10% to 15% by the end of the year and the rest will do some kind of mixed home office kind of policy. >> okay. doug, thanks for joinin uing us >> adding to the number of companies who have kwho will have a lot of work from home in the future see you tomorrow on "power lunch" with tyler. "the closing bell" stem cell st now. >> i'm wilfred frost with sara eisen. 59 minutes left in the session s&p up more than the highs of the session, jumping an incredible 40% in the last 50 trading days the dow is up 1.8% here's what's driving the reaction the reopening trend as states continue to loosen restrictions, a rotation into cyclical stocks beat, beaten down sectors like bank and retail.

jobs falling by almost 3 million but much less than what economists were expecting. >> coming up on today's show, as more companies address the rising tensions in america, we'll seek with ursula burns, the first black ceo of a fortune 500 company, about how business leaders can work for real equality and change. we'll talk solutions with her. plus the ceo of etsy will join us to talk about what his company is doing to address societal issues and how the coronavirus has changed his business the big stories we are watching in this final hour of trading, as we look at session highs, mike santoli tracking the market rally. leslie covering boeing and more on the vaccine front. mike, start us off with another day and another big rally. >> a big one this was a day it seems you had a lot more people who decided

they had to quit fighting the rally. an acceleration to the upside. take a look at a one-year chart of the s&p 500 we've been talking about this in here, 3,130 the number. we've been pointing out technicians have said that might be an area where the market wants to rush for its next stop or next test as you see, that was a failed rally in early march nothing too magic about that, but it's also about 75% of the total losses in february and march would be recouped around that level maybe that's along with maybe overheated sentiment as people have a desperate grab for exposure is something that's going to become maybe a little more of a challenge, a little friction for the market. it has been a catch-up trade, not just the familiar old leaders, the big tech stocks stealing all the oxygen a couple months ago here is a series of etfs against the s&p 500. this is the leisure and entertainment, pej, airlines, consumer discretionary, amend

this is regional banks even after the big rallies, all up 3% to 9% today, you see how much of a gap there is with the s&p 500. so they're still down 20% to 50% off their highs. that's why you could almost have it both ways the big tech stocks haven't given up that much there was a lot of room to come back for the cyclical areas and yet those are not yet quite pricing in what used to be considered normalcy back in mid-february so i think that's why the market has enjoyed this particular sweet spot arguably, you're kind of running out of cautious investors who are going to be persuaded of that idea and maybe we have to have a little bit of a rest here for this rally before too long but this seems to be the dynamic that remains in play right now, guys >> was there a spark, mike, a catalyst, a headline today it feels pretty quiet where the path of least resistance is just higher and being led now by the cyclically economically sensitive groups >> i think it's been the

persistence of this rally, the lack of any appreciable pullback to let people comfortably get in the economic data this morning, adp payrolls were less bad than expected and it was just another day where there was nothing in particular that popped up that got in the way of the notion that we could have a smooth and relatively strong reopening of the economy. and if you're bearish, you think that's absolutely the wrong thing, it's going to be time before that negative view is born out if it happens, so that's why, again, i think we've had this area of market time where the bulls could take some more control over the tape >> i guess, mike, it's not necessarily a spark or a catalyst but i think it plays into the sentiment, and that's what's been happening in europe this week. >> yes >> in both the last couple of trading days, the german dax in particular which closed up 4% nearly today and puts the dax only down 6% year to date, comfortably the best of the european markets, and putting it in the same sort of bracket as

the u.s. indices, which still continue to lead but that's ban factor this week as well. >> no doubt about it it has been a global move, global risk assets, reflation assets as the dollar continued to come down today it's not just about which pieces of the u.s. index are driving things on a given day. it has been global >> boeing is the biggest gainer on the dow today as one hedge fund makes a bet on the company's debt or maybe made a bet already. leslie pickers has more for us >> this comes from an offshore fund representing about 45% of the firm's assets under management in a filing dated may 31st, the fund listed a holding in boeing as one of its five monthly winners for may. it didn't specify equity or credit, but our scott wapner reported that the fund did indeed purchase credit the fund was up 1.6% for month, about half of that of the s&p

500. year to date the fund is down nearly 9%. boeing was up about 5% in may and is now surging almost 12% thanks in part to this revelation now, the fund also listed stakes in disney and burlington stores as monthly winners, two other companies that came under pressure earlier this year when the pandemic took hold but then rebounded in may t.e. connectivity and charter communications rounded out the rest of the winners for may, and those four stocks were all actually listed in third points 13-f filing from the first quarter that came out a few weeks ago. boeing was not listed as an equity holding in third points of that filing now we know. it's credit. >> the debt and equity is worth noting given the equity reacted positively to the news today the other point is this was bought potentially mid-may or early may and possibly april too and couldn't have been sold before today despite the fact that the equity bounced on the

news. >> absolutely. there's a lot of time that takes place between may and today, so especially in the trading world, it absolutely could have been sold since then. >> leslie, thank you the trump administration has reportedly selected five companies that show the most promise toward achieving a coronavirus vaccine. meg tirrell has the details. meg? >> hey, sara those five are moderna, astrazeneca, j&j, merck, and pfizer according to "the new york times." these are all giant companies except for moderna, which has been the front runner the vaccine race government health officials had already signalled that moderna and astrazeneca wouldlikely be starting large-scale clinical trials this summer and their vaccines may be tested head to head j&j and merck a little further behind in starting human clinical trials. all companies except pfizer have received funding support from

barta, about $38 million for merck, half a billion dollars for others the news not having a major impact on shares of those companies, but it hit shares of inovio and novavax hard. they're in clinical trials and not being among those named as those likely to produce a successful vaccine even if these companies do develop a vaccine, it may be an uphill battle getting enough of the public to take it. a new poll today shows just 38% of respondents nationwide would definitely get a covid-19 vaccine, while 16% said definitely not sara and wilf. >> i wonder how many percent we would need combined to those kwhofd it to reach some sort of herd immunity. >> the estimates from public health officials for herd immunity is around 60% to 70%,

so even those that say they would probably get the vaccine doesn't help but that's different based on where people are >> meg, new york yankees fthank. >> meg tirrell >> at point in terms of what the results of the survey might imply because i feel like the consensus of the moment is even if the economy starts to reopen in select ways that consumers won't be willing to go back to big gatherings, sports, restaurants until there's a vaccine. the high percentage, what are we talking about, adding it up, 60% aren't looking to have necessarily definitively to have a vaccine probably suggests that 50%, 60% of people are more willing to go back to large gatherings and things like that before having a vaccine at all, which again, might be something that suggests consumer sentiment to go back to the things we're used to is higher than maybe the base case is >> no question i think there's a lot of skepticism and question marks

about how many people would come back once retailers and restaurants started reopening and the news so far has been encouraging, in other words, better than thought. however, 38% is still a huge chunk of the american population, and to really bring the kind of confidence and economy from pre-covid that we experienced, shaking hands, waiting in crowded lines, going to crowded concerts, it's hard to imagine unless we can get a treatment that can bridge us to a vaccine, treatments that can keep us out of the icu, which is why i think the clinical trials in the interim until we get a big vaccine will be key. >> the sort of 30% saying they wouldn't get a vaccine is definitely surprising given the scale of -- >> it's high >> maybe it's an anti-vaxxer trend that would have happened regardless of whatever disease it was in the last decade. that trend has been rising maybe it shows people feel they're a bit more healthy than maybe people would expect. after the break, the ceo of etsy

