play in the gastrointestinal space. >> and the last but not least final trade. >> united rentals are taking from local distributors and they have a great share business. >> have a great day. kelly evans takes over now >> thank you, scott. the nasdaq is hitting fresh all-time highs with the s&p at 25% now since mid-march. with realtors having a field day, is this market topping out? investor baron elon musk saying tesla will top an all-time high. will he be right >> hospitals are reporting

escalations. dom chu with the numbers dom? >> you can see over the past couple months a massive surge in stocks, but today the dow industrial is down about 200 points but at the lows we were down about 421, so well off the worst levels of the day so far the s&p 500 off about one-half of 1%, but the composite one-half of 1%, amazon as well the russell 2000 outperforms in june the ipo market continues, and it's hot vroom, not cloud computing, not any kind of video conferencing system, but online used car seller up 110%

these guys had an ipo today $22 per share above the expected range. you can see a big move higher, 110% we'll see if that momentum sticks around for that high-powered market. it is for now, at least. back to you. >> more than doubling so far this morning dom, thank you so much kind of emblematic that you can't keep this market down. the airlines, the cruises, the retailers took hit, but investors can't seem to stay away the nasdaq hitting an all-time high and the s&p down. brian weinstein is head of global morgan stanley investment management brian, i saw this local interest in the market, and frankly, the main street buyers have been on the right side of these lows

are they still on the right side today? >> it's natural to have a selloff after the run we've had, but yeah, on a risk reward basis, stocks are very, very attractive we would recommend probably a more diversified portfolio, but you can't argue with where else are you going to go, that mentality right now, with respect to growth prospects, looking at the other end of the covid-19 virus and a potential pickup in the economy and the risk and reward of what you can earn versus other asset classes. it does make sense, and i think it's rather interesting, the interest of the retail investment the mill lennial investor has invested in lately. >> where in particular can people still find good value, do you think? >> that's a good question, because it seems everywhere we go, they're catching up. the securetized markets and

those markets are a little bit frozen there is still good income in high yield if you look at the investment in high yield, they're about even where we started the year with other rates being lower, treasuries and the like, so there is some income out there and opportunities, but the rally, you've seen the rotations into all of these more risky sectors, and fixed income, too >> i like how you say it's changing by the minute that value, people are kind of plucking it away and it might be harder to find michael, where do you specifically think there is good value either in the stock market, fixed income or elsewhere? >> we've been trimming or equity positions because we run an allocation fund and stocks have become overheated. we still like the broad market, especially industries that still haven't really kept up energies, financials, industrials, bioteches, technology still these are good industries with long-term growth prospects if you're a long-term investor.

many of them pay good dividends in excess of what you can get in fixed income, then given the risk reward profile, it makes sense. on the fixed income side, we've been staying away from treasuries, we owe them some, but we've been looking at the high quality balance sheets in corporations where the spread is a little bit better. and we still like gold and silver as hedges, as a comprehensive definition of wealth, and for all the uncertainty that remains out there that investors haven't been picking up lately >> it's interesting, as brian is talking about treasuries, we've had the yields there, pretty much the benchmark of everything we do in this economy. the yields picked up last week and started weakening again today. you have the fed out there and people who follow the fed talking about yield curve control. is that something you're focusing on that could become a reality and where do the feds go >> if you look at one place

where growth really isn't priced in, yes, feds are higher, so the market isn't looking for inflation. what's interesting for the fed here is can they continue on this path of stimulating the economy despite the fact that asset prices have gone up? will the fed come out and say something about yields not being at a certain level on the yield curve. they may, because in their minds, growth and inflation is still going to undershoot, and maybe that's what the stock market likes they can certainly go down that road will they do it tomorrow hard to say, but they may very well discuss it. >> it's interesting, brian, so the quandary here is the fed wants to keep stimulating the economy without maybe starting a bubble in the stock market or something like that, so they would look to keep interest rates kind of quote, unquote, artificially low we've spent so much time trying to make sure rates aren't too low. why wouldn't they say, hey, it's natural and it's good for rates to rise a little bit more from here

