>> an important dialogue, thank you. sarah, thank you, we'll see you this afternoon good morning and welcome to squawk alley futures were week before the bell rang and we had a recovery. that is another all-time high has it is for apple, home depot, and amazon the latest survey says the economy may not be fully recovered until 2022 steve leisman has more on that >> it is interesting to look at the survey and look at what is actually priced into the market. but it is going to be a long road back. those are the actuals, up

3.5% -- >> steve, we're going to come back to you once the question is a little more secure we have other news on boeing for that we'll go to phil labeau >> the number is negative 86 planes that means year to date boeing has reported negative 602 planes in terms of therder book that means the official order book is now 4744 planes coming down from 4832 they delivered four planes in the month. those delivers are partially impacted by customers, leasing customers, they say we're going to hold off on a crew picking up a particular aircraft.

big number is negative 86 planes guys, back to you. >> as we watched boeings price action, but the state of the economy is a pretty good place to start now the that's denasdaq is setting all-time high. great to see you again, spencer. >> great to be here virtually. >> you could lase us in a couple great directions one is on housing. the other is on tech on both of those fronts are you seeing the fundamental recovery that we have seen in stocks? >> the market is far ahead of itself and i understand why, right?

the fed has flooded the market with liquidity but if you are the average american sitting at home that doesn't own stocks, you have to be saying that this disconnect between wall street and main street is somehow t tenable. i don't just the last job's bounce, and the market rally seems far ahead of itself. >> interesting, i wonder why you don't trust the jobs number. there is a chart out this morning about the household survey, the response race has plummeted and they think it is because of the pandemic they're not able to do as many in person

survey -- what makes you think that the lin yarty is not positive >> i saw that this morning, it was really interesting, right? people are no longer responding to surveys you know it is just when i see the job numbers of companies cutting back i think a lot of the jobs are just not going to return in the same way they're adjusting to the normal. those that have reduced, they cut projects and the companies are still doing okay some will come back, but i think that there will be a structural reset in terms of the sec ter that i focus on which is going to bely the market reality >> i know you just told us your

thoughts on public markets but what are you seeing in potential for new companies and environments to come in. >> well that is the good news. this is a terrific time. the big legacy companies are not disrupting themselves, they have cut back, they're not focusing on new initiatives, and it is a great time to be disrupting them companies are reevaluating a lot of decisions all of the rh teams now are reevaluating their whole software stack they are trying to figure out what they should use and suddenly there is a great opportunity that all of the cards are in the air and they can be be considered

so you see new services taking hold whether or not it is grocery delivery or work from home software collaboration. businesses are changing and consumers are changing, it is a great time for start ups of realization agents, brokers, moving theirtizing online. my other company hotwire saw this where travel suppliers moved their inventory online so they create opportunities for disrupters >> hey, spin sor good to see you. >> hey, john >> so i was looking at zillow groups leadership page and i know a lot of people have social chance their their piends these days not a lot of diversity in zil w

zillow's leadership. a lot of gender variety, but what did you find so hard about recruiting diverse senior leadership and is it a issue of, i often think that everyone is in favo diversifying the level right below them >> it is inexcusable, companies formative moments when they hire their first five or ten employees, that sets their trajectory i'm incredibly focused at an early stage. no one wants to be the first black employee number 30, right? if there are 29 employees that

are all white. it is a self fulfilling cycle. companies like zillow are trying very, very hard and they made enormous strides, but it has to happen very early on thoo e that sets the stage >> if they're already trying very, very hard. i question if they're trying to do it very hard with the pool of people that looks like it does, if they're already trying very hard, are they just going to try very, very, very hard now? >> no, i think it is changing. we started to recruit at historically black colleges. we started to do post all job openings instead of just from our network. we start to see it in the data

to the prior interviewer about whether or not we should publish diversity statistics i think we should i know when i was ceo it is something they was very focused on and it mate vated me. it was a public score card and i think it helps move the needle we all have a role to play, i'm not proud of where the work industry is at, but it has gotten better and it is getting better these are two very different ploousmts with very different historical routes, but they did create permanent change and i hope that what we're seeing now is changing permanently how people approach inclusion in the workplace. >> yeah, whether it is the

