over from ceo to executive chairman and founder the ceo still reports to me but i brought in one of my favorite people in the world, mark russell, used to be the president of worthington industries he will help me execute this vision i'm right along his side and locked up for a year on almost all my stock i don't really want to go anywhere my dream would be to stay here as long as i can and needed. i don't know if that will be much more than five or ten years. at that point it's just building factories and that's not what i'm good at. i'm gloods at complete transformation and disruption. i hope i can give them everything i can do in that time period where they're successful. >> we're going to be paying close attention, trevor. we look forward to further conversations as your vision progresses to reality. thank you for spending some time this morning. >> it's an awesome day today first day traded on the nasdaq so thanks so much nkla and what

an awesome day i wanted to get with you first so thanks so much. >> you're very welcome look forward to talking in the future. >> david, we'll see you later. thanks for that. good morning welcome to "squawk alley." i'm carl quintanilla with morgan brennan and jon fortt coming to you live from separate locations. interesting price, but not dramatic, another all-time high on the ndx for a second day. s&p really about 100 points from going green for the year vix below 25 the 10-year yielding 0.8 very busy morning in terms of critical levels, morgan. >> absolutely. i think the headline numbers are milestones you put out there, put night focus in terms of how swift the sell-off was and plunged into a bear market and now how swift this rebound, this rally we've seen in recent weeks, has been as well. that being said, there is a lot and i feel like we say this every day, but so much for the

market to digest right now, whether the ecb and the bond buying program announced this morning, whether the initial jobless claims, ninth straight week of moderation but at 1.9 million almost, still at extremely high levels. really those continuing claims continue to be in focus too. those ticked up a little bit still a bit lower than what we saw a couple weeks ago that really puts that jobs number that we're going to get tomorrow from the labor department in focus as well, right? >> yeah. but where i see some drama this morning is in semiconductors intel is up 2%, so is applied materials, western digital, seagate, qualcomm up about 2.5%, micron up nearly 5%. some interesting action there among that segment of technology, so we'll continue to watch that also, in the hour, we're going to hear from two industry leaders on corporations' social responsibility among -- amid these ongoing protests

we will have an exclusive with american airlines ceo doug parker and then later, apple co-founder steve wozniak on silicon valley's response. let's start with today's market action as we were just mentioning the nasdaq 100 hitting a new all-time high. joining us chris retler and steve molinavich good morning. >> good morning. chris, first, what do you make of the semiconductor move here given where we've been with the markets in tech? software has been doing particularly well in general, but this morning, i'm noticing semiconductors >> i think that innovation continues to move forward. there's a technological revolution going on globally companies like samsung, tsmc intel continue to battle to

drive that efficiency in their products and some of their end markets are certainly under pressure which is industrials, automotive, some of the medical. but other areas like infrastructure, data centers, moving around, supporting this whole stay-at-home economy that we've been adjusting to in the last few months, and probably will be adjusting to on a go forward basis, there's a lot of demand out there 5g is another big theme that's coming here, both from an infrastructure in a device selling that's going to start in the fall, so there's a lot of moving pieces but semis are the future and, you know, they have volatility and some up and down, but long term, we still feel very supportive of the area. >> steve, i look at the market, i look at tech, and i think boy, must be hard to find a deal right now. tech has continued to do pretty well despite the issues that we've had in the broader u.s.

economy and global economy, but is this more about hey, where else are you going to put your money? or is this more about this crisis has accelerated the trends driving customers towards this technology to begin with? >> probably some of both clearly there's a lot of liquidity in the market and there's not a lot of growth opportunities. interest rates you put money into stock and the growth is in tech a couple numbers i find surprising, about 60% of tech stocks have outperformed and 40% above their february 19th highs, which is pretty incredible and then finally coming into the year the most expensive tech stocks are up about 40% year to date you normally wouldn't expect that in a difficult market environment but there's no question that tech has been the winner in covid. examples like zoom and the work from home, but it's also causing

large cooperate corporates to realize they have to transform quickly and that's going to benefit a lot of names. >> chris, certainly we're talking about tech but another area is small caps we've started to see the russell 2,000 catch up in this rally how are you perceiving that and what is it signaling about the broader market sustainability at these levels >> when the small caps begin to perform with some of the larger caps, which, you know, the nasdaq market is up 8%, russell down about 12, 13%, they've lagged but when it broaden out, it begins to show or what you're expecting is, you know, some more economic recovery generally, they have, you know, single product, single services. they can be more impacted in this type of a down turn we've been through it has been significant. we're seeing a catch up phase now. what i would like to see is, you know, is this recovery