and i guess related to that, why even worry about such a blunt instrument when they have this whole main street lending program that is supposed to help buildings that need capital and seems like such a more targeted way to help the economy? >> agreed, it seems like a tough time to do it, but if you look back the last couple years, the moral of the story is every time the fed thought they had done enough, taking the foot off the gas, we haven't had the growth, we haven't had the inflation, so the question is do they really want to try everything at once and risk, as you said, asset prices going up? we can call it a bubble or not, and maybe markets are right, that if they continue to stimulate, that continues to be good and eventually those jobs do come back i agree, the move in asset prices makes it hard for the fed to be maybe as aggressive as they would have been a few weeks ago. >> michael, i give you the final word what would your advice to investors be if the feds do go down the road of the old curve

control? >> buy gold. we're already devaluing the currency so much as it is, i think the fed has done enough. i think the gradual rise of interest rates lately has been very healthy and i would like to see it continue, personally. i still think rates are very, very low i would like to see them get out of the way a little bit and not do much more i don't think they need to let's let the economy grow and recover based on the monetary policy we have, the backstop that's already been provided and what's going on globally with central banks as well. i think there is plenty of liquidity. let's get it out to the economy, let's get the velocity going, let's build the demand curve, so to speak, and keep the fed out of the way >> marco and brian, thank you very much. speaking of that treasury yield, it's yielding a lower percent right now. over to rick santelli. how did it go, rick? >> i gave it a d-minus, dog minus. nothing about this auction

it was bid at 182, auctioned at 180.5. higher yield, lower price. from deteriorated further 56.7 indirects, five auctions since we've been at that level directs also super light and dealers take a large 35% in this auction, bigger since 2019 there is nothing about this reopening in ten years it is a reopening, and that means we're adding to an issue we started auctioning the last auction. there is always two openings with the 10-year and the 30-year. as you see in the live market, yields popped up from 181 to 182 to almost 183, so you are propagating some selling based on the negative returns here for this auction kelly, back to you >> rick, this is just the latest in a string of really bad grades

you've given these treasury auctions a d-minus, that's terrible >> it is, but indeed, if you look at the stock market and think about it this way. where are all those chips coming from there's definitely been a bit of a change in psychology, although bond funds are actually still doing okay we also have to remember that the fed can pretty much, over time, put rates anywhere they want they have eased off on the size of what they're doing especially on long maturities it's not bad that rates go up and it's not bad that there is a little bit of avoidance in these areas. of course, we want to monitor the other sectors in the economy and see how it all fits together >> true. you don't want demand for the safest asset to be too strong in a better economy rick, thanks so much rick santelli monitoring that action for us. in a market that continues to defy all expectations, investors, especially the so-called robin hood retail

investors, shares of hertz are up that stock is soared nearly 150% in a week. let's bring in brian sullivan for more on that crazy story, brian >> i think you used the right word, betting. this is not investing, this is gambling i know i'm editorializing, i don't care, that's the reality, especially with companies that have filed for bankruptcy like a whiting petroleum. add that wll why do i say gambling? if you buy equity of a company that has filed, you are betting on how the courts and the bankruptcy attorneys and the credit structure play itself out. unless you're in that courtroom or in those negotiations, you're not going to have any control over how that equity ends up it could be a goose egg, it could be a zero, or it may have a little bit of value. chesapeake, let's be clear, has not filed for bankruptcy there was a report last night that they're imminently getting ready. guess what there was a report three weeks

ago that they were imminently getting ready. we reported that it could be getting closer into late may as well they have $9 billion-plus of debt this is a natural gas company primarily. it's not an oil company. remember that. a lot of debt. net prices have come down as well, kelly. the stock was halted 22 times yesterday. 22 times why is it halted right now yeah, 22 times i think that the idea, the exchanges just don't want to deal with a stock that is having this kind of volatility. they need to settle things down, try to find a bit of a spread that's going to work here. i'll leave you with this chesapeake energy was worth, at one point yesterday, and i think it still is, more than it was three months ago when oil and gas prices were a lot higher than they are now. gambling, not investing.