conversation we're having now around unrest, diversity, and how it factors into the workplace or back to your previous comments that they can burnt opportunities for start ups what are you looking for and how are you putting money into the start up space right now >> i'm investing in a lot of commerce places. i have a start up that competes with in order -- nordstrom, you know this is a huge categoryover women's intimates and most of it is still bought offline. so they are able to take advantage of that and compete with legacy businesses

especially in offline kmert. i am very excited about them and i have a number of companies that are part of space exploration. they are 3-d printing, can sending a 3-d print tore mars to make rockets to come back to the u.s. i'm a huge boother of l.a., and my investing tends to focus on los angeles as much as possible. >> more evidence, mu buddy says his parents listed their home in allentown, pennsylvania, sold it that day for ask we have seen conflicting data about whether or not the purr ban flight is actually

happening, do you think it is? what i think is happening and the data that i look at shows that people are moving to metro areas. the work from home trend is real why live in a city center when you could live 45 minutes or an hour away and expect that community only one or two days per week i'm less sure about people moving from new york to colorado i don't think that -- i think that they forget people have kids in school, i think they get over inflated. i think the data that i'm seeing and the people they talk to they're supportive of the high both cyst that it is real. >> i look forward to next time,

hopefully with more frequency and more time. vx room is set to go public this morning. all after the first trade, stay with us. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. 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.

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let's get back to steve leisman. >> yeah, we're talking about the

extent to which the market lines up i think it will be a very long road back. 13.3 is the last number that we got and we know it is higher, but 16% is the peak. and then it comes down but it comes down gradually when will the economy be fully restored there is a good split here but most of it is still later on and down the road. 30% say the first half of 2022, and a big chunk saying it is not until the first half one of the reasons about there is concern is they're worried about a second wave, so let's

put it all together. the scoop has always been a little more pessimistic. they say relative to earnings, they think that stock prices are too high the s&p sees is gown from yesterday and up 5.5%. they say expect the kevin responds that the equity and risk marts have reached the price of perfect it could be treacherous. the opening of the u.s. economy, it is way too early to bond the safe trade >> thank you, steve.

apple may be planning to move away from intells at the worldwide developers conference. but have more on the story >> a big change could be coming for apple. bloomburg is talking about a shift in their processors and that means replacing chips from intell it will roll out next year and it is all to announce the big developer show that is coming up this year that will take place in the week of june 22 and it is a big deal they're going to have to hospital mice their software it could also be important for

consumers. lighter, thinner macs could be on the way what does it mean for intell they say it won't mean a big final hit. by his math they are a low single digit customer, but it could be a rep station hit if they get more comfortable with intel alternatives they say they're getting greater deeper integration controlling more products from end to end. if more is down in house that could mean that cook could lower costs but they is they really have to execute. >> i think this is a huge deal if this happens because it sets a challenge for intel.

they already bought the 5g moe dumb business. and they have to compete with the best in the world. so a great perspective, thank you. >> apple not the only big tech name to make news to morning ibm is calling for congress to look into whether or not it is appropriate to use in law enforcement. they said in a letter to lawmakers that now is the time that facial reck nation technology should be used. they will not condone it for violations of basic human rights

and freedoms or any purpose not doesn't with our values. i also recommend that you check out the full letter because it is interesting, not only because he talk about technology, but he starts with talking about police reform, and what is so interesting babt this to me is technology companies like to stay in their lane and try not to wade into areas that might be controversial. here is ibm sticking their neck out. going into an area about police reform where i don't think anyone was calling for them to put a stake down here.

