report on a house not burning. jim, thanks for coming on. >> thanks. >> more happening tomorrow we will be here, futures look solid. we'll see whether it holds throughout the session join us tomorrow, the three of us i see us "squawk on the street" is coming up next. >> good tuesday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer and david faber coming to you live from separate locations. it's another tragic overnight in america as cities are torn apart by riots and looters markets remain disconnected as futures point to a sixth day higher out of seven. dax up nearly 4% on hopes from merkel's stimulus. oil above 36, the highest since march. jim, you said not only that the market has no conscious, but

that this may reflect an extension of that stay-at-home trade we've been watching. >> look at all the stocks popping early on those are all companies people were giving up on even ten days ago when they felt the trade was the mike corbat trade. you recognize if you can do what some companies are doing, which are saying it's up to you if you want to come back. i think now the onus is saying i'm not coming back. no way let's dig n get bin and get bet cybersecurity. those are the stocks that are popping. i respect that from people who say i do not want to be back at that building. the pandemic is not done and the

pandemonium has begun. >> what explains boeing up 1%, carnival up 2.5% i assume we're looking at hopes that these demonstrations and protests will not result in a further outbreak of the virus, and that these epicenter stocks will continue to outperform. >> we keep betting you have to have it. it's been seven days now the incubation period, there's a lot of news stories saying the new strain is out of milan, that's not true. we expect another wave it has not happened. i think that we're starting to recognize again the cruise ships continue to have unbelievably good orders. i start seeing -- we're seeing some more travel i love to hear what gary kelly said he put up this note, southwest offers buyout packages ensures survival i don't think he's ensuring survival, i think he's ensuring that he beats the quarter. i don't mean that -- i love gary

i'm saying that gary, i think, is running -- doing a great job. i see positives and i don't see the riots playing a role in our market other than to say i'm staying at home. the ceo of palo alto networks, which has an on-premises firewall but also good for the cloud said his plan is if you want to stay home, stay home he wrote a great essay about it. i think it's going to become the ethos of the era stay home and we'll have you be just as well outfitted as the office look at you guys does anyone come in and say -- david is still in that house david's on tv. got a good -- maybe david's in a better office than cramer. cramer's office is okay. behind david it looks like walter cronkite.

>> good night, jim good night, carl sorry. i got this thing so i can do my job. we all know that at the same time, you know, to your point, it's funny how many people i speak to, whether smaller companies, fairly large hedge fund in new york or giant companies are telling their employees -- not by the way just vmware where we heard from the ceo saying perhaps 60% of the employees may never come back to the office, technology related companies choosing to say, you know labor day, maybe not until next year. things r. going fine i v. to wonder what that means for overall economic activity when people are not leaving their homes the same way as they once did >> if your workday is going up against oracle oracle is not traveling, workday

is not traveling and you're zooming it, think about all the money you save as long as everybody plays by the rules, doesn't hit the road, everybody makes more money it's easy to justify on health concerns i'm seeing companies -- i mention workday, a lot of deals are being closed on zoom they're also talking about saving a lot of money because if you -- marc benioff. he lost some -- he had deposits on a lot of his celebrations of sales force, but they're not sending people out and they're closing deals. that's what i think we didn't think would happen, they're closing deals. >> closing them through zoom the need to be face-to-face or on a golf course or to be wherever it was that business seemed to get done, perhaps is not as great as it appeared to be let's go back to southwest then. you said this may be about earning more money you're also describing a world in which business travel does

not come back to anything towards what it was. that's usually the highest single profit margin part of an airline's business >> but i also think that gary kelly told us if there's someplace to go, then they'll start seeing customers now we have the variations of disney world we have theme parks. i regard gary as afunction of oil. the permian at 35 or 36 lives. so -- i think that the people involved with the oil patch, that's a very labor intensive business southwest covers that area, owns that area. i'm judging by the fact that this stock is well above where the gigantic offering is, that's a bullish sign these stocks all are coming back they creep up a little bit, just like the cruise ships do, every day people say, hey, that's making a comeback. i keep saying it should never have gotten as low as it did jay powell made it so that anybody can raise money by just

talking about it unsung hero, jay >> yeah. >> more white hair have you noticed that? i worry. >> speaking of raising money, jim, the ft has details on this amazon offer that we talked about yesterday. at the lowest corporate borrowing costs ever recorded, going back to at least 1980, 10 billion, three-year notes at 0.4 compared to 1.9 when they bought whole foods a year ago remarkably cheap money for a company that's fitting into the dynamic we're living in. >> i think some of us remember when amazon was going to come to the market and we said that's impossible amazon is made to lose money who is this guy who comes on, laughs on cnbc the price he had to pay was high had that kind of tesla feel to it the next thing you know, this is

going to past walmart and costco the world's largest retailer it's been the pandemic winner. it's extraordinary i have some pictures of boxes -- amazon boxes piled incredibly high in front of our house because there was a day when my wife said it is coming it's coming. you know >> yeah. >> it's the one. i have to tell you, other than chewy, it's amazon occasionally target box. but amazon turned out to be the huge winner just like it is in so many things it's a snowstorm it's a huge winner amazon day it's a huge winner. it's -- what a -- they're like the old yankees. remember them? yankees? >> '27 yankees or jeter yankees? >> '27 yankees thurman munson.

>> the jeter years were strong, too. not that i like talking about the yankees. the strong get stronger, the big get bigger, the capital markets have been giving and giving and giving we talk about investment grade debt issuance, which is setting all sorts of records if it keeps up anywhere near this pace, we'll end this year with numbers we've never seen before not to mention equity offerings in the month of may, i believe, are the highest on record as well $65 billion of equity sold companies have been able to access the capital markets to help either provide liquidity, repair balance sheets in the case of offering equity of course, and then surviving the period or in the case of amazon, raise money at virtually no cost for

the added costs that they're putting on in terms of dealing with the pandemic for their work force and their facilities and everything else. >> how about all these companies, they took the revolver, they issued a debt, and now business is fine what will they do? their cash balances are gigantic what happens >>. >> yeah. you know, listen, there's not going to be pressure on them for now. they did the right thing, made sure they live to another day. that's where they stand now. i don't see activist pressure saying lever up your capital structure. >> right the mission for a lot of corporate america guys will be obviously protecting their business model, protecting their balance sheets, also -- we'll talk about bank of america in a few moments, trying to address the social imbalances that we're dealing with now in this country. to that point and to the action we saw last night in our nation's capital, let's get to eamon javers