obviously i have an e-mail and a call into the company. >> we're not talking about somebody whose value has already dwindled >> 300 million in equity, $9 billion in debt. is that because there's more doubt than usual about how they'll actually proceed >> there are two different stories with chesapeake. and listen, it's a good group of management there, they've been nice enough to come on cnbc. they're doing the best they can. it was started by aubrey mcclendon who we know died a few years ago and leveraged the company's debt to buy art and all this stuff they came in with a balance sheet they thought was unfixable. chesapeake has not filed yet and i think a lot of betting on the company is there are people who

do not believe they will file for chapter 11 and maybe they won't maybe they can make deals with their creditors, kelly again, it's gambling if you're not in the room and you're not talking to somebody in that boardroom with the banks on zoom, you don't know. whiting is different whiting has filed for bankruptcy, and the stock was above where it was before the bankruptcy >> wow >> i think, and i'm going to make -- listen, kelly, when you have an app that enables people to trade for free and the trading providers are no commissions, when it's free, why not? hertz, chesapeake, whiting, the are all in the top 15 of robin hood be careful out there you might need a bigger boat >> free trading is only free unless you lose your shirt

brian, fascinating we appreciate the detail on these two companies. it's so emblematic of what's going on as you can see, chesapeake is back open for trade. we'll continue to monitor the situation. coming up, we'll talk about shares of tesla barely pausing afr hitting an all-time high we'll hear how high they think tesla will go. the record keepers have spoken we'll speak with the man behind the call ahead stay with us this is decision tech. >> announcer: this is "the exchange" on cnbc. in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity.

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transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. welcome back tesla closed at a fresh record high yesterday at nearly $950 a share. we're just a hair below that level right now. the stock is over 50% in the past three months. investor ron baron says he still thinks there is a lot more room to run >> i would like to get more money to invest in tesla, actually i thought we would make three times the amount of money in tesla. so far we've made four times, and i think we'll make double and triple in the next five years and double and triple in the next five years. i think there is ten times to go in tesla before we have to even think about this, if we're

right. >> joining me now to discuss, the "wall street journal" tim hagel is here and joe who has a price target joe, why $5,000 to one >> i just had a basis number and i brought it back so that's where i ended up no particular significance to it >> just curious. what is it in particular you think tesla will rebound on the lows this is not the story of a shutdown and reopening of the economy, although that's definitely a part. >> yeah. obviously this market is a part of it, but what's remarkable to me, here we are, halfway through 2020, who else has electric vehicles that can compete with tesla? the answer is really nobody. volkswagen maybe is starting, but this company is so far ahead of the competition and it's going to get even further ahead, i just think the market is beginning to figure that out >> tim, i'm looking up nicola,

the stock that comes on everybody's screen as one of the top robin hood stocks, so on and so forth, how much of the tesla trade is still momentum driven, driven by retail investors, driven by the space hitch the other day? >> a lot if you think the future of cars is electric, then the price we're seeing now is that tesla will dominate that future, and that's what we've seen the last few months elon's success with spacex gives investors confidence in what they think has been lax the last couple years, which is execution. so seeing his activity the last couple months has really gained enthusiasm >> what about nicola have you been watching that one? >> oh, yes what's interesting is that company has the possibility to do in commercial transportation what tesla has done. all credit to tesla, let's face

it, the track is laid. what's he's talked about in electric vehicles versus high fuel vehicles is rising. it's a pretty neat technology they have. >> the stock is up another 15% just today >> unreal. unreal >> tim, we've seen stories like this if it's the cannabis sector, some of the cryptos, tesla is not the same it's a huge market cap and yet still extremely volatile i'm just curious if you think it will ever trade like a traditional automaker at a way lower multiple, if that's ever going to happen or kind of the ron baron thesis is right here >> if they trade like a typical automaker, tesla is in trouble, right? that's what elon musk has done is create enthusiasm like it is a tech company, and some of the ways it has done this is this idea of software in the car

overseeing updates in a way that traditional car makers can't do, and there is the potential there to generate new revenue going forward. the potential to turn these cars into robot taxis in the future in a way that investors don't think companies like general motors or volkswagen are quite there or maybe see that as the future for them. >> and joe, this is obviously a legitimate company with great cars and all that. did you see the "wall street journal's" model saying they think it's the best car on the road >> several points. first i saw the "wall street journal" review, and angie does a great teardown it seems like the why has done better in the three. i guess i would like to talk about how the company is valued. people say it should be valued like a car company other car companies grow at 2, 3 and 4% tesla is growing at more than