so for a new ceo to be putting out a statement like this it certainly says something about the types of stands that he says ibn is taking here >> i do feel like and it started in the last couple of years the idea of tech for good an an emphasis on the rules of the road i think the facial recognition stuff is interesting we have seen issues. we have seen it around some of the issues, some of the privacy, some of the regulatory but in other parts of the world china comes to mind as well and i think back to the national snunt of standarding and

technology that found that the algorithms that can worsen their so this is where ibm can take a stand and there is evidence, data, and a larger conversation that can happen. >> i think the most interesting thing is not the facial recognition. companies can weigh in and say whatever they want, it is not a front and center issue police misconduct is and so for ibm to take a specific stand on that when nobody was necessarily expecting them to, that is significant. >> i totally agree but it also

stands up to things like jeff besos. it sells to police forces in the midst of the bigger broader -- >> did besos call for police reform i missed that? >> he put a stance out, a -- >> not much of a risk there. >> okay, let's get a economic check on where we stand across the major averages the do you is down 192 points. nasdaq in the green now about a quarter of a percent led higher by the deck and consumer -- communication services names and the s&p down about half a percent. stay with us

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welcome back, everybody, the world health organization is scrambling to talk about the

trance mission of people who never developed symptoms is very rare the group said today that much is still unknown and while asymptomatic transmission the likelihood is unclear. and a new n-95 respirator mask has been in high demand and byd already secured a $178 million deal with washington state and a nearly $1 billion with california both contingent on winning federal approval. a new york city police officer is now charged with assault after he shoved a woman to the ground and cursed at her at a protest against police

brutality. >> sue, thank you very much. in a moment our next guest is no stranger to activism the ceo of men aben and jerriess going to join us just more than 50 points, back in a moment. a grandfather of 14. a newlywed... a guy who just got into college... that's why behind these masks, johnson & johnson scientists are working to accelerate development of a covid-19 vaccine, drawing on decades of experience responding to public health emergencies like ebola and hiv. for the life behind every mask, the clock never stops and neither do we. find a stock basedtech. on your interests or what's trending. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions.

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we were talking about space x last week. but look at tesla. we will break down the insane run up for that next and what they told us about it, next. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries.

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tell me about it. you know, it's made me think, i'm closer to my retirement days than i am my college days. hm. i'm thinking... will i have enough? should i change something? well, you're asking the right questions. i just want to know, am i gonna be okay? i know people who specialize in "am i going to be okay." i like that. you may need glasses though. yeah. guidance to help you stay on track, no matter what comes next. ♪ (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. . addressing issues of economic december december party, ben and jerrys who has

never activism says we must dismantle white supremacy. >> thank you for having me >> so certainly the statement you put out there, a couple days ago, got quite a bit of attention because it goes into quite a number of details including calls to action. certainly it is parking lot of the dna, but how did you come up with this lift and this statement? is it something you put out there? is it something you spoke to your management, workforce, and franchise eyes >> we were on record back in 2012 supporting plaque lives

matter, we don't do this as a way to sell more stuff, purr say, but it comes from the values of our business and our team and no it doesn't come just from me we have many years of work in the movement and getting gooins. i like to think we're good as ice cream, but we like to sign a light on the things that are wrong, broken, and injust. and they're based on, i think, really clear facts for people want want to look in the background of what it looks like it is in our business and we have to just acknowledge it is the people and the business leaders. >>. >> in terms of business, ben and

jerrys is not prooismt, it is saved by major multinational does it expand into the bigger umbrella company as well >> yes, i think if people follow what they have been doing in the la many years driving the real justices, it is something we all have a possibility to do and we demand more of it every day. it is just a top take is reverberating. >> good morning, i wonder how do you gauge whether or not there is actual rog being made versus statements do we look for talk about

specific legislation, should we look at the make up of their leadership and work forces >> the short answer is yes, period in business in a lot of ways you measure what you treasure and you treasure what you measure. every year we set out a specific set of goals that range from racial equity to our business, to values sourcing with our employees. i find that too off in my own career and when i look at other business folk social security that we can be afraid, too sigh, to pet them out for public scrutiny it is all about putting your

