distancing and face coverings. >> great to check in with you. ceo of valley bank good to see you,ty >> kelly, i don't know whether you can hear it, but the power mower has just started outside here tomorrow, the segment is going to be called power mower >> they know, 3:00 p.m., they can get going. closing bell starts now. >> thank you very much welcome to the closing bell. stocks are drifts higher on the first trading day of the month nasdaq now just 2% from its all time high. up half a percent on the s&p let's have a look at what's driving the action violence, protests b and unrest spreading across the united states over the course of the weekend, but despite that, the gradual reopening of much of the world has continued and that's pushed the likes of retailers, airlines and cruise stocks higher today and investors keeping an eye on u.s. china

growing trade tensions and how that may impact trade as chinese state media repeatedly criticized the administration over the weekend, albeit perhaps tensions haven't escalate ted as much that's one reason the stock is up 1.5%. coming up today, two key voices in the business world react to racial tensions spilling out on to the streets of america. we'll speak with endeavor's chief marketing officer who prie worked at uber and a pple and says quote, we need to ensure this conversation doesn't just stop with hash tags. >> and we're going to be joined by slack's ceo who's pledging hundreds of thousands of dollars to social justice organizations and calling for criminal justice reform that's coming up many the next hour, but first, let's focus on these big stories we are watching on this monday afternoon. mike is tracking today's market action meg has the latest developments in the battle against the

coronavirus and as civil unrest spreads across america, frank holland has a look at the impact on the nation's shipping industry, which is dealing with delivery restrictions and safety concerns let's begin though with mike and the broader market >> thanks. we have kind of this slow upward grind and sort of familiar from past summers when we were trading near highs and the market just kind of finds this relatively benign rhythm to go higher today, it's a combination. the big nasdaq stocks working like amazon and facebook and some of the beaten down travel and consumer stocks. here we are on a one-year trade. not yet in the s&p 500 up to 3068 which was last week's intraday high, but pretty tstea tri here around 3130, 3140. the big failed rally from early march as we gather up a little breakout potential that was a range for a while pretty much cleared that and we're up about 2% on the s&p

from the overnight index futures lows so obviously, a show of resill yens even if the market a is slowing down then want to look at positioning of categories and hedge funds. according to jpmorgan, this is their equity exposure. waxes and wanes with the market and they really rebuilt the long exposure to the market here. you see these peaks near market tops, so you can get higher, this can continue higher and i would point out other categories of hedge funds not yet fully in chase mode and raising exposure, but i think this is where we are now. the professional tactical traders performance driven, they are now getting filled up in their equity allocations while retail largely remains reluctant so if your basic bull case was that people are still too negatively positioned, it might be still true, but less now than it was a week or a month ago, guys >> suggesting that intrata or noefr day or overnight move

fairly encouraging as we stand right now and likewise seeing a softer dollar as well. which typically has been good. with that said, the vix, talk us through what we're seeing there today and whether that's of concern. >> it is higher today. now it often happens on a monday kind of bleeds lower into the weekend then you rebuild because you have some trading days ahead of you it's been reluctant to make new lows on the volatility index relative to where the s&p 500 has made new highs 27 and change was the recent low a couple of weeks ago. just something to watch. seems like there's still a little residual maybe aftershock mode of traders still bying protection here but it's one of those things that isn't quite necessarily giving the full all clear to the equity rally. that along with treasury yields that are not so far getting in the way of where stocks are wanting to go. >> thanks very much. new updates today as two big

pharma companies provide details toward the treatment hey, meg >> let's start with lily because they've announced they've started a human trial of their antibody drug designed to treat and prevent covid-19 this is first potential medicine designed specifically for this disease and it's an antibody that was isolated from one of the first people in the united states with covid-19 to recover from the disease this news today puts lily and its partner in the lead in terms of developing these kinds of drugs. others include regeneron and a smaller company along with glaxosmithkline. regeneron also expected to start human trials this month and these companies have slightly different approaches lily's antibody is just one antibody going into this drug. where as regenerons is a cocktail of two. if you think about the risk that

the virus could potentially mu tate, some say the two could be better suited. however, i did speak with lily about that they said they looked at mutations and this still binds but they will continue to evaluate that, guy, but an ongoing story. exciting they've started human clinical trials. gilead, we are seeing that stock down a bit today on an update of its remdesivir they presented presumption of guilt results of a trial in more moderate patients, in those still hospitalized but not as sick, it did show benefit for the five-day course of treatment. not so much for the ten-day. it adds more to the picture of the drug being helpful, but not a lamb dunk in terms of this disease. >> i guess the positive for when we're talking about a treatment as opposed to a vaccine is the early rounds of trials have positive data, they can start to be used much quicker than a vaccine because you don't have the same risks of using wit quite so many millions of people >> absolutely right.

you are treating people who are already sick or with this sort of unique approach, there could be a preventive nature of using these antibodies, but you're doing that in very high risk groups so it's a different risk benefit equation that you give to so many people. >> of course you're talking about treatments based on antibodies rather than say antibody testing, which is its own bucket right now in terms of development. the plasma piece of this, because lily is just use iing t aend bot body, not the plasma. how does that change the potential types of therapies under dromt? >> it's a really important question and these are similar approaches in many ways. plasma therapy is also derived d from donors, from people who have recovered from covid-19 60 minutes had an amazing piece on it last night it looks positive in the very early stageses but we have to

see how those trials go. these are all different approaches the idea with plasma therapy is it seems like you're one to one so the donor of the plasma to the patient getting that plasma which contains lots of different antibodies, where as the lily and regeneron approaches are selectively chosen to make a drug that could be given to lots of dimpt people. >> so many technologies to keep track of and meg you do such a great job. thanks for joining us today. we're going to turn now to the civil unrest in america. as scores of cities across the country see protests and riots, those demonstrations are starting to have an impact on the nation's shipping industry and frank has the details. >> good afternoon. ups, fedex and two of the largest trucking companies in the u.s. all trading lower today in the aftermath of images like these from minneapolis and really all around the country. where some truckers and some delivery drivers have found themselves caught in the middle of protests that have prevented them from either doing their jobs and in some cases, where

they found themselves targeted for looting while they try to make deliveries. sol of these images are disturbing this amazon driver in califor a california, the driver wasn't hurt, but the company is adjusting delivery in a number of cities in response to the protests and in interest of worker's safety. i've spoke to several other trucking companies in general. they've given drivers similar instructions first and foremost, avoid dangerous areas. second, cancel deliveries or change routes if you feel unsafe and third, don't try to protect the truck or merchandise now overall, e marketer has force ed that e commerce would grow by 0 50% this year. if these protests continue, it's not clear how that could impact deliveries in the near term. back to you. >> frank, thank you. >> frank, it's, i was going to say frank, it's, these delivery trucks, the fact you have companies like amazon that are potentially curtailing some of those packages right now but then you think about the

post office and some images we've seen of post offices that have been vandalized or ooempb bu even burned and some of those very, very time specific shipments that might be needing to go out to people. is the usps still operating on conditions or taking a similar tactic to some of the private sector peers >> this has been a continuing story about essential workers. the postal service is essential i've spoken to ups directly. they say they're not ready to comment on this, so i believe a lot of companies including the post office are taking wait and see approach many people including us here at cnbc are hoping these protests are temporary and there will be a resolution i think the business community is taking the same stance. >> thank you for that. after the break, endeavor chief marketing officer will join us to discuss the rising racial

tensions in america and the steps she thinks corporate leaders and brands should take to address them. you're watching closing bell on cnbc it's hard to eat a whole pizza.