20 i think tesla will be valued like a traditional car company if it stops growing, but right now it's growing at a tremendous rate, and i think that's why it's valued the way it is. >> joe, do you think a 10x market cap makes sen hese here based on what mr. baron was saying >> i won't comment on that i will say overall tesla has a good market cap right now. it's still trading at a million a year i think we could see that grow to several million >> thank you i appreciate talking about tesla after a run of other all-time highs. we'll tell you how the fed is helping new york city's transit system get back on track. plus a record number of

coronavirus infections after the country reopened early remember, you can waalys listen to us on the go on the cnbc app "the exchange" is back in a couple what do i need from a partner right now? an insightful outlook that comes from experience navigating multiple bear markets. can i find a partner to help guide me through this uncertainty? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

welcome back to "the exchange." shares in boeing are falling today after reporting it delivered just four planes in may. that's the lowest total for a month in six decades they are reporting negative 280 orders the stock is at 150% away from its record low at its low the market fell just $54 billion. that value has now doubled it's climbed back up to $156 billion. despite the recent rally, the dow is down 43% after 2018 we'll see if the return of the

737 max, whenever it comes, brings it back to all-time highs. let's go to sue herera hi, sue. >> hi, kelly just minutes ago, the state of texas released its stay-at-home order. floyd will be laid to rest next to his mother's grave in a houston cemetary amazon is ramping up plans to test its workers for the coronavirus after several outbreaks in its warehouses. most will be testing themselves with clinical supervising. and a new report from experian shows a record number in the first quarter, as viewers

surge in the coronavirus outbreak the eiffel tower in paris will begin welcoming visitors again on june 25th, after the longest closure since world war ii face masks are to be worn for people 11 years and older. kelly, you have to take the stairs they're not reopening the elevator i cannot imagine at least it's open >> i'm trying to think of an 11-year-old wearing a mask going up those stairs. maybe next year. sue herera with the latest there. > elon joins me with more on the new york subway system ylan >> if you've ridden the subway system in new york, you probably guessed it needed a little bit of help, but you probably didn't guess it would come from the federal reserve.

now the mta is tapping the federal reserve. they want them to back as much as $35 million in transportation revenue bonds already down three times since the pandemic began the mta said investors have shown confidence in long-term prospects but remained concerned about near-term risks. it is not the only entity to seek help. the port authority in new york and new jersey has also gotten approval from its board to tap the muni fund as well, and they say they want to explore all options to combat a $3 billion revenue shortfall. kelly, this is new territory for the fed and it came under a lot of pressure from lawmakers in new york to make sure the rules are written broadly enough so the transit agency and the ports could qualify, but, of course, critics are going to say this is just the latest sign of the fed's mission creep.

>> i think others would say it's a sign of mission creep because we haven't seen this it's interesting in a way how chuck schumer got involved to get this outcome >> that's right, he directly intervened with jay powell, spoke to the executive secretary about this as well his argument is this just isn't about new york, but the mta is one of the largest muni issuers out there. of course, this benefits patrolman primarily who live in new york, new jersey and that region, so this is also going to raise questions about is the fed putting its thumb on not just the scale to influence different sectors of the economy or different states, but now even different subway systems >> yes, 1,000% remember the whole debate over the corridor and whether that was worthy of federal funding. ylan, thank you for all the details there. dom chu, what's going on

with cloudera? >> they're up 15% right now, this on the heels of bloomberg headlines saying cloudera could explore parts of the company after some interest and it's said to hold talks with private equity firms we have reached out to cloudera for a comment and have not heard back yet, but this is a name tied to things like machine learning, artificial intelligence, some of those big buzz words in technology, but still those shares moving higher we'll bring you more when we know more here, but the stock already up about 116%. back to you. >> wow dom chu with the latest there. coming up, texas is reporting a record number of hospitalizations after the state reopened early icu capacity could be exceeded in as little as two weeks. plus many companies are looking to make work from home a permanent option we'll have a closer look at how that move could backfire as we head to break, the dow

transport almost down 2% today airline stocks leading the way lower. we're back in two. ♪ ♪ ♪ ♪ ♪

welcome back to "the exchange." texas is reporting a record number of coronavirus hospitalizations weeks after being one of the first states to reopen during the pandemic new data from the state health department shows there are now more than 1900 patients in hospitals across texas, topping numbers set back on may 5th. that's not all since it reopened on may 1st, coronavirus cases have spiked by