intent out there for customers and other people to impact and look at. and we should be care about dismadi dismantling white supremacy. >> companies would say privately we can't afford to take a stand on x issue that was never the view of ben and jerries, did you ever take a look at what the sales might be if you were more agnostic on social issues? >> i get asked all of the time of aren't you afraid of alien nating people is that what i have come to find is that when you don't take a stand and you don't make clear your values and your intent, your consumers and

fans you're doing your business a col arcolossal disservice. my employees demand that we take these stands so to the contrary, to the logic of this is scary or dangerous, it's difficult and we should do it because it is right >> i think we have a picture of ben cohen, the cofounder, at a protest. he was asked whether or not this was an issue for young people and he said e portedly it is not just their issue, do you see other company founders and executives taking this public of a stance >> i sure hope so. i never want to be like i'm

bragging i spent most of my life not understanding all of my privilege. i hope more leaders, white leaders, come forward and i'm very grateful than ben and jerry stand up for their values. don't say your founders did that and it is easier for you we have to fight every day, systemic racism is everywhere and i hope that more leaders stand up to be counted on taking specific actions >>. >> i just want to shift gears. you mentions before. and now the reopenings that are happening, what has that meant for ice cream sales. >> it is mixed overall they are helping globey.

we have scoop shops around the world. we were born as a scoop shot company and that part of the business is suffering. lots of people that are staying home, the package part is doing well so we're fortunate that our manufacturing teammates have been busting their butts and we are working hard i'm have grateful for the work that our manufacturing folks are doing. the supply chain is fairly complex from our farm workers and farmers all of the way through to our customers it is very much a day today thank you for joining us

ron baron joining the crew to talk tesla stock >> i would like to get more money to buy more tesla, actually i thought we would make 20 times our money, and now i think we'll make dousble or triple a year fr the next five years. >> it is so hard to know why where the baseline is especially with tesla this is like a microcausim it was too high, and now you know it is higher than ever. i don't know it is amazing to

watch for sure >> it absolutely is. and you know, certainly he has the market's ear when he comes out because that company is privately held, but ron, among other people, and we just heard this from spencer as well. he said he thinks it will grow at a multiple of 20 for the next ten years. >> i think we will grow 20 times in space x you know over the next ten years. that is an amazing opportunity >> i think my favorite part of that piece of the interview were the space discussion was concerned was the fact that he highlighted that the innovation was the relanding of the rockets and it is something that he

compared to starwars that is probably a comparison that carl might like >> yeah, that was good and he talked about not getting everything right he was very close to jeff besos for about a year he said they corresponded for about a year netflix, he had some but he let go way too soon. so the tesla win is a good one, but maybe it doesn't symbolize all of his strategy on some of these growth names >> no one gets to be right all of the time like warren buffett has shown us especially this year he certainly has a win here. >> all right, guys, we'll take a break, we're watching tesla at 945 and the dow recovering from

the early session low of being down 421 don't go away. you say that customers make their own rules.

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we did get a bounce in the early part of the session. we're watch iing the prospect o

nasdaq 10k and what all of these levels mean emotionally for the broader market >> i think mostly it's feeling whip sawed, to be honest not because of landmark levels exactly double the landmark upside but just how fast it all got here i do think that nobody is particularly high conviction about where they sit in relation to how far the market has come and where it's going today, if anything, you would look at the action and say pretty mild benign type of spill back after this run that we've had especially now that you're seeing a little bit of an easing and reversal of the rotational dynamic. >> mike, thank you now we want to bring in the ceo of online used car seller vroom.

shares got a big pop it was expected to price between 15 and $17 per share priced at 22 right now it's about at 40 vroom ceo joins us good morning congratulations. >> good morning. thank you very much. >> now, given all of the volatility that we had seen in the market, weeks and weeks ago and the surge we have seen, what was this process like for you getting to today >> when we first got the early days of covid, we were evaluating that didn't seem to be the right time we saw some interesting momentum in our business through the later half of march and into april. then we actually saw that there was great opportunity for us to move the business forward. we got into testing the waters got into the road show and were well received. we're excited. >> we got low interest rates now

but we've also got a consumer and small businesses that have been rocked with economic catastrophe in a lot of places how will that affect what you do with the proceeds here and how you project your business to go for the rest of the year >> the nice part about the vroom business is because we have cars for every one, if customers need to move from one size car to a lower size car because there's pressure in their personal finances, we're able to do that. like wise, if folks are doing well, they can move forward and integrate and buy a product from vroom at a higher level. because we're buying and selling in the same cycle, we're much less susceptible to major macro moves. >> what have you seen in terms of auto sales activity on the sites and what has that meant in terms of pricing