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welcome back nike, apple and netflix among the big companies speaking out against racism following the killing of george floyd in minneapolis last week. aerial investments president weighed in on the moves today saying corporate america still has a long way to go in the fight for diversity. >> i did a speech at deal block where i said i was waiting for a corporate ckaepernick in reference to kole inkaepernick in what he gave up, peacefully protesting the death of black people in america unlawfulfully. corporate america, talk is cheap. i talked about the fact that say we're working on diversity in a company is unacceptable to me because in corporate america, we don't work on anything else. >> joining us now for more is

boseman saint john, chief marketing officer at endeavor, also chief former brand officer at uber. thanks for joining us. >> thank you so much for having me >> it's clearly been an unbelievably challenging period across america but there's been a lot of positive responses in tone at least from my many corporations. net are you encouraged or disappointed by the response across corporate america >> well i think there's always responsibility for corporate america to talk to its people. you know i think sometimes we think it's just the government who's supposed to talk and it's actually corporations who have employees who are affected by this we've heard again and again different quotes from different leaders, but i'm always drawn to the martin luther king jr. quote that says we will in the end not remember the words of our enemies but the silence of our friends. for me, it's really about

corporations, companies, talking to their people. you know what are you saying even if it's not perfect, acknowledging this very moment in time is extraordinarily important. >> to that point, do you feel companies will be punished, whether that's by their consumers or their own employees for not om acting morally themselves, but making sure the call out when they witness immoral actions, even if they had nothing to do with that in. >> well i'd hope they feel the pressure of that, of course. and again, we say corporations, but corporations are made up of people there are people who are leading these companies. there are ceos executives there are people there and so if you are a person, i would hope that you would talk to the other people within your organization to let them know you don't tolerate this situation either and that you yourself have a voice in it. and so again, friends and using the friends is not about some close knit group of people but

it's the people we work with every day. it's those who are working for you that if you consider their livelihoods, if you consider their trauma, if you consider their future, then it is imperative that a leader says something that supports them and so i truly hope that business leaders around not just the country but around the world are feeling the pressure of having to acknowledge this current situation we're in >> we saw from the clip with melody, she said talk is cheap i've seen in the past, you've said we have to make sure this isn't just a hashtag specifically, what sort of actions would you like to see that we haven't yet seen enough of >> i want to see more corporations put their money where their mouths are of course talk is cheap. but money is not it goes to fuel defense. it goes to fuel action and so i want more corporations to put their money where their mouth is you know do something about this don't sit back and throw your hands up and say well, it's not

my fault it's not my problem. it is our problem. it's our collective problem. we see anytime the streets, in people's anger i have anger, too. i sit in a job and i'm angry i'm very angry at what is going on and the conversations i'm having are about how to make a difference and make change it's not about changing the world. if you just look in your own yard, your own company, there are probably things you can do to help make a difference, even in the employee's lives and that's what's most important right now. >> what did you make in particular, just trying to get to some specific examples at the way in which adidas retweeted with commercial from nike. would you like to see more of that traditional corporate rivalry set aside? >> yes, of course, because this is not a time for rivalries. this is a time for r us to truly come together. we have seen seeing that for a few months now around covid, that we're all in this together. well the fight and pandemic of

racism has been around long before then and so i'm hoping that this is a catalyst. you know there's always a moment when we find the outcry of people who are disenfranchised, who are held down, whose systems have broken down and right now, we're again in that moment and i hope it is not one that will be forgotten soon that the hashtags don't die. that corporations don't just use this as marketing ploy, but an opportunity to make some systemic changes so yes, i think it's great that adidas reposted nike, but now what >> are there any specific examples you've observed from corporate america that you're disappointed in? that you'd like to see specifically more action in? >> no. i mean i don't, i certainly there's a lot that needs to happen but there are companies that are doing the right thing and doing the good things and i'd rather talk about them because i feel like if we continue to praise those who are doing the right thing hopefully other people also join

i really, i appreciate what twitter has done the fact that they've put black lives matter in their bio. right now, i feel like a lot of corporations and perhaps most politically correct ways of talking is not necessarily about blackness and right now, that's what we're talking about that that complete issue, that total issue is what we are talking about and so let's not color it with anything else. let's talk about that particular issue so to me, it's like if twitter can do it and glossier and endeavor, then so can everybody else so i want more companies to step up and make sure they are actually voicing this real issues and that again, they are looking at their own companies and finding ways to fix their because that is part of society >> boseman saint john, thank you so much for joining us >> thank you for having me appreciate it. after the break, spacex making history over the weekend

launching two astronauts into orbit and docking with the international space station. why some analysts say it's a win for tesla. that's next and wildfire 'head to break, here's a check ond bonds. got the ten-year currently yielding around . 66%. closing bell b will e ining bel. stay with us ♪ ♪ ♪ ♪ ♪ ♪ ♪

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welcome back we have space themed market movers historic launch over the weekend that marked the first time astronauts traveled to orbit from u.s. soil in nearly a decade and also the first time on a commercial spacecraft as the astronauts arrived at the international space station aboard crew dragon endeavor in a

mission that could be spacex's final mission before the spacecraft becomes regular taxi like service for our astronauts. this is a big win for spacex and commercial space overall this ushers in a new era of human space flight, one comprised of public private partnerships and really a u.s. vision for commercialization of low earth orbit. spacex privately held, but publicly traded space names like virgin galactic, max star, aerojet and ufo are trading higher today in sympathy on this major historic launch and the news perhaps also propelling musks other company, tesla, as well especially as analysts like dan say quote we view the massive success story of the spacex dragon launch and capsule docking the international space station over the weekend as another major achievement of the

unrivalled musk and tes ha brand awareness. we're seeing those shares trade higher today as well >> and >> and i should mention 9:30 a.m., how could i r fforget thi. 9:30 a.m. eastern tomorrow right after we get the opening bells, those astronaut, bob and doug, as well as chris cassidy who they joined over the weekend, are going to be joining us in an exclusive interview, the first one they have done one-on-one since making this flight >> which is insanely cool and i can't wait to watch, morgan and i want to go back and we discussed this last week a little bit even before the success of the lawn. ch but u how far ahead is spacex than the other space companies >> you know i think adam jonas of morgan stanley summed it up earlier this morning when he basically said elon musk is now essentially the most important person to the u.s. space program. spacex is very much in the lead.

don't forget also just in terms of this commercial crew program that this mission falls under, it's not just spacex it is also boeing. that is part of that program as well boeing still has to do a second uncrewed test flight which will probably happen as soon as november before they, too, can send astronauts to space that's expected next year if all goes according to plan so spacex in terms of programs is very much in the lead and it just speaks to the fact that just a couple of years ago, a partnership like this with nasa wouldn't have necessarily existed and it does represent a way to bring costs down and make space more accessible to more companies and now more people. >> while morgan, we look forward to the interview the launch itself delivered a groat mome great moment of optimism >> good news >> and we look forward to the

interview tomorrow today, stewart butterfield says he has extra eyes on him this week and he plans to use the plight to amplify black voices he will in ujos ahead to do just that we'll be right back.