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47 minutes left to go. here's a check on the markets. session high was above 508 points on the dow, kind of where we are, almost 500 up now, s&p 500 up 1.3%, a strong day for groups like financials, industrials and energy nasdaq is up 0.8%, closest to a record high. and the levels are important here the s&p 500 passing that 3,100 level. a lot of people saying that was resistance so a technical buying opportunity perhaps as we look to higher highs. let oogs check in on some individual market movers for you. pilgrim's pride shares sliding this afternoon after the ceo was charged with conspireing to fix prices on chicken sold to restaurants and grocery stores more on that story in the next hour shares of cheesecake factory soaring right now. the restaurant chain posting positive results for its newly

opened restaurants, adding that's about 25% of its restaurants -- about 25% are open with limited dining room capacity and is capturing about 75% of last year's sales another sign, wilfred, of the reopening and people coming back >> absolutely. big move from cheesecake factory. the broader markets 1.4% today on the s&p 500, 45 minutes left of the session online marketplace etsy committing $1 million to justice reform and black-led institutions in solidarity with the black lives matter movement that has recently reentered the national conversation. joining us for more is etsy's ceo, josh silverman. good afternoon to you. >> hi. thanks very much for having me >> josh, talk us through exactly how recent events have disturbed you. i've read your press release and your -- what you sent out to your employees it would be great to hear it from you directly. >> this is a heartbreaking moment in america and it builds

on a long history of heartbreaking moments. etsy is a two-sided marketplace, and that means the marketplace gets better as it gets bigger. that's true of our democracy and civil society. our civil society only works when everyone feels included an everyone feels enfranchised, so etsy's had a long-standing commitment to diversity inclusion. last year we doubled the number of new hires that came from underrepresented minorities, and, you know, we get outside assurance and we publish our results so that the whole world can hold us accountable to that, because we think that we as a business can only succeed when we have true representation inside and invite all of the communities to participate with etsy and what we see happening in the world around us is tragic. we feel like it's critical for corporate leaders to step in right now and to speak up. i'm proud see so many

companies and ceos stepping forward and making commitments to help bring justice to every single american. >> josh, when i think of a company that has done right on gender equality, i always think of etsy and i know you put out the numbers and it's more than 50% women, the board, the executive management team, the entire workforce will you start doing that with diversity? i mean, do you publish at all numbers on how many black workers you have and upper echelon -- those that are in the upper echelon of management as well is that something we can expect? >> absolutely. we can and do, and we have for the last seven years had outside firms audit etsy and publish our numbers and then make commitments on how we're going to become an even more diverse and inclusive workforce, so instead of publishing an annual report which only shows financial results, we publish an integrated report, which

includes our social impact results, including diversity and inclusion, the metrics you asked for. we publish on environmental impa impact, and we think it's super important we set goals and be held accountable to that last year we doubled the number of employees coming from underrepresented minorities. we think that's a start, but there's still a lot more work for us to do at etsy and i think across the entire industry there's a lot more work to do. >> josh, it's good to hear in terms of your own workforce, the things you ear doing and the improvements you're making i guess as a marketplace, you have another avenue to do good work in that sense are there things you could be doing, already are doing to promote, for example, black-owned businesses or whatever it might be in that sense? >> yes and i think that's so important. etsy is about economic empowerment, so making sure that everyone has a chance is critical so one of the commitments we've made is that at least 30% of our marketing images will include

shops and actors and seller who is come from underrepresented minorities and diverse backgrounds. that's really a way of signalling to the community that we're open for business and we want your business and we want you to be part of this community. and one of the things that's really heartwarming since we published the letter yesterday, we've seen so much demand from buyers who are saying can you please spotlight even more black-owned businesses and so during black history month we shined a spotlight on black-owned shops and black-owned businesses we're going to work hard to do more of that because we have a lot of buyers that are asking, saying we want to support black-owned businesses, we want to support black sellers so we're working hard to do that. >> josh, how much of an anomaly do you think you are in sort of both of the industries that you are in, retail and technology and e-commerce, the fact that you're walking the walk, not just putting out a statement, you're giving money to the

cause, you're putting out metrics, you are going inside and hiring how unusual is that right now? >> i think there's a lot of people out there who want to make people think this is a zero-sum game, that you have to choose between this community or that community, and there is nothing that i've seen in economic history to ever suggest that we all get better when we are all included i would also say about being a great citizen and a great business being a great corporate citizen helps make you an even better business for shareholders. those two work together. i think there's a growing awareness -- and i'm seeing a lot of other companies -- and, look, we're not trying to hog the spotlight here there are a lot of ceos stepping forward in this moment that are making commitments and i'm so happy and pleased to see that. i hope we can harness this moment as an inflection point for positive change.

>> finally, josh, just wanted to ask about the business because it's been pretty strong with the economy shut down, especially as people have started wearing masks more regularly is there an update you can give us now that the economy has started reopening including some stores in different states what kind of demand are you seeing >> yeah, you know, this has been a moment when etsy really can rise and shine and show its stuff. so etsy harnesses all of cottage industry to come together and fill the gap where a lot of businesses have struggled in a time of covid. and i think what a lot of buyers are realizing is that they can come to etsy for everyday products, not just things that they can't find anywhere else. masks has been one example of that we've been seeing a lot of people come for gardening supplies, for children's toys, for home furnishings, for, you know, self-care, bath soap so we're seeing such strong demand across so many categories and in fact we're going to

launch all new television creative in just the next few days highlighting all the everyday essentials that you can find on etsy >> josh silverman, thank you for joining us >> thank you for having me >> appreciate the update >> thank you. >> 38 minutes left before the closing bell take a look at the market. we've still got a 1.4% gain on the s&p 500. for the dow, we're up a 505 points, session highs with a little more than half hour left of trade financials are the lead industry right now. up next, on the heels of drama, coty may be working toward another kardashian family coabatn.llorio

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welcome back we are at session highs, up as you can see over 2% for the dow,

1.4% for the s&p 500, the nasdaq up about 0.9%, 525 points as we stand on the dow a news alert on coronavirus stimulus patients. >> the treasury department just out with a statement noting that it has sent 159 economic impact payments to an audience that it believes represents the entirety of those eligible for these payments for whom the irs has information on file. the amount disbursed totals $267 billion and notably congress appropriated $300 billion for these specific stimulus payments so there is still about $33 billion left in treasuries available funds for these and certainly the treasury department notes there are some people who may not have received their checks yet the statement says if you are eligible for a payment and do not normally file taxes, please go to the website and upload

your information if you do file taxes and you have not received a payment or you received an incorrect payment, it notes that you will be eligible to claim what you believe is the correct payment when you file your 2020 taxes. treasury notes that the number of payments sent in the two-month time frame is a record certainly, $267 billion in the pockets of american families is notable. wilf and sara, back to you coty took a $600 million stik in kylie jenner's cosmetics brand and now they may be doubling down on the kardashian family rahel solomon has the story. >> like deja vu today when we learned coty may be talking to kim kardashian west about a potential collaboration. that 2019 deal you mentioned with kylie jenner, that grabbed quite a few headlines, many touting jenner as a billionaire. now just last week, forbes

publishing an explosive piece essentially walking back the valuation of jenner's wealth, and yet investors seem to like the idea of coty teaming up with kylie jenner's older and perhaps more famous sister, kim, depending on which metric you use. chair shares climbing more than 12% in today's trading coty not saying a ton about this potential collaboration. we know that kardashian west sells her products online and in alta stores and this could be a big move for coty, which has seen consumers shift their behavior in the store-related closures with target down, walmart shut down, so we'll see how this works out for coty. sara >> what's interesting is that, you know, as you mentioned they took the stake in kylie's brand and then that forbes article which accused her of completely misstating what it was worth, i think there was a big impact on coty what's the upshot of that? were there concerns they

overpaid >> yeah. that "forbes" article was p explosive and reached a broad audience, but there had been analysts saying even after that coty deal was announced the numbers didn't quite make sense base on what they had known about kylie jenner's brand there had been rumblings that the numbers coty published about kylie's sales didn't match up with what analyst had been tracking they've had a management shake-up recently, so coty is trying to shake things up. as we know now, they're trying to double down on this kardashian/jenner popularity they certainly have a consumer base that is very image conscious. they have hundreds of millions of followers between the two of them so we'll see how this bet sort of plays out with them >> kim k., it's all about contour. wilfred, listen up it's contour, right? the lipstick >> yeah. that's a really good point i think kylie sort of used --