>> consumers are turning to the vroom model now more than ever especially because of covid. contactless free sales the contactless free driveway experience what we're seeing in terms of pricing is the market has moved down we bought in that new market then we're able to pass great prices onto our customers. we're able to move quickly to take advantage of moving market conditions >> what do you think the process of buying and selling a car will look like longer term or in the case of vroom do you expect you'll have a brick and mortar presence to accompany the ecommerce platform >> we're predominantly pure ecommerce play we have seen a lot of data coming out in the past quarter where customers are twice as likely to transact on a line for in terms of buying a used vehicle. we believe the market is really coming our way

that creates a tail wind that's another reason why we're kind of entering the public markets now. we think it's a fundamental and structural change. this is one of the last protocols to come online in terms of pure ecommerce and transactions it's a big market. it's massively fragmented and now we think it's coming our way. we think we're well positioned now and for the future >> experian had number ons the ownership frame work and how it's changing with regards and consumers. it's less likely and more loans. i wonder why do you think that's happening? what's going through the customer's mind that's resulting in some of this shift? >> i think fundamentally, customers have used lending facilities to buy used cars. i think that's ticking up a little bit what i think is much more com l compelling is many customers are returning to thoughts of using their car because there's some question marks about mass

transit and public transportation and we're seeing trends in the business that looks like people are using personal use for their cars now more than ever >> are you focused on volume and data and using artificial intelligence to make the experience richer or focused on getting in front of the consumer more through different devices what do you think will give you an edge? >> our business is built on a data science model when you combine an ecommerce platform with an outstanding world class vehicle operations platform and integrate platform that's what allows us to actually make great decisions on behalf of customers on what we ought to buy and what we ought to pay for those cars and get

pricing into the customers hands that allow them to save money. >> what's the most popular car brand or make and model on the site what do people toends gravitaene online >> the ford f-150s, the major trucks many customers are interested in electric vehicles. we got something for every wallet size and life need. >> it seems like there's a lot of places you could be headquartered. why is that important? is it important and in this day and age where working remotely is increasingly a part of the landscape, do you expect to expand where your headquarters

is or more elsewhere >> yeah, i think the quick answer on new york is there was great access to technology talent but all of our employees, a large share work that are touching and moving metal. they are distributing throughout the country and now they work at home environment, we all been work at home, the new york folks since march 12th we've been able to run great business we'll keep taking another card and see which way this develops. we're going to keep reading the tea leaves on that >> thank you, paul ceo of vroom ipo today priced at $22. right now it's above 43 a share. almost doubled in first few

minutes of trade thank you. >> thank you very much we're about to witness a remarkable moment at the new york stock exchange in a couple of minutes we're used to seeing moments of silence at 9:20 a.m. in response to very events and anniversaries. 9/11 is one example. at noon eastern time in a couple of moments the exchange will ring a single bell and have eight minutes and 46 seconds of silence to coincide with the beginning of george floyd's funeral. they are saying this is in tribute to the life of george floyd and in support for equality, justice and human rights you're about to hear eight minutes and 46 seconds of silence. we'll turn it over to scott wapner in the half thank you, carl. we'll get to our conversation about the markets a bit later on in just a few seconds we will be joining the new york stock exchange and the nasdaq in observing an 8 minute and 46

second moment of silence in support of equality, social justice and human rights it does come as the memorial service and funeral for george floyd who was killed in minneapolis two weeks ago begins down in houston. it will be another emotional day for this nation. here is the full moment of honor and rememberance for george floyd.