>> good morning, carl. these dramatic and controversial scenes at the white house yesterday as the president took to the rose garden to call for the nation's governors to get much tougher on rioters in cities across the united states. then the president having pennsylvania avenue cleared of peaceful protesters, violently cleared in some cases. the president walking across lafayette park as you see there, some of the graffiti that had been sprayed by thoseprotester in order to go to st. john's church, which is the historic church of the presidents just across the street from the white house and pose there with a bible in front of the church those images causing controversy this morning some of the religious leaders affiliated with st. john's church are saying they were not notified that the president would be there, criticizing his visit saying he didn't pray or come inside the church and he had to clear some peaceful protesters including some members of the church out of the street in order to do that the president viewing this as a

sign of strength, that he's dominating protesters. we'll see more from the president on the religious front later today. he's expected to go to the shrine of st. john paul ii in washington, d.c. that's up near catholic university in a different area of the city. he will make a visit there in a couple hours time. we'll see whether the president addresses the media about these protests while he's there. the president hitting a religious theme here amid the violence and the protests, the pandemic and economic collapse that are all going on simultaneously here in the united states. >> eamon, i noticed the secretary of state, pompeo, is going to be talking to survivors of tiananmen square today at state, at 2:30 how will the administration balance the view of people who are showing protests against government policy, both in remembering tiananmen, the anniversary coming up in a couple days and the situation

that america is in at the moment >> look, the administration has encouraged protesters around the world including in hong kong and iran and retrospectively, the tiananmen square protesters in china. at this point what the president is doing is straddling a line saying he himself is appalled by what happened to george floyd, and there needs to be accountability in terms of police brutality on innocent people or people who are being arrested and at the same time saying that there needs to be a much tougher line against the violence and looting that has marred some of those peaceful protests. the president saying he's in favor of the peaceful protests but against the violence and looting. the white house making the calculation that's where most of americans are politically as well whatever side of the line they are on the police brutality issue and the protests, the white house deciding that their point is they are against this violence and looting and for the peaceful protests. at the same time that gesture

marred yesterday by the president clearing those peaceful protesters forcefully out of the way so he could do the photo op at the church >> right which ended up on the front page of the times this morning. they put it like it like you said we'll talk to you later this morning. thank you. we'll take a quick break we have to keep our eye on the markets. we have calls today out of lululemon, got a call on goldman sachs from mike mayo, dollar index at a seven-week low. and a lot of action coming up regarding the protests we'll hear what brian niccol of chipotle told jim last night the new house is amazing. so much character. original crown molding, walk in closets... we do have a ratt problem. ♪ round and round! ♪ with love we'll find a way, just give it time. ♪

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welcome back time for a mad dash. wayfair is what you have today, jim. >> we talk a lot about work from home that's wfh people want to congregate, but they have to congregate outside. you get more than six people, they have to be outside. wayfair is part of that, tractor supply is part of that, lowe's is a part of that. this is a new form of getting together during the pandemic, wayfair is a great place to buy the furniture for it they were at death's door. there was a period in february where people felt that maybe they don't make it they have been rescued by the

novel coronavirus because people want to sit outside. have a couple of beers and i know this is a rather odd manifestation of the illness, but it is something to watch and tractor supply, david -- i always liked tractor supply. you always questioned my love for it you haven't been to my tractor supply, you don't know how good it is, that's another great outdoor play though it was downgraded today on valuation don't they understand this is the -- this is the new way people get together? that's how we get together we get together, we sit around in a circle, we look like idiots, we say how are you doing? nobody can hear anybody because we're all too old, but we have a great time it's the backyard trade. the year of the backyard lowe's is winning. tractor supply is winning. williams-sonoma is winning and wayfair is winning

david, you are out there you probably have a backyard where you are. >> yes >> i bet you sit around in wayfair chairs >> i'm lucky enough to have a backyard we have ordered some chairs that i'm in the process of putting together >> see and you don't even have any friends. >> no, that's true i just sit and -- i alternate myself in each of the chairs and pretend. >> right so the novel virus has even affected the way you dislike people a whole new place. your backyard. >> jim, quickly, on the stock itself and the valuation the problems they were having prior to coronavirus, should there still be some concern? >> there you go. you have to mention something as trite as valuation you have do it this is a new market it's a david portnoy market, and valuations are comical we know this doesn't end well

when it's comical. a lot of people thought this was not a survivor so i do think that when you look at the revenue, the earnings per share, look at this. 2020, it could lose 2.98 in the fiscal year. 2021 it may lose 1.57. what kind of rate would you give bonds if they want do a three-year >> i would give them a little over amazon. maybe a 0.5. >> that's right. they have the backyard trade >> there you go. we have a lot more to talk about this morning, jim. we're also going to have a couple of those astronauts joining us, the ones who went up in the spacex rocket there they are in the space station making their entrance. 9:32 don't miss it we're back with tethre" uawk on the stet afr is because it's the right thing to do.

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america's fastest network for iphones. ever something's gone mogotten into the office.m, i hear you. feels like there's no barriers between departments now. servicenow. the smarter way to workflow. it has been a historic week for the u.s. space program coming up later this morning, the first two commercially launched nasa astronauts will join us from the international space station. that's coming up after a break and the opening bell stay with us

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the country is in crisis this week and we look to corporate america to offer solutions. bank of america is a good example this morning a billion dollars, four-year commitment to support economic opportunity initiatives. brian moynihan writes the events of the past week created a sense of true urgency that has risen across our nation, particularly in view of the racial injustices we have seen in the communities where we work and live we all need do more. i was struck by a comment from the mcdonald's u.s. president which said he was appalled by the events of the last couple of weeks. >> i went to see a branch of a chase bank opened by jamie dimon at 9th and 19th in philadelphia, a neighborhood that people i know have tried to develop and it has been too tough. it's too dangerous there they opened a branch

that can be a stable part of a neighborhood they did it because they want to do right they also did it because it's good business. do right, do good. i think a lot of these people -- i know brian moynihan feels this way. do right do good you think these neighborhoods are not lucrative, wrong the neighborhoods are great. i'm thrilled these businesses are stepping up. >> brian nichol last night on "mad money" talking about the unrest affecting chipotle. let's listen to that >> all of our employees have been safe. we have had some damage to restaurants, but it's all damage that we can patch up and fix you know, i'm optimistic about our future and i think, you know, we have to address some of

these issues that are absolutely plaguing this great country. >> brian happens to have a business model that we often forget is much more attuned to being able to have the ceo say here'ses the way it has to be. they own their own stores. their stores have hired people and trained them and given them a level of education that is other than starbucks i think second to none when you have people like brian, you have people doing things in neighborhoods that helps them advance. that's another thing it has to count. that's something that marc benioff has always said. it counts if you do something. clorox, you want to advance, you do something to save the environment.

