towards rent and over head that helps a lit bit it's another reason landlords were saying can't you pay a little more now. >> interesting heather, you just tied so much together for us. appreciate you joining me. >> thank you that does it for us here thanks for joining me. i'll see you on power lunch. this is power lunch. the rebound rally taking bit of a breather but the s&p 500 is on track for third straight week of gains jumping a total of nearly 9% in that time. big tech is back hitting a an all time high for february as wall street rebounds, the rent is still too high for a lot of big retailers gap is the latest unable to make its payments power lunch starts right now

>> thanks. the dow giving up its early gains. all three of the major averages are lower. bob has more on these markets. bob. >> we're threatening to go positive here late in the day. i want to show you though we're down a bit, the sector lee leadership is still intact russell 2000, another good bay banks stronger and retail keeps going up i keep getting asked about this retail rally we're seeing. we get these nice moves every day and some of the retailers, the macy's, they are still 50% off of are they were in february these gains, yes, they are there but still big, big declines. new highs, we're not seeing a lot of expansion waiting for break out is not really happening e bay and paypal, winnebego hit a new high that's interesting here. let's talk about what's moving the market remember the buckets we keep talking about. the important thing is the

reopening is still going well. the recent economic reports, the ism, the stimulus. we're hearing more from the ecb, more from u.s., more from japan. there was talk about a suspension of chineseairlines. we're getting headlines now that the transportation department might issue a revised order in the coming days to allow some chinese passenger to come into the u.s. that's lifting us here a little bit late in the day. the important thing is yes, there's a lot of arguments the markets are overbooked we had all these great rallies here and the nasdaq 100 is a new high remember something, in an up market you can remain over bought for a long time yes, we're over bought but it can stay that way for a long time when things are going up like this. back to you. >> that is the true. bob, thanks so much. as wall street is rebounding, main street is starting to show signs of recovery as well. let's go to steve for all of

those details. hi, steve. >> following up on that reopening hour, yelp store openings index now up 7% that's the biggest gain we have seen we look at this week over week we take an average of the last several days it does seem to be solid st the second day in a row we had good size gains here with many states showing openings of stores according to the yelp data we look at the infection data which is a big part of the economic outlook these days. what you see is running about 68% of the infection rate in april. very high. about 20,000 new infections. the apple mobility index, happens together searches for driving searches for walking directions and public transit that's 82% of the january 13th average that apple has published. that is on the way partly because of gains in searches for public

transportation you can see the states opening up utah, colorado, kansas and above that idaho. my adopted fishing state of wyoming is in there as well as north dakota and south dakota but also along the coast there looking at california, oregon and washington among those opening states new york, nevada still closing stores illinois just barely above the zero line. kelly, the good news here is we used to call it the yelp store closing index and hopefully we will continue to call it the yelp store closing index >> good point. i was thinking about what you pointed out that some of these metrics were stalling out bit. we have seen a pick up in coronavirus cases in states like california is it too soon to check back in on that front and see if day by day even it's clear whether we're still kind of slowing or maybe regaining some momentum? >> i'm super glad you asked that

question this is all very new data. it's high frequency. we try to smooth it out. it's very volatile you want to see the several days in a row we wanted to report we had seen store openings across the country on average you're right we had a false opening in early may. then it went back up again we have to watch these covid cases. whether or not consumers will come take it with grain of salt i'll give you one number to think about. the number is 144,000 stores are still closed the yelp data would expect to be open we have a very long way to go. 7%, it's a meaningful number it's a really long way to go >> yeah, absolutely. steve, thanks so much. we appreciate it stooefr wi steve with the latest. the s&p 500 is more than 40% from the march lows. last month one of our next guest says the rebound rally had run its course but now he's throwing

in the towel falling for more gains in month ahead gentlemen, great to speak with you. barry, i'll start it off with you. what has changed in the past month for you to now forecast the s&p 500 could see about 5% gains by the end of august >> about two days trading days before the low in march in 19 9 of march we made a call at 2400 that we would get at 2750 by april 30th. we upped that target and hit it on april 29th. went to neutral after huge more than 2% gain after a month of neutral, we realized that the data was getting better and the fed was willing to and the treasury and the congress were willing to spend money. as a consequence we upped the target again we have been riding this thing regularly since two days before the market bottomed.