sustainable. how big of a v on the upside is it going to be i would like to see improvement on the employment figures which we're going to begin to see over the next few weeks but clearly there's some industries that have been impacted and i don't think they're going to recover as quickly. but we've been nimble in the small cap area and we were still very focused on technology and health care, a lot of plays that benefitted from the covid unfortunately, so -- but there's also a lot of small caps supporting these large cap tech plays. new materials that are being nut for semiconductors there's lots of areas that are not household names and that's where we spend a lot of our time. >> steve, on china, i mean when relations were better between the u.s. and china, tech was all about the promise of china now we're banning flights from there, we're ending preferential

treatment for hong kong. the trade deal looks wobbly. why is the market looking past that >> yeah. it's increasingly clear there are deep philosophical differences that go just beyond near term trade issues and tech is the main cause of that and we'll see the tech supply chain [ inaudible ] to begin to move out of china that did begin to happen last year the semi cap names get about 20% revenue from china and looks like that's going to continue. there is a threat eventually china becomes more self-independent in the semiconductor space so that could be a bit of an issue for now in semis they are going to buy as much as they can get from us and the market is comfortable with that. that said, valuations in tech are clearly stretched. i think there's a quality of companies is much better than the tech bubble but unless we get a v recovery here quickly there could be some downside coming at some point. >> finally, chris, i wonder, has the tech narrative just become

the mainstream narrative at this point and in a way is that bearish for tech if everybody believes the story or are there any kind of subnarratives within tech that are controversial enough that there are areas that investors can look into and bet on that aren't just popular wisdom >> well, i think what's happened with technology over the past few years is technology has found its way into almost every industry and it's a solution to many of the problems that we're facing even think of hotels now they're applying technology in their check-in, cleaning rooms, you know, automotive, more robotics. technology has really filtered into so many areas of our economy how do you define tech it's becoming harder from a higher growth area that you want to place money as mentioned, you know, tech is a pretty good place. it's out growing gdp, but

innovation is what drives this economy. you embrace it >> yeah. well, when tesla is at $883 a share, what's your crazy bet i don't know anymore thanks, chris and steve. >> thank you after the break an exclusive with american airlines' ceo doug parker on the crisis in america and how corporations should respond. that stock by the way up 25% in today's trade. we will be right back. stay with us

as morgan said before the break, america airlines shares up 25% this morning. our phil lebeau has a special guest. hey, phil. >> hey, carl let's bring in doug, chairman and ceo of american airlines joining us from the company's headquarters in ft. worth this morning. we'll talk about the state of the business but one of the reasons we wanted you to come on today is regarding an encounter last week on a southwest airlines flight with a black flight attendant, jackie ray hill i don't want to give the whole story away we would love in your own words to tell us about this encounter. it's one of the stories a lot of people can learn from. >> sure. thanks for having me last week i found myself needing to get to panama city, florida, for family purposes. by the time i decided i was going american airlines flights were sold out.

they were sold to our capacity we're selling these days i bought a ticket on southwest flying anonymously with a mask on and sitting toward the back i brought a book on board to read, particularly given the events of today, that a board member recommended to me called "white fragility." it's a challenging book about how race in america and white people in particular have trouble talking about race and those that -- those of us that think we're progressive can be a lot of the problem anyway, i was -- i had brought that on to read. the flight attendant when i walked on saw me carrying it unbeknownst to me and with a little bit of time in the flight, she was working up towards the front of the aircraft and sat down where i was in the aisle in the window and asked me about the book. saw me bring it on and wanted to talk about it. she had been struggling with this as an individual. i started to talk to her about

it and said, you know, anyway, as best i could that look, what the book talks about we need to have these conversations and then she started to cry. and anyway, it was -- i did my best to receive what was really a gift to me she was -- she's the one who started the conversation, not me i was sitting back there happily sending e-mails to my team, not even reading the book. she started the conversation as a gift to me and i was happy to be there to receive it she put it on her facebook page and i ended up sending a note to my team about it, all of which is getting public and it's gotten to be what was a private conversation is now a largely public one and look, you know, that to me is -- is, you know, for we ceos the lesson the the only reason this private conversation is public is because of what i do you know, that's -- i have a

voice and those of us that are privileged with leadership, have i believe a responsibility to use that privilege, that gift, to break down barriers for those that are less privileged that's what jack ray taught me and i'm going to keep trying to do. >> without divulging all of the conversation, why is it so hard for so many people, black and whites, really all races, to talk about this? and this conversation that you had, were you struck in the middle of the conversation saying, this is exactly what needs to take place? >> yeah. look, i'm not the expert i'm learning what i know is that conversation was profound for me. it is exactly what we need i wish i was better at starting the conversation i'm going to work to get better at that and that's what we need to do.