these people have looked at what comp is. comp drives this kind of thing they may say why doesn't the goodness of their heart do it? these are businesses i'm going back and forth to people on twitter. god and family is what matters they want to help people make some money so they can have a better world for their kids. business can do so much. business can help schools. business can help employees. business is not government the government has the big money. i think almost all of these ceos i deal with, they felt they ceded too much authority to government they want to take it back. they want to take it back. >> yeah. we spent a lot of times talking about the movement prior to the pandemic this is part of it diversity of the workplace and

stakeholders far beyond shareholders and their needs >> absolutely. >> it's a big of a cognitive dissidence given the destruction and trauma of the week when you compare it to the extraordinary historic accomplishment of sending men into space for the first time on u.s. soil in nine years. we'll talk to the astronauts in a couple of moments. i don't know how do you process the accomplishment on that front, the tenacity, riggor of elon mus and his science. >> i think we can. the riots that occurred at the time when we put someone on the moon gave people hope that there is a part of the government that can do real good and i think it's the same way. you have to say, look, there are things that are going right. like when we landed a man on the moon it was a horrible time for america. we had something to look forward

t to >> we have the opening bell there. we'll hand it over to morgan brennan for a couple of special guests good morning >> good morning. thank you. we'll turn to the international space station, this is cnbc, how do you hear me >> international space station has you loud and clear >> great well, thank you for joining us this morning on the heels of ringing that nasdaq opening bell the historic weekend as bob and doug you became the first astronauts launched from american soil in nine years. first to make this journey via both a commercial rocket and a commercial spacecraft. got to start right there how was the ride, especially

given the fact you have the space shuttle to compare it to >> hello, morgan thank you for taking the time to speak with us today. our experience on board dragon was just really exciting for us. both the fueling event before we lifted off, it was different than the space shuttle, a little bit more dynamic, a little bit more exciting for us just a little bit at least because it was the first time anyone had done that we then launched into space on board the falcon 9 the rise wde was smoother than r shuttle experience the shuttle was rougher in the beginning. later in the flight it did wake us up as we continued all the way into low-earth or bit. just exciting for both of us i know we were smiling and talking through the entire way uphill so it was just a lot of fun for

u us >> that's great. just for viewers, given the fact that we have a delay, keep in mind, this is a live interview that is taking place with the international space station, which is 250 miles above earth commander chris cassidy and bob behnken and doug hurley are with us this morning. what does this mean for each of you? >> i think for me personally it's a great way to fly your third time in space after a nine-year wait to fly previously on the last shuttle flight this is a good way to book end it from a career standpoint and to fly with two close friends, get to spend some time on the space station, it's a real icing

on the cake for me >> bob and doug, you worked closely with spacex on design of the dragon, you named it expedition what was that like and how involved was elon musk >> well, for both doug and i, we did spend quite a bit of time working with the team out in hawthorne. we visited most of spacex's facilities around the country a mcgregor, texas and at the kennedy space center our experience was extensive we were able to get to all the facilities, interface with all the different aspects of the vehicle. i think doug and i went something like 32 consecutive

weeks with travel out to california to work with that team face-to-face. it just does help to be able to see each other, managing that through the pandemic that we faced was a bit of a challenge but one that we overcame and the spacex team did a wonderful job with facilitating that, providing a clean environment and ensuring that we didn't get exposed to anything that might potentially impact hardware production or a launch delay i do know that elon was involved in quite a bit of the development process. i know that many of the topics that we would discuss would then be percolated up through the organization he would give the final approval on many of the aspects of things that we were trying to get developed. so definitely a huge team that pulled together and spacex did a wonderful job with allowing us to be a part of that innovative process. >> chris, i'll put this question to you as we usher in this new

era of human space flight. how close are we really to this commercialized space reality or this colonization of space how do you see it? >> i see the space station eventually will no longer be operated by the government i'm not entirely privy to the details, but there's plans for after the government is done with the space station that we turn that over to operating from a commercial entity or add additional modules that commercial entities provide. we're really close that's not a leap at all it's a matter of getting the will and the demand and we can make it happen that's super exciting. there's so much capability offered here on the space station, but ultimately our

destination as space travelers is mars, with a stop at the moon and the international space station gives us that bedrock of knowledge that we have to fine tune all of the technical things we need to do to accomplish those two larger long-term goal goals. >> whether it's virgin galactic, blue origin or the sale of seats on spacex's crew dragon, what do you think of the space tourism efforts that are underway? do you think nonprofessionals will be able to handle g force and some other things associated with going to and from space >> each one of us experienced it for the first time like hopefully a lot of other people will do going forward as we privatize low-earth orbit.

i think it's based on the individual with the proper instruction and training, those folks will at least understand what they're going to go through, whether it's a sub orbital flight or an actual trip to the international space station or low-earth orbit. i think managing folks expectations as they do that is an important part of the training obviously there's the physical aspects. but i their most people should be able to physically tolerate any of those flights and once again, as i said before, just take in what is just an incredible planet that we live o on >> finally, given the fact that you do quite literally have this unique view of the world right now, orbiting above it, what is the perspective or the insights that you would want to share with those of us that are quite frankly in what's been a difficult 2020 navigating quite a number of societal challenges back here on earth.

>> i do think the pandemic challenge for example should give the entire country and the entire world an appreciation for really what it's like to be an astronaut, preparing to launch into space the quarantine level, the preparation to ensure that you don't bring anything you don't want all the way into orbit and infect or pass it on to your crewmates is something that we have done for years as astronauts if you look back at the history of our space program, there was a time when the astronauts returning from the moon went into a lockdown and a quarantine behind the glass to just make sure that nothing came back with them that we didn't want to have back on earth. i think the overview effect,

astronauts typically achieve when they accomplish their first space flight and look back at the earth and realize there are no boundaries or borders observable from space. you see it as a single planet with a shared atmosphere it's our shared place in this universe i think that perspective as we go through things like the pandemic or we see the challenges across our nation, across the world and recognize that we all face them together hopefully the astronaut expe experience and that perspective is shared by the rest of the world right now. we're able to get through it on the international space station through cooperation with our international partners, with our commercial partners, and hopefully we can be an inspiration and an example for what we'd like to see happen across the world >> i think i speak for many people when i say you are inspiring us right now thank you so much for your service and your bravery

may you all have safe journeys back to earth when that time comes. bob behnken, doug hurley, chris cassidy joining us from the international space station. carl >> thank you so much for bringing that to us. our morgan brennan with the astronauts on iss. wow, what a perspective. we spend all morning, we spend every day talking about our divisions, our borders, our differences, but the idea of one planet maybe is the one thing we needed to hear today >> no one -- it has been since wendell wilke that i heard one world. it's a delight to hear we're all in this together from people who are able to have a perspective that is ironclad this is not something ethereal they are looking at it saying we are altogether we're at a time when there's

more nationalism at any time in my life, it's nice to hear there's no need for it given the fact we do share so much very profound. thoughtful guys, terrific. >> yep if we're looking for a segue back to markets, maybe we can use aerospace. boeing is helping once again up almost 2% >> it went down too low. boeing was reflecting that there would not -- they would not get the money. air lease, when i had them on, a huge buyer of boeing, reminded me when they started with the 737 max, that line again, that's because they may be getting the high sign from the faa that something good will happen within the next three months wouldn't that be great if suddenly they said the 737 max flies. if we started getting the confidence of flying i know i'm talking about it.

