it is 5:00 here is your top "five at 5. the history of the new american stock market >> and dissention in dc. relief for small business. congress updated terms on the massive program. pent-up demand, duelling ipos after a long dry spell

what happens in vegas will happen in vegas. casinos reopen doors for the first time since the march lockdowns began. get the dice ready it is thursday, june 4 you are watching cnbc. good morning good afternoon, good evening wherever you may be watching thank you for joining us on a thursday morning the major averages trading at the highest level since early march. gaining some averages. the dow trying for a four session win streak futures now a little lower 114 points off time to turn it around this has been one of, if not the most remarkable come backs in

the history of the american stock market the s&p 500 is up 21% this quarter. we still have a few weeks to go in the quarter the nasdaq 100 just .75 of 1% of a new record closing high. doesn't look like it right now could happen today the markets pricing again a fast recovery off the pandemic than pretty much anybody would have thought possible one month ago around the world is not just here mostly green arrows in asia and companies like hong kong caving into pressure and support exerting the moves as something they would have to do. having a big stock run in europe the german dax trying to extend

its win streak on pace for its best weekly performance. there is a european central bank meeting they could offer more stimulus, more gas, more juice to the market. we'll have more of that in a day. new tensions over president trump's handling over nation-wide protest to use military force to crack down on any violence that erupts tracie potts joining us now with more on this good morning, tracie >> good morning. the president catching some heat saying he's going to bring in the military to back up his national guard his former and current defense secretaries disputing that >> at the u.s. capitol, some officers taking a knee with

protesters president trump is doubling down on the promise to bring out the military to back up 30,000 national guard troops. >> once they came in, it was like a knife cutting butter. it was so easy the current and former defense secretaries opposed action >> the use should only be used as a matter of last resort >> in a statement, calling it an abuse of executive authorities curfews are easing tension there are pockets of unrest in portland, atlanta, charlotte where police are accused of firing tear gas into a peaceful crowd. former president obama praising peaceful protests. >> we have to bring about change, highlight the problem and make people in power

uncomfortable. the first memorial for george floyd. officer chavaun's charge upgraded and the officers with him have been charged with aiding and abetting. >> his life had value. >> i am happy all of the officers have been arrested. my father should not have been killed like this >> the officers face up to 40 years in prison. back to washington, brian, there is an extra layer of security around the white house keeping protesters blocks away from the president >> tracy pots from washington. thank you. have a good day. it is not just the unrest in focus. congress finalizing much needed updates to the spending program. rahel solomon is back with more this morning

good morning >> good morning. the senate has approved the bill giving small businesses more time to use loans from the paycheck protection program. extended from 8 to 24 weeks. that bill now heads to the president's desk general motors expects north american production to return to near precoronavirus levels according to ceo mary bara who says gm has been aggressive in restarting since may 18 and the company will continue to add additional shifts this week. a group of amazon workers are suing the retail giant said their working conditions have put them at risk but also family members. filed in new york, claiming one worker contracted the virus in march at staten island and within a month, her cousin whom she lived with died after

experiencing coronavirus symptoms trying to offset rising costs and packages flowing through its network. this move follows that of rival ups and is designed to hit some of the largest shippers whose volume has exploded with consumers on lockdown. at this point, what aren't we shipping back to you. >> no kidding. the fed ex is so busy. they are driving around in ryder vans they've run out of their vehicles >> the struggle has been real, brian. >> i look forward to getting back to the stores and getting back to the office to see rahel solomon >> here, here. the nasdaq 100.75 from its

closing high jas jason ware with us with the exception of michael burry. he's been on twitter for months saying don't worry about the pandemic and other stuff he's been buying stocks. pretty much everybody else se seemed to have their head under the table. you probably would have asked if we had been drinking at 5:15 in the morning. what is your take on this run for the equity markets do way deserve to basic will i go back to where we were prepandemic and lockdowns? >> caller: good morning. that's a good question it is pretty amazing to see the

apparent disconnect between the stock market and what's happening in the world and the real economy it seems we are managing it well we've had massive fiscal support. on that last item, that fact coupled with the economic data suggested that perhaps the recession has already troft. with the peak of unemployment claims and the second half of the year recovery is a

