your friend the president. that's what you did. every single morning on this show you abused your position, joe. >> that's totally unfair i'm trying to help investors keep their cool, keep their heads. as it turned out, that's what they should have done. >> do the news >> if they had listened to you, we should be at about 8,000. >> i not arguing about selling stocks i was arguing about people's lives. do the news i'm begging you. >> it is a global pandemic, andy where per capita deaths we are down near the low end. nowhere near 100,000 most places are at 60 deaths of 100,000. we are at 29 it is terrible but it was never going to be

that we weren't going to come back and return to normal. siding wi sidi siding with ackman and everything else didn't give credence with all of their anxiety and everything else. that's not why we are here not trying to help donald trump. looking at tesla announcing it is going to cut prices of its vehicles in north america and china. in u.s., model 3 dropped by $2,000 the model s and long-range plus each reduced by $5,000 as was the model x suv. ready for blastoff nasa and spacex prepared to launch two astronauts to space from american soil for the first time since 2011. piloting to the space station.

the weather forecast is 60% favorable. we'll watch and see what happens later today. andrew when we come back, reopening america. we'll talk about new plans to get people back to work. from hair salons in california to the national hockey league. don't miss andrew's interview with facebook's ceo mark zuckerberg at 8:00 a.m. tomorrow >> today's big number, $567 million how much spacex raised in the latest funding round to

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welcome back an update now on the pandemic. global confirmed cases are nearing 5.6 million with

1.6 million in the united states brazil has 391,000 cases and russia has 362,000 in california, governor said most counties can allow barber and salons to open with increased safety procedures. that will not include los angeles. dining and restaurants can't yet begin but some retail stores in los angeles can reopen if they meet county guidelines nevada's governor said resorts, hotels and casinos will open june 4 safety measures can be in place by then. joe. >> the national hockey league announces plans to reopen. announcing the regular season would skip the 2014 playoff tournament if the season resumes. the plan would lead to two hub

locations. practice facilities, hotel and transportation, clubs would be allowed to bring 50 staff members and testing protocols would be in place. the league isn't preceding until authorities tell them it is safe and prudent to resume. merck announcing yesterday that it is jumping into the covid vaccine race we spoke to the merck ceo yesterday on "closing bell." >> across the industry no one company can solve this problem. all the industry colleagues are bringing approaches. if you bring all of that together, i have a great deal of optimism we'll will have vaccines against this pandemic joining us now, more on finding a vaccine. dr. scott gottlieb, cnbc contributor and serves on the

boards of illumina and pfizer. you are not a stock market analysts i don't know if it is the merck news yesterday that the stork o'stock market -- stock market . i think we are getting a handle on this. we are moving into summer. there are reopenings in just about every state. do you think it has to do with confidence in our scientists >> it is a remarkable thing that all the major pharmaceutical companies that can develop a vaccine are in this race showing you can develop a response merck is using the same platform they used for the ebola vaccine what we call indiana virus that only infects livestock, mostly

cattle to develop an immune response in people j&j has one and astrazeneca to develop immune owe again isity stimulating the body to produce antibody response to the proteins this virus produces, in this case, the spike protein the chinese has one as well that they showed not so good results with mixed results. the tighter levels it produced were mid it didn't get to the levels you think you need to have getting to the ad 5 vector that a lot of people have had that virus. a lot of people that got the vaccine had antibodies delivering the a

delivering the anti-again. that should work merck has done this before with the ebola. >> in a perfect world, doctor, if you can get the mrna technology delivered by lipid to express that one element, that one spike protein. to me, that is much cleaner, more elegant than infecting people with a virus. it is probably going to be fine but there are immune reactions to viruses you are injecting that then you worry could it be picked up by the human genome because it goes in as dna, not as rna you worry it could be picked up

by the body? >> it is a nonreplicating virus. you are going to develop antibodies to that it is unclear if you can be redosed to those it turns out the viral vector is some way to produce in some way as opposed to producing the protein itself those two companies are boosting the effect of their viruss protein alone isn't enough to increase the response. the mrna approaches are elegant as well. pfizer has one of those, moderna as well where you inject the mrna and the body produces the protein. the approach the companies are taking are likely to row deuce more robust reactions and

responses. looking at the chinese with the exception of kencyno all proten-based vaccines. they'll probably work. they might not generate enough of an immune response to develop robust immunity. >> becky >> dr. gottlieb, there are so many different approaches and ways we might have success and ways we might get billions and billions of vaccines out there just looking at the nanls of all of those companies we just had on the screen. you've got a dozen different companies that look like they have potential here. that is something that is helpful too. so much money getting thrown at this johnson and johnson is on the list is that part of what you think

is making people feel a little better about this? do you thinks it is warranted >> i think we'll have to have one more cycle of this virus in the fall heading into winter before we get this i really think it is a 2021 event in terms of having a wider vaccine available. we'll have the doses by the end of the year. i don't think we'll have the data to support wide-spread inok u lags at that point you'll have to test these probably in 30,000 patient clinical trials for a reasonable data set with a virus, we are 20% to 40% of people develop.

if you see a outbreak in dallas and you do the trial in houston. you haven't deployed the vaccine in the setting you'll get an early answer it might be more prudent to wait to enroll in the trial when you see where the spread will be in the fall that's not talking july. in july, we might not have the sense of where the outbreaks will be. >> where do we stand on the plasma or other they arapeutics? >> the antibody drugs are fairly straight forward, the companies developing those said they'll be in the clinic in june/july

we should get up dates soon from regeneron and lily they should be moving to the clinic in june these should be available in the fall as well the challenge will be producing these at scale a lot 6 these say they could produce a million, maybe 2 million a month. that may be enough for treatment. it may be enough for people presenting to the hospital we'll be in a better shape to treat these in the fall. probably remdesivir and more of these. how you treat these patients you don't intubate them as aggressively trying to interrupt the storm and immune response that ends up

hurting a lot. there is a lot we are learning about how to treat patients more aggressively that will translate to lives saved >> all right, doctor thank you. at this point, the reopening, are you surprised by the spike or not seeing a spike in certain areas? what do you think? >> the spike doesn't surprise me it is small. so far, so good. i'm hoping we'll get through the summer we need to focus on the fall >> thank you coming up, new amazon controversy over a pr video over the company that was packaged and aired over a news segment. >> john stankey coming on at 8:30 to talk about the company's new hbo max streaming service which launches at 1:00 p.m

some images of the pandemic's impact from yesterday across america. (vo) our communities need help like never before

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. amazon's pr team made a push to get a story it produced and wrote on local news broadcasts across the country and it worked would this really be fake news that's fought for us to say. take it away >> i don't think that falls in this category. look, it is not uncommon for companies to produce video and hand it out to the media what amazon did here feels like a step further over the height of the outbreak, amazon faced some controversy after this high-profile strikes and firings. some requested access to visit

the fulfillment centers to see how it was actually changing health and safety protocols. they weren't given permission and given this ready made news script and packages. creating frustration and others did air the amazon-produced stories. ready for locate core respondent to voice over. this was a inside look to the health and safety measures an was intended for reporters who weren't for a variety of reasons able to come to one of our sites themselves they did confirm their site tours were pulled for several week withes for media, school groups and others who might

normally be allowed to come in a little step further than a typical traditional handout video over public relations. >> thank you becky. i can't see you. you should see the size of my plaza i've got here now. can you take a shot of that. the size of my plasma. when did that go in, mac perfect. perfect. wow. that is a little closer than i want >> doing my own hair and make up >> you look great. it is always sunny where you are. >> it is >> let's look at u.s. equity

futures this morning yesterday, the dow closed up sharply about 529 points this morning adding another 41 points this morning, s&p up 41 points this morning indicate the up about 100 points the nasdaq has been leading the way the last several months. andrew coming up when we return, it is launch day for hbo max. we'll break down the prospects wi with one of the highest price points before our big interview at 8:30 a.m. easter time john stanker a look at today's s&p 500 winners and losers we are back after this

welcome back take a look the u.s. equity futures. dow will open about eight points higher nasdaq looking to open about 98 points higher. >> becky, over to you. thank you. hbo max launching today. the streaming service will be facing tough competition from the likes of netflix, disney plus and peacock at&t is betting big on direct to consumer play. joining us now craig moffett we'll be talking to john stanke

yer y later this morning >> remember that at&t's strategy here is to become a fully vertical creator hereof what it creates and the physical network. the challenge for john as he's been an architect putting the pieces together. while you try to transform the business to sort of a next generation business. you are increasingly obsoleting the core businesses that generate the cash flow today direct tv was originally conceived as some sort of transitioning. that sort of wrecks the directv

business now you've got the hbo plus. the legacy business is there for compromised by people leaving or cutting and advertisers leaving. that sort of thing how do you meet that challenge going forward? >> that sounds like the delegate balance every one of these companies is facing. i think every one of these companies is facing the same issue. how do you get from being a profitable new business to the new way of doing things? we haven't entirely figured out how to monday ties it all. >> the expression analog dollars

for digital pennies expression was coined these new platforms don't monetize in the same way you'll never find another business as good as a business where everybody has to pay for it whether they use it or not. going forward, a more traditional type of business where if you want it, you pay for it >> question for you about hbo max itself, which is to say what number are you looking at in terms of subscriber number to call this a success? i ask even though because this will be put on to various platforms. being able to access and download the app and get to the next place will be its own hurdle >> that's right.