i'm sending my daughter back from spain i think that the planes are safer than people realize. i know that is right now pie in the sky. i think it won't be when everyone wears a mask and they do social distancing it's in their interest to do that people are flying. people will be taking cruise ships when they're allowed because it turns up that there's just -- i think the fear is receding you may think the fear is based on fact no matter what it is receding >> yeah. that's a fair point. we all hear it every day and just see it every day in terms of the actions people are willing to take now and considered taking. that gets to theme parks a "journal" story today about cedar fair, six flags, will people come back to theme parks, that's a key question, and not to mention for our parent company, which has a significant interest in theme parks and disney, the worldwide leader as

well you think the prospects you're discussing will make it more likely that people are willing to queue up and mass enter a theme park >> the last piece of research on cedar fair, they don't have -- i know this is -- they don't have the parks in areas where there are big covid outbreaks. i think one of the things that's happened during this period is initially the northern peoples were saying you wait we've waited the south is not -- unless the numbers are not true, which i think they are true, but where there are places that are safer than others. that's something we didn't think -- the science didn't seem to indicate that there could be some places safer than others. yet we've seen that. i think it's been -- there's a lot of denial. i can't believe there's still nonessential companies still closed in the northeast. there's really -- this is the

month where they can't pay the rent if there are areas where covid is not known, or is felt to be receding, yeah, i think people will take a chance they just feel safer than they should it could be wrong, but they do i think cedar fair will have a decent quarter >> certainly, jim, that's been reflected in driving activity. we'll take a break here. crude oil just south of 36 got to go all the way back to march to see a number that high amid higher demand and then hopes that the saudis and the russians can all agree to extend some production cuts for a few more months. back after a break a grandfather of 14.

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it's smarter trading technology for smarter trading decisions. fidelity. welcome back to "squawk on the street." i'll do an update on a story that i had been reporting on for a number of weeks now given the continued interest amongst those who term themselves event invested investors the talks between uber and grubhub continue the last time i heard the price expectations of either side narrowed and they seemed to be

getting closer to a potential ratio that would be agreeable to both another part of this that i discussed in the past is antitrust risk these are two of the three largest players in food delivery the antitrust risk is significant in terms of them coming together and potentially reaching a deal only to be rejected by antitrust regulators so a lot of the focus has been and a lot of the conversation is principle to principle here, not fully involving bankers. but a lot of the focus has been on how do you mitigate that risk both together in terms of perhaps offering something broadly speaking to the community that you serve so that you could come out of the box saying here's the things we are doing to maintain and increase competition in some way. and if you're grubhub in particular, how do you make sure during that potentially long regulatory review that you protect your business. so if you come out of this on the other side as an independent company because it's been rejected you are still in

position to compete against uber those are the focuses of the continued conversations. i'm told there's progress being made but it still could take some time the longer things go, the less likely they get to fruition. typically once a number of weekt to get them done it does bring up a larger issue as well, guys of mergers and acquisitions, and anti-trust, because there is sort of a theme i'm hearing now from the bankers who of course want to see some deals occur, saying hey, if you're planning on trying to get something done, try to get it done before inauguration day next year if there is a democratic administration that takes over the impact on anti-trust many believe would be significant, and that fewer deals would be allowed to cross the finish line who knows? we could have said different things about a trump administration, certainly never would have imagined for example opposition to the likes of at&t and time warner, that came, but there is, jim, this belief that

hey, anti-trust could become a larger risk under a biden administration, if in fact that were the case. of course, we have to remember we're only five months away from election day >> as someone who is in this business, i'd need a strong grubhub teamed up with uber, because right now doordash is so powerful, and it is so ubiquitous that it's tough to get a competitor to go in against them you need to pair these guys and get them to fight each other, in order to get your business but grubhub and uber are not powerful enough on their own so i would argue that it's kind of like sprint and t-mobile. if you want a powerful competitor, you go the t to lete two merge. i hope the government thinks about that >> i'm glad you mentioned that, jim. because if you recall, when sprint and t-mobile did announce their deal, they came with certain things on the anti-trust fund as well, offerings of course remember, keeping prices where they were for a number of years, and stressing of course 5g and

how important it was to a nationwide strategy and to really almost on a defense level so important for this country as it competes worldwide. so they're trying to figure out ways that they can go about doing that, not quite to that extent >> no. >> of importance necessarily, jim, but you're right, that is it at the same time, talking about anti-trust and the uncertainty of it, the national anti-trust regulators said okay and new york state and the other states say no >> good point. >> guys, financials and energy helping us out this morning. wells takes goldman sachs to 230 out of mike mayo's note. vix below 28 wee ckft aho break you doing okay?

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dow is up 117 points, but it's really europe that's enjoying the lion's share of the gains around the world this morning. germany up almost 4%, best day since early april, as merkel continues to hammer out a stimulus package and that rescue package for lufthansa was approved back in just a minute. this moment. this moment right now...

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it's time for jim and "stop trading. >> copper. copper is now the highest since mid march. it's on a china recovery this is an 11-week high and i've got to tell you, when we talk about europe, what we should

always be thinking about is europe's biggest export to china, cars. cars are up 11.7, continual theme, the comeback of china i know it's not something that they want to hear about in washington but it's buoying a lot of countries because they're buying things again. >> yeah, jim, i was seeing charts of iron ore out of brazil the last couple of weeks feeds that ongoing discussion about long-term inflation. >> yep, and i just think china's back and it helps a lot of our companies. i've got marvell technology on tonight. they are a 5g play china loves 5g and got big customers in china doing quite well and proofpoint, a work afternoon at-home play it's easy to hack people when working at home. i'm going to test, i'll hack david's pc, see what happens while he's out there doing social distancing with wayfair furniture at home talking to no

one. >> that's my life, and you will find if you hack that there is absolutely nothing interesting to see on my computer. >> there you go, it will be an exercise in futility >> it would be >> jim, the one thing we didn't crack this hour was sanofi saying human trials for covid vaccine would begin toward the end of the year and regeneron working on an inhaled version of their drug, increment at medical moves that get lost. >> the anti-viral will be a cocktail that's made of monochromal antibodies i love lilly but my money is on regeneron. it's not a horse race, just a great company doing a lot of great things >> all right, guys jim, see you tonight >> i love the astronauts sentimental. >> that was good >> yep >> that was a highlight. "mad money" 6:00 p.m. eastern

time good morning, everyone welcome to "squawk on the street." i'm carl quintanilla with david faber, sara eisen, coming to you live from various locations. it has been another night of american cities getting torn apart by riots and looting, and another morning now of cognitive dissonance from the markets which are, sara, either pricing in some kind of resolution or a continued reopening of the economy, or some argue simply riding the wave of fed liquidity. >> all of those things, carl, and i think the stark economic figure of the morning comes from the atlanta federal reserve which does this real time tracking of what expects gdp to be and their latest q2 gdp forecast is down 52.8% i mean, we've never seen anything like that, when it comes to a gdp figure. as far as the disconnect, is that being reflected in the market why doesn't the market react to that you know, the market sees it as old news, and sees the incremental reopening and return

to growth trend growth, not necessarily coming back to all the way where we were before as a positive along with that fed liquidity, which washes up a lot of the bad news, david, and that seems to be the continued story of this market if you look at some of the real time tracking data, the apple and google mobility, which does look at things like walking patterns, and you know, subway usage, and those sort of things, we are starting to see that tick up the question i think is are we going to start to see that take a step back as a result of the protests that we're seeing across this country, and some of the retailers that have started to reopen post covid now having to close down again and small business having to close down again to either board up their stores or you know, to deal with, to wait until these protests and riots calm down >> yes, that's a very sad part of all of this, while so much of it is disturbing, but certainly the criminal element of this,