the conversation is important and one we need to have. that's much of the problem it's not the entire problem. conversations themselves aren't the answer getting to the answer requires starting the conversations real conversations about how people are feeling the other thing that's come out of this for me is a number of e-mails and conversations that i've had as a result of this have been eye opening. again, we haven't shied from this, i didn't think i was a person that shied from these conversations but if you don't have the courage to start them, they stay in the background. when you do start them, it makes a huge difference. these are conversations that need to be had. >> hi, doug, good morning. it's jon fortt i'm wondering what does a ceo do next what do you do next? because as you just mentioned, it seems that the conversation itself isn't the end goal. the conversation leads somewhere. it leads to some kind of action. what do you see as the problem

or the challenge that the conversation helps you solve at american airlines? >> yeah. it highlights where, indeed, the challenges and barriers are so we can fix them. what i know is, from the conversations i've had already, there are just barriers that exist that are not as evidents to those of us who benefit from the barriers as there are to those who are -- who don't benefit from those you need to talk about them to appreciate them better i think as ceos we need to start first with our own companies and make sure we're doing things in our own companies, which all we want to do, i know we all want to do that, that will make a huge difference. but then collectively to business, needs to work together to help, you know, make change in the country we, you know, through our lobbying efforts, and other issues, we can work together to make a change as well.

but again, it starts with a conversation that's not the end, but knowing what to do and exactly what the right steps are requires some conversations to take place first >> doug, i appreciate you coming on today to talk about this. this is morgan i'm not personally a religious person but when i hear stories like this it feels like a god moment to me, these types of encounters i appreciate you sharing that with us. what does that mean in terms of policies that are in place at american airlines or that you would potentially now be looking to put in place based off of that conversation and based off just of what we're seeing in society overall? >> first off, again, we're really proud of the work we've done at american airlines. we were one of the first companies to put in place for all of our employees implicit bias training. that's been important. a number of other issues i won't go into. this is not work we ignored but

work we embraced what's next? frankly again, i'm not certain what i know is what we're doing is not enough. what i've asked is for our black leaders to get together and come back to us and help us figure out what we need to be doing more anyway, i'm not exactly certain the answer to that, morgan what i know is we're going to go do it. i'm happy to report back to you later as to what exactly we're coming up with, but i assure you this, i'm going to personally be involved in more conversations on this. our leaders are going to be personally more involved i know that as we do that we will come up with even more than what we've done so far and i'm excited about it >> doug, just less than three years ago that the naacp issued a travel warning to african-americans saying look, they're concerned about the safety and well being of african-americans flying on american airlines and as you mentioned, you've put in a chief

diversity officer, office of inclusion, and taken concrete steps to say how can we do better not just within our customers but within the airline. you have a huge organization and turning around a ship and changing the culture is difficult. has it been tougher than you expected since you started making those moves in terms of hiring ken charles or making the office of inclusion and trying to expand awareness and sensitivities? >> you know, before the last couple weeks i wouldn't have said it was tougher. indeed all that work really important work that has had really positive impact what i think we all are now seeing as a country is that those initiatives, while helpful, are insufficient. we need to do more it hasn't felt harder. what i've learned it's not enough we need to move faster and breaking down implicit bias is a huge part of it, but we need to

be even more deliberate about making sure that we're breaking down the barriers. implicit bias is one of them there are others there are structural barriers in place that keep, you know, these disparities in place i know we can work at american airlines to fix those and other companies will work to fix those within their own and what we're learning is we as a country need to work harder i mean, not -- i don't think that, we know that we're seeing it today. we need to do more work in this regard i was fortunate to have my eyes opened and the rest of the country i know is having their eyes similarly opened. we need to do more the programs we have in place are gret but not sufficient. >> when corporate america wants something, they lobby for it, right. they look to washington if they want lower taxes, if they want