people talking about her lips to her advantage and created a brand out of it. and yes, kim kardashian is the queen of contour but aren't we all, sara. aren't we all. >> yes i try hard rahel solomon, thank you very much >> same. sure >> just another half an hour left of trading. s&p 500 heat map for you shows the strength is broad today. health care is the only sector in the ed. financials on top, industrials, energy, real estate, materials all going strong look at the 4% move there highe for the banks and financial stocks >> some nice contours on the chart. >> there you go. contouring as well as kim k. here are the three things driving the action i'm glad you learned that. the reopening trend as states continue to loosen restrictions, the am excfo just noting that consumer spending has

significantly recovered since april, helping amex's stock in the dow. a rotation into cyclical stocks, the banks, retail, beaten down sectors, big tech is lagging, the opposite of the trend since the april rally. and private sector jobs falling by almost 3 million in the month of may a large number but much less than what economists were expecting. it's a weird thing to say better than expected with so many millions of jobs gone. >> striking in absolute term bus the market is looking at the relative performance as it always does. time for a news update >> here's what's happening in this hour. the family of george floyd says it is deeply gratified the minnesota attorney general is adding a second-degree murder charge of derek chauvin, accused of third-degree murder the other three officers involved are being charged with aiding and abetting second-degree murder and arrest warrants have been issued.

the a.g. wants bail set at $1 million for all four defendants. a news conference is set for around 30 minutes from now overseas, hundreds of people are marching through central london to protest floyd's death. residents gathered outside the residence of boris johnson to chant and call him a racist. he has been criticized in parliament forbeing too slow t condemn floyd's death. and white house press secretary kayleigh mcenany says esper continues in his post. he condemned the use of military force against protesters, causing some speculation he may be on shaky ground with the president. that's the update at this hour >> frank, thanks so much still ahead, ursula burns rose the ranks at xerox from intern to the first black female ceo of a fortune 500 company. she'll talk about meaningful change in america. a check on bonds big jump higher for the ten-year today, steepening with the

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26 minutes left of trade higher across the board. the dow making a move higher in the final hour, half hour of trade, up 546 points s&p up 1.4%. financials in the lead the nasdaq up 0.8%, the nasdaq

100 could close at a new high. we're watching those levels very closely but awfully close to a record high. the russell 2000 index of small caps catching up today, up 2.7%. after the break, counsel on foreign relations president richard haass saying he lived through the civil unrest before and the situation today may be more serious [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance.

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550 points higher on the dow, over 2% spo s&p up 1.5%.

boeing up 12% or 13% on news that downloads third point has bought debt in the last two months, may have already sold out but that helped boeing during the session only four stocks -- three stocks now in the red at the bottom on this particularly strong session. financials, industrials, real estate leading the charge. as the u.s. grapples with civil unrest and reopening the economy, some are calling america's global leadership into question our next guest says the united states is and appears to be divided, diminished, and distracted and that it's hard to believe we will not be challenged somewhere, somehow, by someone wanting to take advantage of these circumstances. richard haass joins us now he's the president of the council on foreign relations, author of "the new york times" best-selling book "the world: a brief introduction." richard, always good to have you here this particular moment, how do you think the rest of the world is viewing america right now

>> i think you have to divide it between our friends and our foes our friends are dismayed this is not the united states they recognize they're also worried that as we turn inward, which i think is inevitable to deal with all of our challenges, where we may not be there for them. so they're very much worried about increasingly a world without the united states, and as you suggested in what you said, i think there's a real chance that our foes are going to see this as a moment of opportunity, indeed, some of what china's doing and hong kong may already reflect that >> when you say america's friends are dismayed, richard, are you referring to events of the last couple of weeks or a bigger time period than that >> both. the last couple weeks have been particularly powerful, how we handled or mishandled the pandemic, the racial issues, what happened in lafayette park on monday night, and it really hurt in australia where you had an australian media crew that was attacked all this takes place against the context. when foreigners come to the

united states, they land at our own airports, which are much better they've seen your political dysfunction. they do not understand the prevalence of guns in our society, the opioid, the inequality essentially, they still admire parts of the united states and still want to come to our universities, they admire our tech companies but in many ways this is not the united states they grew up respecting. >> at the same time, richard, whenever there are these big-picture questions and when you pose the leadership challenge, the question is who will come in and take that spot. and we look to china where it's been dealing with its own issues they have a lot to explain when it comes to the coronavirus and what they knew when and how they project that the o the world, t kong protests and the global community condemning what they've been doing in hong kong. >> exactly right the real alternative to a u.s.-led world is not a

china-led world for those reasons and others china doesn't have allies. it doesn't have partners i think the real alternative to a world we led is a world that nobody leads and that's dangerous, because the world won't come together by itself and there's no way other countries can on their own either handle a rise in china or an gingrich russia or they can deal with issues like climate change or terrorism or public health you know, the world has worked so well now for nearly three-quarters of a century, it was largely built by the united states with others but also we were there our alliances, all these institutions the world's gotten used to that. i think on balance it's been overwhelmingly in our interest this is a business show. the return on investment of american world leadership has been extraordinary in many ways we've decided to abdicate, and i think that's a dangerous moment >> richard, if you're right about all of these issues in the first place, how quickly can they be reversed or rectified? is it something that can be done

with a simple change in policy or is this something that will take decades to address? >> it's a great question some things will take time you can't turnit on a dime other things are attitudinal, how you deal with an ally, what you say, you can rejoin certain international arrangements fixing the ills in the american society from racism to k-12 education, to make ourselves competitive, live up to our own principles, that's the stuff of decades. to fix the state department, another a example, to make the foreign service strong again, that's probably a generational challenge given what's happened the last few years >> richard, for investors, it comes down now in a lot of ways to the u.s. and china, which it's gotten confrontational again, tensions are rising again. the u.s. protests as we reported have been a big topic on chinese state media and social media where does that go with the presidential election in this country? how likely are we to see further

escalation in tensions and potentially further breakdown in a trade relationship >> it can happen either way. there's a lot of overlap between republicans and democrats is on a tough chance toward china. democrats may worry more about human rights in china and elsewhere, some worrying about what china is doing in the south china sea or with taiwan you have the economic frictions. but there's a fairly broad group of americans who have real concerns about what china is doing, which is another way of saying even after the election, sayjoe biden is the 46th president of the country, i don't think you're going to see suddenly a major upswing in u.s./chinese relations there's a lot of structural problems there and history suggests it's always difficult between a rising power and existing power nothing is inevitable. the cold war is not only not desirable it's also not inevitable this is why god invented

diplomats. >> all right richard haass, thank you very much >> thank you >> we are up 580 points on the dow, 2.3 sessi% session highs. after the break, snapchat jumping into the debate about how president trump's social media posts should be handled. i got an oriole here.