it is a little different from disney plus who got a huge advantage early on one, it had a hot new show no one had seen before, the mandelorian. and they were able to give it away as a free promotion this product is too expensive to be given away free. >> it starts with an early boost with a big customer base a large percentage of u.s. population subscribe to hbo. that's not good enough to say i'm going to take the exiting customers and turn them over i'm talking content from turner and warner media i have to make it bigger than the old service.

that will be the real challenge. can you get the penetration of hbo to something like 40% or 50% of american families that will be a tall order. it has always been positioned as a prepamium service getting to making this a 50% or 60% of u.s. household product will be hard at a price point of what is three times of apple tv plus, twice that of disney, 50% more than netflix it is an expensive service >> back to your point that everybody is trying to figure out how to make this happen. no way to directly monetize it everyone is taking a slightly

different attack whether the high end sub describer that hbo max and time warner are looking at this or at&t or the advertising blended model of peacock which of those do you think is best or is there room for multiple models here >> yes i think there is room for multiple models. i think you would say right now the world is a little too crowded. you can see with the amount of advertising that comes on whether at the originals at amazon prime or apple tv plus or originals now at hbo, peacock. all of that noise makes it hard for any one of them to come you through. i don't think any of these services will simply go away or fail i think you will have to see some of these get recombined

into larger aggregations so you don't have households having to choose between eight or nine of these. there is a certain irony if you think about where we started. in part, it was because of the big bloated cable boxes. you will see them start to put them back together again. >> second verse same as the first. thank you. great to see you also, a programming note as we mentioned, incoming at&t president and coo john stankey coming up at 8:30 this morning coming up, futures jumping overnight as wall street looks to continue yesterday's rally. we'll talk strategy and we'll do it straight ahead.

shares of major retailers, coty, l brands all jumping on hopes of reopening the economy. watch us live any time on the cnbc app a look at scenes yesterday as states reopen businesses across america. at leaf blowers.

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welcome back to "squawk box. take a look at futures now in the green in a big way. the dow would start the day, s&p 500 up about 40 points nasdaq up about 90 points higher

check out shares of tractor supply company it has been the best performing retailer since the lockdowns now getting another boost. the company expects record breaking earnings. comps of 20 to 25% more customers have been using buy online and pick up in store or contactless curb delivery not the sort of story you would have expected. >> i've seen some of their ads they've got the things people want now i want one of their t-shirts too. looking at shares of disney. slightly higher as the company plans to submit a proposal to row e reopening to orange county, florida. that stock now up about 2% keeping an eye on shares of domino pizza up 20% year to

date shares rose 14% with a pick up of nearly 21% in the last month. international sales more choppy. hundreds of locations closed becau because of the pandemic. we'll talk to the ceo of papa john's my guess is that pizza sales have been up i have to say pizza is one of the things i miss more than anything >> no reason to miss it. everyone delivers. i picked one up recently i've been doing that the entire time >> i've been home the whole time >> i have. but scott yesterday made me feel a bit better i feel less angst about the surface to face transmission

>> scott gottlieb, the doctor, talking about obviously a lot of this is coming from, aerosol or droplets in the air. >> coming up, stocks set to rally for a second straight day. u.s. futures up another 400. we'll talk to an analyst next. s&p up 36% from the lows as we head to break, take a look at these stay-at-home stocks netflix, shopify, peloton and zoom as more investors gain optimism on the economy. we're coming right back. it's not "pretty good or nothing."

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. just two months ago markets tanked as the economy shut down due to the pandemic. the s&p rallied 30% from the marlow and briefly broke back above the key 3,000 level. didn't manage to close there yesterday. as wall street's focus shifts to the economic recovery.

joining us for insights on the current rally is david liebowitz. i was referencing you earlier, david. here's your thesis many investors were caught flat footed by the quick and uninterrupted march bounce back from lows. yet every client meeting you have, clients are expressing skepticism around the rally and you think that makes it more sustainable. why does that always seem to happen to anybody who actually watched the market for any period of time >> so, i think what's really most interesting about this is there's a pretty significant technical aspect at least seemingly to everything going on you obviously, have the market focusing on slow down in growth, market focusing on potential for re-opening you also have this massive stimulus response on monetary and fiscal said to that i think

is having a pretty significant impact in pushing this market higher any time he we go through a period of volatility i try to take a step back and say what can i learn from this experience one of the things i've been reminded of this time around is don't fight the fed, don't fight the central banks. i'm not saying we won't have a pull back. that would be somewhat healthy if it were to materialize. there's a lot of skepticism. you look at everything we're seeing, the street short bulls, bears not imposing and that gives this rally more legs than a lot of people are willing to admit >> i can hear it in your voice and in your notes that you can't help yourself. you don't believe this really either i don't think -- did you get long and bullish in march at all, david, or did you just watch aghast at this come back in >> well, you know, look we have been surprised by the speed and

magnitude of which thing have moved. when you think about building a diverse portfolio, your ten year treasury yield at 70 basis points -- we have been encouraging folks to stay long equities despite risks that exist. i guess, joe, where my caution really comes from is there's a lot we don't understand about re-opening the economy and, you know, the there's a great article the other week where they were talking to restaurant and bar owners in new york city and basically saying what kindof capacity do you need in order to break even and the number is somewhere around 75%. one of the things we need to focus on just because businesses can re-open doesn't necessarily mean they will re-open furthermore turning the economy back on is much more challenging than surng it off. you can basically stop this thing on a dime but when it comes to starting it back up there's a lot of questions what that will look like given the more services oriented nature.

usually it's manufacturing that takes the majority of the pain this time it's services. we just don't have a good playbook for that. that's part of what's important. some of the caution we continue to have as we think about building portfolios, it drives our focus on quality assets. >> we will see and yonew york opening is different. other places are around. sometimes we get a little new york centric about a lot of this as well. but may not be a v, now it's kind of looking -- it goes down and then sort of out like this there are some stocks that, actual stocks that are totally vs but other ones look like a weird, i don't know what it is but i can tell -- >> i can't say

>> i said this on may 1st if i were to go just by my gut feeling i would have thought the market in may would be down and retested the lows. anyway, david, thank you appreciate it. it's funny the way the market tries to confound as many people as it can. becky, i'll century it over to you. >> when we come back we'll talk to former house majority leader eric cantor about the pace of re-opening america later it's launch day for hbo max. we'll bring in john stankey at 8:30 eastern time. "squawk box" will be right back. at least geico makes it easy to bundle our renters and car insurance. yeah, helping us save us even more...

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during the tempur-pedic summer of sleep, all tempur-pedic mattresses are on sale! . another strong start to the trading day as futures point to a higher open. we will talk deals, the re-opening of america and the future of the u.s. economy with eric cantor. working the from home may be the new norm citrix is making it easier let there be sports. the nhl's plan to drop the puck as the second hour of "squawk box" begins right now.

good morning welcome back to "squawk box" right here on cnbc i'm andrew ross sorkin along with becky quick and joe kernen. take a look at u.s. equity futures on this wednesday morning. we got some green across the board. it's come down marginally. dow up to 300 points s&p 500 up about 40 points and the nasdaq looking to open higher as well, up about 90 points joe. let's get a look at the u.s. economic recovery and calls for more stimulus. let's welcome in zoom in there, cantor, former house majority leader now vice chairman and managing director with mullis and company. eric, we should have a lot of your colleagues on, one of those