subsidies to manufacture in the united states. to what degree is corporate america going to look to washington and lobby for this? lobby for not just individual change by company but collective change in ways you can't do alone or even with the business roundtable >> yeah. that's -- i agree. and i do believe you will see us, again, come together, certainly i've seen a number of ceos come across your show in the last couple days saying similar things we have all come to the conclusion that this is -- that we as -- that we as corporate leadership need to come together to help this situation and that -- that starts with taking care of our own shops, which will make an enormous difference, that's not insignificant, but it includes banding together to go make sure that we are lobbying our government to do weighat's righs a country and we will do that. >> while we have time here, i want to ask you, make an awkward

transition here, to shift into this question the one question we have about business how are things right now we know you put out the july schedule and that calls for a lot more flightss. your stock is responding to the fact that you have seen an increase in business give me an assessment of where you think things are for american and the airlines industry >> look, travel is coming back slowlily, but it's coming back the fact that i couldn't get on one of our airplanes because we weren't selling any more seats is indicative of that. there are parts of the world such as the gulf coast where there are things for people to do like go to beaches, there is demand for air travel. we've seen that. our loads -- our load factors in the tail end of may have been running over 50% they were at 15% in april. we're flying about four times as many passengers per day as we were through the month of april today. that's encouraging i will note that that's on a

greatly reduced schedule and so our revenues now are running some -- they were down over 90%, now down around 80%. but that's -- so anyway, gradual improvement. we have a long road ahead. but it's coming back we, therefore, have begun to add more flights what we announced is our july schedule will be down 40% on a year-over-year basis -- i'm sorry 60%, flying 40% of what we flew last july. but that, anyway, that number is, you know, was only -- we were down 80% in prior months. we're starting to add flights back, not all of them. most of that domestic. domestic is going to be 55% of what it was, down only 45% travel is coming back. that's good news and we're going to be here to deliver travel forward >> doug parker, thank you very much for joining us. i think this is a conversation and your conversation from last

week with jack ray is one that people can learn from. back to you. >> thank you, phil lebeau, as well. later this hour don't miss apple's co-founder steve wozniak on everything from tech role as we navigate public unrest to the covid-19 response. we'll be right back. stay with us ever since we've gone mobile on the now platform, something's gotten into the office. i hear you. feels like there's no barriers between departments now. servicenow. the smarter way to workflow.

i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi because of their low interest rates. thanks sofi for helping us get our money right. ♪

welcome back, everyone i'm sue herrera. here is your cnbc news update at this hour. michael white, an american navy veteran kdetained in iran since 2018 is free and on his way home secretary of state mike pompeo has been calling on iran to release americans and there would be consequences if any died from covid-19 german prosecutors believe madelin mccann, a british girl who disappeared in portugal in 2007 is dead prosecutors on the case say they are investigating a 43-year-old german citizen on suspicion of murder more than a quarter of americans are skipping meals or relying on food donations to feed their families during the pandemic, according to a poll by the kaiser family foundation

go to cnbc.com to learn about the efforts to address food insecurity in the nation i will be back in an hour with another update and "squawk alley" continues in about two minute's time. deposit checks, check balances, pay bills, and more. explore all you can do with our digital tools from almost anywhere. pnc bank.

welcome back let's get back to today's market action with the nasdaq 100 hitting an all-time high earlier in the session, although dipping into negative territory now. senior markets commentator mike santoli joins us to break this down whether the ndx or the transports outperforming because airlines are rallying very strongly, it does still seem like it is this reopening narrative that is largely driving the market moves more broadly as we shrug off covid and civil unrest from a market standpoint and china and other issues that have been hanging in the balance? >> for sure. the nasdaq 100 gets the headlines because it didn't go down as much in the crash and

those big tech stocks held up better the last couple weeks and mostly more pronounced this week has been just people feeling as if they don't have enough investment exposure to the reopening theme. yes, travel, consumer, a lot of the beaten down financials and retail stock is, it's still the theme. i think the overall levels of the market might be giving some traders pause because this market has begun to run pretty hot, a strong sprint we've had over the last 50 days, up to some important levels. right now i think it's quietly digesting things at the moment what is interesting, though, is a couple of the other indicators of extreme caution have started to loosen up so the volatility index cracked below 25, that had been stubborn in staying high, and then treasury yields have been released from what had been their recent low range below three quarters of 1% on a 10-year. the question is, you know, obviously how much has the