>> what is it about the end of august and 3250, which is your new price target it's very short term, for one. what do you see stopping at the end of august? >> you know with a vix or volatility index over 25, we really still have that volatility and forces shorts term so we're looking at the market in quarterly blocks as far as data goes, we have seen some of the survey data consumer business, domestic and international get better and we expect the hard data would lag to get better. the market has been rallying expecting the third over second quarter. i still plooef that's going to happen when i look at the next few months one of the things that we like to saw was the stock price of the s&p went bovr both the 50 and the 200-day moving average the last eight recessions that's occurred in the last 60 years we

were up nine out of ten times. let's face it, it was about 10% gains from that point. it looks like a secure call to us we assess it later this summer >> you are sort of looking short term saying that it will tell us a lot of things. it will tell us if there's a second wave and it will tell us if we seen the end of the recession. is that right? >> absolutely. we're at the moment of truth with all the people out and about and social distancing gone, i think we'll have a potential second wave. if there isn't one, that's great news for the economy and people will get far more comfortable. i think the bigger news coming out of all this is how do we fix stocks how do we find something that hasn't moved yet or who has great opportunity. we're really diving into those companies that are able to gain market share over the next two, three, four quarters i think there are lot of under appreciated stories out there. >> how can you determine if a stock or company can gain market shares the next two or three

quarters if so many companies have just even suspended out look things are so murky at this point. it's hard to predict business, yet alone goains and mark share. >> i think that's the exact point. there's so many companies under stressed and the strong companies with great balance sheet, great leadership, they win in stressful environments. when i look at something like an adp or cdw, great long term stories. i think they consolidate the market share and the smaller players, this is part of the creative destruction of the economy. the smaller market share players go away. >> it's a tech retailer. it's not one that you would think of necessarily ben fitsing in time like this. >> sure. i think we all have dual work environments now we're working from home and at some point we'll be back in the office i think we'll all have to buy more equipment over time secondly, every company was forced to go digital when the stores closed if they

didn't have digital outlook or outlet, they were out of business i think there was a whole lot of tape to put things together. i think you'll build out a more robust digital infrastructure as we come out of this. >> bare ri, i'm going to go back to you what struck me about your august forecast is you said you felt it was a pretty secure call are there other i understand caters outthere whether it be economic data or signs within the markets that give you that sort of confidence i'm wondering specifically if the sell off we have seen in bond market is confirming what you think is the recovery that we're seeing right now >> so often the treasury market is tremendously good news. we need yield curve steepening where the long end goes up and the short end is anchored low. that will ben fiefit values.

we did have a great growth stock rally because the price-to-earnings ratio went up at the real yield. the yield after inflation went negative now that is anchored at a negative level and we're getting economic traction, i think that the value and the cyclicals are more attractive. that's where i would be for the last part of the bull market >> okay. barry and jim, we appreciate good to speak with you >> thank you now to the bond market rick is tracking all the action for us out in chicago. rick >> kelly, really social security drk -- it's a foreign exchange market this starts on april 1st you can see over 160 we haven't closed are there since the 19th of march. on the ten year boon, stimulus surprise which wasn't really a surprise, we're in the 30 basis

points that's highest yields going back to 48. the euro currency, you have to be bullish if you're looking at shared debt. we talked about this for a month. looks like euro will close since the 9th of march look at the dollar index you can clearly see once this started to trade, you can see how it deteriorated. remember, 9640 is where it closed 2019. we're going to challenge that for the fooiirst time this year. back to you. thank you. coming up, we'll have more on the markets and stocks getting up some early gains. they are all higher. the largest mall owner in the u.s. is suing the gap for skipping its rent payments worth $65 million. it's not the only retailer struggling breaking just now, the nba

board of gophvers approving a 22-team format set to resume at 'le end of july. wel have much more on this story straight ahead as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will - you can rely on the people and the network of at&t... to help keep your business connected.

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welcome back the gap is being sued for failure to pay its represent they're not the only retailer struggling >> it seems like every one in retail has an outstanding iou to someone whether it's rent payments or vendor payments. some shopping centers have having trouble paying their rent too. simon property group is suing gap in its largest non-an kor nor 66 million in rent gap says they have made payments and it just started reopening some of their stores they say remain committed to working directly with our landlords on agreeable solutions or fair rent terms new york and company, the parent company of that which is rtw retail said it has received default notices from some of its landlords and some of its vendors. victoria secret, vera bradley,

those are some of the others that haven't paid rent up to 70% of april regency center pay about half of may. closer to 70% for april. site centers collected more than 60% of april rent. mall of america skipped payments for april and may. syracuse mall has a $400 million loan in forbearance. hudson bay has a $850 million dollar loan. landlord cvl and associated missed a $12 million debt payment and looking into some strategic alternatives for the 108 properties that it manages it's just a retail ripple effect now. back over to you >> thanks. as retailers struggle to pay their rent after the coronavirus shutdowns, some are cleaning up from damage due to the social unrest across the country.