welcome back to closing bell up about half a percent. as you can see, most sectors led higher .9 of a percent.

speaking of health care today, biggest decliner, update surrounding breast cancer drug, significant -- survival. so you can see there. violence and unrest this weekend, despite that, reopenings are pushing stock sts higher today and investors are keeping an eye on growing china tensions and how that, too, will impact trade policy. >> now for a cnbc update with frank hol dand >> good afternoon, how are you here's your cnbc news update attorneys say george floyd's

family shows he died of asphyxiation illinois governor jay pritzker challenging president trump's call to crack down on violent protests he told trump his comments are making the situation worse read more about that on cnbc.com white house press secretary says the president was urging governors to call up more national guard she also says the department of justice has decided to pursue antifa as a domestic terror group. and nearly 26,000 nursing home residents have died from covid-19 however, these are preliminary numbers. in early may, a "new york times" survey count ed more than 28,00 deaths among nursing home workers. that's your update for this hour back to you, morgan. >> thank you heartbreaking. we've got 29 minutes before

the bell here is where we stand with the major averages all in the green modestly as the markets digest quite a bit of news, the dow is up .3% at 25, 478 s&p is up half a percent nasdaq is the outperformer up .7% and so the russell 2000 with small caps on the reopening hopes trading up after the break, despite the drum beat of sobering news, the s&p 500 is now just to put in perspective, now just down 5% for the year a tuning recovery from the march lows we're going ask liz ann saunders if she trusts that rally, so stay with us ♪

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despite increasing tensions with china, rational unrest throughout the country and persistent underkurcurrent of te coronavirus, the market keeps marching higher. even up today. the s&p is just 5% from the flat line for 2020. joining us now is liz ann saunders from charles schaub great to have you with us. i wonder what you think of the market at these levels and the fact that despite what's been a difficult news flow just today alone the fact that we have g n gained or regained so much momentum in recent weeks >> i would say you can break the

environment really into three phases the first phase was the big down from february 19th until the low on march 23rd. that was the systemic shutdown of the economy just the screeching halt and that was easy to justify but at the march 23rd low, you could suggest that the discounting what was yet to come the 35% drop that's in line with the likely drop we're going to see in earnings may be mild to the relative drop we're going to see in gdp up until about mid may and a concentration in areas like tech and health care there were seen as either sort of winners for lack of a better word relatively unscathed. then since mid may, you've tu turned into a more classic cyclical bent to the economy

suggesting that at this point, the market is price ng something more v shaped like and given the, sort of added complacency that has come with this sort of straight shot nup the market, that concerns me right now that if there'stoo much complacency much like with the case in early february, you get some sort of negative catalyst and you know risk comes back into the form much more quickly than what people think at this point. >> that said, have you been encourage bid the early data we're seeing as it relates economies. >> the u.s. and parts of asia where they opened up sooner you're seeing a lit more life in the industrial and manufacturing side of the economy. less so on the consumer side of the economy. not that we're necessarily going to repeat that, but that would maybe matter a bit more for our economy given how consumer centric it is. that would something i would be

mindful of but absolutely on the margin, you are seeing a pick up or dire numbers. you're seeing continuing claims, the first uptick in manufacturing in four months if you look at the mi frequency data like mobility indexes, you've kind of move d up off the bottom it's nothing that looks rosy in level terms but as is often the case, the market keys off you know better or worse often more so than it does off of good or bad. >> what do you think about china? i guess in terms of the risk around china and these rising tensions between this country and that one, what do you think is priced in here and when you think about the concern around complacency, is this the type of thing that could trigger a pullback >> it is possible. and when i think about the concerns, the obvious ones are associated with the virus. whether it's second wave risk in the virus. even after the second wave, second order economic effect, but as you start to think more

beyond the next week r or month or so, you have to clearly put geo political risk into the mix when you think about what were the biggest drive irrs of the market in the short-term, some of the day-to-day moves prior to the pandemic, it was really tied and highly correlated to trade news so even in an environment where we ease some concerns with regard to the virus and opening goes fairly smoothly, that probably is a risk that comes back and has the potential to be a volatility driver and of course we have the election coming up so not just geo politics but politics and the uncertainty associated with that, not to mention the ongoing potential risk associated with civil unrest, so yeah, unfortunately, there's a reasonably long list of potential negative catalysts to the extent we have a set up in terms of too much complacency, too much optimism and all you need sometimes like was the case in mid february is a trigger

>> what's the advice to clients if given as you said, there's a bit of complacency risk out there? if they want to have protection in their portfolios, what's the advice as to where they should get that is it sector rotation or is it still to buy bonds despite the sort of historically low yields we've got? >> first of all, make sure you have diversification and strategic asset allocation that's tied to your own risk tolerance and time horizon and income needs that's step one. within that, we have been recommending that investors consider rebalancing a bit more frequency. have it maybe not be so calendar based. often time, people will rerebalance on a quarterly or annual basis, but have it be more volatility driven let your portfolio tell you when it's time to trim back areas, whether it's stocks, industries or sectors that have done well but we also think sectors will dwe fine outperformance more than sectors so we're real

focused ond quality balance sheets, quality management team. you know positive and consistent cash flows all of those quality measures, which have been factors that have dominated in terms of performance we think will continue to be, but don't necessarily, they're not necessarily sector specific. you can find eququality across e spectrum of sectors, but we think those will be factors that will continue to be rewarded >> thanks for joining us >> thank you we've got a market flash on chipoltle. >> we've got shares right now up about 4, 4.5%. roughly 600 shares of volume the it's being driven in part by analysts that have upgrated the target price on the stock to $1200 a share. it was 870 they cite better trends and also the idea that if people take out more in terms of dining, chipoltle will benefit so those shares moving higher and till below about 4.5% below where

they were at the record levels a couple of weeks ago. >> still up some 25, 26% year to date can't complain thank you very much. after the break, a massive move for zoom. tough questions for casinos and a history making chart from paul hickey those stories and more when we come back and go inside the market zone. you can always watch or listen live on the go on the cnbc app closing back back in a couple. you doing okay?

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sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance. just under 15 minutes left commercial free coverage of all the action going on into the close. mike here to baek down these crucial moments. and today, we've got paul hickey with us as well. good afternoon to you, paul, but let's kick it off with the broader company. stocks starting the new month higher the nasdaq outperforming today now less than 2% from its all

time closing high set in february pretty remarkable all things considered mike, s&p 500 up 0.4% or so, a little bit off the high, but we're significantly higher than where we were when the futures opened and indeed at the open today, which is encouraging given the rally we've had over the last couple of weeks >> since we've broken out of that range that held a few weeks back, it seems as if the market is down half a percent, the machines start to buy so it seems as if big investors still want to have a little more exposure, make sure they want to top up their equity allocations right now. that said, it's not necessarily an urgency in buying not a lot of high volume and i think you can look at pockets of the market getting overheated such as a lot of the retail trader driven stocks today but that doesn't really give you a timing tool. tells you that the market is kind of finding ways to stay supportive near these post crash highs. >> mike, what do you think about