equity market pulled forward in terms of a successful reopening? >> yeah. i'm glad you brought up the treasury yields. we've been seeing the move higher in the last couple days ecb getting a lot of attention for that increase to its bond buying program and the extension of it this morning as well what is the bond market or what is the treasury market telling us right now >> it's essentially the safety trade that is being dialed back a little bit therefore, people are able to peel away and sell some treasuries it's being driven as you say by europe, german yields rising as well from this range it's considered to be a relatively, you know, healthy signal of what the markets are trying to position for in terms of the economy. still, at super low levels nobody expects overnight rates to go away from zero in the foreseeable future so it's unclear how high longer term rates can go i think further out look at the spread between the 5-year treasury and 30-year treasury it's been trending strongly

higher another indicators of investors saying this economy is going to have some momentum, even if it is just less bad conditions that get reported in the coming weeks >> hey, mike, you had a column on cnbc pro yesterday talking in part about how the patient investor has been punished because they didn't get that lower entry point to get back in do you have a sense of how much cash really is on the sidelines and what role that cash might play for the rest of the year? >> yeah. you can kind of have the cash in the places where it gets publicly reported like money market funds and it seems very high the question is you don't really know what the motivation is behind that outright cash holdings there's a lot of corporate money in there because people -- companies sold a lot of debt and stashed money in money market accounts long-term traditional investors still have relatively low allocations to equities. in other words they have not rebuilt their exposure

positioning in that sense seems like over the course of months probably a tailwind. what's a little bit of a complicating factor there, jon, the shorter term money, the tactical traders, that area of the market looks like it's gotten pretty aggressive if you look at how options trading ratios, all that kind of stuff makes it seem as if maybe there's been a little bit of pockets of aggressive action but the backdrop is more traditional slower moving investors have not yet felt as if it were safe yet and clearly are going to have to buy at higher levels if they're going to do so. >> mike santoli, always great to get your thoughts on a day we're seeing major averages slip between gains and losses mike santoli >> all right guys, we are seeing session lows for the nasdaq and the s&p when we come back, steve wozniak is going to join us. apple's co-founder on what the mission is for corporate america in the time of racial unrest don't go away.

woman: my reputation was trashed online.

i felt completely helpless. my entire career and business were in jeopardy. 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. a newlywed... a guy who just got into college... that's why behind these masks, johnson & johnson scientists are working to accelerate development of a covid-19 vaccine, drawing on decades of experience responding to public health emergencies like ebola and hiv. for the life behind every mask, the clock never stops and neither do we.

this afternoon in minneapolis, a private memorial service will be held for george floyd as protests over his death enter a tenth day. steve wozniak joins us and says businesses need to do more than say they're sorry. welcome, we're honored to have you back good to see you. >> hi, nice of you to have me and i'm glad to show off where technology has got than we can actually do this >> it's incredible we're all getting used to it i want you to talk about either what apple can do or tech can do or business can do to even begin to repair some of the problems we're now facing >> okay. well first off, yeah, tech is a little vague it doesn't mean products and apps or does it mean the

technology industry, what can the industry do. two, for one thing, unrest that we're feeling, these are emotional things and tech is unemotional. there's a limitation of what tech can do. tech is tools that humans use to get what they want and need so it's the humans in control tech does help us get facts and truth through communication such as video recordings from a smartphone, but okay, in many cases of like when police are over using force, relative body cam footage and security cam footage is there but they're under the control of the police so we don't see them it's like a business we -- the police work for us we pay the police. we should have access to those videos quickly maybe after a short time delay and bathroom problems and bathroom issues, work that out. so it's hard to get to the truth. truth is to solve things but having a factual reference to base on. here i can do maybe some kind of

calculation or put real facts together to get to an answer of what we can do one thing is, you're dealing with a lot of times -- some of the unrest deals with authority. the issue isn't just racism, but police brutality and abuse of authority. i have a lot of personal experience with this, real direct personal experience if you make the rules, then you can be right even when you're wrong. that's a problem we all have a bit of as distrust over authority from the government on down one thing, we hear sympathetic and empathetic words from the businesses today, especially big ones, but small ones, this is so horrible we have to change things and improve it. words are just words you need real action to change things, even if you're making a new product, talking about it, you might have 1,000 people around the world talking about the idea and the one that makes