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and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice. but you're not mad because you have e*trade which isn't complicated. their tools make trading quicker and simpler so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. 13 minutes left of the trading day. mike santoli is here to break down crucial moments of the trading day and we have josh brown here as well up 550 points on the dow, 2.25%. let's kick things off with that broader market surging into the close. s&p 500 and nasdaq on track for

four-day winning streaks the nasdaq now less than 2% from its record closing high. that's the nasdaq composite. we're a point or two away from the record all-time closing high for the nasdaq 100, mike, which sort of says it all in terms of the trend of the last couple of months in terms of what's led us up from the bottom though today and the last couple days it's been a different basket of stocks that have led us higher, financials, industrials leading the way today. >> for the last couple of weeks even the nasdaq composite has made the rounds, the nasdaq 100, rath rather, has made the roundtrip, held up better in the decline and came back faster now much more of a broadening out to the cyclical groups today is an acceleration and extension of a story that's been in place for a while now, which is a fixation on this inevitable momentum toward a reopening of the economy. no real evidence to get in the way of that.

and investors feeling as if they are underexposed to that theme if it gets pulled off. today felt like just because of the dynamics of that coming together and the refusal of the market to come back, you had more people given into that story and chasing this market higher >> yeah. you have the technicals, too, josh, which i was happy to talk to you about dow crossed its 200 day moving average for the first time since february the s&p took out 3,100, seen as a key resistance level wondering how much you think that's factoring into what we're seeing >> it is a factor because it's run based on things like trend and momentum, like a short cut to sentiment look at what stocks are doing, don't worry about what people are saying about them. look at buying and selling at the end of last week, the s&p 500 for the first time in a long time went out above its long-term moving average and that's significant i also think this is a global

phenomenon people are saying, portfolio managers are saying if we are going to reopen around the world and not have a major resurgence, then i'm not long enough and we know that's in the data and i they lot of people just anecdotally feel that way. let's look at emerging markets, up 9% in four days depending on which version of emerging markets index you follow a lot of that driven, believe it or not, by chinese tech. what were we doing last wednesday, a week ago? i was on the show. what were we talking about should investors panic out of large chinese tech k-web a week later is at a new record high. it's up 10.17% on the last five sessions so that is the kind of environment we're in home builders soaring. dollar falling tlt, this is now at levels, the last time we saw it here, where the stock market low was march 23rd, so a lot of these major league panicky signs are just fade eight way like when a wave

comes over a sand castle and i think people are looking at their portfolio and saying, oh my god, there's no resurgence yet, what if i didn't buy anything i think the data from day to day is we're seeing that sentiment being played out in actual price. >> are you closer to taking profits in your biggest sort of banks or values name outperform or your biggest tech outperformer >> i talked about zoom i was early but took my original cost out i'm still holding the profits and thankful that i did. i'm still in socks like jpmorgan i've been talking about reits a lot that have to do with main street reopening, rental homes i'm not looking at the prices of those day to day they're longer-term investments. to answer your question, am i looking at a plus 500-point day on the dow and saying let me radically change my mind on individual names not really

that's kind of where we are. i have been skeptical on this show the entire way up in terms of, like, can we really do this reopen without a substantial difference in the way we're treating people and without a vaccine? and the market has been way ahead of me sentiment-wise and that's just the reality. i'm still worried. i'm still concerned. and so i'm not leveraged long and i'm not chasing the highest fliers to record highs i'm just hoping things go okay >> well, let's check on one individual market mover today. shares of campbell's soup reporting earnings the stock lower despite what was a big beat on the bottom and top lines. the company raising its full-year guidance citing increased demand across all brands amid the covid-19 pandemic soup sales jumped 35% in the quarter. we have not seen that in a while. ceo mark klaus joined us earlier with his take. >> increases in what we're describing as quick scratch cook

torg need for simple lunches as people are spending more time, more meals in home as they look for comfort, simple recipes and are dwook cooking on their own sadly, as we all know, one of the by-productings s of this han the economic pressure in this moment, so value has become and is playing an important role in our products and portfolio are very well positioned in that moment as well that was clouse describing what he saw for the quarter the initial stock-up where people were hoarding, pantry loading as they called it in the analyst community, buying canned goods, and the second phase which he said is still strong, which is more people are still cooking at homes and he expects to see that as economies are e open and that with the recession and the lower incomes and the loss of jobs people are going back to value, which he says in

his products like canned soup. mike santoli, big move lower today in the shares. it had been an outperformer. consumer staples in general are sort of taking a back seat to the rally. >> the product might have a place for the long term as he said, but the stock is not really a stock of the moment right now, yeah, you can lean on the fact that it does have countercyclical attributes in a tougher economy and, you know, the business probably being run better and you also would have to bet that there are going to be enduring changes in terms of eating at home but at this point, you know, dividend yields still under 3% and the valuation is again not really rock bottom, so i do think it's the kind of stock in this current risk on aggressive take is not necessarily going to perform. >> it's not a good recession stock either historically, if you bought this in 2007 and nailed it, like, people are going to be eating home because of the economic pressure, you lost money, like the stock did not have the same

recovery as the overall market and it's not like it rallied so if you're going by what the ceo is talking about that people are going to be eating at home more and be more concerned about the value of a dollar, that historically has not worked with campbell by ezpw for that trade, the publicly traded shop, not the campbell's soup. comps will be tough. unless you tell me we're having another pandemic starting next february, it will be very hard for the street to look at the numbers of this year and see anything even close. and while people understand that, it's a 30 multiple on the name so i am not a buyer on this dip in campbell's today. >> i guess the question is, josh -- >> it will go well >> it's really good point about the last recession i guess the question is do the new buyer, the people that -- the younger generation that actually is embracing these old brands like we never thought they would, do they stick with it do they stick with -- by the way, campbell's owns snyder's

and chex and other things, pepperidge farm. >> it's a great storied, historic franchise they've got a lot of brands you love i think this is maybe as good as it gets. >> we've got, what, just four minutes left of the session, s&p up 1.5%. snapchat slumping after announcing it will no longer promote president's content on snapchat julia boorstin has the details hey, julia >> that's right, wilf. that news that snap will no longer promote the president's content on its discover platform, sending snapchat's shares lower, the company saying we will not amplify racial violence and injustice by giving them free promotion on discover. the president's account remains public, available for user who is search or subscribe to it, but discover featured cur rated content from what the company selects from trusted news sources. trump's campaign manager responding to snap with a statement saying, quote,

snapchat is trying to rig the 2020 election. he accuses snap of promoting former vice president biden and suppressing president trump. we have reached out to snap for comment on this latest back to you. warner music group making its market debut today at the nasdaq the stock surging 19%. here's ceo stephen cooper earlier on "squawk on the street" for his outlook for the industry >> when you look at not only the mature markets but the emerging markets, streaming has from our perspective still meaningful, meaningful growth. the number of people utilizing streaming, when you look at that number versus the smart device population, we're still in early stages >> pretty nice debut what does it tell you, mike santoli, anything about ipos,

the appetite for these kind of stocks >> well, the ipo etf is at an all-time high, up 90% off its lows there's a thirst for new names not in the index and also there has been a scarcity of ways to play streaming music, just the overall trend. obviously spotify has done relatively well. all that stuff i think is in the mix right now. a pretty good market willing to take it. >> all right two minutes to go. there's the warning. mike santoli in the market internalings, what do you see? >> it's been positive. more than 80% of new york stock exchange volume to the upside today. keep talking about a broad rally. week to date the pure value s&p 500, etf rpv against the megacap growth so obviously a turnabout here, massive outperformance by those cyclical and cheaper stocks. the volatility index, it has finally given way, created a new low on this move, below 26, still not in the quote normal range but it definitely has a

little bit of weight on it now because the market itself has sort of forced the traders' hands on his >> mike, thanks. just over one minute left of the session. we are seeing healthy gains, just off the session highs but still up by 2% or 515 points on the dow. the high was over 550 points but we're still above that 500 level as you can see close to those session highs. s&p 500 up 1.3%. the nasdaq 100 is up 0.4%. keeping an eye on that because it was close to its record all-time closing high but slipped a little way off, about 0.3% from its record all-time closing high, which says a lot either way the russell 2000 up 2.4% today health care as a sector has just dipped into the red as we approach to close. financials up 4% or so industrials also up close to 4%. energy up 3% banks very much leading the charge today interest rates also rising, also a steepening of the yield curve,

the ten-year at about 0.75%. that's helped the banks as well as just the rotation in the market [ bell ] at the bell, we are higher by 2% on the dow, 1.3% on the s&p 500, the nasdaq comp sit up 0.75% another strong finish for wall street. i'm sara eisen with wilfred frost and mike santoli take a look at how we finished up the day on wall street. another big rally day for stocks, the dow closing up 527 points got a nice little boost in the last half hour of trade, really. it was already a strong day. got as high as up 595, finished at 527, a gain of 2%, boeing by far the biggest winner s&p 500 gaining 1.4% into the close. it was a broad rally led by some

of the underperformers in the overall market rally off the march lows financials, industrials, and energy led the charge, each up about 3% the nasdaq, technology was lagging earlier in the day it caught up and gained. we were watching the nasdaq 100 to see if we'd hate record high into the close not too far away there's the nasdaq 100 just shy of a closing record high but you still is can see how strong it's been the russell 2000 is up more than 50% from its 52-week low that we saw in march another 2.4% gain but still a big loser all year long versus the other major arches coming up, an exclusive interview with ursula burns, the first female african-american ceo of fortune 500 company we'll ask her what ceos should be doing right now to fix racial injustice across this country.

joining us, ritholtz's josh brown. tom lee joins the conversation as well. welcome. first, mike, to you, on another very strong finish for stocks. the fourth day in a row for the s&p 500. where does this leave us >> well, it leaves us actually at an interesting target the high for the day in the s&p just on a technical level was exactly 3,130, a level we've been pointing to for a few weeks. more to the point, i think we've gone from asking why isn't the market down more, why is it shrugging off the bad news to what can possibly stop this rally? this very harmonious feedback loop is going higher a cyclical tone to the rally investors feel like they have to get more exposure to it. what stops it at some point it gets overheated, investors get a little too overconfident i think that process is under way. you have to start asking the question, but you can't say after today all of a sudden a bell has rung on that score.