12 box things. you're plenty right now. let me tell you something that happened we had mulvaney on yesterday he was bragging afterwards that he's right about a lot of things i asked him about whether there would be another stimulus package because the last one that was passed by the house the new one was met with, you know, derision but later in the day mitch mcconnell said there might be another one >> i think we have to start with the notion that there's no amount of money that congress can come up with even in the trillions that can replace what we need to do in terms of opening this economy i think that's the attitude that they need to take. i think mitch mcconnell, if you want to look to see, i think, what will end up being in the bill, he's said time and again his priority is to make sure that there are adequate protections for liability, safe harbors for businesses, for health care facilities, nor

nonprofits for all of them in terms of re-opening. as we know extremely active plaintiff's bar in this country that can make it difficult for owners of businesses to operate in an environment like this. >> if you drive around, the billboards, they kind of drum up business a lot of times. now, obviously, this is a pandemic, it's a tragedy, and anybody that's forced to go back to work you wonder about people that need to put food on the table, but are uncomfortable, if they are forced into it what's their recourse to be if they weren't able to assert that they had a liability or hire a lawyer to try to represent them >> well, i do think that what will end up, you know, hopefully in a more common sense approach to the liability safe harbors,

if cdc, osha or whoever the designated agency will be can come up with guidance as cdc already has as i'm sure osha already has as well, and then an employer can abide by those guidelines and his client, that's the kind of safe harbor nobody is asking for anybody to get away with malfeasance here we're trying to get this economy open and i think all of us will be much better position. so when we rely on these agencies to do the things that they are doing, i think that, you know, the confidence can continue to grow so that businesses know what to do when they open so the that consumers can regain their confidence to go out and engaging commerce that's what we need to do. so, again, no amount of money that washington will come up with will replace what we so desperately need the now is to really restart this economy. >> when will we know that we're being successful a lot of parts of the country we

don't hear about that just seem a lot more open than new york city, eric i guess, what is it it's may 27th we've been watching this play out and the time -- it's almost like we're in a -- it's very surreal. but within two weeks will we know whether this is going to be successful >> i worry -- first of all, let's not discount the human toll here. it's horrific we're approaching 100,000 people who have died in our country. but let's also put that into context. our hearts grieve for families that lost loved ones let's put it in continue the text here. we have a country of nearly 330 million people and, you know, the original thought in putting everyone under a shelter-in-place order was to make sure that we allowed our health care facilities to be there for those who got the virus and who got very ill and i think we've proven over

and again that the capacity at our health system was sufficient that the ventilator situation, the ppes, all those things we were worried about -- let's hank the health care workers and system we have that stepped up to meet those needs. at this point if we feel we got these things in a reasonable trajectory, gosh we got to open this economy and i do think that there is sort of a sense of fright that's conveyed a lot of times by the media that get folks scared when you come out of that bubble you want people to resume their lives. we should be giving people a sense of confidence that we know how to do this in a cautious way. >> i hear you. becky. >> eric, we had golf badr. scotb

on this morning. he re-emphasized it's very likely this will rise up again in the fall and you'll see some sort of outbreaks in different places what would your recommendation be at that point would it be to go back to stay-at-home again, at that point if you're talk about overwhelming the health care system we have to address that at some point >> this is where we've heard dr. birx and others continue to say that the stockpiling and other things that needed to have happened prior to the outbreak originally in march is now happening. and so hopefully when those outbreaks, the way dr. scott gottlieb says will most likely occur that we'll have adequate supplies and equipment to address that and if things got so bad in a particular hot spot then we'll be able to deal with that in a reasonable way and make sure that the supplies and other things that are necessary to treat the patients are there i myself can't foresee another

mass shelter at home order occurring in this country. i just think that we can't and won't do that. >> where would you say on a scale of one to ten how is business >> joe, obviously back in march the discussion around m and a certainly took a time-out. there was a stall in those discussions. i think for those who are focused on the potential for resumption in terms of m and a activity, there is, i would say, limited levels of visit and discussion going on as far as m and a. clearly when the firm was started 12 years ago it was one of the last, so we have a very strong restructuring capital advisory practice, and so, obviously, there's a lot of discussion with clients around liquidity and whether that is

liquidity now and taking a look at prioritizing payments, or whether that is to access the necessary capital, get through the duration of the covid pandemic or long term, helping our clients do their own analysis and what sort of capital structure should look like going forward in this new reality. so, again, i think that the dialogue is as busy as ever. it's interesting to see sort of the shift in the business given what has happened. but certainly, certainly looking for better times as we go forward. >> what's going to happen in november with the senate, do you think the? >> listen, so much of it is unknown. the amazing thing, this is like an election season of firsts here you got this pandemic, which is first time in 100 years we faced something like this. and so we don't know where we'll be with the health crisis. i do think increasingly it looks as if cdc and certainly on the

prospects for vaccine therapies is on the upswing. so if that's the case and we don't have another widespread break out and the economy comes back, certainly i think that looks really good for my party or for the president and the senate it's an amazing thing. this president has been such an artful campaigner in that he's able to be the one responsible for overseeing the entire government's response to this pandemic, but at the same time he's out there cheering those who say hey re-open this economy, let's go, and it's a striking thing so i think he's trying to cover all bases here in the meantime the other party is not seen a lot right now so i think it probably helps the incumbent party right now as long as we continue to stay on the course we're on and looking to have a morrow bust economic situation in november. >> andrew? >> eric, i wanted to move it off

politics but somewhat political i guessbut not really. it's an economic question about one of your clients, saudi arabia and aramco and given what's happened to the price of oil what you think that implies for msb's power, his ability to do so many things he's pledged to do in trying to transform that country >> well, just from a macro level, listen the middle east and countries like the king of saudi arabia, uae and others have been struck by this virus just like everyone else and they've had some pretty severe lockdowns in those countries as well with curfews and the rest they've managed it to a point where people are ready after the eid holiday to go back into resumption of economic activity and in a cautious way like the rest of us obviously, it's a challenge for any government and that is in any region of the

world. i do think that there is a sort of interesti inin ining juxtapon the kingdom about opening up that economy at the same time it's health care infrastructure being tested as we know they've had some investment in their health care structure and, you know, compared to so many in further east of there do deliver some good results so i know that they are looking to go in there and show and enhance confidence for customers as they continue to re-open that country. >> eric cantor, managing director with mullis and company. thanks we'll see you soon >> great being with you. >> okay. becky. when we come back with many working from home software company citrix has seen a nice

stock pop. the ceo will join us to talk about business we'll check on the health of the housing sector here's how home builders have fare in the last three months. up about 1% this morning but you see that steep drop off it took in the middle of march "squawk box" will be right back.

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welcome back, everybody. the covid pandemic has proved to many executives that employees can be as productive at home as they are in the office square and twitter have announced permanent work from home policies in light of the pandemic and facebook, alphabet and mastercard have committed to a majority home based workforce for the rest of the year the uptick is good news for software company citrix. it's stock is up 20% since the pandemic began back in mid-march. joining us now is david henshall, the ceo of citrix. thanks for joining us. >> thank you for having me >> great to see you. you know, i think i'm amazed -- >> yes can you hear? >> what companies and workers. yes. sounds like there's a little bit of a delay i've been amazed at what companies and workers have been able to pulloff during this time in terms of how effective, i think, they are working from

home i don't think that would have been possible five years ago, ten years ago even three years ago. what your seeing in terms of demand for your products as people are trying to do more from home? >> right, becky. it's been a pretty amazing period of time where remote work is mainstream overnight when thousands of our customers moved their workforce to completely remote what we've seen and heard from customers since that period of time is the surprise in some cases how effective workers have been, how productive they are. in many cases significantly more productive than being in the office part of that productive work time you get is lack of commute, lack of travel and frankly as you said technology democatizes

that experience that everybody is on the same playing field they are talking to have most of their workers in a remote mode for the next year or so. >> you've done a survey recently you talked to about 3700 i.t. workers from around the globe. they do have some concerns how many said they were concerned about cyber security and former security? >> yeah. the i.t. executives are concerned about a number of things cyber security is obviously a primary concern at this point in time when people are distributed, what happens in a technical sense is you're distributing this security force across all of the endpoint devices, all of the different networks and all of these locations so they need to rethink the security model which is context

contextual the other thing i've heard is this move to the cloud is something that's going to be accelerated over the course of the next year or so. the flexibility benefits of having a much more distributed infrastructure has allowed the home migrate workers to an environment pretty effectively at this point in time. certainly a trend that's going to continue into the future. >> there was something like 62% of them said they plan to move more towards the cloud and 48% said they were not ready to work remotely what number would you say that is now because i've been amazed at how quickly a lot of companies, including ours have moved just to make sure you can get remote work done very quickly. where we stan right now is very different than where we were three months ago >> absolutely. well over 70% of i.t.

professionals and ceos will follow the same type of percentages are surprised how effective remotely the flip side is when you the talk to employees and we survey those extensively you'll find 70% to 80% believe that they are as effective or effective. a large majority are concerned about going back to the office return to office doesn't mean return to normal and in a lot of environments, limited number of staff in a physical location, still going subject to social distancing, protective equipment and all of the things that made the work base exciting and collaborative won't be there for a period of time most of our customers are talking about having a hybrid workforce for at least the foreseeable future then after that period of time probably engaging a third of workers on a remote workforce on a permanent basis. >> david, it to thank you for

your time. i know you all have been scrambling trying to keep up with the demand. we do appreciate talking with you today. we'll check in again soon. all right. coming up, mortgage application data then jamie dimon speaking about bank evaluation. banks have rose. one of the bright spots yesterday. we'll make to bank analyst mike mayo today's aflac trivia question. what former home depot ceo served as energy secretary under president george w. bush energy secretary former he omdepot ceo. we'll have that answer when we come back. a hundred dollars. i had good health insurance. why isn't this covered? well, then they started getting bigger. eight-hundred dollars. eighteen hundred dollars. i saved for this.

but not that much. i'm glad i had aflac. they gave me money when i needed it most. that's why aflac is here, to help with the expenses health insurance doesn't cover. i love that aflac duck. aflac! get to know us at aflac.com and their financial well-being. since our beginning, our business has been people. it's evident in good times, with decisions focused on the long-term. and crucial when circumstances become difficult. that continued emphasis on people - our advisors, associates, clients and communities gives us purpose, strength and a way forward. today. and always.