here to talk about the challenges and the path forward to roping the mark cohen mark, it's good to have you here what do you think is the most challenge? >> i think the customer is the foremost challenge it's anybody's guess whether there will be a resurgence the experts i read about, listen to, say it will occur. there are folks out and about behaving as if there's nothing unusual going on that's tremendously troubling. of course, will they have the ability to shop, how impaired will they be from a financial point of view? you know, there's 42 million on unemployment the unemployment coverage will run out. they are probably starting to max out their credit cards when they shoep up, it's slower in next month or two or three.

their credit card will be denied i think this crisis starts out with the customer which is the public and then quickly moves into the kind of rent crisis that you're describing the landlords have to pay their mortgage the tenants say we weren't open. we have to cash flow we can't afford to pay the rent. this is a full employment back for the legal industry it's going to result in enormous litigation, conflict, disruption and frankly quite a few retailers will either have to file or simply be unable to open their doors. >> we had spoken a week or so back about the v shape rebound in retail still being likely if they were good trends in traffic all mall you're a lot more skeptical. you say we could be looking at more of series of ws if that's the case, do we follow the daisy chains that are

exposed to the debt or some of these commercial real estate projects what are your concerns >> after your segment, i chatted over the fact i felt a v shaped recovery or recession and recovery was wishful thinking. i called it a false equivalency. i think it's entirely unlikely that this crisis is going to have any kind of a hollywood ending some kind of a prompt resumption of activity that brings us back to where beginning of this year there's too many complications tlouts the economy there's thousands of retailers that will open their doors but may not survive this they don't have the cash they don't have the balance sheets that will be required to work their way through this interval there are landlords who will be in default there are customer who is will

remain fearful there are vendors who haven't been paid and won't accept orders on a forward basis for that very reason there are thousands of airlines, airliners sitting on tarmacs all around the world i read about, i listen to folks talking about the airline resurgence i think that's a false equivalency. at the end of the day, the virus is still out there it's anybody's guess when it will abate, if it will abate on its own. when a vaccine will be available and be effective when we will acquire herd im[ music playingi im[ music playingi immunity and when they will be able to shop because they are financial understand pinnings have been restored 42 million people out of work. they're not all coming back --

they're not all going to be called back any time soon. >> we're going to call you dr. do mark cohen. i'm kidding. >> please don't say that because at the end of the day, this will be over. i think it will be over a lot -- it will take a lot longer than jan thinks but it will be over when it is over, hopefully as a country and a world, we will have gone and gotten over these terrible dislocations in our lives. >> we can all look forward to that thaupg we appreciate it >> you bet we just want to flag this tweet from elon musk taking on jeff bezos and amazon. time to break up monopolies. amazon saying they will not sell his book as it doesn't comply

with guidelines. there's so many layers to this whole thing. elon has been public in terms of denying the true impact of covid. deny the classification with so many deaths. questioning the death toll as a result of the pandemic but there's the rivalry aspect between elon musk and jeff bezos. we have the space rivalry and spacex had the successful launch oaf the weekend and also amazon is an investor, the eb start up. that start up will supply amazon with 100,000 vans for delivery fleet by 2030. a lot going on here. >> it's funny. even as you outlined all that, i'm thinking in the other direction about all of the sensorship about social media we have been discussing when people say when they look at what twitter has done on the president's tweets and questioning whether facebook should be intervening or not, this idea that conservative points of view are shutdown,

that will be given credence by amazon's move here i don't know the full details. i'm sure the company will now probably want to come out and explain what's behind this i'm thinking more along the regulatory route here. the whole repeal section which has nothing to do with amazon. it just talks, it goes back to the culture of some of these tech giants. >> right the notion of if you have a platform, you have an obligation to flag things that might be perceived as not truthful and perhaps he's highlighting elon musk is highlighting the fact that amazon is taking this route. there's the government aspect of this amazon and jeff bezos squarely in the cross hairs on many, many different levels where as elon musk has been mentioned by donald trump just as an innovator and the thomas edison of our times is a phrase he used and the massive contract with nasa >> i'm curious if president trump will weigh in on this. as this escalates now that elon

miss you can has weighed in which he knows his comment will fuel that. >> exactly >> all right we'll continue to monitor all of this still ahead, casinos in las vegas reopening for the first time this march add the stocks continue to grinds higher. top analyst tells us the names that are worth a gamble. a global pen demonstratic just a few obstacles the new disney chief s d fe thahatoacinhe first 100 days as ceo. stay tuned 300 miles an hour,