>> stocks closing higher yet again as we mentioned. s&p 500, nasdaq posting four-day win streaks as new economic data shows the economy continuing to slow adp shows jobs lost more than 22 million in the past four months. economists were anticipating a fall of more than 8 million private payroll jobs in may. clearly a big disconnect from the fundamentals to the market we've been saying that for quite some time, tom lee but the question is, is that to be expected and when do we start to look at the relative performance of the market and think it's gone too far too fast >> yes i'd agree. i think there is a disconnect with the market in fundamentals but a lot has to do with the fact that 75% of the s&p market cap is growth stocks and defenses, which are now bond proxies. their correlation to the

ten-year has risen but the cyclical stocks, which are, you know, roughly a quarter, are flat on their backs still, and they are kind of linked to the fact that pmis are so depressed. i think the stock market isn't as crazy as it looks, but the fact that credit has been rallying and economic data is actually starting to accrue, i might even say it's improving faster than we expected, means that this epicenter group, that 25% of the market cap could really start to power the market to all-time highs. >> tom, i have to give you a lot of credit for your call. you're one of the few strategists out there saying buy this market pretty early on, when there was still a ton of skepticism people expected it to return to the lows major hedge fund managers coming on cnbc talking all sorts of doom and gooloom you've been bullish. are you as bull wish the run-up? it sounds like you're sticking with it. >> yeah. i mean, i think we've started to

see some conversation, right, the dollar weakened, oil has been rallying, a good sign, the ten-year isn't, you know, negative, but we have to keep in mind there's still about $5 trillion of, you know, ventilator liquid cash on the sidelines. that could buy 30 s&p. we have another. corporates in the past few months are raising about a trillion in cash you have something like 40% or 50% of gdp as dry powder for corporate equity i would say it's still quite constructive for stocks. as michael said, there were key levels breached today. if we go to all-time highs it will be reflecting the cyclicals which are snil ttill in the bast starting to rally. there was good news today with the fact third point was buying boeing credit. that's an epicenter stock. if they're confident about buying the bonds as money good, that should be a bold signal for

equity investors >> tom lee, the banks part of that 25% of market cap that has underperformed, rallying hard over the last couple week, but still down 30% year to date. what level would you want to see them be at year to date and then start to be a bit concerned that this last leg of the bounceback has expired? >> i know our clients are nervous about banks because they don't do well if rates go negative they're watching what the fed will say and it's important we don't get a second wave, which is possible. but the banks in the s&p today become really strong companies because they overcapitalize, they've got much better control. their returns since the great financial crisis you're talking about stocks that should be rating higher and if there is a new cyclical recovery in a way, they'll typically overshoot. they're still trading on pretty attractive price-to-book multiples. >> josh, we've been talking

about the disconnect between the economy and stocks and the shape of the recovery that we've seen, the "v" in the markets, for a long time. what makes it different this week and even stranger in a way is that the mood of the country right now is just -- is bad. it's grim. it's ugly. we watch these protests. it's scary in a way. it's troubling on a lot of fronts, which almost make that disconnect seem even more visceral how do you process it all? >> you know, yeah, this is one of the toughest conversations that we have on an ongoing basis with clients this week, we're talking to clients who live near center city, philadelphia, minnesota, and a lot of areas where there was unrest, there were ledge mat protests, there were looters and everything in between. and, you know, one of the things that we continue to show them is that there really isn't a lot of correlation for whatever reason between episodes like these and

what happens with stocks, what happens with currencies, what happens withinterest rates one of the best examples is the stock market rallying after reopening from jfk's assassination. throughout the 1960s, in fact, with all the assassinations and civil unrest, stocks were in one of their biggest secular bull markets of all time. so there are these moment where is it seems like everyone is so frustrated, everyone is so angry, there's so much injustice, why is the financial market ignoring that and i think there's like an ok come's razor thing, what are earnings expectation and stocks overdelivering and where are rates, high or low it comes down to that and the stuff that's in the headlines that really should be concerning us for our lives just doesn't seem to spill over into the prices of financial instruments. >> yeah. well said. zoom info technologies getting set to price its ipo this evening. leslie pick we are the details

>> final decisions on that pricing will be made in the next hour and a half. but we've heard from three sources that advisers are targeting a price of $21 per share a-dollar above the range that zoom info boosted yesterday. that means the company will raise close to $1 billion from the offering zoom info uses artificial intelligence to comb through data that helps support sales and marketing teams. that's not to be confused with zoom video, which is the video portal that has been popularized during the pandemic. zoom video is one of the customers it highlights in the prospectus there is that. >> there is a connection, not just the same name what are you hearing about appetite, as strong as what we saw from today >> i heard it's stronger than warner media based on oversubscription numbers, basically the amount of demand there is based on relative to the float of shares available to be sold.

now, those numbers are a little difficult. they're not perfect science in terms of, you know, predicting how the stock will perform the next day because that demand is not binding. but just to give you a sense, i've heard that the books were about 20 times oversubscribed for zoom info, whereas about seven times oversubscribed for warner warner of course is a bigger deal than zoom info, so that has, you know, comes into play as well. but interestingly, talking to some advisers on the deal, speaking to multiple people familiar with it, it appears there is significant demand here they see a lot of cash on the sidelines that institutional investors have and they're looking to put it to work in new issues as mike said earlier in the show, the ipo etf is at record highs so people are looking for things that work >> leslie, the bankers are definitely pleased if we see more ipos take place in the next couple weeks thank you very much. josh brown, do you want to have two zooms in your portfolio?

>> i don't think i'm in on this. i think it's going to open explosively higher though, so if you're part of the deal team or have an allocation, congratulations. i'm not. i'll be paying attention anything software is a fs. anything cloud related they can bring it public because this is what the ducks want and are quacking i'll be paying attention but i'm loaded up with these names already, slack which reports tomorrow, fingers crossed, so i have a lot of this type of stuff already and we'll see what happens. >> tom lee, baing to the broader markets and the dollar, the u.s. dollar index, below 97 at the moment clearly that's been good for risk sentiment and has been that negative correlation we would typically expect do you look at the dollar index now and think this is good for stocks where it is or are you concerned that it's probably at the low end of a recent range and if it starts to

bounce again, it might spook the broader indexes and the risk sentiment that's been bullish for equities of late >> has been essentially in a secular strengthening trend so, it's nice to see this break and we know that if it does make a sustained break it's actually good for corporate earnings, both top line and eps. so it would be i think very positive, but a strengthening dollar has sort of been prevalent for the last few years and it hasn't really choked off equity markets, but i think it would sort of make the sort of epicenter cyclical trade a little tougher i think it's something worth watching >> so can i just pull all the threads together here? weaker dollar, stronger stock market, the answer, wilfred, is in the fed's balance sheet, which continues to grow and grow and grow and now is above $7 trillion and has been a more important indicator for stocks right now, as goes the fed balance sheet, so goes stocks. that's put pressure on the