the russell 2000 up 1.5% today it's been seen as something of a proxy for this whole reopening trade. is that something that continues to play out? >> yes, it is right now. for the past week, two week, depending on how you want to frame it, there has been this move toward small er stocks that's really gotten beaten down as to whether it continues, they were so depressed, these stocks, that just a kind of snap back is enough to explain what's happening now as opposed to it being some very articulate message about where the economy goes so i think there's evidence that says these rotations can last longer once they get rolling after a volatility storm. just unclear that you'd want to bet in a very, very pronounced way on this being the only thing that works from here >> paul, to the point of the

rotation, health care stocks, it's the worst sector today on the s&p 500 and during this more aggressive rotation in the last week or two, it's been a relative loser where do you stand on that sector and more broadly to make mike's discussion point, whether this rotation is going to continue if it's either/or no as opposed to all sectors being able to rally. >> yes so i think when we see a shift in the rally on may 13th, we saw some of the cyclicals like industrials, financials, and even the small caps. that's when they really started picking up steam and those are all bet on the economic recovery and things turning more positive so will that continue? let's look at the second period of economic data it's coming in weak, but we've seen jobless claims improve or get less worse for seven straight weeks now we've seen mortgages increase

for six weeks now. those are record long streaks for those indicators again, from very weak levels, but as long as that second derivative trend keeps in place, i think those are the sectors that are going to work but the small caps, it doesn't take a whole lot. the market cap and russell 2000 is 30% less than the combined market cap of apple and microsoft. so if you start to see a rotation in that sector, to mike's point, you could see a bigger move because it was beaten down so much. >> got it. we wanted to flag this chart you tweeted from bespoke as well we're going to pull it up on to the screen that looks at the percentage of overbought versus oversold stock miss the s&p 500 finding that not a single stock is oversold while necessary percentage of overbought stocks popped 70% how come and maybe i should say uncommon is it to see numbers like this and what has history told us about when we hit these levels in the past

>> yes so morgan, it's very uncommon. i think going back to 1990 in our database of tracking these numbers, we never saw a reading where not a single stock in the s&p 500 buzz oversold so that's very uncommon. the level of 70% for a percentage of toks is uncommon, too. when you look back at the market's performance following those periods, three mobts later, the it was higher and one year later, it was higher every time one year, it was about 15% if i remember correctly but what's really even more amazing about this move is that less than 50 trading days ago, 97% of stocks in the s&p 500 were oversold so we've seen a massive shift. you can see anytime this chart there again from the high blue line to the high red line.

so that's only happened about four other times three, six and 12 months later every time, the rally kept on keeping us there i think that's a somewhat encouraging sign and while we're looking at the headlines say in how can the market be so disconnect frd reality, we're listening to the internals of the market seeing slightly more positive implications that market's telling us something that we're not seeing right now >> paul, i know you analyze all the data out there and all the factors that influence share prices i mean i get what you're saying here, though clearly that's point iing to momentum and technical factors that would support stocks i guess the same can't be said when you do an earnings analysis for example. that you can have that level of confidence that three, six, nine, 12 months later, we'll be higher >> no, i mean i think the market's all but given up on the earnings picture for this year no one's buying stocks right now based on 2020 earnings and maybe

not even 2021 earnings at this point. if we do get the data the continuation of the improved data coming in and its through the summer and we don't get a severe second wave of this outbreak, then i think the levels of the market are more justified. when you look at a stock, you're pricing it and valuing it based on future earnings and at interest rates of zero, you can take you know a year hit to earnings and not have a major impact on a long-term ravaluati of a stock if that's the way you're really valuing stocks, which is the way stocks should be valued. >> seven and a half minutes left of the session up 0 hnt 4% on the s&p 500 zoom shares soaring today. diedra has more on that move for us hi, d. >> zoom's market cap surpassed $50 billion today and that makes it worth more than gm, charles

schaub and biogen. zoom has been one of the most beloved work from home stocks but as more offices reopen investors can take the opportunity to book profits. also, the company has not updated its user metrics since the end of april and all the meanwhile, rivals from facebook to google to microsoft, they've been upgrading and pushing their own video conferencing platforms, is guy, tomorrow's earnings after the bell will be key as to whether zoom can taken this incredible upward momentum. >> thanks for that mike, i love that comparison i've seen it put a dimpt way, which is bigger than the combined market caps of the four biggest airlines all together. i think united is at about 8.5 billion as we stand. pretty astonishing and clearly, ut rerly different multis being applied to both and i guess that's the question when you look at those two.

kind of similar to what i was discussing with paul hickey, which is at what point investors pivot back to putting an earnings multiple on both stocks the outperformers and underperformers. >> when it comes to zoom, the market is in a mode of just buy ing this entire area of economic behavior and just saying we know that this company can't really earn anything in the next couple of years it's really going to substantiate the evaluation and shopi fy $90 billion market cap it's really not got a consistent profitability model but everyone just sort of knows that they're believing any way that the future is going in the direction of these companies and for now, that's been enough it's also gotten really picked up as a little bit and i was saying before, these retail trader kind of cult stay at home names. that's a propellant behind this torre as well. so yes, of course the results are going to matter. can you really construct a very robust business model against

all the competition. all those questions matter, but right now, markets just want to place bets on areas that seem like they have a high probability of winning >> yeah. >> zoom is up 200% just about year to date which is incredible it's been seen as a ta at home play how much hinges on that continuing to be a theme i guess more than that, how sustainable is this run nup in the stock especially given the fact it is starting to put more focus on privacy and some is of the other issues that have come up along the way as it's grown >> i have no idea where zoom is going to go or where the rally is going to end. i wish i owned it on december 31st this is a stock we added to stocks for the covid list back on march 11th. back then, it was 108. so in just over two months, it's gone up that much. what helped the stock today i think is the encryption, they've been making moves to become more

focused on security. and i don't think even this weekend's events around the country in cities throughout the country they've help it had case for work from home people aren't really looking to commute into cities where there's unrest so i think that's a short-term boost for the stock. i think they're buying it for that reason. you should be doing other things, but i think that's one of f the reasons that's helping to get the stock with the boost today. the report is going to be great relative to expectations they've reported three earnings triple plays over history which is just beating revenues and raising guidance but the stock's reaction in the short-term have been a news reaction i would keep that in mind going into the earnings report >> yeah, key point we'll see what those numbers look like tomorrow violent protests across the nation could threaten the

reopening of casinos and contessa brewer has those details for us >> morgan, nevada casinos are scheduled to reopen thursday, but this weekend, the governor ordered up the national guard. the reno mayor declared a city wide emergency and b on the las vegas strip, police fired off rubber bullets and tear gas. in st. louis, a man was dragged and killed by a fedex truck amid protests that turned chaotic and yet today, missouri casinos opened as scheduled. right now, they're mostly relying on visitors driving to these properties will civil unrest keep them away in gaming analysts david cass of jefferies an ticipates fear wil have some impact on traffic but barry jones of sun trust says the trooif to gamblers are more risk tolerant. morgan >> i know you've u been covering this in recent weeks up to this point, but in terms of those

casinos reopen, what are visitors to those properties going to be coming in contact with what is the experience going to look like for them >> well, social distancing will be in effect in all of these in missouri for instance, the occupancy is capped out at 50% so that it gives players plenty of room to go in you might expect temperature checks or masks being handed out to those who choose in many cases. employees are being tested and having their temperatures checked as well. >> thank you we have two minutes to go in this trading day on the first day of june and mike has more on market internals >> they've been strong been about 80% or more to the upside so relatively broad rally today. that's also reenforced if you look at the equal weighted s&p etfs compared to the s&p 500, that's just today's action and you see more than double the gain in the equal weighted