possibility. that's why stocks have rallied >> listen, fair enough we had a home builder ceo above last year's levels ceo saying shocking how fast sales have come back there is still the expectation if with go from 40 million unemployed to 10 million, that is still not back to where we were maybe we'll get back to full employment in a year do you think that will happen or has the market maybe gotten ahead of itself? >> i think in the near term, it would seem that the market had gotten ahead of itself

maybe asking that it doesn't do what it doesn't do things are better and not worse. we have millions relative to where we were when the markets were at the highest. the market has trillions of fed support and fiscal spending when we didn't have interest rates lore and all of those equity prices are in a much more positive position now believe it or not that is helping as well. >> it is there is another factor we haven't talked about much we'll show viewers at 5:30 best to you. speak to you soon snooch when we come back, credit suisse laying out the best and worst

scenarios for the airlines plus breaking its long silence, the ipo market ramping up this week in a big way to pent up demand later, opec could meet virtually any day. could they extend their historic t? health e helima croft is here futures are down we are back after this

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the effect of the lockdown could be felt by nearly every sector we call it a hospitality depression yesterday, 15 u.s. airlines were granted final approval to temporarily halt service to airports just the latest sign struggling to cope with the slowdown. your next guest says the worst is yet to come entitled the great global airliner purge with us credit suisse aerospace analysts good morning you call it the airliner purge we've seen air travel tick back up slowly. why do you believe the worst may not yet be here? >> caller: it depends who you are talking about. the enormous size of the tweak

could have unexpectedly negative pressure on suppliers that rely on after market revenue. that market may shrink to lows we haven't seen. >> we want to be clear here. we know the airliner stock pain. we understand that we are talking about the ones the companies do not talk about much they provide parts we've seen shocking video of all these planes of these parked unused kind of like the used car market how is that going to impact your industry >> exactly so i cover the equipment manufacturers, for example boeing and airbus. we also cover suppliers.

generally providing parts. if airlines are not flying, they are not consuming parts. he thinks what the airlines are going to do here is rationalize fleets bring back those slowly and improves while that is happening, the aircraft that receives the most expensive maintenance. consuming fewer parts. we'll have a period, we think where the original manufacturer equipment continue to deliver new aircraft while the parts consumption is slow. >> i think in 20 some years of doing this, there are three companies i've never mentioned i am going to mention now. aar, hexel and halmet.

three companies you have outperform rating on >> they are smaller companies. the two that start with h. they are more oriented towards this original equipment market they tend to make parts for newer airplanes. if we think the market would stay contracted here longer than in the new market. they have a relatively favorable mix more towards the airport hexel does carbon fiber. there is no after market there to lose. and howmet has been around for a while. they make engine parts but primarily for new airplanes. and aar is an after market or

parts company. there is a concept called harvesting planes or taking their service or material. we tear down older planes that are parked and referbished reusable parts and reuse them. aar could benefit in trading in the coming couple of years >> i've heard of used car parts. i didn't know there was news airplane parts robert, really interesting stuff there. thanks for joining us here on "worldwide exchange. appreciate it. on deck, apparently reality doesn't bite for at least one stock getting a big bump in the pre-market for a reason you may roll your eyes out oil down 2%. we are back after this >> announcer: today's big

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cosmetics. cloudera out look fell way shorter than wall street estimates. based on the assumptions to peek on the second and first quarter down about 9%. sales fell 16% and the maker of watches and accessories could jump as much as 70% after closing a majority of stores midmarch working on a plan to gradually reopen them. shares of coty up another 3% they surged after the company said they are in talks with kim kardashian on a new line it would be the second tie up with the family. they already have ahalf a

million dollar deal with her sister kylie >> one of the only ipos deal new stock listings like everything else have dried up and will keep going with another major listing on tap welcome leslie picker here now with more. welcome back it is great to see you again, even remotely. >> good to see you too eep remotely that's the best we can do these days you are right, the ip window is creeking open again. causing markets to rattle and send deals to launches warner music group gained 20% in the traiting that ipo amounted to 2 million making it the largest listing.