dollar because it shows how much the u.s. federal reserve, the central bank is doing to stimulate the economy, pushing liquidity into the system, which weakens the dollar and pushes that money into stocks with other, you know, other little places to go that's my contribution >> yeah, for sure. >> wait, wait. look at the chart, when the balance sheet was going down in the first nine months of last year and stocks were going up and the magnitude. i don't know the dollar has been in -- >> it wasn't going down by as much as it's going up now. >> no, no, certainly not. >> what about the eu massive, massive never before seen stimulus from the eu. >> massive >> plus coordinated action for the first time, germany saying, okay, you know what, we're basically the united states of europe, beal the fed of europe too. that has never happened before so i think we have to throw that story in the mix too >> i think you can say fiscal authorities and central banks have sent the message they will not allow the disaster scenario

to unfold and they'll try to buffer it without saying there are all these wayward dollars in the universe and they're finding their ways into stock portfolios two different things in my view. >> i'd also point out that the dollar took a month or two to start to weaken even after the fed made all these announcements. i do agree, sara, the scale of announcement of the fed put other central bank announcements in the shade but the dollar still took a little while to start to weaken as well. we have to leave the conversation there josh brown, tom lee, thanks for join us. news alert on fedex. frank hollins. >> fedex had a surcharge of 30 pents per package for residential delivery this would apply to customers who send more than 40,000 packages per week if that money is more than 120% of the average volume in february we've reached out to fedex they did not immediately respond

for comment. this follows u.p.s. making a similar announcement on surcharges last week and just a short time ago, amazon announcing a response to elevated covid-19 demand, increasing its air delivery flight leasing 12 boeing 767 cargo planes they will have a fleet of more than 80 planes shares of u.p.s. and fedex up more than 2.5%, fedex almost 3%, amazon fractionally higher back to you. >> frank, thank you. she was the first female african-american ceo of a fortune 500 company. we'll ask ursula burns about how corporate america can give pouny t wkfo e access t oprtitinheororce

the corporate world taking steps to fight racial inequality softbank announcing a $100 million fund that will invest specifically in minority-owned businesses and plans to donate a portion of the fund's gains to organizations that create opportunities for people of color. ben & jerry's saying we must dismantle white supremacy, including asking president trump and political leaders to commit the nation to a formal process of healing and visa establishing a $10 million fund specifically

for college-bound african-american students. recipients would also be guaranteed a full-time job at visa upon graduation sara, just moments ago, goldman sachs as well establishing a fund for racial equity, $10 million to be deployed to help address racial and economic injustice, that just being announced moments ago. >> good to see some money getting put behind all of these statements still there's a long way to go when it comes to diversifying corporate america's leadership ranks. according to the center for talent innovation, as of 2019, only 3.2% of executives and senior leaders in the u.s. are african-american at the ceo level, there are four black chief executives in the fortune 500. joining us now in a cnbc exclusive, ursula burns, former xerox chairman and ceo, also the first black female ceo of a fortune 500 company. ursula, it's great to see you. thank you for joining us

how have you been processing all of this and watching the last few days unfold from where you are in london? >> it's been very, very troubling. i left the united states, you know, on memorial day and arrived here the next day, and right after i landed, all hell broke loose, unfortunately it was very difficult to be far away it was very difficult to hear and process all the information through the news media and through, you know, interested parties who are my family in town one of the things that i'm getting comforted by is the amount of engagement and interaction that companies are having, that business is having, that senior executives are having, that people with power and influence are having in engaging and offering their voices to this level of discourse in a very organized way, understanding that we still have so much to do to actually

make progress in this area, to make this situation, this explosion not be just another explosion that happens once every year or so so i think that, you know, it comforting to see that but also disconcerting to be so far away from home. >> sure. part of it is there is a growing awareness of the inequalities in our system, in our economy ursula, i know a little bit about the hurdles that you had to overcome personally and professionally in your life. can you share some of your story and what that tells us about the opportunity out there for african-americans and rising to the top? >> my story i think is typical of the start of many african-americans in the nation. you know, i had a very, very poor upbringing, single mother, focused on education, did all of the right things to lay a

foundation for me, and to really look for opportunities for me to me and my brother and sister to actually engage in a positive way in society so if you took advantage of a lot of the programs that were out there to engage us in higher education, in better educational opportunities, in cultural opportunities, et cetera, a lot of these things are being dismantled and destroyed by the current administration but nonetheless, back then they were there and we took advantage of them. i think one of the things you have to be aware of is that with a good start, a solid start, that the opportunity -- with a good opportunity it is possible to succeed, right? one of the reasons why i come on shows like this to is to show that i'm a fairly ordinary human being who had a very good start from a very bad place and was able to be successful there. one of the things that happened for me is that i had in business -- when i entered xerox corporation, i entered with --

into a company that already had a sensitive ti, an awareness around the differences and the positive differences that african-americans and women and the like could contribute. part of the reason for that is we had african-americans on the board. we had african-americans who could participate, who did participate in my success at a board level. it was one of the things that's very important that we have to continue to push in america and in business. and we we started off by why is there such imbalance and injustice? because look at the boards before you look at even the companies. look at the boards most of the boards still have zero or one african-american on board, and that -- i think that pressure this-in that area can help to speed up progress and transitions for companies. and starting from the bottom as well

but we have to start looking more seriously at board composition and assuring that we have the presence of difference on the board, a direct voice on the board. >> but beyond the board changes, which, yes, we've been starting to scan some of these companies and it is shocking to see how few black representation there are in terms of the directors. what else would you like to see companies do to seize the moment beyond, you know, the statements we're getting, the show of support, in a way we haven't seen before? many companies voicing support for black lives matter what kind of meaningful actions and solutions do you want to see come out of that >> companies are a composite of human beings companies must be interested, concerned, active, vocal about how their communities, how their structures in their communities are run. so policing in their communities, they have to have a point of view and make that

clear about what good policing looks like schools in their communities they have to start to participate above and beyond a level they haven't been participating. there was a time where literally a conversation outside of direct shareholder value was almost thought of as being a bad ceo. now i think the pendulum is starting to swing and we're starting to realize that this is a basket of goods that we have to start to create so to your question very directly, we have to look at schools in the neighborhoods and in the united states, have to look at schools from k through 12 all the way through to colleges and universities. we have to look at how policing is done, the leadership, how do we intake people we have to be affirmative about the way we approach hiring if you do it naturally, we see what the outcome is. the last 100 years we underhire and underpromote we have to become affirmative in approaching the problem. business leaders have to start

to leave what has happened in the past, they've trailed. citizens have take on the streets and started to scream about bad behaviors, either bad policing or bad policy businesses can actually be either partners with them and in the ideal sense they could lead some of this discussion. they could become positive forces in the community. they can speak about it. there are some business leaders doing it already who are very active and doing it already. if we can just continue to add to this population where it becomes the norm, not the exception, where we don't wait for another, yet another killing of an african-american by a policeman before we actually start to jump up we literally have to engage more as companies, as interested, invested people in the communities that they do business in around the world but primarily in the united states >> ursula, i wanted to ask about

what you just alluded to in part of that answer about this persistent of senior leaders of color across america's largest companies and europe and everywhere's largest companies why is that so persistent when there has been voices calling for progress there for so long do we need to see hard arbitrary targets to actually make that change >> i've started to switch my thinking a little around targets. i was totally against them and now i'm starting to really investigate and think about whether this would be helpful. the reason why, if you are left to self-police yourself forever and you fail continuously, then you may earn the role -- you may invite supervision and so what i think we have to do is make sure that companies are on the call that if they don't make an improvement in