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welcome back d julia has the story. >> that's absolutely right

bob first 100 days as ceo, covid has hit every single part of the media giant's business the nba suspending its season and the end of live march kicks off the drag on ratings. after executives took pay cuts, april started furloughs announced of some 100,000 employees. things started to turn around in may with disney plus d disney shanghai reopened and the company o company's plan to open the park has improved disney will donate $5 million to support non-profits that advance social justice with disney shares down about 4% since he became ceo, quote, he's conveying stability, the

surprising minimum of drama which is a good start. show chapek's include the roping of the domestic park amid weekend consumer spending. mulan will be one of the first films released back in theaters and an advertising recession back over to you >> thank you >> let's get a check on disney shares the stock is higher on the day and up nearly 30% this quarter it's best since 2009 your trading nation team today is matt miller and global. they are highlighting the challenges facing disney the stock has rebounded the loss since trading the 80-dollar range. why twrou think that is. disney has a lot still going forward. if you look at the prepandemic experience, the brand was rock solid. i think that will continue afterwards it has a tremendous hold on blockbusters

they plan to reopen their hollywood studios by mid-july. all of those things and if you look at parks, everything has shown that disney has tremendous pricing power and tremendous brand value. obviously, they have a tremendous amount going against them and you have a very, very, quite frankly, the valuation is reflected in all of those positives. it's not necessarily well valued but it's balance sheet is very good it has good net interest coverage it has access to debt and it is a survivor >> tracking the neck any ctechns >> that's a very nice move it seems similar to what it saw in late march after the initial bounce of the big sell off of the first quarter. we said the stock was getting up to 100 you ought to hold off. wait until the stock dips back down that would be a great level to

buy it it rallied 30% off of that level. now it's getting over bought again. the one thing, i think it could pull back. you don't want to be too aggressive up here there are some new levels you should be watching to buy it again. the 200 week moving average down about $114 has provided excellent support for the stocks that's a level you want to get more aggressive. the overall market is getting a little overbought too. the market gets hits and this gets thrown out. the baby gets throughout out with the bath water. the $100 level has provided great support back in may. be a little cautious up here get aggressive at 114. >> currently trading 123 a share. thank you. for more trading nation head to our website or follow us on twitter. back to you. coming up, getting back to normal airlines today are soaring as demand starts to rebound las vegas casinos are reopening.

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welcome back hoar here is your cnbc update at this moment a memorial is being held to remember george floyd. this is a first in a series of services to honor his life before he is buried in houston, texas on tuesday three police officers facing charges in his death were

brought into court and made a court appearance their bail has just been set at $1 million cdc director robert redfield warning lawmakers that the nationwide protest in response to george floyd's death could become quote a seeding event for more on covid-19 outbreaks you can go to cdc.com. lisa murkowski says she is struggling with whether to support president trump in the upcoming election. this after she broke with other leaders in her party to applaud general mattis op ed in which he accuses the president of trying to divide the nation a robert e. lee statue will be removed in the coming weeks according to virginia governor they will be placed in storage until the community decides what to do with them longer term. you are up to date that's the news update this hour kelly, back do you las vegas casinos reopening

for the first time in nearly three months feels like longer. >> especially for those employees been out of work a lot of investors are wondering whether to bet on vegas. there's the bellagio reopening its doors. guests pouring in betting on the health and safety precautions in place. i want to talk you there live right now. this is the bellagio casinos are relying on pents up demand on customers who live within driving distance before the pandemic they were half of overall visitation airlines have increased the number of seats coming into las vegas by 2,000 to 6,000 per day compared to mid-may. flight options are limited as we heard from this couple from idaho.