it deserves the real credit for moving us forward. we work on healing our own feelings about events like the recent one saying this was wrong. well that's just a symptom, that one event. you know, we don't work as strongly curing the underlying diseases of, you know, overs use of police power, racism, you know, conscious or not, you know, business operates from a financial perspective, not a social psychology or social justice one. >> well, but i'm sure that the fact that floyd's murder was caught on a phone ahmed arbery or the footage of the protests are being captured on phones that's led to transparency, we can see weight going on, that's not lost on you, but i hear you talking about more about product than say hiring. are you prioritizing in that way? >> no. i'm leading up to it, but i'm just saying that there are different ways to look at the

issue. what you want to get is truth. the communication abilities of our modern devices helps us get some truth but not very much there might be 100 examples like george floyd we don't get to see. i pointed out the police are in charge of the evidence including body cam footage and they only want to release it when it exonerates officers. look at apple as a company for diversity. apple has taken a stance publicly for a long time not to discriminate for reasons for race, ethnicity, gender, other matters, you know, it's like we're blind to such things, you know, and that's sort of how a logical person would say it should be. apple is the first big tech company to have people pay for equal work by gender, for example. in part, this bothers me a little because why should apple be the standout. why shouldn't they be doing what everyones else is doing.

everyone doing things that sound so good. a lot of big tech from silicon valley, you know, and many parts of the country have almost no racial die ter racial diversity if you're not like me you must be bad and i have to have a fight with you majority rules type principle if there's a small minority here in santa clara county, it's one of ten counties in the entire country where the majority of people speak noneng be glish at home they've come from all over we're a valley of migration. bigotry is lower here. things we read about elsewhere are hard for us to phantom as companies. >> i'll challenge you a bit on that i lived in santa clara county for 13 years silicon valley is a really diverse place. but also very ball cannized and separated by class you have the palo alto unified school district next to the ravenwood school district, funded, taught, resourced differently, and that leads to my question is, what do you think the role is for technology

companies that are concentrated in silicon valley, for example, to change the way the system works if this is appropriate, i don't know what you think, as far as resources go? right now, the way california is structured, the way many states are structured, hey, if you can afford to pay some extra parcel taxes, property taxes, your schools are going to be better funded, your kids are going to get better opportunities and so on and so forth. does that stay the same in silicon valley does that change does tech have as voice in that? >> well, i think it comes about like by setting examples people follow you confirmed, one thing i said, we are a large valley of migration, all types around us from everywhere in the world and you pointed that out with east palo alto. but we're more accepting of it you can go to places in this country, i have relatives in other places and it can be much more of a problem of true

bigotry. don't shop there that kind of talk. the example that tech sets here's how we should behave, now could we put resources into, i don't like to say you can buy your way out of everything, just not the way i like to think. behavior is behavior one thing is all businesses, small, large, whatever, could go down to local police station and say we would like to talk to you and see how you handle situations to avoid using more force than is necessary, you know, come closer to the line of decency. you know, and also, you've got to sway people to want to feel there's some goodness about my behavior that's easier to teacher to young people your personality is pretty fixed from age 23 on reach younger people and say decide how you're going to be when you grow up and tell yourself you won't change just because you get into business and have some success or whatever happens in your life. you know, it's a long process

and there's no easy solution and that's why we have gone 100 years and we have made progress, but we haven't solved everything i see much better than when i was born in 1950 >> yeah. steve, i mean communication is a key part of this, obviously. the reviews or the discussions that need to happen around police and authority as well which was something that triggered this but the socioeconomic piece of this, too, and certainly the conversation we've been having with a number of business leaders on our air this week, the role that not just the tech industry but i guess corporate america in general could play, whether it is potentially more access to capital for black entrepreneurs and people who are not, you know, who are under privileged in that aspect or whether it's education, ginni rometty at ibm has been passionate about on a personal basis, what are some of the

tangiblesolutions that corporate america could be putting into place right now to help change and shift this dynamic and conversation >> well, exactly what you're saying i've always been even, you know, a pro-affirmative action type person, you know i mean we've held a lot of people back for a long time. we don't even teach it correctly in our schools how the country was formed where the only people who had a say were rich, white males the only people determined by votes of your government we have made some progress in steps. it's hard to get to perfection i think because of the inner -- a lot of people still have this inner bigotry. you know, the companies in silicon valley are just among the best for going out there and trying to high other -- all the genders and all the ethnics and the races that are around and trying to make a point that we've got to treat them fairly