this area, representation, like the communities and the customers that they have, like the world, if they don't have representation, that they will be subject to forced injection of a process to get more representation i think that that is -- i used to be dead set against it, but i've been around now for, what, 30, 40 year, and we still have made very little progress. you said it. we have four black ceos. four black ceos in the fortune 500. that can't be it there has to be more thab four of thaurs qualified to do these roles. i think we're at last step of what i call voluntary compliance if we can't start to improve this representation for women and for blacks, then i think that we may be forced to do what europe has done or is about ready to do or is doing, which is to say, you have to have this many women on your board of

directors, you have to have this kind of representation it would be a really sad state if we get there, but if we don't do it voluntarily soon, i would be marching down the streets saying yes, we should do it by edict. >> ursula, my opportunity for the private sector to work with government, with the current administration we've seen collaboration before in terms of ceo meetings is there an opportunity for engagement at all? >> i hope so i'll be frank, i don't believe we'll make a lot of progress with the current administration. i just don't believe so. but i will not give up hope that there is some conversations that could be useful, some conversations to be had. the current administration is not interested, does not appear to be interested in inclusion, in diversity, in equity and fairness and giving people a chance but if there's a way that somebody can break through and

do that, i wouldn't stop trying. that's for sure. i think that businesses are proving now, discussions are happening now that even without support from the administration that they can make change, that at the state level they can definitely do it because we definitely have some governors who are lined up and aware of this risk that this country is running with the barbarism that we actually are showing to each other, with the total uncaring approach that we have by administration, with the lack of accountability and responsibility i think that people are starting to realize that we may be going a little too far in this discourse. so i think if we can do something with the administration, you know, god bless or whatever you pray to bless. i wouldn't count on it but i would not give up there. i would say we have other people we could partner with. we could partner with police chief, with governors, with city -- with mayors, locality, with ourselves to make progress,

to make progress on making the nation a better place. that's the whole point here. it's not about a zero-sum game and i'm going to get more from you and therefore you have less. this is about making progress as a nation i think that we see a market exploding. i was listening before i got on this segment we see a market exploding and still a very small percentage of the population is participating in that. it has to be enough in that big trillions of dollars that literally can set people up for a better chance, for an opportunity to have a better life and literally not use the resources to continue to quell, push down people whofsh excluded from participation i hope that's the case i don't have a lot of hope for the administration, but if people can do it, go for it. >> only made worse by the

current pandemic with covid-19 >> i'm sorry it could have been an opportunity. it could have been an opportunity for us to step back and literally try to figure out a way to structure a more inclusive society, right, because what the pandemic did show us is that these people that we now so gracefully call critical workers we didn't give a hoot about before. we thought about giving them a minimum wage they are part and parcel, key to our existence in this pandemic phase. we could have literally used this opportunity, and i think we still can, to have a different conversation between the worker and the employer, literally a different bargain, a grand bargain that's more inclusive, more even, more balanced and i'm hoping that the last couple of days of destruction, quite honestly, of destruction is looked at as a fire, a

lighting a fire under this set of discussions that we have to have about repurposing, reorienting the way that the united states works. i am one of the 1%, and i still worry when i am approached by a police person. i still worry. we have to get these kinds of things -- these kinds of hidden bonds, kind of two surfaced and work on them, work on them like we work on lots of other problems, like we're working on the pandemic, a solution to that, pulling together resource, funding it, we have public/private partnership the same thing with some of the social injustices that we have in this world and in the united states, we can work on it the same way this is not a problem that's unsolvable it's one that we shy away from and forget quickly right? this will pass we'll wait for the next killing of a black man by a policeman, and then we'll have an uproar again. i'm hoping that this is not the phase that we'regoing into now that we're not going to quiet

down, everything will go back to normal, everybody goes back into their houses and we wait for the next explosion that can't be the way it is. i'm hoping that pandemic plus really a social disaster comes together to give us the opportunity, us, america, the opportunity and donald trump, quite honestly, those three things, come together to give us an opportunity to rethink about what i call the grand bargain. >> let's hope. it feels that way. ursula burns, stay close thanks for taking the time >> thanks for having me on >> our thanks to ursula burns. let's look at how we finished the day on wall street the dow higher by 530 points we did have a couple of sectors or one sector, health care, in the red by the close we were led higher by financials, industrials, energy, all up more than 3%.

mike is looking at one big driver of the rally of late. mike >> that would be the corporate bond market and really the crash in corporate yields. this is the interrelationship of the investment-grade corporate bond yield right now below 2.5% and the s&p 500 dividend yield it's waxed and waned over the years but you see a narrow spread here. it's less than 2.5% for high-grade corporate bonds, just under 2% for the s&p dividend yield. few observations, boy, did the fed need to act back in february and march when we saw corporate bond yields spike? that was an argument for solvency and that's been rectified. when you have 2.5% corporate borrowing rates you can bolster the on-paper equity valuations that helps stocks. this is a relatively narrow gap. lake 2018 and you had a two-percentage point gap there obviously it seems as if stocks

are a little more competitive with corporate bonds the other question is, is there any more room for this to go down well, spreads on corporate bonds are actually not at record lows because government bond rates are so low arguably, this could nudge lower but i think maybe we've gotten as much in the near term as we're likely to get but i think you can't take your eyes away from how much the flush corporate credit market has meant for this rally we've been watching >> thanks for that dom chu has the earnings >> data software company and analytics down after market volume they report better than expected profits and revenues but their current quarter and full-year revenue forecasts falling shy of expectation bus their profit comes in better than estimates they say these estimate, the outlook assumes that the recessionary impact of covid-19 will peak in this current quarter and third quarter and moderate in the fourth quarter sara, wilfred, those shares

down they were up 157% from the lows back in march. back to you. >> dom thanks. breaking news on ppp funding kayla has the story. >> an effort in congress to expand the flexn't of the paycheck protection program has stalled in the senate after republican senator ron johnson of wisconsin raised objections today saying that the bill as written and as passed by the house 417-1 has significant flaw, specifically that the threshold of how much a company should pay to payroll versus other expenses should be changed. he suggested there could be a compromise reached as soon as today but also said significant changes would be needed. we'll stay tuned on that for now, the senate has failed to pass unanimously this bill to increase flexibility and expand the amount of time to repay those ppp loans. sara and wilf. >> kayla, keep us posted thank you.

the income gap and wealth gap between black and white people in the u.s. is astounding up next, the chairman of the mckinsey global institute about how america can level the playing field. ♪ we hope you find these digital solutions helpful to bank from almost anywhere. deposit a check with your phone or tablet.

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how did you... gotta enjoy the small wins. you keep being you, derek. keep being you. time for a news update >> minnesota attorney general keith ellison says the evidence, not public pressure, prompted new charges against former officer derek chauvin and three other officers in the death of george floyd ellison said the investigation continues but he warns, getting a conviction will be difficult >> i ask for your patience again while we limit our public comments in pursuit of justice i also ask for your trust that we are pursuing justice by every

legal and ethical means available to us. republican officials say president trump will accept the party's presidential nomination outside of north carolina. this comes after the state's governor rejected government demands the convention be held at full capacity despite the pandemic and alphabet just held a moment of silence to honor black live lost. it lasted 8:46 that's the length of time george floyd was choked under the knee of former police officer derek chauvin. go to cnbc.com for more on corporate responses to floyd's death. that's the latest. wilf, back to you. >> thank you escape from new york coming up, ow coronavirus and civil unrest are resulting in a spike of urban flight and how that's impacting real estate places in new york and elsewhere.