sara, has has resulted in restaurants that were just preparing to open or as you say stores and retail locations again that were just preparing to open having to be closed, stay closed, repair whatever damage has been done, is certainly not good as it relates to the market, sara, are we willing, though, we talk about the potential for growth, so to speak, from here, but we're also talking about multiples that continue to go higher and higher, given the earnings are going to be nowhere near what they were when we last were near highs in the s&p or in the nasdaq now, that said, i suppose, given where rates are, and what is there, $17 trillion in negative yielding debt around the world, maybe it's not a surprise that multiples can go and are going far higher >> right, and in that situation, the market tracks the fed's balance sheet, which is now $7 trillion and climbing over the multiple story and david, this isn't the first time where

markets have gotten ahead of earnings or even behind earnings in this post financial crisis period, and a lot of that has to do with the federal reserve liquidity, the low interest rates, the no alternative to go with interest rates so low and money swooshing around the system this time around, we've got the added fiscal liquidity as well and the fact that fiscal governments are all in force, including countries like germany, which for so long the market had wanted to see stimulus from the european countries, are in the game and that's why you see such a sharp reaction in the european markets this morning so that's how the disconnect is explained, and that is the wash of liquidity, and it continues to be the story. there's the ten-year yield, 0.66%. you're going to go there or go into stocks which some of them are still paying dividends but otherwise we continue to have this fear of missing out rally, where pain trade continues to go higher despite the ugliness of the economic data.

we want to hit the story of the morning, which continues to be the civil unrest continuing across this nation peaceful protests turning into violence overnight as city curfews were enforced akroos the country. our next guest leads a youth mentoring program to provide opportunities for education, employment and mentorship to african-american youth we'll try to get to thomas dorch, chairman of the 100 black men of america i think we just lost his shot, but important questions that we're trying to deal with on -- oh, he's back. thomas dorch, are you here with us >> i'm here, hi, i'm here. >> good morning. >> just listening in good morning good morning >> glad we got that patched up good to have you here. >> oh, yes >> so this morning, you know, multiple days after seeing these protests, these rallies, many of them peaceful, some of them violent. what are your thoughts this morning on where we go from here, as a nation, and then we'll talk about what corporate america can do >> well, i think as we begin

this discussion, everybody is still focused on the economy, but we have to remember that the the demonstrations we see now, which many have started peacefully, we have information and intel that some of them are being infiltrated by supremacist, white supremacist groups and other groups and they started out peaceful, because people are frustrated in this nation, and this didn't just start over the last three murders that we've seen at the hands of police. we've seen murders all throughout this country over the last few decades, and then we see the lack of interest and the lack of efforts to support communities at risk, and they're not just african-american communities. there are hispanic and latino communities, and we have to also remember that poor white communities have been devastated, so we have leadership that's pitting poor whites against blacks and hispanics, when in fact we are

all in this together, and so as we look at the unrest now, our young people are frustrated. i was born in 1950 and i was there watching and involved with some of the things on the peripheral as a student but what dr. king and the civil rights leaders were doing but at least they had civil obedience and it was coming from a time that we struggled. our young people today didn't experience that, and so while they're coming out with the frustrations they've had for years and people in some of these crowds, some are african-americans, too, who are there not for good will, and so once they start, you have reactions from people in the crowd. whereas on sunday i don't see a lot of news where the students in atlanta university center here in atlanta, clarke and atlanta university had over a thousand young people who marched from atlanta university center to downtown, not one incident they were commended by the national guard and others, because they prepared for this,

but what we have to do, corporate america, the leadership for non-profit organizations, our faith community, and our government, governmental leaders, we've got to come together we think what has happened this past week is something, just imagine what's going to happen in weeks to come this summer, and we're dealing with covid-19, which is devastating a lot of our businesses and communities, and now we have the civil unrest going on this is going to be a bad summer, but the results if government does not get involved, the leaders don't get involved, we're going to be waiting for years for economic recovery, and somebody's got to tell the person who holds the most powerful position in the world of any leader, of any nation, that he cannot continue to pour fuel on the fire he's got to be a president that represents the greatest nation in the world, and stop all of these tweetings that is inciting more riots and causing people to be more angrier than what they

are, talking about sending troops in and others to come and enforce in the cities to deal with what's going on that is not in the best interests of americans so with that said, as we look, and i'm a business owner i've been in business now for a total of 25 years, i have not laid off one employee, and i have several hundred, since this pandemic really hit, because if it weren't for those employees, my businesses wouldn't be successful, and i commend all of those who are on the front line, the first responders, but my transportation company runs part of modern mobility we have to get seniors and those with disabilities to their dialysis treatments, their doctors appointments we have to get them even to get groceries, and so my employees on the front line, i've had to quarantine a few, because we've had some seniors that did have

covid-19, but we paid for that, so what we need to understand, we're going to have economic recovery, we have to start dealing with these racial disparities, we have to deal with the challenges that are here and so my organization i represent the 100 black men of america. we have over 125,000 young people in our mentoring program, economic empowerment is one of our pillars of our organization, but what's got to happen, and i'm happy you're having this discussion, we cannot condemn those people who protest yes, we've got to carve out the bad seeds that are in the middle of those, just as the bad seeds of the law enforcement department they got to be calmed down >> tom, i mean that's where i wanted to go on the economic recovery i just shared some of the forecast for second quarter gdp in this country, which you know, are now expected to fall 30% to 50%. how do we make sure, and how do corporate leaders who are coming out and voicing their support for the protesters, and pledging

to do more to address the racial injustice, and imbalances in our society, how do they put into practice ways to make sure that the economic recovery that we're all hoping for and facing is more equal than previous times around >> well, we all need to now start and of course while we can't mass meetings, we need to have every system, whether we're doing zoom calls or whatever and it has to be a compilation of leaders across the board this is not solved by high-profile leaders it's not going to be solved by elected officials. we got to have the very people that we say we want to help in these discussions, young people have to be in these discussions. we have to be focused. how do we deal with it for example the c.a.r.e.s. act has now put out almost $6 trillion, it will by the end that money flows from the top down to the middle it's not getting down to lower

communities. so one, we've got to work with congress to make sure those dollars come in for long-lasting results. i mean, the money coming through businesses now is only good for two months, but the people suffering got to be suffering for decades, and so one, we as business leaders, we as community leaders, we as faith leaders, and with the people we're wanting to impact, we need to sit in conversation we need to come out with a multiple point plan that goes into action and we need to quick get it on television and get out here with the mics and the cameras on and start rowling up our sleeves in the communities, just as we're doing now. the way we'll deal with economic recovery is to one, you deal with the systemic challenges that we have and poverty is at that point we also have racism, while it's been around, there's an environment in this nation for white supremacists to run freely, and so people are going