version so cheerilearly, it's te rank and file stocks microsoft has been down a touch all day even though software on the nasdaq has been up then the volatility index has been kind of stubborn and stick fi in the high 20s up today 28 and and change so not relaxing as much as some traders might like given the s&p 500 has been on this upward path >> just under one minutes left of the session the dow is up just shy of 90 points or a third of 1% as we speak. you can see from that intraday chart, well off the session lows and where we were overnight with the futures which was in the red as you can see at open a little bit off the highs up 126 or so about an hour or so ago but there's the s&p 500. up 0.4%, an encouraging the constructive improving morning picture. nasdaq up about 0.7% russell leads just shy of 1%

real estate the clear winner followed by energy and utilities. only one sector in the red today, health care dollar slipping half a percent oil up, gold flat. at the close, we're up 0.4% to kick off week and month. >> welcome back to the closing bell just to get a check on where we finished this first day of the month of june, major averages fractionally higher. the dow finishing up 91 points or .3% so off the highs of the session but also well off the lows which were down when it was down as many as 162 points

similar story for the s&p as well which has finished the day up about .4%. 3055 is your level there majority of sectors finishing in the green led by real estate, energy and financials. health care finishing the day lower. nasdaq as well also finishing the day up about .7% hitting its highest level in today's trading session since february 21st. small caps, the big outperformer finishing the day up about 1, i guess about .8% so coming off their highs. coming up, ask the ceo of slack about how else ceos can help calm civil unrest around the country besides tweeting support and pledging donations joining us to talk about the market day right now though is paul hickey, who's still with us and liz young, but first, mike, we go to you market haves a lot to digest

today. whether it was the protest, tensions with china and then of course ongoing reopening efforts. the country ore. the fact we finished the day up higher closer to the highs than the lows what does that tell you? >> it's default mode seems to be b a clock work upward grind at the moment doesn't last forever i also think it's interesting. last week, the big complaint for people who thought the market was ahead of itself well all these gains are happening in overnight futures. well today we had overnight sell off in the index futures that rebounded and the market did not do a lot during the day, but held most of those gains it's certainly i thinkyou coul make a case that it feels like the kind of market that's gotten a little bit ahead of itself some overbought and overheated measures and maybe this faces cull min nating but the projections of this type of behavior, this very broad thrust

off of a major low like we've seen tends to lead you to a pretty decent place if terms of returns, even if in the immediate term there's sometimes some challenges. >> is it rally or growth >> we keep talking about that as if it's all a row sum game that if value win, growth has to lose if tech loses, everything else has to win i don't think that's the case here if we have renewed opt michigan new mexico the economy and if this xonts as expected you keep confirming the bull case, we probably have a lot of cash from the sidelines that can come in and continue to drive everything up. i think it's flasnatural to hav catch up trade there was a huge dispersion in returns up until the last couple of weeks this feels bert. i like that that's a broadening out in strength. i don't think it means one has to win and the other has the

lose >> paul, one of the things we have been talking about with you just in the last couple of minutes is the this idea of reopening. the fact we had these protests, this unrest in major cities across the u.s how much of f a risk is that from the market standpoint in it does start to make whether it's casinos or retailers, whether it's other parts of the economy slow down their reopening process. is that something that would potentially affect the market or something that investors are just looking through right now >> i think the protests this weekend were really don't want to minimize them at all. it was a major event throughout the country. when we've got the historically if you look back to 1968 or rodney king, you didn't see a long-term impact on the economy. i think what there will be you know fall out in results and things that will change because of this.

but i don't think from an economic perspective, i think from social perspective, things h change, from from an economic perspective, i think the economy you know, i don't think it's really going to slow down the reopening process all that much. people have been inside for three months now and haven't been able to go anywhere and they're ready to go out. you look at these casinos that opened up. there's lines out the door the airlines, may 13th, you've seen airline, cruise lines and casinos among the best performers investors are sensing that pent up demand on the part of, on the part of consumers and we'll have to see and as the metrics continue to move along as far as the virus outbreak and show improvement, i think those stocks will continue to see a recovery here. they're so far behind the rest of the market. >> the social aspect of esg investing could be getting more attention on the protests. bob has more on that hi, bob. >> environmental social

governance, it was hot before this it's likely going to get even hotter after these protests because it includes things the protestors are interested in esg has been outperforming but this year's been good. extrackers doing better. that's esgu. etfs associate d with this. outperforming by about one or two points on the year the important thing is if you're wondering what it is, environmental, soernl around governments, environmental has the impact on the government social talks about relations with employees and shareholders and governance about leadership and pay. inclusiveness. all of these are issues of course that were a being debated and discussed over the weekend more inclusive one thing is for sure. there's been a number of these etf funds have done much better because they've been heavily weighted towards technology stocks if you look at what's under the hood of some of these e the tfs,

microsoft, alphabet, this is one of the big etfs out there. this looks like a big cap megacap fund herbessentially. it's heavily weighted towards tech and energy and some industrials. those are companies that tend to have the better balance sheets but this has been a big debate now. how do you define inclusiveness? measure it how do you put a weighting on it that's the issues they've been debating with. >> it's such a fascinating debate always within the investing word and the thing i just wonder is whether this debate if you're debating whether an esg specific fund will prosper in the years ahead versus non, i wonder whether this becomes the norm for all asset management such that you don't actually have to be defined as an esg only investing platform to benefit just becomes the norm across all companies

that do any veinvestments whatsoever >> yes, the goal here for people interested in this is that it moves the whole dial, you're right, that call companies would become more let's see esg minds overall, but within that group, companies like s&p are trying to carve out companies that are outperforming. so thaey may not want energy stocks but there might be some stocks more environmentally responsible so they'll go into groups so yes, you'll move the dial everything will become more esf geico but within the groups, there will be more competition and some will do better than others at least that's the hope of the people advising these portfolios >> yeah. bob, thank you liz, i want to get your thoughts on this just in terms of esg stocks. how you approach them from

investing standpoint and how you think that conversations we're having on a day like today are going to mean these guidelines or the demand for those types of companies that are taking steps is going to increase >> yeah, this is a two part answer the beginning of this is if we look back a year, two years ago, the really important part of esg was the e. we were talking about electric vehicles about getting more efficient and cleaner for the environment. and now because of a lot of the things that have happened over the last six month, you're seeing more focus on the s and g portion. and i think as we go forward, investor demand is probably going to shift and change. and you have to think about the younger generations that are growing their wealth and starting to build their wealth and they're going to be the big buyers of stocks in the future so there might be different things that are important this them that weren't as top of mind to investors of the past so i think esg is going to continue to grow. it's something we focus on as firm in the asset management division >> all right

we're going to leave it there for now. paul and liz, thank you for joining us today >> we've got braeblging news on new economic protections from the cbo. kayla has that for us. >> the congressional budget office is responding an inquiry from the top senate democrat chuck schumer who asked the agency essentially to calculate the economic impact of the coronavirus. basically, what the agency had been predicting for the country's economic growth for the decade and how the coronavirus has taken a bite out of that. well in a letter to senator schumer, cbo says that because of business closures, social distancing, curtailed consumer spending and lower investment in the energy industry because of lower oil prices that the impact on gdp over the next 11 years to 2030 would be about $8 trillion or 3% of cumulative real gdp so potentially, democrats are

looking to quantity exactly how impactful the coronavirus is as they try to get republicans to start negotiating a new stimulus package to help off set some of this economic damage that has taken place the cbo notes that legislation that was passed just a couple of months ago has only partially off set that so we'll see what democrats do with these new numbers. >> i think the really fascinate thing there is you'd still be 3% lower in 2030 from something that everyone expects will hopefully subside by the end of next year, if not before then. i guess the off set to that always is forecasting gdp ten years out is pretty impossible thing to do. so it's the early years of the forecast perhaps that have more credibility in terms of hope of being accurate >> right and cbo says as it gets more data and as there's, it's

estimates change but that's where it is right now. >> thank you crisis in america. up next, we'll ask slack ceo about how corporate america can take on racial injustice amid violent protests across the country. closing bell back in 90 seconds.