♪ up next, trouble in new york city, real estate deals in manhattan fell to all-time lows in the month of may and protests will hit an already struggling sector

the covid-19 epidemic has made that problem worse. mckinsey notes that white workers are 37% more likely to hold jobs that can be performed remotely joining us to discuss this, the chairman of the mckinsey global institute. james, thanks so much for joining us today you guys have been doing this data analysis ebut refocusing o racial differences across america. what have been you advising your clients and companies in terms of how they can make changes immediately to address please imambulances >> thanks for having me, wilf. i think what companies can do is address the race and poverty wage differences that have existed. we're encouraging companies to

pay particular attention to low-wage workers, simply because they are the ones who have been most disproportionately impacted in this covid moment >> how do you think about past the covid moment, james? which jobs, which industries will come back and which ones won't? especially as they relate to minorities now with this focus specifically on african-americans. >> yeah. i think we already have this challenge about the future of work because we know that most of the jobs that are likely to be automated actually are held disproportionately by minority, especially african-americans in this country so, you know, time when we are laying off workers or furloughing work er, it's quite likely those jobs will be automated away and may not recover in quite the same way. as we know, sara, these are -- african-americans hold most of the easily automated operations

in food services, retail, and so forth. so the big concern is that when jobs do come back, some of these jobs that they hold don't come back because of being automated away that's a big concern >> more broadly, when we assess the impact of the coronavirus, specifically the way the government and spranks ha centr have responded, is there a fear the stimulus or the support from the banks aren't going necessarily to the people that need it most >> that's a big worry, wilf, partly because if you take the case of the united states, we know that the most vulnerable workers, about a third of the workers of the united states are vulnerable at this covid moment and disproportionately, 70% hold low-wage jobs, and those low-wage jobs are held disproportionately by people of color. we need to make sure the stimulus checks flow to support those workers. we know most of those workers work in small and medium sized

businesses to the extent the stimulus money doesn't flow effectively to small and medium sized businesses and eventually to these low-wage minority workers, that could be a huge problem >> we just talked to ursula burns, who used to run xerox, and she had a lot of interesting observations and solutions. four black ceos in s&p 500 companies. surely, she said, there are more of us qualified to d that job. what's the problem why in these organizations -- you guys at mckinsey where the quintessential corporate consultant how do you fix the struck which you shall that allows black people to rise to the top, middle and upper management? the numbers across the board are so low >> yeah. and i think the challenges around how we can get the best talent in the world, how we make sure in your interviews we do do get to see all the candidates. that's been a big challenges for

most corporations to see all the candidates even after they get in and places like mckinsey, these company, it's important tomake shush they get sponsorship, mentorship i think the challenge of sponsorship and mentorship has to be owned by the whole by the minorities themselves. these are some of the challenges that we all have, quite frankly, a lot of work to do and we're not where we want to be, and it's a big challenge for corporations >> and i should say -- >> diversity -- >> i was going to say one other point. education is supposed to solve them, but it actually hasn't you cited the statistic of wealth inequality and if you were in 1998 the median age for the college-educated black household was only 38% of that to the white college household by 2016 the medium college-age

household had 17%, we've actually gone backwards. even when we have education. >> thank you for joining us. >> you're welcome. >> some practical solutions and interesting statistics there we appreciate it from mckinsey. >> up next las vegas casinos and universal land are both gearing up to officially reopen. a look at what changes to expect when "closing bell" returns. i called reputation defender. vo: take control of your online reputation. get your free reputation report card at reputationdefender.com. find out your online reputation today and let the experts help you repair it. woman: they were able to restore my good name. vo: visit reputationdefender.com or call 1-877-866-8555.

it was another strong day on wall street today. take a look at how we finished up on stocks the dow up 527 points and a 2% gain on the close. boeing was the best performer. the s&p 500 rising for the fourth day in a row up 4% and

most sectors were positive and financials leading the charge. the nasdaq composite of tech-heavy stocks had been lagging and did catch up through the rest of the day and finished up .8% and is not too far off from a record high and the russell 2000 index of small caps had a big catch-up day up 2.4% coronavirus concerns sent manhattan deals plunging in may, the biggest decline ever and now with civil unrest and protests in the streets of new york city, could the housing market be in even greater jeopardy. robert frank is here with the story. >> sarre a the number of apartment contracts signed in manhattan fell 87% in may and that is believed to be a new record and 80% say you have a lack of buyers, a lack of deals and the lack of listings and the hardest-hit segment is the high end and if you look at deals of apartments over $4 million there were 16 in may totaling $100 million and that compared to 111 deals totaling more than

a billion and that's a 90% decline at the top and there is evidence of urban digs while demand is flat or down in new york city it's rising in every single surrounding suburb. westchester and connecticut and in new jersey bergen and monmouth counties, all seeing increases while manhattan was down guys >> how does it compare so far, robert, with what we saw in '08 and '09 and are people drawing that comparison each though it was different circumstances and with wall street dropping particularly hard, new york felt it. >> they did, but it was very brief and what was interesting about '08 and '09, the rest of the country had a huge housing hit and new york was relatively brief and shallow. this time around we have a tale of two housing markets again, but it's completely flipped. new york is headed for what many see is a big decline in deals and prices when we reopen toward the end of the month and when

you talk to diana olick and what we see of the rest of the country, we see a fairly strong housing market nationwide. so going into this the setup is not good for new york city, but we'll have to see once they reopen in june how long it goes and how deep it goes >> robert, i guess a double whammy for new york city and manhattan in particular with the work from home trend is the taxes. i mean, even less reason to stay in the center of a city if you're able to work from home, not just because of the setup of having a yard versus not, but the taxes you have to pay on top just by residing there >> yeah. it is so expensive, wilf and also a good point because this will all cascade down if we start to see property taxes which are the biggest source of revenue. $30 billion a year collected in property taxes if you start to see that decline you will see a cut in hospitals, and schools and the subway systems and police and firefighters that could make new york city even less attractive and more

expensive which could sort of perpetuate the downward spiral so that is the big worry. >> robert frank, thanks so much for that moving on, the u.s. moving ahead with reopening plans universal orlando started to reopen its gates today julia boorstin has a preview of what to watch for that first, las vegas casinos getting back to business tomorrow and contessa breaks down what to expect contessa >> hi there, wilfred, reservations coming in stronger than expected and more casinos are opening up and down the strip, including those opened by mgm and caesar's and violence and looting and violence in the protests for nearly a week has dampened enthusiasm. las vegas yanked a tv ad campaign that was supposed to air in markets within driving distance to las vegas. and visitors who do stick to mr. plans to come will find social distancing and lower occupancy and all workers wearing masks,

wilf. >> let's get to julia boorstin for a preview of universal orlando. this is the first step in its phased reopening of the universal orlando park it's opening today and tomorrow for select annual pass holders before opening to the public on friday these videos coming in to us from a pass holder who was inside the park today. the park implementing a range of precautions including mandatory facemasks, temperature checks and limited capacity, social distancing and mobile payments as well as mobile ordering for food universal studios is the first of the major theme parks to open up disney is set to start its phased reopening on july 11th. guys, back over to you >> julia boorstin. julia, thank you as we look back to the market today, mike, on what was a very strong day, notching some key technical levels this reopening that julia and contessa have been talking about is a huge part of the theme and not just businesses reopening, but early indications that

demand is coming back and i wonder if you see that as a market driver as you look to tomorrow and the day ahead >> that theme is animating what's been going on in the market and not even so much obvious tangible evidence that demand is coming back to normal, so to speak, but just that we will have a reopening so for every day this passes when you don't have a real alarming spike in infection rates or anything that will get in the way of that story seems to embolden investors to re-up their bets on the scenario that might work out okay still a long way to go for a lot of those cyclical consumer retail stocks to get back to even it's not as if the market has declared victory on this and it's interesting we didn't see a pullback in the safe, quality tech stocks so to speak, at least so far, we might be bumping up against some in the short term >> is it worth keeping an eye on the international picture and the stock is up 7% year to date

putting this week to shame. >> they've been handing strength to strength here and previewing u.s. market open with some upside so we'll see that continues as soon as you figure out there's a pattern a lot of times it gets interrupted. >> we are out of time on "closing bell. thank you very much for watching "fast money" starts now. "fast money" starts right now. i'm melissa lee. guy adami, tim seymour, guy adami and karen finerman drawing a line in the sand when it comes to content and we're breaking down the restor invest. no deal. later, keeping up appearances, the one beauty stock that got a nice pop today and it is all thanks to kim kardashian >> we start with a big rally on wall street. the s&p 500 up for a fourth straight day it's just 8% away from its record