to be, again, separated, and i think the best book that i've read called "how the poor can save capitalism" john bryant sets it right. the money flows from the bottom up corporations if they're going to be healthy, we got to make sure the people who spend their money who help to shore up corporations are healthy i'm a small business owner i have to procure my services from larger companies. so the small businesses, even the mom and pops of two or three people banks did not help a lot of the small mom and pops, because they say they didn't have major banking relationships with them but our black banks like unity national bank and banks that we have here in atlanta and throughout the country, only 19 left, they took anybody, regardless of color, worked with them to get their ppps, so all i'm saying now is, if we're going to deal with this, we will not have economic recovery if we don't deal with systemic problems, if we don't answer

these challenges and it's not just because the police brutality. one other point, we have mothers, fathers, grandfathers, grandmothers, sisters, brothers, cousins in the police department we've got to weed out the bad seeds, and so that's why we've got to work together, even with justice reform and working with our state attorney general now we're working -- so the bottom line, if we're going to solve the economic challenges, we got to start with the systemic problems in the community, we got to make sure the small businesses who create the majority of jobs in this nation have support >> it's a long to do list. tom dortch thank you for joining to us help talk through some of it >> thank you >> we appreciate your time carl in the meantime, sara, dow is up 156. we are keeping our eye on biden's speech in philadelphia at this hour, and oil, back above 36 we'll take a short break and be back in a moment you doing okay?

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welcome back we're joined by kirk hartman, wells fargos athe management president and jpmorgan's executive director and global strategist, ben, let me start with you where do we start in terms of valuations, given the recovery in equities broadly speaking and

the prospects that we face in terms of the second half of this year >> so i think valuations aren't just a stumbling block for risk assets to do well in two ways. one is that you know, there's a lot said about the u.s. market and the fact that it is expensive going in and already bounced 35% off of its lows but that said looking more wholistically at the global equity market, those markets and emerging markets, europe, japan, went into the recession at much lower valuations and having bounced by quite as much the next leg up from a valuation standpoint is the cyclical markets, the catch-up stories. the second dimension in which evaluations are important is that you might think equities are expensive relative to themselves, but they're not expensive relative to bonds, which are just screamingly expensive right now so in the context of a balanced portfolio, you're moving a little bit

incrementally into equities response >> kirk i'm curious your thoughts as well in terms of the recovery and the optimism around the second half rebound and where you see opportunities in this market, given the incredible rally we've had from the bottom >> sequential improvement in the third and fourth quarters, you think about 2021, s&p earnings expected to be at 164, something like that. an 18 1/2 multiple now i think the question is when does all of the optimism get priced in. i think that's the question, in terms of things to watch, i'm watching the, what's going on in china and europe it's been king dollar and i think what will be interesting to see here is if the dollar starts to come down to earth and the rest of the global economies

recover, which could be good for european equities, could be good for asia, and you saw the stimulus package coming out of germany this morning >> ben, how do you view the rising social unrest in this country as a potential barrier to more stimulus, better economic activity, as the country starts reopening and just generally from an investor lens >> an extremely sig ka lly signd important social issue is unfolding in front of our eyes here it's peripheral from the perspective of the overall economy and what it's doing at the moment, in the sense that as was just mentioned, we see a pretty pronounced recovery from very low levels in mid-april and in an array of different parts of the economy, and so on a local basis, there's a v shape, maybe a lower case v and in a bodder sense an inevitable v

that's going to materialize over the course of the next few months where all the dried powder on household balance sheets is going to start to get spent and things are going to improve and so it's a staggered recovery, where we see growth improving sequentially very quickly over the next couple of quarters, but not a complete recovery in the sense that it will take back, take some time to get back to the level of activity that we saw pre-crisis, and so it's really a question of you know, the slope of the gdp recovery, rather than the sign we're not going back into recession here, and you can view the social issues and interactional policy as being one of a list of things that could cause that slope to be slightly lower, and so if you're investing on that, you have to think about what are robust portfolios to that wide range of economic outcomes, the wide range of slopes for us, it's thinking about equity and credit

as being fairly equal in terms of incremental risk dollars, adding risk, we're thinking about credit as a good way of hedging against the fact that growth is not going to be fast forever. >> interesting, you know, kirk, to ben's point about the markets and price action being peripheral to the social unrest, i mean that's clearly what the markets are trying to price in, but what is the risk that the protests themselves prevent amazon from getting deliveries to their consumers, prevent stores from reopening that had plans to reopen and suppress economic activity in major urban centers where the heart of gdp lies >> there's no question, all of us are concerned about the social unrest and a lot of important issues here. i think the view of the markets is that this is going to be a difficult period, and certainly it's going to hurt the inner cities i think the view is that we will

get through this, and hopefully we'll come out a better country. so i hear your point i think the market, you know, is optimistic, and hopes that things will improve. >> to that point, kirk, and sort of -- you've been somewhat positive certainly during this conversation we've had, as has ben. if we end the year with a double-digit rate of unemployment, which seems certainly to be likely, in a consumer-led economy, i just, you know, aren't there going to be significant risks to continuing to see earnings go up for a lot of companies >> absolutely no, question about it i think we all feel this is a rosy scenario in terms of where the market is now. we're all scratching our heads, but again, i think the market is looking through to next year, but to your point, you know, you

have to worry about the thing i probably pay more attention to is consumer confidence and does that stay in here. obviously a lot of people's confidence for very good reasons has been tested, and i think it's something we're going to have to taface but again, the he is that the economy recovers, and we get through this period >> yes, well we all certainly have that hope and it's being reflected. ben, i think you have a final thought. >> yes, i was just going to say it's fairly received wisdom now that unemployment rate will be 10% by the end of the year i don't think that's a foregone conclusion obviously you could imagine a disappointment to that where unemployment is higher i could easily imagine a situation where it's lower, in the sense that you know, government -- a lot of the near-term costs, the households have been socialized by government policy, there's a lot of dry powder on consumer

balance sheets, you know, 50% of people in leisure and hospitality have lost their jobs there is a lot of scope for makeup growth to push that unemployment rate lower here, and i guess the key point is that the risks are somewhat balanced on the upside and the downside and that's an environment where we're adding a little bit of risk at the margin >> all right, as we watch the s&p climb to new highs at least of today's session, gentlemen, thanks so you both, ben mandel and kirk hartman >> thanks. time for our etf spotlight, today looking at spdr bank ticker kbe, up more than 25% in the past two months, still down 31% for the year but having another good day, up about 1.8%. the big commercial banks in the green this morning, led by citigroup, wells fargo and bank of america, the leaders on the dow, likes american express, goldman sachs and visa we'll take a quick commercial

break. stay with us here on "squawk on the street" as the s&p00 5 claims half a percent, up for a third day in a row ♪ ♪ ♪ ♪ ♪

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deposit checks, check balances, pay bills, and more. explore all you can do with our digital tools from almost anywhere. pnc bank. mark zuckerberg hosting a call with u.s. civil rights leaders discussing ongoing issues around the company's policies as they relate to race. we'll speak with one of the call participants, the president of color of change, coming up on "squawk alley. don't go anywhere. stocks near the highs of the