and if they're capable they get a job and by promoting them, especially with money even girls for camp, that sort of thing we set good examples for the rest of the world. i don't hear enough of it coming out from, you know, other than big companies because you don't hear what all the millions of small companies are doing to help get us past this point. you know, but it's -- like i said it's a long fight. >> to that point, tim cook had an e-mail to employees about george floyd over the weekend, one of the lines, we have to reexamine our own views and actions in light of a pain deeply felt but too often ignored. apple publishes diversity reports and the last one i saw they may have had some since but showed a percentage of new hires that are black, about 12%. i wonder if you think that's enough >> oh, i don't -- i don't want

to pick a point and say it's enough or not enough that's picking sides you want to have like what should the amount be and takes into account a lot of factors including one's abilities. we shouldn't say i want to pay a little -- pay more to steal an ethnic i don't like the way that's raised i do like what tim cook says every time these are tough questions. we're not going to fix any of them in 7 or 8 minutes thank you for coming on. we hope to talk to you again >> thanks for having me. let's get a quick check on the markets as we head to break. major averages arelower right now. the dow is down 20 points. really just below the flat line.

the s&p is trading at 3111 the nasdaq is down half a percent after the nasdaq 100 hit that fresh all time high just earlier in the sessions. stay with us i just love hitting the open road and telling people that liberty mutual customizes your insurance, so you only pay for what you need! [squawks] only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

you say that customers maklet's talk data.s. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g - everybody's talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item - corner offices for everyone. just have to make more corners in this building. chad?

your wireless your rules. only with xfinity mobile. now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. united airlines, biggest gainer up more than 12% fold by m.ay, micron, sirius x

we're back in two minutes. ♪ ♪ hey! lily from at&t here. i'm back and while most stores are open, i'm working from home and here to help. here's a tip: get half-off the amazing iphone 11 on at&t, america's fastest network for iphones. second tip: you can put googly eyes on your stuff to keep yourself company. uh for example, that's heraldo. he's my best friend. oh, sorry nancy, i forgot you were there. get the amazing iphone 11 for half-off on at&t,

america's fastest network for iphones. yeah, everything is runningis smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you. some companies still have hr stuck between employeesentering data.a. changing data. more and more sensitive, personal data. and it doesn't just drag hr down. it drags the entire business down -- with inefficiency, errors and waste. it's ridiculous. so ridiculous. with paycom, employees enter and manage their own data in a single, easy to use software. visit paycom.com, and schedule your demo today.

welcome back las vegas reopening many of its casinos and hotels on the strip after a two and a half month shutdown due to covid-19 opening under strict social distancing and sanitation rules including capping gaming areas at 50% capacity. hotels do not have to limit room capacity casino stocks, perhaps unsurprisingly are moving higher in today's trade names like mgm, las vegas sands, wynn trading higher on the fact you are seeing the names begin to reopen today.

i think all eyes will be on not only whether consumers come back and what that demand looks like but also what it means as we have seen the reopening efforts across the country for case numbers in that city as well who will be the pioneer and sees whether it is safe to get out there, to what degree. it does seem from where i sit a lot of the summer travel, recreational travel is a wash.

perhaps this slow opening up and hold up it goes will go a lot to say that it's just about vegas. sea world gets an upgrade as we watch reopenings of our own parents park universal orlando new york city, governor cuomo is on the tape saying phase two of reopening which would allow outdoor dining is still set for monday it's happening on mumultiple fr. >> it's incredible to say new york is moving forward with the plans. it's been one of the questions

from a stand point from an investor business, market standpoint this week given fact we have seen these protests, unrest in major cities like new york city across the country this week. what that would mean to some of those reopening efforts so it's notable to hear comments like that in terms of the airlines, doug parker saying that revenue had been off 90% now it's off looking like trending to only be off 80% right now. market responding very strongly to that with american airlines up 25% right now it really does speak to what is driving investor sentiment right now. >> he couldn't get a ticket on his own airline to fly southwest. that says something. we got close enough to a flight attendant to have a conversation that's a return to something like that human contact that we judge as normal activity carl.

happy morgan up 8.5. disney is up 6%. boeing is up 28% these are price moves that you have to keep an eye on let's get to the judge in the half welcome to the half. our top story, are there any values left for your money we'll debate that and how long this incredible run can last with our investment committee. michael farr is back with us good to have everybody with us today. take you to the wall as we always do to find out where we stand as we begin our conversation today mostly mixed day it is that run that we have had, josh brown, momentum