the answer to today's elastic trivia question what former home depot ceo served as energy secretary one president george w. bush, frank blake. joe. that was before he was -- >> before he was the home depot ceo. >> before he was okay so former home -- because i didn't remember, because i didn't know who frank blake was until he became -- >> the ceo of home depot >> after the horrific, at least in some people's view tenure of the other, the ge guy.

remember nardelli and then they brought in frank and saved home depot from what people thought -- chrysler too mortgage application numbers out just a few minutes ago offering a timely look at the housing market diana oleck joins us now with more >> reporter: yeah the housing numbers just keep outdoing themselves mortgage applications to purchase a home rose 9% last week compared with the previous week and were 9% higher than one week ago that was the sixth straight week of gains and 54% recovery since early april according to mortgage bankers association the purchase loan amount has increased and now at the highest level since mid-march. now buyers were helped binary record low mortgage rates. the average on the 30 year fixed increased to 3.42% from 3.41%. but that's an average and rates

were even lower last friday. unexpected strong base for newly built homes. they rose 21%. now refi buying not as strong. those applications fell .2% for the week still 176%higher than the same week one year ago when interest rates were 91 basis points hire. the real news is those purchase ply cases, mortgage applications to buy a home were up annually for the first time since the pandemic hit becky? >> diana, thank you. what do you think happens? i mean there are so many questions right now with real estate and so many places right outside of major metropolitan areas where people want to buy but there's so many questions about the economy. how do you think this plays out? >> reporter: i think people are getting in right now it's surprising. we're seeing people flee urban areas, small apartments where

they have been sheltered in place, looking for homes we still have this very tight supply of homes of existing supply is this a temporary bump people want to get in that home now or is this that real surge of that pent up demand we won't know that until fall. these numbers keep surprising one after the other. >> diana, thank you. great to see you still to come this morning on "squawk box," mike mayo will join us to talk about jaime dimon's remarks about the banks. wynn destinations re-opening resorts in south carolina and florida. we'll speak to the ceo about the company's response to the pandemic check out the futures at this hour. big gains this morning even after the strong market performance yesterday. yesterday the dow was up by 529 points this morning the dow futures indicated another 411. the nasdaq up by 70.

"squawk box" will be right back. [horns honking] birthdays aren't cancelled. 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.

welcome back to "squawk" the european commission is proposing a recovery fund to help the eu through the pandemic still many details to be worked out with the 27 eu nations dwie divided over what conditions should be attached to that fund. the european parliament has to prove it all more work to be done there thanks, andrew the international energy agency releasing its world energy investment report this morning and the pandemic has taken its toll on the sector brian sullivan is here and has

more on the details of that report brian, it's good to see you. >> reporter: the report is in and the numbers, i mean, i'll call them brutal that's not an overstatement especially for future investments. there's a lot to this report so i'll try to whittle it down. number one, here's the headline. investments in energy, all kind of energy could have their biggest year-over-year drop ever on record, at least according to the tracking of this we're talking about drilling for oil rigs, renewables, et cetera was expected to rise now expected to fall 20% now the main source of that pain is what else not hard to figure out that's new investment in oil and gas. investments there could fall nearly $250 billion globally this year. but that energy investment decline is not just oil and gas. it also includes energy use and

efficiency, down as much as $33 billion in expected loss of investments. a lot of that include renewables there are a number of reasons for this expected drop number one, of course, crashing oil prices globally. you don't build new wells or new rigs when we have oil prices that are 20 bucks a barrel or even negative. number two electricity demand is falling. we're all staying home and access to credit that's the funding source, guys, of so many of these new projects and the iea warns as things tighten up in europe, european banks have had a tough go, access to credit could shorten up two quick points, number one renewables if you're looking at it. wind looks pretty good relative to solar solar they expect to go like oil and gas and fall as well and also we're seeing the kind of

quicker re-opening in china maybe helping mitigate some of that pain as all all in all a pretty bleak picture for energy investment in 2020 according to the iea. brian, do you think that old axiom holds in this scenario where the cure for low oil prices is low oil prices because when investment goes down then you don't have as much pumping that's going to be coming out of the ground at a later point and that brings prices higher. does that hold true this time or is there something different >> no, it's held true. like our mutual friend boon pickens said i lived through eight oil busts. the only thing i know there will be a ninth when oil prices fell to where they were, they dropped. production fell even more than the bullish expectations had, becky, by some accounts we're down 1.5 to 2 million barrels a

day. those rig counts are at the lowest recorded level ever, down over 600 year-over-year. that's investment and that's jobs >> but does that lead to the next oil boom in prices as all this investment drops and then are you going to turn around and see a big spike? i mean are we forever trapped in this cyclical world of oil price? >> i'll channel my inner boon. i'm not sure of anything i won't use the word forever with oil and gas who knows you have some "squawk" on guests who said we could have $100 oil in a year if demand rises and supply falls i haven't heard that viewpoint from very many people. higher prices are likely on the horizon, assuming -- assuming we don't get some major second wave

and a relock down of everything as supply then starts to come back up. all trying to find that sweet spot and timing between demand and supply coming up together as opposed to like what we had which was supply was soaring in that price war and demand was crashing and that's why we had negative 40 bucks, that one world famous day it's all about the timing of the recovery if you look at driving data we're starting to drive more milan, italy, about 50% off its lows now still not on its highs the rest of the world is beginning to re-open up as well. we'll just have to see how that goes and hope we don't have that crushing second lockdown if you will i'm glad you brought up boon i miss him too i was thinking about some of the other things he used to say like the higher the monkey climbs up the pole the more you can see his rear he said it more colorfully >> you know what that means?

>> i love it i know don't get too full of yourself remember all you're doing is showing the world your butt. >> that's boon's book he gave us nobody cares >> yeah. i do good to see you. thanks, brian. we'll see you soon andrew >> okay. meantime the big banks they are trading higher this morning. let's show you what's going on right now. many companies have been slashing dividends in the last few months the biggest one, wells fargo looks like it would open the highest. jamie dimon said yesterday that companies should maintain them that's the dividend as long as the economy doesn't get a lot worse. here's what he had to say. >> it's important that a company try to sustain its dividend so the better course of action was to wait. you know, and to see if the recovery starts and like i say we'll have a pretty good

idea when we report earnings then you will never need a great dividend if by any chance that it's pretty clear that this will get worse dramatically then of course the board will take up the issue and say what should we do, when should we do it, how should we do it. if a board is mature they will consider it but you need a pretty bad economic environment for banks to justify their board to cut it now. you got to see the white of the eyes of the recovery before you start some buy backs but companies -- and more opportunity if companies are retaining a lot of capital, they are earning money, reserves are coming in, et cetera, yeah, you may see people start them. but probably won't be the size that you saw before. mike mayo is joining us this morning, managing director at wells fargo. your bank stock looks like it will open the highest this morning. big question in the marketplace right now is whether people are going to rotate out, if you

will, of the tech sector which has worked so well and decide that maybe banks are a place to go do you think they should rotate yet? >> we absolutely think that investors should be buying more bank stocks. bank stock valuations relative to the book value relative to the market are below before the financial crisis we held a conference last week i met virtually with almost every large banker and what you're seeing now are green shoots you're seeing green shoots with more consumer spending less requests for loan deferrals. some pay downs of those large loans that were taken out in march. by the way, this is all before the impact of the government stimulus really impacts the day-to-day operations. and so, you know, we continue to say for banks is an income statement recession and not a balance sheet recession. so it's still earnings hell when it comes to bank earnings.

you saw that in the first quarter. you'll see that again in the second quarter you will see that for a couple more quarters ahead. but should not lead to equity raises and we don't think it leads to dividend cuts having said that the decision to dividend cuts is to countdown to the fed stress test and the fed will decide over the next month whether or not to require large banks to cut dividends that's the number one obstacle to bank the stocks at the moment >> and what's your gamble in terms of the government telling, instructing, if you will, banks to do that >> look, we've run over 200 earnings models. we've run different scenarios, v recovery, a u recovery, l recovery it's pretty tough we think for the government to conclude that large banks, well capitalized banks, well capitalized banks that earn their dividend twice over in the first radiator, in a

quarter when they built reserves we fine it very tough for the fed to conclude that banks should cut the dividends now remember this is the fed that's done a phenomenal job over the last decade. we've had a decade worth of fed stress tests capital has doubled the level where it was during the global financial crisis so we say thank you regulators now state the process work the fed has a right to do a look back they can look back in two quarters and say whoa we did not expect another lay down of big second wave, some sort of depression-like scenario the fed can always change their mind to do so at this point in time it could sap confidence. the bond market, the $6 trillion investment grade bond market when it comes to banks, bank bond spread are as safe as any other corporate. so banks, while they are funding other corporations, helping them pay their dividends it's not the right time to require banks to