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welcome back, everyone i'm sue herrera. here is your coronavirus buck news update. in st. louis, four police officers are recovering from gunshot wounds during protests overnight. police say the officers were standing off to the side of a police line. the injuries are described as non-life-threatening, and police say they have no suspects. near the white house, and near the church where president trump went to yesterday, an australian tv crew was struck by washington riot police at one point, an officer hit a camera man with a shield and the reporter was hit with a baton. the whole incident aired live on tv in australia. bank of america says it is adding a billion dollars to its efforts to address economic and racial inequality that have intensified during the pandemic. you can go to cnbc.com to read about the specific plans for those funds. sara, i'm going to send it back to you

you are up to date i'll see you in an hour. >> sue you then, sue, thank you. lateert today on "the closing bell" kareem abdul jabbar weighs in on the protests across the country 3:00 p.m. eastern time we'll be back in a moment with now every sector almost higher in the s&p 500, except for 'lbeig bk.espl wel rhtac

one long time bull predicts as much as a 20% pullback, because of new economic risks.

find out his strategy on tradingnation.cnbc.com more "squawk on the street" coming up. a grandfather of 14. a newlywed... a guy who just got into college... that's why behind these masks, johnson & johnson scientists are working to accelerate development of a covid-19 vaccine, drawing on decades of experience responding to public health emergencies like ebola and hiv. for the life behind every mask, the clock never stops and neither do we.

welcome back. ipos not in abundance since the market volatility began in march are coming back and so is leslie picker welcome back, leslie >> thank you, david. good timing for that ipo window to reopen after being slammed shut in march due to coronavirus. slowly creaking open now, though, two deals set to price this week, could raise upward of $2.5 billion there is a warner music group, the label for ed seeran and cardie b. set to finalize its price tonight and zoom info, which used artificial intelligence to sort data for marketing teams the company will price its ipo on wednesday both companies note adverse effects from covid in warner music group's case, music streaming is a bigger driver of revenue and benefitted

from more people staying home. zoominknow says its subscription model has kept a hold on current customers but remains to be seen what happens to these customers and others in the future these two deals are a test for how the ipo market can function during a pandemic. i obtained a copy of the road show schedule from a source all investor meetings over zoom, no relation to zoominfo bankers say the method is cheaper and more efficient since the management team doesn't need to fly all over the country to meet with investors and feed hem this high-end ballrooms. the effectiveness of the this moat odd of marketing to investors remains to be seen after talking with bankers it appears there is some demand, a lot of cash on the sidelines the investors can put to work and if the stock prices go higher and stay that way, this may be a new way of doing things, even in a post covid era guys >> yes, it's been interesting, leslie, all the people who have adapted to the idea that you don't necessarily need to be in the same room. we'll see how long that

continues, and whether it extends to things like merger and acquisitions as well >> um-hum. >> how does it look so far, you getting any sense in terms of the book for either one of these deals in terms of demand >> yes, so far i've heard that there is a lot of interest in both of them actually. one of the deals was, has seen very large orders come through, and that's one of the goals of ipos is to have a pretty concentrated book of investors that you can trust will hold onto those stock prices or hold onto the stocks in the first day of trading, so it seems like, based on people who are close to the deal, that they are seeing some big orders come through, which can help them achieve that now, it's interesting, because typically, you are able to kind of look into the whites of people's eyes and say, you know, i trust you to actually hold onto the stock, and that's a reason why people have been preferred in the past to be face to face with people, not do things over the internet, so it will be interesting to see if that trust factor changes in a

zoom road show environment >> leslie, great to have you back thank you. >> great to be back. next hour, sean penn on the unrest in america, still a lot more "squawk on the street." still ahead, floor trader art cashin is with us next, with his take on the market's climb here as we look for a third day in a row of gains for the s&p 500, nearly every sector positive, led by erg 'lbeig back.

welcome back to "squawk on the street."

i'm eric chemi most sectors are trading higher. there is weak innocence consumer staples and communications services the best performing groups are energy and materials energy getting a boost of rises in oil provides. wti hitting its highest level in almost two levels but energy is still down more than 30% year-to-date, a significant underperformance compared to the s&p 500, down just 5%. among the top energy movers are large oil and gas firms. hess is up more than 5% after an upgrade from citi, and a price target race to $60 a share "squawk on the street" continues in two minutes

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protests are continuing around the country following the murder of george floyd joining us this morning is former oklahoma congressman j.c. watts, chairman and co-founder of the black news network, the country's sole african-american-led news network which launched back in february congressman, it's great to have you back we talked to you when the network launched good to see you again. >> thank you very much i'm sorry for the confusion on the timing, and i'm looking like i just worked out, which i did, but it's good to be with you >> no worries. live television as you're well aware. let me ask you, for our viewers who aren't normal viewers of black news network, how is the unrest, how is the injustice being covered by you and what kind of solutions are you trying to float through your media?

>> well unfortunately, it's given us a lot of content, as it has every network out there. we're no different i think it specifically impacts the demographic that we cover and we talked about it on our, in our news line-ups and our daily shows, and so unfortunately we are at a time in our nation's history that this is happening again, that it kind of feels like the '60s and early '70s all over again, but nevertheless, it's given us a lot to talk about, and there's different perspectives obviously, and of course, most folks who tune in to us on the black news channel, their perspective is that you know, we need to listen to hear we shouldn't listen to respond, and when we have our kids, i

know firsthand when my children are acting up, at some point in time -- at some point i got to take a step back, take a deep breath and say why are they doing what they're doing, and i think good parents do that and i think is at this point in our nation's history, we need to listen to hear, not listen just to respond. >> interesting, you know, tom friedman of the "new york times" was on our air this morning, and his suggestion was for those who have legitimate intent to protest, to stop for now, because in his view, the protests have been completely hijacked by those who have no interest in seeing racial injustice solved is that anywhere in your universe of possible solutions how do you regroup

>> no question i think tom is right on, and we had a protest here in oklahoma city last sunday, and it was a peaceful protest, and you know, we had some people who were spraying the front doors of the state capitol, and then you had protesters that went in behind it who were taking hand sanitizing elements, trying to clean it up. you had a police officer that was kneeling in support of what the protesters, the peaceful protesters were protesting about. i think, tom is right on i don't think violence is ever justified. however, i think again, we have to take a step back, say what is going on, take a deep breath, and come up with solutions of listening. if we can encourage the governor of michigan to listen to the

people who went into the state capitol with guns, if we can encourage them, the governor to listen to them, we should be able to listen to all sides, so i agree with tom, and i think the violence is never justified, in my opinion, and for all of the things that those of us who have fought to build the inner city, to encourage investment in the inner city through enterprise zones or opportunity zones or community revitalization zones, to go in after having 30, 40 years of investment of targets and dollar generals and walmarts and places like that, to have those people come in after getting them, encouraging them to do that, to tear down overnight, that's just not right, and so we can't condone that, but again, i think we have to look at all sides of

it, every perspective, bring them to the table, and listen to hear, don't just listen to respond. >> congressman, you know, there's two sides here there's the corporate america response and we've gotten some offers today, bank of america's gst goi going to invest $1 billion in economic opportunity former vice president biden looking to ban police choke holds, pelosi says she's going to work on legislation addressing profiling in the coming days. what's more important? do you want to hear from business right now or policymakers >> well, this is hour america. business owners have a stake in the well-being of america. social institutions, churches, elected officials, you know, senator biden, vice president biden, president trump, members

of congress, we all have a stake in our country, and the well-being of our country, and i think one of the things that times like these offer us, we think that time of crisis tells us who we are. i think time of crisis tells us who we are not, so that we know what we need to do to become what we all want to be as a nation i continue to believe in spite of what we are seeing over the last six or seven months with the killings and police brutality, i still believe that we are a hopeful nation. we are a great nation and i think we have to do things to sustain the greatness of our country, not to make it great, but to sustain the greatness of a xcountry and in order to sustain its greatness, corporate america has a stake in that, religious institutions have a stake in that.