166% let's talk to mr. lawson at the texas division good morning, mr. lawson >> thank you, kelly, for giving me the opportunity to speak to you today. >> do we know why cases, especially in texas, are increa increasing >> we are seeing an increase it would be easy to speculate it's tied to reopening of the state, but i think that might be a mistake. our most important priority at st. luke's health system and across the health care industry is to make sure we have the equipment to care for people safely reopening the economy is incredibly important opening it safely it even more important. >> why would you say they're not connected? obviously you're testing people and the case count could go up, but the hospitalizations seem to be a separate issue.

where are the hospitalizations coming from? >> that's one thing we're working closely with our county and local health officials is to trace the people coming in that are testing positive we're in the early stages of preparing a study to begin actively looking at and assessing where the patients are coming from. we recent wrapped up our abilities to trace patients who have tested positive and we're looking forward to seeing those results. that information will be critical to our understanding of what's driving the increase. clearly we are seeing a spike, and we are very concerned about that we're monitoring our critical care capacity on a daily basis myself along with the other ceos of the health systems meet every morning to discuss the current situation and are preparing to respond rapidly in the event that we need to make changes >> so i read here that there's about 71% of icu capacity in use. if the current growth trajectory continues, that capacity could be exceed nd as little as two

weeks. is that right? >> the other thing that i'm not sure those particular numbers take into account our ability of surge capacity we have the ability to expand our critical care capacity rapidly in the event we have an emergency. that includes accessing unused units, and it involves accessing staff from other parts of the country and bringing them into houston, as well as deploy a more team-based model for care so we do have the ability to safely treat more than we look at on a standard basis but clearly we are watching that and are very concerned about being prepared to -- in the event that we reach a critical situation. >> sure. skp and up here in the new york and new jersey region, we're just beginning to reopen. are there lessons that you think leaders need to be aware of? >> we are partnering with the greater houston business partnership, which is a group of the business leaders across

houston to educate the business community around how to safely reopen, encouraging the continued use of social distancing as a critical factor, training our businesses on appropriate cleaning protocols, and making sure that we don't lose focus on proper hygiene as we move into the coming weeks and months discipline in this phase is going to be incredibly important. it's difficult we're already excited about re-engaging socially, but we have to do this smart and do it safe as we go about a resumption of our business activities >> absolutely. and we're still sort of searching for those answers as to why in particular you're seeing this increase now mr. lawson, thanks so much for joining me, and do keep us posted >> thank you so much, kelly. >> t. douglas austin is ceo of the texas health division.

national bureau of research making a surprising call yesterday declaring the u.s. is officially in a recession. we'll talk with the nbr president about how they reach that decision, next. can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

it's official. the u.s. economy is officially in a recession after the longest expanse in history ended in february that's from the official arbiter of recessions. we're joined by the national bureau of research, which turns 100 years old this year, and steve liesman. great to have you both here. jim, we'll start with you. welcome. i'm sort of happily surprised that you guys were able to declare so quickly that this is a recession. i know in '07 it took almost a full year. what made it such a clear call >> first, i don't think we surprised many people to say the u.s. economy declined after sometime early this year

but what was very striking about this downturn is, of course, its speed and it's depth that made the analysis substantially easier in terms of the data that we see what we observe is that there was a dramatic dropoff, as we all know, in economic activity during the second half of march, resulting in dramatic increases in unemployment, dramatic declines in production, and for reasons in some sense that aren't the usual source of business fluctuations, essentially government edicts that were closing down certain sections of the economy. that made it easier to define where the turning point might be than in a normal situation >> we understand the expansion has to peak in the month and the contraction begins, and i know you put a lot of weight in particular on employment and production, but jobless claims were still fine in february, the u.s. added jobs. why not have the recession beginning in march