cut their own dividends. >> mike, i have a philosophical question for you to some degree which is if the banks are going to layoff employees or cut their pay, should they also lower the dividend >> well, look, you know global financial crisis, andrew then banks were the problem. now banks are part of the solution so banks are taking deposit, are making loans largest bank have committed to not laying off employees in fact a lot of employees are getting re-allocated to areas like digital banking so digital banking, the progress there, you've made maybe five to ten years worth of progress in digital banking in just the last two months really phenomenal. so right now the banks have not laid off, they've committed to maintaining full employment. you had a james gorman on cnbc

he said that was one of the easiest decisions he ever had to make right now it's a philosophical question but those are separate. right now the banks are -- banks have a rot of retail investors, retail investors have been squeezed with lower interest rate environment they rely on bank dividends. income funds require a certain level of dividend too. if banks were forced to cut their dividends you could have some forced selling from income funds because banks would no longer have that yield it would be -- i think it's the wrong move at the wrong time are there scenarios where it would be the right move? absolutely if we had a depression, severely adverse scenario the fed always has a right to look back. for now i would say leave it to the bank boards for now. >> mike, if you can only buy one of the bank stocks given where we are, which one would you pick >> well the poster child when it comes to banking did your the

global financial crisis was citigroup. the biggest concern about stiffed cuts is citigroup. i'm a buyer of citigroup more than any other bank right now. i think they typify the increased resiliency of the banking industry citigroup failed five times over the last century this is going to be a crisis where citigroup shows that it's a different bank and that typifies a stronger industry >> let me ask you one final question we had a list of banks on there. we have goldman sachs on that list how do you think about goldman, goldman sachs and morgan stanley in the same sentence any more given how different they are how do you think about those two institutions >> look, they are both, goldman sachs and morgan stanley less exposed to loan loss so the biggest issue right now, the depth and duration of loan

loss they are relatively more protected. take a look at goldman sachs they are in mark to market firm. they mark all their assets to current market ovalsevery day and trading below book value as a deep value investment goldman sachs makes sense. capital markets are doing quite well you had record high yield issuance for the last two months this quarter trading is still going strong we found that out at our wells fargo financial services conference last week so they are poised to benefit and not get hurt as much the jury is still out on goldman sachs, their new initiatives like the apple cart and all of that stuff but that's relatively small. goldman sachs should still go higher but i'll reiterate, citigroup is our number high data pick and high quality pick is pnc especially with potential to redeploy their proceed from the blackrock sale

>> what about fip tech p pay approximately, the whole world was moving >> the best -- the biggest fintech player is bank of america and jpmorgan certainly you get some of the big fintech players but some of the smaller ones are falling by the wayside. they had some issues certainly big fintech players but jpmorgan and others you're sealing acceptance in digital. customers who have been going in the branch, they are not any more they have been forced to start using digital banking. same thing with small business customers. used to going to the branch. they use digital banking the pandemic has forced customers out of the branches

and starting to use digital banking. so this is really accelerating the tech transformation of banks by at least five years >> mike, i just want to do a psa, a public service announcement to all your friends. mike i see you on tv and texting you. stop doing that. that's why the bell goes off i had a question about pnc you're watching it and like it because you want to know what they do with the fun, how they redeploy them from the blackrock sale what do you think the they should do with them >> we upgrade pnc stock for the first time in over a decade two months ago because they are one of the highest quality banks they play defense better than any other bank now they can play offense because they have $11 billion in their pocket to spend and they can spend that buying another bank especially -- look these are still sobering times you're going to see, we think you'll see three-time higher

loan loss. some banks especially smaller banks could be in trouble. buying a bank, buying a nonbank, maybe buying a fintech or a portfolio. they have many option but they can play defense or options. they have optionality for sure >> mike may jobs always good to see you. appreciate your insight and perspective. look forward to hopefully seeing you maybe one of these days in person >> exactly thank you. coming up, ceo of time share and resort giant wyndham destination will join with us a business update. i'm still gun shy that that's going to happen. i have to turn down this as we head to break check out the shares of tesla. the carmaker announcing it will hit prices of its electrical vecles in north america and china. box will come right back ♪

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still to come the ceo of wyndham destinations joins us. the company just started the re-opening process we'll get an update on how things are going and what they plan to do next. and next hour at&t ceo john stankey will joiusirn fst on cnbc "squawk box" will be right back.

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we've always believed in the power of working together. that's why, when every connection counts... you can count on us. welcome back to "squawk box" this morning the national hockey league announcing its planning to re-open the league officially ended its regular season is now skipping to a 24 team playoff tournament. that's if the season resumes the league's plan would include playing games in two hub cities. it would do that in the summer and early fall host cities would have secure arenas, practice facilities, hotels and local transportation. clubs would be allowed to bring 50 staff members and comprehensive testing protocols would be in place. the league isn't proceeding yet until medical professionals and government authorities tell them it is safe and prudent to resume but one of many sports league trying to put some kind of plans

in place to get the season back on track becky. all right. thanks, andrew time share giant wyndham destinations is giving baettingo business yesterday it opened 30 resorts in florida and south carolina. the ceo joins us now michael brown is the ceo of wyndham destinations and michael, thanks for being here today. >> good morning, becky great to be here thank you. >> so big question is if you re-open it will they come? what have we seen so far >> well, it's been a dramatic change here in the last 30 tase with now 50 states with re-opening plans one thing for sure is the leisure traveller is ready to travel we have a pretty good visibility into the second half of this year when we look at our forward bookings from july to december, our arrival plans look similar to what they were in the second half of 2019

so we're confident they are going to come. the question really becomes what happens in the remainder of this pandemic and is there a relapse? i think we're a little bit aided we have a broad geographic region in north merge. most resorts are drive to. i expect what's 70% of arrivals by car could go up to 90% to 95% in the latter half of this year. >> let's just talk about what expect in immediate occupancy because we had a hotel open in jacksonville and it was 60% to 65% occupancy. what would be normal for this time of year and what do you expect over the next month >> normal is 90% occupancy june will be a transition month as we re-open our 180 north

american resorts and we're using this time to make sure our safety protocols, our health and hygiene protocols are fully implemented. we spent this down time making sure we're innovating the company and overall hospitality experience one we get into july based on bookings our demand is as high as last year we expect very full resorts up until really from july 4th break until labor day. then trail off a little bit but, again, the fall and end of year demand we expect to be really strong >> do you anticipate that you'll -- what types of different measures are you going to have in place will it be crowded by the pools? will restaurants be full will you still be doing social distancing in those public areas? >> as i mentioned june is a transition month let's just take your arrival experience we will be in contact with you, becky, a week before you come to one of our resorts to organize

the time of your arrival to make sure your room is ready so when you get there you don't need to go to the lobby. we will actually start and we started here in orlando yesterday a curb side check in where we'll hand you your access to your room there you can drive straight to your front door and instead of using a key we'll use an rfid band that's a contactless entry and that's just the arrival experience we partnered with companies to enhance our health and hygiene protocols. they were already strong, but for instance in orlando we do have a pool open, but you have to make a reservation to be there and there's limited capacity for that pool area. so june will be the transition month for us we'll see how it works we want to make sure that our customers are safe and our associates are safe and then transition to july with greater occupancy. >> michael, we wish you the best of luck. we'll have you back to give us

updates on how it's going. thanks for your time coming up, papa john still delivering pizza how it's switching tactics to keep sales rising. and then an interview thwi at&t's incoming ceo john stankey. "squawk box" will be right back.

good morning futures surging for the second day in a row. america is re-opening and the ross pebts for a coronavirus vaccine. a new era for space travel and privatization of the final frontier spacex plans to end a nine year

drought and launch two astronauts to the international space station from u.s. soil and the other important launch today, at&t's hbo max ready for a big shake up in the streaming wars at&t's incoming ceo john stankey will join us live in an exclusive interview. the final of "squawk box" fins right now. good morning and welcome back to "squawk box" here on cnbc i'm joe kernen along with becky quick and andrew ross sorkin futures up 388 points. been strong all session and this is after we did see a pretty strong session yesterday although a little bit of weakness going into the close. up over 500 points, though we're up almost 400 this morning. 391. nasdaq up 58 or so

and the s&p up about 37 points move your head treasury -- my only buddy here just the two of us as it is every day. general electric -- why do i have deja vu really ge lighting division anyway, a business that's part of ge for well over a century. the buyer surging 4% unfortunately that's only 26 cents. the buyer is massachusetts based savant systems which specializes in smart home technology and financial terms of the deal were not disclosed. all right. we're only a few days away from the end of the month and the coronavirus has made it another painful one for businesses and every day americans. steve liesman joins us right now with an early look at the data

from what may will eventually show and, steve, we can't really anticipate any good numbers out of this. >> reporter: know the data in may, becky, will be pretty lousy, among the worse we've ever seen. the hope right now when you see stocks surge the last couple of days is that the data about may might be better and i can show you the difference between the two looking at our cnbc wrap it up date which is the medium of economic forecast on the street. see that unbelievable historic minus 34% decline for the second quarter. but stocks seem to be trading on the forecast for the next two, which is 13% increase in the third and 7% increase in the fourth we still don't get back the full year of growth, still forecast to be negative oxford economics writing in a commentary looking into may, high frequent indicators show a modest rebound in activity indicating that april may represent a trough in q2 out