social institutions, you and i, as people that show up on networks like this, the people that show up on the black news channel every day, we all have a stake in sustaining the greatness of america, and let me say also, my father was a police officer. was a police officer we have to be careful that we don't paint with a broad brush to say that what one or two does, that it should spoil the whole bushel of apples i disagree with that my father was a police officer i have great respect for police officers, but what we have seen over the last several months, there's just things that all of us should be able to say that that's wrong and should not be what speaker pelosi and others are suggesting we have to take a look at some of the techniques and some of the processes and procedures that police officers use because what we saw with george floyd, a police officer

just calmly kneeling on the neck of a citizen, red, yellow, black, brown, white citizen, there's something in our gut that should make us uneasy if we can't speak out and say that was wrong. >> i'm curious how you're looking at the media coverage of all of this going on in part because you recently launched your network to tell a different story, a broader story, about african-americans and their community issues and health care issues and that sort of thing how do you think this is being covered? >> obviously, you know, it is news and the narrative that we espouse with the black news channel is whatever you see, whatever you've seen over the last four or five days, that's not -- that's not who the black

community is for every person you show me that's looting, that's black or white or red or yellow or brown, i would encourage people not to say that that's who the hispanic community is if they see hispanics looting that's not who the black community is if they see black people looting that's not who the white community is if they see white people looting our narrative has been, although we've covered this, it's been in our platforms as well, we've reported on it in our platforms as well, the narrative still stands for every black person that you see looting or every white person for that matter that you see looting, some 17, 18-year-old white, brown, red, yellow, black male, i can show you 100 that get up every day trying to figure out how they're going to make their mother proud of them today. i think the broader story, the

comprehensive story needs to be told and if you tuned in to the black news channel obviously you'll see coverage concerning george floyd and what happened with philandro castillo and other black men that's been abused you'll see that. but you'll see news about wellness in the african-american community. you'll see faith in the african-american community you'll see female issues that impact the african-american community. this is an important story, but it's -- there's a broader story as well in the african-american community and that's what we have with espoused from day one and we'll continue to do that. >> yeah. as you explained to us on date that it launched congressman, we appreciate it as always and look forward to talking to you again soon. j.w. watts of black news channel, thank you. >> thank you all for having me

on. >> retailers across the country, of course, are already trying to get back on their feet because of the pandemic. now dealing with widespread looting and property destruction as well as protests continue around the nation. courtney reagan in new york city was hit pretty hard, macy's microsoft store on fifth avenue. this doesn't make it any easier to get back to business, does it >> it really doesn't of course, david, as you know new york city is still widely shut down for many of these businesses including retail, so macy's herald store flagship store was closed for business and was not yet reopened plywood did go up around those lower level windows because frankly there's an awful lot of glass there, even though the store was closed and as you can see from some of this video here there was some intrusion that happened last night. macy's said luckily the damage was pretty minimal the police were right there and the nypd were able to escort the folks out able to penetrate the

inside they have had a skeleton crew there for security during the entirety of this closure and that also did help minimize the damage of course this doesn't make it any easier for retailers to restart as they work through these gradual reopenings every city, every store, every market is going through sort of a different set of reopening here this makes it very, very challenging to make sure both employees are safe and consumers are safe as well as that all of the logistics are in place to take care of business as you would normally carl >> courtney, thank you i think someone told our lauren thomas, a natural disaster within a natural disaster for retail at the moment appreciate that very much. art cashin had thoughts about the markets and how all of this is related to price action. bob pisani is going to bring him in right now hey, bob. >> hello, carl art, good to see you again or good to hear from you again, look forward to seeing you soon.

we all know there's been a real disconnect between the turmoil on wall street that we've been seeing and the stock market and a lot of people are kind of baffled about that i wonder if you can put it in your own words about what you think has been happened. you talked about the markets being focused on reopening and the effects of the systems lus but can you explain to people why the markets are up so much and main street is in turmoil? >> yeah. i think you have to look at this as the difference between the weather and the climate. there's the shorter terms aspect of things which hopefully is what we're seeing in the civil unrest the market is not taking that as a major portion. they're sticking with some of the longer term things you got some aid in places like germany, you know, fiscal help

coming in. yesterday, for example, the broader numbers, the ism and others were better, while we're still suffering the short-term bumps. certainly no one turning on their tv set and seeing those images can be at all happy the question is, its relationship to the market is temporarily somewhat muted secondly, the fact that there is this extensive looting attached gives traders the feeling that this is somewhat organized rather than totally spontaneous and if it were widespread and spontaneous it would have a broader market impact. for now, they're looking at the civil unrest as a potential gauge of what may happen in the

election so far not extensive enough, but i think that will be the way that traders look at what's going on again, the very unfortunate looting seems to indicate this may bemore organized than people thought >> and yet, i get a lot of pushback certainly on twitter about this when we try to explain the portion of stimulus and the reopening, the demonstrations are not good just for site ki of america but for consumer confidence and not good for the narrative that reopening is going smoothly. that throws a little monkey wrench into that, wouldn't you agree, art i know, for example, that this is an issue for the election and obviously the demonstrations are an issue, but couldn't you make some connection between the demonstrations slowing the reopening process, hurting consumer confidence and then in

turn that would somehow hurt the markets? i get asked this constantly. >> well, certainly the demonstrations have the potential to do that many of us misunderstood the reopening rebound from the psychological standpoint you know, i for one was doubtful that we would see much of a v rebound because would people rush to restaurants and to movie theaters knowing that the virus was still out there and they would be hesitant. what many of us overlooked was the impact of the shutdown is on society as a whole i mean, you just didn't see people not going to restaurants and bars, people didn't get a chance to attend weddings and unfortunately they didn't get a chance to attend funerals and the like

there was a kind of repression managed by nature, a gregarious animal, and people like to be with each other. i certainly get phone calls from people about how frustrated and depressed they are that they cannot get together with friends to talk about the market, the economy, life in general, so that is there. but i think because this was so widespread, bob, that the sense of relief, the opening sense of relief, has shown a bit of a more aggressive rebound than certainly i thought and i think several others will it turn too a v-shaped rebound i'm not entirely sure, but it certainly was stronger and more emotional than i and many of us thought. >> art, it's carl. to bob's question about the disconnect between the markets and the social unrest, i'mot