>> i'm glad you asked, because the answer is about the convention the nbr uses when it defines the firstmonth of a recession. the key starting point is the peak of the pandemic was in february, and march was, therefore, lower than in february when we say march is the first month of the downturn, that means in some sense, month zoer, the month in which the recession began, is more constructive than february the monthly peak was very clearly in february. >> interesting month zero, steve. it reminds me of trying to figure out what year -- month zero is the start of this recession. >> yeah, and that's just the way it's done. if i could, i want to ask jim a couple quick questions here. jim, we love having you back, but let's say we don't want to have you back, we don't want to wait for the nber to declare the end of the recession how will we know that it's over?

what will you guys be looking at that's one and two, discuss this curious line toward the end of your release here where it says it warrants the designation of a recession, quote, even if it turns out to be briefer than earlier contractions there is a sense there that you guys have a feeling this may be over pretty quickly. >> i'm going to start with the second, steve. i want to emphasize the committee has no crystal ball, right, so we don't have a view of how long the recession might last but you are right that the committee acted more quickly this time than it typically does, and as the committee was contemplating whether or not it could determine that the peak was past and we peaked in february, one definition is we'll give it a definition of a recession which is a decline in economic activity stretched across the economy for a period of several months. do we know yet whether it will be for several months? we were confident that we could

see, in the existing data, that there was a sharp decline in march and in april we were not sure, of course, yet what was going to happen after that, and the committee was -- in some sense with that remark was trying to speak to -- even if the trough turns out to be two months after the peak, the depth of this downturn is such that the committee felt comfortable labeling that as a recession. i think another way to pose this is to say, you know, if you were to decide that this was -- that a two-month recession but a decline in economic activity as sharp as what we saw earlier this year was not a recession, you would forever have an asterisk in the data charts and next to the figures and graphs because you would see this dramatic increase in the u.s. unemployment rate, this dramatic drop in output, and if there wasn't a shaded bar there to tell you that was an economic downturn, it would seem a little strange. in some sense it was almost a

tradeoff between depth and length that the committee was trying to speak to there on your first question, which is how to think about what the indicator signs will be for the upturn, i think it's the usual suspects, right? the committee is looking for real output and it is looking for employment as the key signals, and, you know, in this particular case, the lineup around the peak was very helpful in the sense that most of these indicators peaked in the same month. that has not always been the case in the past and sometimes, as you know from what i know on your close reading of past announcements, there are situations in which it's hard to trade off how does one think about situations when gdp and gdi might actually differ in terms of the month in which they show a peak or a trough that can throw you sinto analyzing discrepancy, but this

much it was easier >> and gdp can kind of corroborate all of this. in recent history, i guess going back to 1854, we've not seen a recession less than six months long, and even that six-month-long recession was in 1980 when it was a double dip recession that went back for some time. so, jim, if this recession is two, three, four, five months long, that would be really unusual and kind of goes to just what a strange period we're living through is it possible that it's already over, that it ended the month that the rebound in employment began, which would have been may? >> it's possible, but i think it's far too early to tell the answer to that question. but i think you made a very important point and that one of the things, of course, which could make this downturn different is that the source of this downturn is very different from traditional downturns in the past because in some sense we were almost immediately like turning a spigot and turning off large

sectors of the economy i don't think it would be particularly surprising if it turned out that the upturn dynamics also turn out to be somewhat different than those in a typical recession, but, of course, it will be quite a while before we know the answer to that question. >> we hope we can see you back soon, because it's just that clearcut that we're already out of the woods mr. poterba, thank you so much it's great to have you here. >> good seeing you both. >> and steve liesman, thank you as well. well, republicans have made opportunity zones a touchdown of their plan to help struggling communities, and with the irs relaxing rules for investment, the wealthy are taking notice. but will the money go where it's needed that's next. before we go, let me mention the nasdaq just traded for 10,000, i believe, for the first time remember, this index was already up 10% on the year we just crossed the 10,000 mark for the nasdaq composite for the nasdaq composite we're at or what's trending.