put. some of these economists are looking at jpmorgan mobility index, just some of the high frequent data that they are trying to check to see if, in fact, the question you asked in the last hour if you open it will people come you can see that slight increase compared to a baseline activity in february in the united states and europe one of a series of high frequency indicators economists are following. now looking at the calendar and talking about the opposite of high frequent indicators, durable goods is a huge decline but that's april data. personal spending, again, big, big decline. that's april data. it's the jobless claims data that will be the focus, the plus 2.05 million if i had to say one thing that gives me concern and i would love to have a big miss on that number, but what idea that we're still laying off or having applications for 2 million americans every week, well into this month is something that gives me pause about the

optimism out there in the market >> steve, stay with us we'll continue this conversation in fact for more on the u.s. economic re-opening let's bring in information council of economic advisors and kennedy school professor jason furman. jason, good morning? >> good morning. >> we know that the numbers are probably going to look difficult for quite a while but we are starting to see at least a few positive signs we just talked to the ceo of wyndham resorts who said at least for july and august their bookings look similar to last year obviously we have to get through june what your anticipating at this point? what do you see? what kind of recovery are we likely to have >> i think we'll have two phases from here. one is a partial bounce back which will be very rapid it will look like we're on the upslope of a v we've already seen that. when you look at daily data it looks like it bottomed out in

april 15th decent amount of consumption spending problem is that the low-hanging fruit of growth where you turn the lights back on, call some of the furloughed workers back. a lot more people aren't coming back to their jobs businesses that are not going to be revived once you get past that first phase i think you're in for a long and painful slump >> that's the key. how many of the furloughed workers do you think eventually will come back, or at least over the next several months? there are so many at this point, and something like 2 million of them are anticipating that they won't be there but more than 18 million of them think they will get called back. will they? >> first of all they all get called back, the unemployment rate is 9% so you see this incredibly rapid decline in the unemployment rate if weinvented a vaccine tomorrow but we still be left with a really terrible economy. historically 70% of people get called back from layoffs

i don't think we have any basis for guessing here. even in the most optimistic scenario a massive reallocation across businesses, across sectors that it will take a while to get back to where we started, a longtime. >> jason, i wish i could see your twitter feed from the last couple of days you got to go into exactly what happened and the response you got. it must have been split down party lines but have you ever had more feedback or push back or i don't know what you got from that, from your political piece. you basically were saying that the people on the right side said that it could be the democrats worse nightmare or joe biden worse nightmare if what you see comes to pass. i'm sure it was more nuance what you were saying. i think what you were saying this is not a depression or typical recession. in this political piece it will

be more like a natural disaster, and there would be a rapid snap back which could put economic growth in the last quarter or even part of the third quarter you could have a real spike up was that the basic premise did people tell you to just come over to the dark side? what did they tell you >> that's close. it's a partial bounce back so, when we had the financial crisis in 2009, unemployment rate hit 10% it took nearly four years to get it down to 8%. this time it's very likely we'll see a much more rapid decline in the unemployment rate. that will look really good and in some respects that will be really good but it also if it creates a sense of complacency and we don't take the steps we need to for state and local governments, for the people who are going to be thrown off unemployment insurance as it expires, et cetera, we're going

to then have a much longer painful period so there's the low-hanging fruit. much faster growth than we've ever seen before and then the much harder phase to come and i just don't, you know, want us to be confused when we see all of that great news. it will being a great news but shouldn't make us complacent, shouldn't make us think the job is getting done. >> jason, just to put a fine point on that, what do you think -- let's say unemployment rate at christmas? >> 11% >> 11% and you get there, just caulk us the through the permutations of how you get there. >> you have several months in a row where you are creating 1, 2, 3 million jobs a month and those are the businesses that can re-open, bringing their employees back but you have still a very deep underlying set of businesses

that are not anywhere close to capacity because of the virus. or that could be close to capacity but they've gone bankrupt and can't get revived somewhere between where we are now at the bottom of all of this or near the bottom of all of this, and where we would like to be, which is back to where it all started with the difference being partly the virus but partly these lingering after effects. just because businesses would have gone one and take a while to come back >> jason, how concerned are you that large koerp operations, even companies that are relatively healthy will use this pandemic, i don't know if this is the right word, opportunistically to lay people off. they realized they can do things more efficiently than they thought given the success of work at home for at that lot of people what percentage of unemployment do you think will be a result of that >> yeah, andrew that's a real

issue. every recession businesses use it as an opportunity to rationalize. i certainly see a lot of businesses this time i don't know what the size of that is but what the buzz word economists use for that is reallocation the problem with reallocation people need to find a new job. they need to find a new job in a new sector in many cases that's the higher up fruit that i think will take years and years to harvest and why we'll need to stay at the economic policy response for years and years, is exactly that reallocation you're talking about. >> jason, if you're looking at 11% unemployment, you're predicting that for christmas. is there anything, any national policy that might subvert that or do you think that's inevitable no matter what either government or the fed tries to do >> i think we're seeing a combination of a demand shock and supply shock

the demand shock is treatable with traditional policy. the state and local government layoffs that are coming in the fall are something we could prevent with additional state aid. the cliff that we're going to go over in august when unemployment benefits run out, we could avoid that by bringing unemployment benefits down a little bit but higher than what they normally are this is partly treatable part of this is just massive reallocation economy for which there's no medicine that can prevent that and treat it rapidly and there's a certain inevitability to a decent part of the problem that it expect to us have going forward. >> you said that awfully calmly. a scary potential outlook, but jason we appreciate you being here and kind of walking us through some of these things obviously we'll talk to you a

lot more through of this steve, thank you also. we'll str we'll talk to you soon streaming wars is getting more compety at&t ceo john stankey will talk about today's roll out of the hbo max streaming service. next we'll talk about surging pizza sales during the pandemic, with the ceo of papa john's. meanwhile check out shares of disney the company is planning to submit a plan to orange county officials in florida for re-opening the walt disneyworld resort make sure, not to miss first on cnbc interview with disney ceo bob chapek at 11:00 a.m. on "squawk alley" stay tuned, box will be right stay tuned, box will be right back

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you can count on us. get the connectivity your business needs. call today. comcast business. welcome back to box, everybody. the futures are hanging in there pretty sharply this morning. we're looking at dow futures indicated up by 400 points after a gain of 500 points yesterday s&p up by 40 and nasdaq up by 58 check out southeast biggest u.s. airlines those shares up nicely this morning as well lowell lots of questions about demand united airlines up by 9% jetblue up by almost 13% andrew let's the talk about -- i think maybe all of our favorite, let's talk pizza during the pandemic papa john's announcing new

staggering numbers this morning, comparable store sales for the month of may are up more than 33% in north america after being up 27% in april. it adds up to the two best months in the company's history and for more on where we are and where we're going we're joined by bob lynch president and ceo of papa john's international good morning to you. it was a remarkable two months, and in large part given this pandemic i think the real question i would ask you as someone who is running a business i think you were a beneficiary, i hate to say it of the pandemic and the question really is, is this just going forward or how do you sustain this kind of momentum as a business >> hi. thanks for having me on today. the results we've shown in the second quarter have really been built on a foundation that we were building in the first quarter before the pandemic hit. we were up over 7% heading into

march when coronavirus impacted our sales negative the high for the back half of march taking our same store sales down 5% for the quarter. we were already on a good track. we had built a lot of new innovation that we had launched in february. we got a lot of things turned around on our advertising, our marketing, our media spends pap lot of foundational thing were put in place we reacted to the pandemic and i think a really in a strong way our team came together across the company with our franchisees and we put a plan in place because it was really important for us to support our communities by, you know, through our model which is all about delivery and take out. we had seen the pandemic sweeping across asia and into europe and we knew what it looked like. we knew what in the markets where we were allowed to operate the kind of performance we needed to deliver to makesure we were able to meet the need for safe, high quality food. so we built that we launched no contact delivery

in late march. we started communicating with our customers, sharing with them that they could order our high quality safe food delivered with no contact directly to their homes and we think that's made a big difference but we see this trend, we see this performance, it's going be sustainable. we're seeing markets that are opening up in the states, different tennessee, texas, georgia. we saw very strong performance in may despite the fact that, you know, they created a little bit of a leniency in their quarantining rules we think this will the stick around long after coronavirus. >> the question i was going to ask in states where there has been a little bit of re-opening, have you even seen a shift in term of the mix pick up versus delivery things like that? >> no. you know what? it's interesting we haven't seen that much of a shift even during coronavirus in most states. obviously, in new york and some of these other very hard, high

impact states and cities we have seen, you know, delivery go, to you know, upwards of 90% but in a lot of states people have still left their homes to come and pick it up because they wanted that, that ability to control, you know, how they receive the food but since the opening up and like i said in georgia, tennessee, dallas, nashville, the atlanta are growing as fast or faster in may as they were in april. so we think that there's going be a tale to this. we think there will be a delay in consumer behavior wanting to go back out for dinner, sit down dinners and we'll be able to benefit from that. like i said, i think the foundation of this sales growth is really grounded in our innovation, launching new products we've created a strong loyalty program over the last year that's having a big impact and then our partnership with the