welcome back quick check on how we finished today on wall street dow closing higher by about a third of 1%. s&p 500 higher by about 0.4%

only one sector in the red, that was health care. led higher by real estate. the russell, the out performer up 0.8%. over to mike for a look at consumer demand. mike >> yeah, we talked so much about how the stock market treats these companies that are exposed or less exposed to the consumer and sort of wall street main street divide. morgan stanley, their analyst covered universe, about 900 companies, this is the end demand of where they get the revenue, so 56%. but this is global of the 56% allocation to consumer demand, about 71% of that is u.s. consumer. do the math. 71% of 56 is about 40% so you think about the aggregate market value of u.s. companies, about 40% of the dollars flowing into them is coming directly from u.s. consumers and a lot of that is nondiscretionary.

consumer staples, health care items. so i think that puts in perspective how leveraged the public equity market is to what's happening on a household level on a consumer level. obviously it's super important the single largest source of o mohannad but not manager that's make or break. so maybe reconcile is a little bit of the proceeding in this match with the market versus what's happening on the consumer side gl thanks so much for that now civil unrest spreading across america as protestors call for action against racism and some corporate executives are speaking out in support. slack's ceo betweeting quote ne week, i have some extra eyes on me i'll use that attention to amplify black voices and also condemn not just the violence but the indifference, the lack of come pgs and the deflection and excuses. also matching donations to ten different social justice organizations. the ceo joins us now very good afternoon to you

thanks for joining us. >> thank you for having me >> looking at your tweets, have been deeply affected by the scenes and actions of the last week or so talk us through a little bit more how it's resonated at your company, at slack, and what you're doing in response >> yeah, it's had a big impact on our black employees but on everyone to some degree, i'm hopeful this can be a turning point, enough awareness and speaking out on behalf of nonblack people to make this a norm and to kind of shift the goal post that the conversation at a national level. i'm not especially optimistic, but that's the hope. i think a will the of employees are sad and angry and particularly over this weekend as the narrative has shifted

from one of and distraction of the rye royots and property dame feels a little like we're slipping back. >>. >> yeah. it's a difficult time right now and the hope i think certainly is that there's a broader debate that happens there are changes in a societal way that start to take roots in terms of what that means at slack, i know you've released a diversity report how do you think about diversity and how do you think about creating opportunities within the company to folks who may be have been under served or underprivileged and are looking to be able to climb that socioeconomic ladder >> yeah, it's been an important issue for us for many years now. since near the beginning, i think when we realized we were 20 employees or something like that and the balance was not reflective of the greater society at all

you know one of the things we would love to see and i really want to stress slack is not perfect. there's no magic bubble around the company that keeps the rest of the world out we exist in a larger system and that has a lot of systemic factors that are racist, that disadvantage black and brown people the areas where we've tried to make an emphasis are when people are in the company, the opportunities for promotion should be equal. the compensation should be equal and i think we're still along way from perfect on that i think we are slightly more representative of the national population that a lot of other technology companies but there's a long way to go there we've also been experimental we have a program which pairs women of color with executives to sponsor them and to mentor them and the next chapter, a program for hiring formerly incarcerated people. we're listening, paying attention and trying things.

>> i wonder whether you thought tech more broadly could be empowered to reduce racism in the workplace? whether it allows people to make changes more quickly once those decisions have been made and see that filter through the workplace more quickly than perhaps if we were still 30, 40 years ago. >> yeah. there's definite ly been a positive impact of tong in the sense of the ease with which events can be recorded and distributed. i think that's obviously made a difference and ideally, technology is a force for good but it's a force which generally augments our human ability so that could be in that sense used for good and bad. it is heartening to see within the community of technology employees a lot of support for it >> i guess my follow up u to that is what your take is to the debate that separate debate, but certainly related debate we've

been having on our network about facebook and about twitter and jack dorsey and mark zuckerberg's actions in particular around hateful or perhaps inaccurate speech on their platforms and whether you feel these social media platforms have been a force tor for good r or to accent wait the polars that exist today. >> both. i mean it's a little bit of all of the above i think had the video of george floyd not been available and widely distributed, i don't think it would have got the attention and the same thing is true for eric garner and many cases, not had the video evidence but the conversation was accelerated or acce accentuated through the the use of technology. and that makes a difference. i think it could beused by

humans to kind of dig in and reenforce their convictions so you know net iting that out is pretty hard to do. and i think the time spent thinking about the impact is important. >> yeah. just to hift gears a bit i realize you're going to be reporting earnings later in the week but you're in a quiet period, but my goodness. what a year this has been. coronavirus and now the shift to reopening the slow reopening of the economy. now we're talking about civil unrest what is all of this i guess mean for your ability to bing your workforce back into offices and not only that, the conversations you are having with your customers who have been adopting your platform and your services in such a great way in the last couple of months >> it's a really interesting conversation and i think the one common theme of the conversations i have with my

peer, ceos of other technology companies and software companies and with customers is that no one knows. no one can truly predict when we will be back to normal or what normal will look like in the future to a lrnlg extent, it's dependent on what everyone else does none offu us can act unilateraly if you need to work from home or remotely becomes a standard future yenly, it will apply to us just as much as anyone. we managed to make the transitioning effectively if you measure in terms of productivity, it's harder to know how how long that lasts and whether you know over time, as people become more and more fatigued and tired, they're going to contribute in the same way, but it's an interesting time and hopefully we can support people like veterans affairs which a months before this started, they operate the

biggest unified health care system in the united states and obviously are under a lot of pressure right now but also just regular companies. td ameritrade. target, ibm. especially hard hit for us has been the use of slack by not for profit or emergency response or relief organizations >> you originally booked a talk in detail about work from home, but not the case today we thank you though for coming on and talking about a much more important issue and hopefully come back soon to talk about work from home tough in more detail >> thank you so much >> slack's ceo whose earnings are coming out later this week still ahead, we'll have gordon brown about whether central banks around the world have done enough to combat the economic fallout from coronavirus and as a reminder, you can always watch bcppisten live on the go on the cn a