the regard label for cardi b, bruno mars and more. the largest tech ipo of the year a company called zoominfo that uses artificial intelligence use information to better understand customers. pricing shares at $21 each that's a dollar above the boosted range. that allows the company to raise $1 billion through the deal. black rock, dragon air and fidelity have participated in a third of that amount important to note that zoominfo is different from zoom fun fact that zoominfo did list zoom video as a major customer.

zoom video, even though they went public a year ago, it played a big roll. road shows in the era don't take place on the road anymore but over zoom. so advisors say that made the process more efficient management teams didn't need to travel across the country and eat in fancy ball rooms with investors. investors were able to give those meetings more attention. >> i've got two questions for you. number one, how is the little guy? and number two, how has the market changed in the coronavirus era? >> i think they are related because the ipo window just happened to reopen the day i got back from maternity leave. if the little guy just gave his

stamp of approval. he issic whatti waking up i think he knew i was on "worldwide exchange" and didn't want to miss out on the fun. your second question whether this opens the flood gates for more deals, a lot depends on performance. yesterday, warner music did really well. zoominfo, based on conversations i've had, there is a lot of demand if it does go higher, that could indeed show that this coronavirus way of doing ipos could be here to stay. >> all right, leslie picker. we are glad you are back to stay you know i'm a loud guy. whisperi whispering great to see you take care.

still ahead, one possible reason stocks are going up that gets almost no attention we are going to talk about it and get reaction from one big-time money manager a way to look at the market. dow futures are up about $1.5. we are back after this

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voice solutions like remote call forwarding and readable voicemail. and safe, convenient installation. when every connection counts, you can count on us. get the connectivity your business needs. call today. comcast business. will more big tech stocks hit highs today. the amazing rebound rolls on for

one maybe little talked about reason could oil take a tumble because of trouble at opec the group supply cuts could be in jeopardy all because of one country. what happens in vegas will happen in vegas again as sin city opens up. will anybody come to roll the dice thursday, june 4 you are watching "worldwide exchange" here on cnbc welcome back and good thursday morning. thank you for joining us here futures are down with the dow implied open who could blame the market the big indices applaud most if

not all of the pandemic in early march if it seems like a stock surge lately, you are right. this is the fastest, steepest 50-day market move back up in modern american history. the s&p 500 is up 21% just this quarter. we've already got four weeks left to go in the quarter. nasdaq 100 less than 1% from the all-time high. may not happen today if we get .33%, we can say the nasdaq went from startling lows to new highs in 60 days. historic times in oil markets as well concerns that supplies could rise major producers could not agree to extend output cuts to support

gains. saudi arabia and russia saying they alone have reached an agreement to extend the cut backed bio peck in april to protect allies the meeting officially scheduled for next tuesday but if sources say, it could happen any time it could be virtual we'll bring in markets now with more normally at this time, you and i get on a plane and fly to vienna meet in a stair well, 250 people together try to figure out what will happen. that's not going to happen this meeting, what do we know about the meeting tentatively scheduled for tuesday. >> reports it will happen today but we've had the issue over

compliance extending production cuts for one month, two months. we need better compliance iraq and nigeria. how can a rack satisfied saudi arabia and russia that they'll be able to cut another 650,000 barrels quickly. they had said they would cut a million barrels in april they've fallen very short of that the question is, will saudi arabia and russia make up the difference or just move to basically staggering down the cut made in april. >> that is hard to overstate what iraq has been doing. >> we had a discussion with a similar person yesterday the idea that iraq is not holding up their end of the bargain but maybe producing more

than they were predeal what can opec do about that? >> iraq has been the lagarde in opec they had insisted they should be given ex emton their monthly average is 6.6 billion. they've had massive protests over the government failure to provide businesses and jobs. they say they need every last barrel they say, look, we pay a penalty if we shut operations. they say they face technical and financial challenges complying saying look, you've signed up for this agreement that's basically their whole production they are seeing some effort to

become compliant >> you probably rolled your eyes like i did seeing the headline opec strikes a deal. getting ahead of themselves to say, there is a deal right now, until they get together, there is no deal do you believe there will be a deal to extend the 9.7 million a day for a month. they meet again and revisit. where do you think opec will go with this? >> i think in the end, they'll find some way to put a band-aid over the situation we've already had them on twitter we think there will be some public act of

atonement over the month and then it will get reviewed. this is something he takes very seriously. saying everybody better do what they promised they would do. >> saying we got a deal, oh, we better not >> remember, mexico held it up last time. >> we know we are glad to have you on we'll see each other a lot in the next 72 hours. >> all best to you coming up, vegas, baby casinos are opening their doors. casino brewer is up next to talk about vegas. dow futures are down about 100