aggregate has been strong for us as well. we're seeing a lot of incremental new customers coming in through those channels. >> so, the other question i was going to ask you is, in terms of what this looks like 12 months from now, you have no worries that once people are truly out and about -- i don't know we'll be out 12 months from now. i hope we are. but on the other side of it, it will be a much tougher business? >> yeah. there's no denying that coronavirus is having an impact on our business, a positive impact on our business it's eliminated a lot of other options. i'm not trying to say that 33% of this growth is all things we've done i'm just trying to say that we think there's strong growth that lies beyond. obviously, none of us know how long this terrible pandemic will impact our country, in fact the globe but we built a model we think will continue to help us

drive growth ongoing >> tell us about employee wages. have you had to increase wages what's happened there? >> you know, we've tried to focus our company on things that we think will be most helpful for people, for our employees during this time of need we've implemented a lot of new safety and sanitization protocols. we've also increased some of the health benefits that we offer. we extended virtual doctor visits to all of our employees regardless of whether or not they signed up for health insurance or not we also offer free college tuition for employees for eligible employees that work more than 20 hours a week. we've focused on making investments in the long term future versus necessarily giving short term pay increases that we have to then take away when we get back to normal and things get back to normal we're trying to do everything we can to keep our employees safe,

keep our employees engaged and fulfilled and then also help them feel great about coming to work every day >> i just wonder, did you see a real change in where your busiest locations were i would imagine college campuses or papa john's near college campuses would be the busiest place the until they shut down the schools. how did you handle the change and which stores were maybe being used the most frequently and did you see that shift >> we absolutely saw that shift. in fact, our fastest growing market is new york city. you know, where people have really depended on our teams to bring them safe food and so the college campus, absolutely, have definitely changed their trajectory, and, you know, the urban environments that have been the most hard-hit have actually been the fastest growing. but we've had to implement the same procedures in new york city that we've had to implement in

south bend, indiana. we got to make sure that all of our restaurants are safe for people to continue to come to work we got to make sure that our employees feel like they can come to work every day and feel good about where they are at so the procedures have been the same we did transition as i mentioned to no contact delivery that's been a huge win for both our employees and customers. we're seeing our customer service scores go up dramatically, about a thousand basis points where we deliver with no contact delivery customers appreciate us going to extra effort, putting in the extra effort and going to the extra mile to deliver in that way and keep them safe and keep our employees safe >> okay. rob, great to see you. congratulations on your success. we hope to talk to you soon. and check in on your progress. talk to you soon >> thanks very much.

the still to come this morning our exclusiveinterview with at&t's next ceo john stankey on today's launch of hbo max and the next chapter in the streaming wars futures this morning right now are indicated higher dow futures up by about 408 points above fair value. check out the big banks and how they are doing so far this morning. they were some of the big gainers yesterday and they are building on those gains today. banks like wells fargo and citigroup are up 5 to 6% jpmorgan, u.s. bancorp up by 4%. stick around we should point out u.s. bank gained more than 8%. stay tuned, box will be right back ♪ ♪

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hbo max making its debut today at 1:00 p.m. eastern time. it's price tag is higher than most but at&t's warner media is hoping that a library with 10,000 hours of content will make hbo max stand out from the competition. joining us now is john stankey president and chief operating officer of at&t. and the incoming ceo effective july 1st john, thanks for coming on today. great to have you with us. >> good to be here thanks for having me on. >> i you know have high hopes for hbo max. we all know hbo it's synonymous with some of the greatest things ever on video, obviously "game of thrones," "sopranos," et cetera. you want to take on netflix and i one that i think that's interesting

because -- i don't know whether it's the true or not but supposedly somebody said we should have an alliance with netflix. somebody suggested that to you and you said we want to crush net flakes you're not going to be frenemies. you want to be a potent competitor >> what you're referring to is what i would call not accurate reporting in the "new york times," our belief is that there will be multiple streaming services moving forward and i've been pretty consistent i think if you look back over the last year in the public domain around my conversation that our goal frankly is not to be netflix, our goal is to be something different and there are other streaming services that are starting to show up in the market that clearly hit the front needs of the customer. hbo max will have a unique focus and a unique position with their customer we're going to play our game our goal is to not crush

netflix, our goal is to meet customer need. we engage them every day the household finds something worthwhile to spend time with us and that's what we'll stay focused on >> so that was in the "new york times" that was not accurate, so that's not a quote from you that's interesting anyway i guess the reason i led with that, john, is that i think about netflix and everything that's there, and from documentaries to movies to programming that they generate themselves that is a big universe of thing that they have how will hbo max and you just said you won't strive to be everything to all people, but you probably do need to add some things to the offering to make it so attractive that people have it in addition to the other streaming services >> absolutely. clearly a customer in this

thing, we're moving from kind of traditional media through the paid tv bundle and general entertainment content coming in to the streaming world has incredible number of choices what to do with their time you go into all the dynamics and digital environment, fragmented capabilities to go and look at user-generated content so there's no question, there's more choice out there today than there ever has been. that paradox of choice is what hbo max needs to resolve it needs to become the brand that the customer says, you know, i'm looking for something that meets this particular need of where i stand right now in my mood, or my family's situation it's the first thing you think about that i can go and know i'm going fine something that's curated down to a meaningful selection of high quality, something that is going to hit the mark for me and the consistency of that happening time and time again is clearly thehallmark we want for the

brand and for the service. and that's what we believe we will focus on and will carry forward and we got such a talented team at warner media to do that. to curate it in that fashion we'll do it with the demo that was served by hbo. we want to competent that out to the entire family. >> you point out that it's not much difference in price than what people are paying for now with hbo you've done some surveys one out of five people might decide not to go with hbo max but not much of a difference between just converting what they have now into hbo max, so you don't see any churn in that respect? >> there is no difference. we're selling at that price today just the hbo product which is a product that had us half as much content as what hbo max the new product will offer in the market so you get twice the content for the same price and i think as

we're seeing all of us, everybody who is in the streaming business, utility, the amount of time a customer spends with a product is, in fact, increasing during these, unfortunate moments we're going through right now with this pandemic that's increasing dramatically so the performance of how somebody sees the valve product like that is actually increasing as a result of that. so, you know, our job is to make sure the customer finds the value equation right we've done that for 30 million customers with hbo for a long period of time and now our goal is to extend that out beyond the family and i think we got a really strong probability doing that, making that happen >> andrew? >> john, it's great to see you this morning congratulations and good luck on this launch. the question -- i have two questions. the biggest, i think distribution question which is and maybe you can explain, what's happened with the likes of comcast parent company of

this network, amazon and roku which has been strong distribution partners for the hbo product, but are not on board at least from what i under at the moment with hbo max and what that does to your reach >> so, we have a broad list of distributors who are working with us. most of the traditional paid tv market has signed on and will carry forward. they will be successful distributors with hbo max just like they were with hbo and there's a long lit any l long l providers. you mentioned your parent company and there's something to be done there. i suspect there's an opportunity that other paid tv providers given the vast majority is likely to become distributors and will become part of us moving forward the interesting dynamic that you're alluding to is roku and

amazon at this point have elected not to be distributors i step back and i didn't expect first of all we would have distribution across the entire space. we must be doing something right if somebody believes we're now starting to be in conflict with their business so i don't necessarily take that as a bad sign. but i do fine it a bit ironic when i think back to litigation that occurred prior to the time warner and at&t transaction closing that the concern was about withholding content from traditional distributors and what we have now we actually have, you know, the dynamic where we have new distributors, new technology distributors in the digital age who are electing not to distribute the product. and i think that dynamic is an important one to understand. just shows you how fast the markets are moving and how we have to respond to those changes. >> an the drew, you said you had

two questions. >> just to follow up with one other question which relates to this, which is speak to the marketing challenge which i think there may be one in terms of getting people to download the app because some of these cable operators aren't going to necessarily be carrying it as an on demand on the box, if you will so what has to happen given do you have these multiple brands and getting people to one that they need to actually go get this particular product? >> it's a good question, andrew. today is not the finish line, today is the start we're committed to this business and building this kind of aggregation platform for the long haul. so this is the progressive process. we're going to use all the tools in the tool box to make that most importantly we got a huge base that we can start to engage and as they start to chose them soefls to content we use every means we possibly can including

people finding something they like and sharing with it friends and relatives and people that they work with and the dynamic of making the awareness and variety and moving into free trial where somebody can explore for a period of time, we think when somebody starts to engage with the product and the content that's there it becomes a relatively straightforward dynamic to make that happen. the point is, it doesn't all happen in week one it doesn't all happen in month one. it happens over successive quarters our goal is to reach 50 to 55 million customers by 2025. we're not looking to turn the light switch on overnight. we're looking to build this platform domestically in the u.s. over time we're confident we can do that using all the marketing skills available to us. >> john, i wonder if you could tell us a little bit about how the economy looks, at least