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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. welcome back president trump and republican members of congress have made opportunities zones a center piece for their plan to help struggling minority communities. the irs is relaxing rules around the program and investors aric taing note we take a closer look at how and where the money is going where it's needed. >> the treasury department give investors more insentives to invest in those opportunity zones which have become central to the white house efforts to reduce racial inequalities it allows them to defer or avoid capital gain taxes by investing in certain designated areas.

it gives investors more time to invest in a project and waive benchmarks they're looking to expand to attract more capital opportunity zones were expected to bring in over $100 billion, so far it's like $10 billion got op top of that critics saying the program helps investors more than low income communities. projects being funded so far include luxury hotel, condos and retail complexes in aflunts areas like manhattan and the bay area they are funding some affordable housing in some strugglie ininga but there's no reporting requirement which means the treasury department will not be releasing data on what projects are being funded or what impact they might have. back to you. >> almost seem set up to fail. thanks so much for that update still ahead, the on set of coronavirus in america had working from home like the perfect solution to keep

companies humming along. just as those like twitter and facebook have looked to make it permanent, exptsreer a warning it could all backfire. that's next on the exchange.

some of the most forward thinking companies like facebook, twitter and shopify are instituted work from home policies but as life returns to nar ma normal, the permanent shift to working remote could cause more headaches. good to have you both back in what ways do you think this could backfire >> thank, kelly. good to be here. i think all of my sources tell

me while there's benefits from working from home for specific people, specific companies for a specific amount of time, those benefits are almost definitely m amplified by the fact the country has been closed and there's been limited outside distractions experts are also saying that things like children at home can be just an absolute debacle for working parents. if i can get through this interview without one of my three children running in, it will be a small miracle. i think loneliness is a huge factor a study from a couple years ago showed that productivity did increase in a chinese travel company but that 50% of the employees who are working at home felt so depressed and lonely they wanted to come right back to the office >> that absolutely has rung try. feel free to show us the kids if they do come running in. >> no one wants to see that. >> spoken like someone trapped

at home for the last couple of months ben you have done a lot to analyze productivity what is your data telling us about how productive people are at home these days >> near term there's less of a hit but that if you look at longer term, a lot of what we're see frg o seeing from our data is really a reduction in the amount of communication for weak ties. these are people you don't work with very much maybe talk to once a month that communication has really nose divered if you think about medium to long term, it impacts the quality of services. i think over the next year plus we'll see a pretty big impact from that. >> it's sad. some of my favorite interactions around here for sure i get to keep coming into the office but i'm curious, a lot of people in the last several years have designed their workplace, i think apple comes to mind, in

other words to facilitate those casual encounters. will those have to go away because of coronavirus how many permanent changes do you think we'll see in the workplace? >> i think there's a immediamed long term effect we're seeing there. there's things we're seeing our customers doing around trying to replicate those interactions in terms of randomly scheduling two or three co-workers to have lunch together virtually every other week you look at the companies are moving back to the office. i think there is going to need to be a reduction of those interactions because there are risks from a health perspective. it's ironic to your point. there's a question of what is the value of the workplace, if we have to reduce those interactions i think you'll see lots of companies experimenting and tried to use data to understand what's being effective because no one can claim they know what's going to work in the future >> laura, i guess the issue is

that people when they start thinking i can do work from home permanently might start making big life plans they might move of where they are living to somewhere rural. they might get rid of child care all around the idea they may be able to keep doing this permanently, you're saying companies may not be so thrilled of that prospect after all >> right i was researching to a follow up about a bunch of cities that are offering incentury tisecentives to move there. savannah, georgia is offering $2,000 for technology workers to move there also, you know, even facebook, mark zuckerberg saying those in person interactions have really been missed. he's thinking of asking employees to kind of center themselves around hubs so they can occasionally continue to collaboration. >> interesting yet, what that hub will look like over the next couple of years still remains an open question thank you both

laura, ben with a bit of a deeper dive on the work from home trend that does it for the exchange today. i'll join tyler over for power lunch that starts right now. nasdaq 10,000. 10,000 on the nasdaq for the first time ever. it u slipped back a little bit at 99,096. welcome back to the kitchen. i'm tyler mathison the dow is down about 200 points as the reopening rally takes a bit of a breather. nasdaq notching that fresh record plus, as america reopens, texas reporting a record number of