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up next, business leaders speaking out on the crisis in america. calling on big corporations to do more in the face of racism. we'll discuss with the cofounder of a non-profit that focuses on

working with inner city youth. that's coming up right after the break. stay with us this is decision tech. find a stock based on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

i'm an associate here at amazon. step onto the blue line, sir. this device is giving us an accurate temperature check. you're good to go. i have to take care of my coworkers. that's how i am. i have a son, and he said, "one day i'm gonna be like you, i'm gonna help people." you're good to go, ma'am. i hope so. this is my passion. if i can take of everyone who is sick out there, i would do it in a heartbeat.

i get to sit on cnbc and have this conversation because of one reason. because when i was growing up in philadelphia, the social engineers in philadelphia x at the time when dr. king was leading the protests in the 1960s, decided to take a few inner city kid, put them on a bus and get a rigorous education. my class had 1400 kids there were nine african-american kids i know for hur shah what put my life on a different trajectory was that someone intervened to give me an opportunity, to close that opportunity gap and that opportunity gap is still there >> powerful words of experience, strength and hope from merck's ceo. he was on earlier today on squawk box

his story is a powerful one. it shows how important one opportunity was for his success. one organization in order to provide more opportunities is project destineded a non-profit that partners with real estate developers to work with inner city youth and train them on sourcing and financing deals so joining us now is the cofounder, and also former principal at the carlyle group thanks for being with us today i would imagine you have some thoughts, some reaction to that conversation with ken frazier about opportunity. so tell us about project destined what you're doing there and why you decided to launch it >> well first, thanks for having me and thank you to ken for those powerful words as you said ultimately, our work is about ultimately education access and ownership and our purpose as ken highlighted is we want to get the students early and teach them and train them on how to become owners in their own

community. the nba wouldn't start training players at 18 to pursue basketball they start early with their intervention as our goal as early as elementary school, early train them with great education then two, em powing them with tools to make them owners. >> i'm interested in how auch you said the word owners there we're talking about a financial education so that people are ready for their business license and do you think lack of financial education doesn't affect people's opportunity going forward in life? >> i think lack of education has a huge role in it. i want to add in that it's important to not to just teach u you to balance your checkbook. you need to become an owner of your neighborhood. you need so see your neighborhood as a place where you can become an owner. >> is that why you chose real estate >> i've always loved real

estate i mean from an early age, my mom wanted to own real estate and she passed that down to me along with the chance to get a great education but i always wanted to own something in my neighborhood because i thought there was great potential. so we started in detroit because i saw the city change and participation wasn't as broad as i thought. the worst thing is when you see your neighborhood change, you don't feel as though you could become a part of it. we wanted students to be a part of being an owner in a neighborhood because i think it changes how you see yourself gl which cities have you moved on to focus on since detroit and what other kind of factors do you look at and which city is next >> we've done seven cities the highlights from my hometown of memphis, new york and l.a but when it come to city, we ultimately the first pieces that we have to go are strong partners and we're forcing the half and i'm partners from brookfield and others, the

second piece is we want to find schools that really believe in our approach we have those two, tremendous talent in our own neighborhood really about partnership >> i'm curious about your experience has been like working with inner city kids and the challenges we've faced, and the situation we need firs wh first what the biggest problems are. >> i think students want to be heard and seen as having talent. i think one of the great things that sports have done, they see people of all races talent so i'm focused on training

students i see them as talent i'm saying wow, you're a really talented 16-year-old what if we gave you the tools and network and access to be a part of transforming your community. now a big part of it for us is we don't do it with just our team we do it with a tremendous set of partners who believe in that philosophy so when we show up at a school, i'm showing up with leaders from brooksfield with all kinds of folks who believe in a cause and much like we can go to b basketball game, when students see all these folks showing up, i think they get excited and' themselves differently and become part of a solution and not a problem >> thank you for yojoining us today. >> my pleasure >> market flash on starbucks hey, dom >> we got starbucks shares off over half a percent in the aftermarket safte aftermarket session.

it's 568 shares. the reason why is because of some headlines out of the "wall street journal" that says that starbucks is going to look to further limit employee hours to match the pared back operations at u.s. stores this is the idea that stores won't get up to feel l speed until the fall it's encouraging workers to take unpaid leave until september or work reduced hours and according to the report, tstarbucks managers say employees will have about a week to decide on whether to take reduced hours or take unpaid leave until the fall it looks like the trajectory for many restaurants is not going to be a straight line to the upside we'll bring you more as we know more >> thanks for that still to come, an exclusive interview with former u.k. prime minister, gordon brown we'll ask him act how president trump's move to withdraw the u.s. from the world health organization could impact the global fight against coronavirus. back in a couple of minutes. don't go anywhere. ♪

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welcome back time for cnbc news update with frank. >> new york city will impose a curfew tonight at 11:00 p.m. after several nights of property damage and clashes between police and protestors. it ends at 5:00 p.m. zblncht in minneapolis, terrence floyd, the brother of george floyd, making an emotional plea for peace today at the site where his brother died saying viviolence, quote, is not going to bring back my brother at all >> let's stop thinking our police don't matter and vote not just vote for the president, but for the preliminary, vote

for everybody! education yourself >> and in new jersey, governor murphy says the state is to move to phase two of the reopening process. starting june 15th, restaurants can reopen for outdoor dining and retail can resume at a reduced capacity salons and barbershops will follow on june 22nd. back to you. >> thanks so much for that up next, our exclusive interview with gordon brown. his take on the global response to the coronavirus back in a couple of minutes. worked like that. well have you tried thinkorswim? this is totally customizable, so you focus only on what you want. okay, it's got screeners and watchlists. and you can even see how your predictions might affect the value of the stocks you're interested in. now this is what i'm talking about. yeah, it'll free up more time for your... uh, true crime shows? british baking competitions. hm. didn't peg you for a crumpet guy. focus on what matters to you with thinkorswim.

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try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty. a group of more than 200 past an present world leaders have signed a petition today calling for a more coordinated respops to the health and economic crisis caused by the coronavirus pandemic as fears of a second wave grow earlier today, i spoke to gordon brown, one of the leading sigona

tears of that position i asked whether he's impressed by the responses of governments and central banks on an individual country level so far. specifically the u.s. and u.k. >> i think the national response is reflectedto the urgency of having a medical and economic emergency at the same time, but when you look at the international response, which has prompted this lert signed by more than 200 people today,it has been very poor and i think we've got to show now why it is necessary that the g-20, which is aftera all the premier organization for international economic koorp ration, should meet as soon as possible and certainly not delay meeting as it plans until late november this year. and deal both with the health crisis where we need to avoid a second wave and particularly one coming out of africa and the developing countries and on the economic side, when you need

global coordination to move from what you might call the rescue operation, that's what we've been involved in saving company, helping people keep their income, putting money into health to the next phase, which is actually the planning of a global recovery and on that, i think every country needs to be able to work together so that we can restore global trade as well as maximize the stimulus that can come from countries working together >> how worried are you about the impact on various e emerging markets without this international response you feel is lacking >> i think it's desperate because i think what's happening is the number of cases is still rising around the world. it was running two days ago at a million cases ef week. i think also the hundred countries that i know and more have been applying for emergency help we know 400 more people, 400 million more people will go into poverty. 260 million more people will

suffer from malnutrition and unless we act, these countries are not only in danger of having a long recession in danger of going into e depression, but equally at the same time, they cannot, without our help, solve their immediate health problems and they become a danger to the rest of the world if disease comes back from these countries into countries like america and into the rest of europe. so there is an imperative for the g-20 to come together to agree on a recovery plan and to agree to cooperate to prevent a second wave of this disease. >> you mention dsed the g-20 being delayed until november and most recently, president trump has withdrawn the u.s. from the p. w.h.o. can there be an international coordinated response without leadership from president trump and the united states?