through the prism of at&t. what you've seen in terms of real-time subscriber, people cutting the cords or others directv subscribers stepping off at the same time you may be seeing an increase in the number of people who want that high-speed internet connection because they are working from home doing cool from home. what do you see and how is it playing out? what your anticipating over the next couple of months? >> becky, it's an evolving dynamic right now. it's moving pretty quickly i don't think anybody can sit here at this moment and not understand that for the next several quarters we're going to see some suppression in this economy. it's going to have an impact on a variety of different products and services, even something as important as telecommunication choice what i can tell you is this. wireless face, we're seeing

inbound activity level at the top of the funnel that's back to 2019 levels for our business so the activity level as we see re-opening occur, distribution re-open, people starting to get back to normal, that inbound activity is actually back to 2019 models. now there's a second part of that which is what's happening to the base, and clearly there's some people falling out of base from an economic hardship in many instance. they can't afford to pay their bills. so the net of that, there's probably going some downward pressure in the wireless space but we're seeing the top of the funnel activity level start to recover and get back to historic levels broadband, it's a pretty similar story all those you know, i've seen that as being a the stickier product right now frankly than wireless. it's been more indispensable inbound volumes are starting to get back to what we saw in the 2019 level

still got a little ways to recover. it's a little bit different experience oftentimes broadband requires visit to a house some people aren't quite comfortable with that dynamic. we're ago it edge back to that level and it's pretty close at this point it's the paid tv by that's recovering the slowest no question about it activity levels are not back to 2019 levelser and that makes sense given typically that customer installation experience is oftentimes a visit to a house for an extended period of time oftentimes a couple of hours i think there's a lot of folks that aren't comfortable with that yet and will take a little bit of time to come back in. those that have the service we're seeing a slow down in turn right now. they are engaged with it that inbound activity has been a lot lower. >> john, it's no ads right now the whole business model, and i

don't know whether -- i know you may be working on an ad supported version. i can just tell you, i've been watching peacock and there's a lot of "dateline"s i can't seen them all. i haven't mind -- i haven't minded the ads and there's not as many, you know what i mean. it's not like i'm sitting there for three minutes saying i hate it i get to get up, get a grape soda, sometimes after drinking too many grape sodas, i need to take a whatever. that's not a bad way to go will that happen >> actually i think we have been really clear since the transaction was announced we believe very strongly that the long term dynamics are going to be both subscription and advertising supported. if you think about what consumers like, they like choice they want a broad library of selection. the and, in fact, many of the streaming surfaces that are so popular today were really built off of advertising dollars to

start. you can't forget that. those libraries, they are strong and they are good they don't last forever after you've been through every episode of seinfeld or friends six times eventually you do move on to something else so to have that replenishment occur at a price point that a consumer can launch or afford, can still get that value of choice, you are going need to have both subscription and ad supporting and yes we're committed to bringing out ad supported offering in the early part of next year that will compliment the subscription, no commercial part of our business. i think to joe, to your point is, you don't necessarily mind ad physician they are executed well and are relevant and the nice part about where we are in technology and insights to customers, we can now start to do that. that's the marriage of bringing media and distribution together. we have better insights about the customer we have insight from the endpoints of the services that

they have with us from our at&t communications products which helps us to inform a much better contiguous platform that could be more targeted, more relevant, less intrusive and make sure that customer can support both monetization models and gives them the best choice in the product. >> john, just keying off that particular point i remember when we fir spoke a year and a half when you first announced hbo max out in l.a. together the question i ask, this channel is very much a culmination of the at&t marriage with time warner so when you look back on that marriage, and you look at what at&t has brought to the table and what time warner has brought to the table, the question i would ask what do you think is the result of that deal that's created this could this have been created on its own? >> i think everything can always possibly to be done organically.

just a matter of time and money. some of the factors that you raise early on, the conversation which is can you go in against the established players and how much patience does it take and balance sheet strength, those are all the pragmatic issues we have to deal with. i the tell you it is going to be a pretty aggressive and intense lie competitive space so i think have to have both companies coming together. strength of at&t's distribution, the 170 direct consumer -- 170 million direct consumer relationships we already have to help accelerate some of that new distribution, i think is going to be at the end of the day be really important to this i don't think you would have that great ad supported opportunity unless you got that intensive end points of insights from broadband distribution and wireless distribution and insights from paid tv business that tells you what customers want to watch and what

affinities there are in a household. i think you're now going to start to see where the bridging of distribution content actually can build a better product and can build value. it's just taking a little bit of time i would lot to be a lot further along looking but if you think about it, you think about the litigation, waiting period during the agreement twou be wonderful 18 months back. unfortunately that's not the cards we have right now. >> john, huge success for turner with the match, which was -- we don't get to see any sports and it was golf. there's another phenomenal golf property known as the at&t pebble beach when we talked to randall the last time out there in february he thought he would serve out to the end of the year and the whole transition was very orderly but it did seem like it came -- you're taking over july

1st -- that's earlier than we start. was there something with the pandemic, some thinking that went into that to get you in position to deal with this what was your thinking did randall leave early or just not -- we thought he would be serving as as ceo throughout 2020 >> yeah. i think within the context of maybe my 34 years with the company and randall's 36 plus years with the company, whether it happened, you know, within a three-month period of time or six-month period of time, it's relatively speaking orderly either way the reality is we sat here and said now is the time whether it happened in july or in december, this is something that the board, randall, everybody else around the company didn't just wake up this year and decided it was something they needed to deal with or think about. the fact that there is that kind of planning, there is that kind of forethought, you sometimes

get into these things and you pick your moment we're at a moment now partly because of the pandemic and the many decisions we're making restructuring the business, where we are and the confidence of the board in this transition and where randall's comfort level is in handing over the reins, this was the right time to do it frankly, the broader scheme of things, whether it was this quarter or two quarters from now, relatively speaking it wasn't that big of a deal. >> yeah. i might have said no, no, that's all right, randall, you go ahead. tough for everybody. but we're all trying to do the best we can. we appreciate you being on today as well, john. thanks a lot >> thanks for having me. stay safe. >> thanks, john, good luck coming up, we'll get you ready for the trading day ahead. a programming note, tune in to "squawk box" tomorrow for a rare interview with facebook ceo mark zuckerberg

we'll bring it to you starting at 6:00 a.m. eastern time. we'll talk about work from he,om advertising and everything going on in the marketplace. "squawk box" returns in a moment

all right. welcome back let's get to cnbc headquarters and jim cramer joins us now. i wanted to get your thoughts on what jason fuhrman joined us with earlier this morning. he was talking about his concern that we could see 11% unemployment at christmastime. just concern about what happens, what happens to people on unemployment benefits at this point and potential policy ways around those things. i saw something you retweeted last night about what should happen to unemployment benefits after this i wonder is there a way to avert this is there a policy solution that you think would be helpful next after all the solutions we've seen >> i have been in favor of extending the benefits and doing

another stimulus program because when these run out, i think that people will drop back dramatically in spending this is something auto zone talked about on their excellent call. look, if you have that much in unemployment, some people say they won't go back to work there are not jobs for them to go back to work for. we cannot let this market slip back the unemployment is just extraordinary in this country. it's nice to see the airlines bounce back. the cruise ships the banks bounce back. that all ends when the stimulus ends there are not enough jobs or companies being created. we have to keep the pedal on we do. once this stimulus runs out, we'll be surprised at how little people have. so many people work hand to mouth in this country. intuit said it's 50%

50% of the people will run out of money after a couple weeks. >> okay. jim, thank you we'll see you in a bit >> thank you coming up, we veha what to watch ahead of the opening bell. stay tuned, "squawk box" will be right back

hey, let's get to mike santoli. everybody working from home, having some issues with this this morning a lot to watch with the markets. surprising to see the futures up so sharply after the big gains we saw yesterday

what do you think the big question is here and the levels we should be watching through the day? >> if anything happens during the course of the day to interrupt this idea that the economy will open up gradually, and a lot of stocks are tuned to that theme, we do have traction to continue to make progress i think this rally is on the mature phase up around 3,100 on the s&p 500, it's a lot of stuff that people may be watching understanding that is the percentage of the loss that may be a tough friction point. the big them yesterday was a rotation out of the big defensive tech growth stocks and into other stuff we'll see if that continues today. >> mike, great to see you. i'm a big fan of this cnbc sign. can i get somebody to make one for me >> i know somebody i'll get you a slate and we'll get it done. >> i'm in the market

dow futures indicated up by 363 points this comes after a gain of 529 points yesterday s&p futures are higher, so is the nasdaq wti a bit lower this morning the gang on "squawk on the street" is here to pick things up we will see you back here tomorrow see you later. ♪ good afternoon i'm carl quintanilla with jim cramer and david faber we are looking for an extension of tuesday's rally as more lifting of lockdown on restrictions are met can continued policy support from the europeans, the japanese. nasdaq within about 5% of its all-time high and oil is down about 2% art cashin says there is a bit of a stall here. what do you think? >> there's