>> the flights are hard to get flights from boise to here there's only one non-stop flight right now. >> not every one is willing to get on plane a new survey from cnbc found 60% claimed flying right now is unsafe 37% said, it's unsafe to stay in hotel. las vegas really needs that sentiment to change in order to maximize revenues because right now building occupancy is limited to 50% >> all right thank you. as vegas gets back to business, is it time to roll the dice on casino stocks? mgm and caesars are up triple digits harry, great to have you with us i want to pick up specifically on vegas and where contessa left off. what is your sense in terms of how many people who go to vegas,

who visit the casinos, stay in the hotels have to get on a plane in order to get there? >> that's great question it's about 60% of total visitation that comes through the airport, the balance it's mostly dried in traffic from southern california >> in your mind as you start to think about roping to business that can get there, there's going be a percentage of people who want to fly. of those 60% there will be a percentage of people who will be willing to drive what's your expectation in terms of what this new normal could look like for las vegas in the coming months? >> i think it really is tied to the amount of seat capacity coming in through the airport. i think the weekends will be quite strong for las vegas mostly by the southern california driver in traffic i think the biggest question is what's going to happen midweek midweek is where you see the very, very important group

meeting and convention business. can drive 50 to 90% vegas capacity >> in terms of the convention business, how far out typically are conventions booked you work at a big bank and banks typically have conventions and conferences. how many months in advance does one have to plan for a conference where it's a destination conference and people have to book travel i'm trying to get a sense of when we'll start seeing that side of the business pick up >> it's going to takelonger than the leisure side. probably by six months the you go back to pre-covid, if you were a group meeting in convention planner, you might need to book during peak periods two to three years in advance to get the space that you want. finding space in las vegas in

the fourth quarter isn't going to be a problem. i think that the issue is going to be not only seat capacity but right now there's a maximum, there's a cap on mass gatherings of only 50 bear in mind that conventions can be attended by 100,000 people or more in las vegas. there have to be some -- there has to be some regulatory tail wind as well >> in your space i'm wondering if you lean more towards perhaps casino stocks with more exposure to china china has the ben fits and disrespect of being a bit ahead of the united states on the pandemic curve in terms of get back to normal, reopening things and normalization of public attitude towards travel >> that's a great question.

they reboupds with the quickest. and it falls into that eng they will reopen and when they do, the casinos given demand should be so strong so that the cash flows are positive from day one >> harry, great to get your thoughts we appreciate it >> thank you >> kelly coming up, airline stocks are rallying today american is up more than 35% now. we'll tell you what happened to clear the runway for today's gain 'ldiin ijuat american up 40%

wel g tot st after this

welcome back it gave guidance as the pandemic pantry trends are loring charles schwab lower after the merger was given the go ahead. we end with the airlines american is soaring 40% today after saying it will ramp up flights as demand is starting to pick up. the whole sector along for the ride, united delta up 10%. that includes spirit airlines that's up 50% since it was

recommended on this show on monday melissa. zoom info opening for trading a short time ago the stock is soaring we have the details. >> shares nearly doubled on opening. now holding steady at 70% gain on its first day of trade. that's a big first day surge by the standard of software ipos over the last year or so there's been ten major bonds and on aver raj they saw a nearly 50% first. zoom info is the first post covid tech ipo it comes on the busiest week of the year the company which is a marketing data platform is ben fiefitting from a strong appetite from these subscription based software companies other reason ipos that have out

performed broader markets and we could excludes zoom video from that list. they stand in contrast to consumer ipo listings including uber and lyft that are still trading below ipo prices so far it's a good signal for the ipo market we're likely to see other names like air b and n >> thank you future of the nba season being decided. a hu sgetar issuing an apology we'll have these stories you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts

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of this fight most of all. so abbott is getting new tests into their hands, delivering the critical results they need. and until this fight is over, we...will...never...quit. because they never quit. the nba voting a short time ago on how and when to resume

the season and fans have got good news. >> they approved the leagues plan to return 22 of the 30 team will go to orlando, florida to resume the season with games starting in late july. according to report, each team will play eight regular-season games before beginning a playoff bracket. the nba and player union are still negotiating safety protocols. for example, players and coaches will be allowed to go outsibut l need to maintain social distancing rules they'll have daily coronavirus testing and if a player tests positive, he'll go into quarantine but the rest of the team will keep on playing and getting tested disney employees will remain on similar protocols. other logues are watching how

this plays out to see if it can work and hundreds of people involved here a. one thing to note is that florida just had its biggest uptick in new cases since march. >> it make you u wonder what would happen, but if one of the big stars got coronavirus could the team, any way, on a more serious note, in the news today is this whole back and forth of drew brees, the quarterback of the saints, who's now apologizing over comments he made over the pro teprotests thk >> he issued comments today saying he missed the mark and it breaks his heart to know the pain he's caused during an interview with yahoo finance yesterday, he reiterated he will never agree anybody disrespecting the flag and later told espn he stands with his teammates and military past and