>> america has always led. after 1990, america preferred to act. now it's undoubtedly the case there are many centers of power and influence. america wants to act unilaterally we've seen the leaving of the w.h.o., but also of unesco, the breach in the iran treaty. the climate change treaty being pushed out the treaty all these things that show that president trump has if you like putting the ideology of america first into global action we need now to dissuade him and his administration from this i think they know that they need to help avoid a second run of the disease around the world i think they also know that unless the vaccine when it comes and the treatments when they're available, are distributed right across the world, we cannot e roadway kaeradicate the disease. if we do in one country but not

in other countries, it is still there to come back to haunt us and i think they will begin to understand as you look at the trade figures but also the impact on the american economy, that you will need some form of global cooperation to bet growth back to the level it was before the virus hit us certainly in all these areas, i think it's the duty of the othe g-19 if you like, to persuade the america administration that we need to act globally. and i would look to britain and the rest of europe to persuade president trump that to hold an event with only ten countries invited to the white house is really to divide the world and not to unite it at a moment when the verdict of history will be very harsh if he fail to get our collective act together. >> i wanted to pivot if i may, mr. brown, from the lack of an international response and just specifically at the scale of monetary and fiscal stimulus we've seen in the last couple of

months and whether you fear it's going to significantly distort market pricing in the long-term. coming just a decade of course after another bout of significant monetary easing. do you think there are long-term implications for the market now mispricing risk over the long-term? >> i think things have changed substantially since ten years ago. i argued for a fiscal stimulus in 2009 and i think we were punished heavily because austerity became the name of the game after we left office and it wasn't fashion bable to think that a kenzian solution with dpraet deengraet demand in the economy because nobody else could do it was in any way forward to deal with the situation after 2010 i think attitudes have now changed and tink fiscal expansion is seen as necessary from people who are on the right of politics and not just on the left people know that interest rates are low.

but i think people also know that there's a limit to monetary action in the longer run. you can use it to drain liquidity but you need the fiscal response in the longer run so what governments are going to have to get used to is managing the debt they've created and that will lead to a major debate in every country about what is the right plan for the way forward. the question then is inflation going to rekcur in the moment it's unlikely, but of course if you create such a new amounts of new money, there's always a dang of it coming back. >> mr. brown, i wanted to ask you about hong kong. seven former u.k. foreign secretaries there including your former close colleagues, today cosigned a letter aing that the that the u.k. had a quote, moral and legal responsibility to the people of hong kong, end quote do you agree >> i think what they're proposing is the right thing to bring together countries that

want to see the agreement, that led to the changeover in hong kong in 1997 to see that agreement fully implemented and of course the issue in that agreement worries people in freedom of speech and assembly when i was prime minister, had a human rights dialogue with china. i think we need to extend that dialog dialogue i think we need to raise the fears that we have and of course that is a distimgt issue from the issue of security which is the reason why the chinese authorities are claim iing theyr acting at the moment so i favor the initiative that has been taken. but i would say one thing. we're in a major health and economic emergency and there are going to be differences on trade, on currency, on the future of hong kong differences on huawei, the technology company, but we cannot afford not to cooperate on issues that affect the feature of people's lives and livelihoods in this medical and economic emergency and whatever

differences there is between america and china, europe and china, we simply have to understand that we need to cooperate to get through this economic and medical emergency >> former u.k. prime minister, gordon brown there we'll posting online morgan, i thought fascinating on emerging markets, he said the outlook there was desperate. and also comparing when he was responding to the last economic crisis austerity was what the consensus felt was required. and quite the opposite today in that sense, i guess governments are fortunate that monetary stimulus and fiscal stimulus are not facing as much political opposition as last time out. >> yeah, his comments on a unified response, not just from a health care standpoint, but also from trade i thought were interesting true

wide ranging interview still ahead on closing bell, while twitter started flagging some of president trump's recent posts. facebook says his company should leave them alone some facebook employees are staging a virtual walkout. (vo) since our beginning, our business has been people. and their financial well-being. 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.

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staging a virtual walkout to protest the company's handling stenresident trump's rect po we will discuss when we return okay, give it a try. between wisdom and curiosity, there's a bridge. between ideas and inspiration, trauma and treatment. gained a couple of more pounds. that's good for the babies. between the moments that make us who we are, and keeping them safe, private and secure, there's webex. ♪ ♪ beautiful.

some facebook employees are staging a virtual walkout today in response to mark zuckerberg's decision over controversial talks. senior employees publicly criticizing zuckerberg's decision making over the weekend. joining me now is mike who co

wrote that story how unusual is it to see -- i mean, i get the fact that it's virtual, but to see a walkout like this take place at facebook, how unusual is that? >> yeah, totally they're obviously some logistical issues right now, considering everyone's on lockdown, quarantine, working from home. we're talking about a company that -- i would say on the whole has been pretty aligned, doesn't really challenge executives, and mark zuckerberg in particular. unlike say a.mazon which we've seen in the past few years google had a big walkout a number of walkouts, at least, based on a bunch of different criticisms of its executives this is really rare for facebook to directly challenge. and even more rare for employees to sort of go off on their own

and speak out in the open. i think that kind of speaks to how tense things are internally and how strongly people feel about mark zuckerberg's decision >> it's interesting that you mention that, because it also stood out to me how explicit some of this protest was you quote in your piece, one facebook employee tweeted, it makes me ashamed to work here. taking it a step further, the response from facebook, from a spokesperson again you quote in your piece was to say, we encourage employees to speak openly when they disagree with leadership i wonder if this is the norm, we should expect public spats between employees and management >> i think it's interesting. i think the -- facebook is generally a very locked down company, very controlled and on message, and i think that they're smart enough to realize

when the story is getting bigger and getting away from them rather than cop to the idea that things are out of control inside, which frankly they are, they are kind of getting to a point where they want to say, okay, we generally encourage employees to speak up. i do think, to your point, this is -- we've seen a few years now of employees that are banding together and creating these quasi unions, far beyond the rest of the labor force in a lot of different industries. i think it's becoming more normalized >> mike isaac thank you for joining us folks can check out for more details about this protest, they can check out the new york times and the article he co wrote. meantime, mike san tolly, we're watching the session grow higher what are you watching this week. >> see if that gets challenged

at some point. down only 5 1/2% year to date. down less than the february peek in general, we've gotten to a place where we have a garden variety pull back. just took a dramatic path. >> i'm looking for an out of this world interview at 9:30 a.m. eastern time. we're out of time on closing bell fast money starts right now. fast money starts right now. tonight's trader lineup, tim seymour, brian kelly and jeff mills. crisis in america, street protests, some peaceful, others violent. the market on edge as the nation slowly reopens from the coronavirus lockdown, will the growing protest stall the economic recovery? we kick things off tonight with steve liesman who has more on that story >> melissa, thanks, with the understanding that loss of life and injury, the most important aspects to what's going on with the crisis right now, there is renewed concern about the economy as well. withon