5:37 we are back after this that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

casinos throughout nevada are reopening. rooting for a relatively quick return to normal despite the fact that sitting at a blackjack table maybe not conducive to social distancing.

casino brewer. >> if you want to be called oily brian sullivan, i think it is fair play. let's talk about casinos opening. >> slick slick sully. >> a good one. i think there is a lot of people feeling punchy on the strip. the d and the golden gate were the if irs to reopen downtown las vegas. protests the last two nights have been calm and peaceful. the pockets of violence nationally and locally have prompted them to yank a tv ad campaign that was supposed to air in markets despite all of that, mark is driving from the l.a. area with his wife and daughter for a three-day weekend at wynne las

vegas. >> we feel really comfortable being in the casino. there is a lot of security we'll be well taken care of but it has been a concern. >> they will do temperature checks and will be screened off for screening and could be sent to quarantine hotels casinos have staggered when they've reopened they put out the plexiglass and put out the sanitizer. the demand is there. so many reservations that they decided to reopen on the strip and pushed up the reopenings factoring in social distancing requirements gamers have put capacity at 50%. opening allows them to accommodate pent up demand to

get back into those resorts. >> you go to the grocery store and see plexiglass will the dealer be behind the plexiglass do we touch the same cards and dice >> they will roll out new cards more frequently. chips will be sanitized. everyone is wearing masks or they'll got up plexiglass. they are encouraging all guests to wear masks. it is not mandatory. they are free and they'll be handing them out all the workers have to wear them >> hard to smoke in a mask >> that's true the smoking issue has been a real touch point a lot of people wanted to see gaming regulators go in and ban it that is something the state legislate your has to take up.

right now, you can still legally smoke inside casinos but, you know. lift your mask >> all of the changes. contessa brewer who said always hit on 16. good to see you again. joining us now, managing director and senior analyst for the gaming industry at suntrust. welcome. how do you think vegas's reopening is going to go >> look, clearly, there is going to be some pentup demand folks will come in from southern california that said, you've got 50% or less of the supply open ultimately, it's a struggle. two-thirds of revenue base is gaming i think we'll see some pend up

demand in the near term but our expectations is the recovery people will wait to see a guy like contessa highlighted. once they see a couple of weeks go by and people aren't getting sick more will come. how long will it take to vi any data points to say, all right, now we know what's going to happen >> i think we'll look to see gradual improvements there are real risks out there casinos have been reopening and already in northern michigan, there was a coronavirus case for one of the patrons who came. i think we'll keep our expectations low talking about what is the path to 2019 there is an argument some of the

stocks may have gone ahead of itself seeing gradual improvements for the time being >> any one of the big casino companies better or worse positioned given the current environment than others? >> i think our preference is really smaller, regional properties, to be honest with you. the larger players are really going to have to hope for medical advancements the smaller players where they view it as their country club and drive 30 or 60 minutes and go multiple times a week i think that recovery will start there. we are cautious on the larger players. >> we spoke to the owner of golden nugget. he said the recovery was going

very well, barry >> exactly some of those smaller, regional drive to properties. it is those destination resorts you have to fly in where there is a big group, convention business where it is trickier. we've seen differences in tribal, regional markets where 50% of the capacity or less and limitations of how many people you can have in the building seeing levels up year on year. it is very encouraging points to the fact in these drive-to regions. you have high-frequency gamblers 20% make up the revenue. they are coming back >> thank you best to you and your family. on deck, the fed, a rapid

reopening. jobs coming back all reasons you have heard for the stock market's regard breaking recovery. coming up, we'll show you another potential reason you may not have heard that.