present. those comments drew harsh criticism. a teammate said he was hurt by his comments on instainstagram, he said he w apologizing to anyone he hurt from his comments from yesterday. cnbc has reached out to his many sponsors none have commented but this could be a big hit to his marketability. >> i don't know if we're going to start the season as usual, but you would think it would start in a couple of months and kocolin kaepernick still one of the most prominent names a lot of people going back to his anthem kneeling continue ver say. >> obviously his name has been in the news a lot in the past few days people say he still doesn't have a job in the nfl this is all the stuff we've been talking about for years now and there's this thought that you might see more player protests

come back with more ferver when these games kick off, if they kick off and maybe with these nba games in orlando >> it will be tricky thanks so much melissa. >> home depot and lowe's trading near all time highs, but when ta at home ends, will the trend continue you can wa wchalysat or listen live on the go on the cnbc app ch we'll be right back i love these fries. you know, the chef here trained in france. mmm, it shows! so good. oh hey, did you say you needed help with investing?

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welcome back coronavirus quarantines and social distancing have led many americans to stay in and improve their homes and we're seeing those results in shares of home depot and lowe's home depot up 75% while lowe's is up more than 100% can a home improvement trade keep building on these gains let's welcome in liz liz k it's good to see you and perhaps the most striking thing here is that overall, home

improvement spepd spending is significantly higher this year than last year >> thanks, kelliment so i love being able to come on to talk about home improvement because it's been this bright spot of retail and we continue to' strength in categories that benefit from homeowners saying home and fixing it up. this has been one of the strongest categories of retail throughout covid-19 and outside of a three-week period from late march to early april, home improvement spending has been consistently stronger than this time last year so it hasn't just been resilient. it's been really proof and u.s. population has been stuck at home so they're investing in that home. if you look at the monthly sales growth at lowe's in their first quarter from february through april, you saw february up 5% year over year march up 9%, april up 20% then they're seeing similarly strong trends in may. yus building on itself >> as you said, a lot of this has accelerated since the cares

act, cnbc has a survey that said home improvement was u one of the main things people wanted to do if they got relief money. so that's helping. what happens when those funds run out. this is kind of pent up spending if you will. once the improvements are made and things settle down, what happens to the stock you have a buy on lowe's, which has outperformed since the lows and a neutral on home depot. >> we thought there was going to be some initial payback after the cares act ran out but we've seen home improvement has continued to accelerate. now we are starting to see some deacceleration in sales growth although still strong in states that are starting to reopen so as people are going back to their places of business, they spend less time at home which manes they have less time for those dyi home improvement projects but you're still looking at strong growth in the home improvement category and we think it could have legs it could be a category that maintains some of that wallet

share that's gone from categories like dining home and we think that consumers, a large portion of the population will continue to work at home and will therefore want to keep investing in that home to make it a comfortable and functional place to keep and teach their kids and work in a home office and in yegeneral, spending more time at home and we expect staycations so people may be investing more in their outdoor as well as indoor areas. >> you mentioned that as areas have reopened, the sales have started to deaccelerate a little bit. there's a longer term trend of people moving to the suburbs do you think that could be a tail wind for a year, couple of years, a decade? >> absolutely. especially when you u look at the millennial generation, which has just started to enter the housing market we think that's a multiyear tail wind for home improvement.

you think about these young millennials who have been living in the city, putting off the purchase of a home prior to generations before and now due to covid-19, they felt stuck in these small spaces they're now reconsidering how they think about urban versus rural or suburban and moving ou to the suburbs or having more space rather than smaller spaces we think this benefits home improvement in the longer term and this is post covid and could last nfor years. >> lowe's still about $15 below your price target. home depot a couple of dollars shy. thanks so much for joining us today. >> thank you melissa. >> you're watching the overall markets. s&p 500 ticking lower now. we are just about a poipoint or off the session lows looks lix weakness in big cap technology is putting a little

pressure there so that's something worth watching as we head into the final hour of trade. >> and keeping an eye on shares of twitter and amazon after the elon musk tweet this hour just to see if there would be impact to amazon when he calls for breaking it up >> see if there's any smack talk on twitter >> see you later closing bell starts now. >> stocks falling for the first time this week s&p 500 headed for the first down day in five nasdaq 00 retreating from an intraday record high we saw earlier. the final hour of trade. the cdc says it is very concerned the public isn't taking its advice as the number of u.s. coronavirus cases begins to rise. new jobs data. continues to be sobering with millions more americans unemployed and hiring remaining slow 1.8 mi