>> welcome back and good morning. there have been a lot of questions why our stocks are up. struggling with the lockdown and 40 million people are out of work we'll recover faster than estimates. we've been watching and have the ceos of taylor morrison homes and volvo saying they are seeing faster recovery for home and car sales. trillions of global dollars chasing a smaller and smaller pool of assets

look at these two charts the number of stocks, publicly traded companies in america has fallen every year for 20 years right now, there is about half as many publicly traded companies as there were when we started broadcasting business news in 1996 back in the late 90s there was 8,000 companies give or take about 4,000 real public companies. why? meaning you just don't need to go public to get your cash consolidation also taking off to public roles, which means there is a lot less stocks to guy. it is not fewer companies but fewer shares all these buy backs that have taken heat are taking another 20% of available stock, physical stock to buy off the market.

fewer companies, fewer stocks. it may not even be the most but when you consider so much talk has been over the last few years and the dollars around the world chasing stocks have only gone up thanks to the central banks and what happens with money. it is more money chasing fewer assets and could play a big role in why stocks have seemed invincible talking about this now tony roth, chief investment officer i know not a lot of other people do when you look at the number of companies and equity available out there. if you've got the same number of people chasing half the available assets, you don't need to be a phd economist to think the path of likely resistance is higher >> hey, brian, good morning. there is some validity to that

i think the related issue right now that is really helping to drive markets hire is the amount of liquidity that the fed has is expanded the balance sheet this year by $2.5 trillion. what has happened is that the liquidity pushes in so well at the funds rate and throughout the curve that the attractiveness of holding bonds is very, very low. what you are talking about is a long-term structural issue, which is not necessarily anymore active today than it has been over the past years. when you put on top of that the fact that we have a level of liquidity put into the system by the fed which is massively impacting the bond curve and you have the buy backs you talked about. yes, that all does conspire to

push equity prices much higher if you will on the rates we've never seen that before >> i know it, you can hear about it saying this is all the fed maybe it is. maybe it is all the fed but there is an old adage. you don't fight the fed. it has been proven true again and again and again. can you hate what they are doing. you can hate the debt levels and worry about our kids and grandkids' future. with assets, prices are going to go up but does it have an unhappy ending, tony >> that's just it. with the structure of the markets, the nature of the risks

confronting today on the analogy of the market, if you will is such that the good news is sequenced in the short term to the longer average of the year when you look at investor positioning. what you see is that investors, they really don't change that positioning that much from month to month what does change dramatically is the positioning of hedge funds and al go rhythm investors looking at the principal risk in place like the second wave of the coronavirus and reopenings and eventually do we get a vaccine and bouncing off very, very severe economic slow down

we saw in the second quarter we are set up to get good news all of these topics in the short term unlikely we'll get a massive second wave middle to late summer it is unlikely we'll get significant negative news on the vaccine trials in phases one and two. when we get to phase three, that risk increases significantly that means the market will price in the outcome in november right now given all the other issues that are immediately presence. that will change as we get to the conventions at the end of the summer when you put all of that together, what you see is these protection until investors responding to all the positive news that will change the availability to support the market may reverse itself

violently later in summer. >> we are watching for to. health data is the new economic data tony roth watching the reopenings quickly, some exciting news to share. a new edition to the cnbc family congratulations to our friend jason and his wife jadira on the arrival of hudson daniel driscoll big boy. everybody is doing great nearly 20 inches long. hudson daniel, welcome to the world. you are a cutie. that is so cool. congrats i don't know why, getting choked up a little watching that. i'll see you tomorrow its thursday squawk and the gang, they are next take care.

across america, business owners are figuring things out. finding new ways to serve customers... connect employees... and work with partners. comcast business is right there with you. with a network that helps give you speed, reliability and security. and enough bandwidth to handle all your connected devices. voice solutions like remote call forwarding and readable voicemail. and safe, convenient installation. when every connection counts, you can count on us. get the connectivity your business needs. call today. comcast business.

we thought you could help ray bring hiwhat?s to school. kelly, do you know him? -he's a new friend. you ok? you know you can tell me. i'm ok. oh, i trained her in the car. she's not gonna break. [ laughs ]

so far this week helping drive those gains, progress on reopening america from the lockdowns we have an update on theme parks, auto plants and casinos getting back to business one form or another. getting you ready for two big market events and ecb announcement have you watched the euro markets at all the latest jobless claims. "squawk box" begins right now.