of sanitation. i think the stock is on the verge of a breakout. this is the company that will see elevated sales for a long time as we enter a new phase in public and hygiene i don't think we're going back to living like cavemen in 2019. thanks, everybody. kelly picks it up right now. thank you, scott we have a major reverse ale to the down side for wall street, and by the biggest proportions in quite some time we're down more than 150 points in fact that's the biggest points decline in two months sentiment is way down about concerns over an increase in covid-19 infections and fed chair powell's not so rosie outlook for the rest of the year. >> dom >> kelly, we haven't seen these drops since just before the lows of the covid-19 pandemic back to mid to late march.

we're watching the dow, down about 15, 20 at the lows of the days, so right near the lows of the session. off 145 points, nasdaq down 4%, so trying to put together some kind of holding pattern here, given what we have seen. take a look and walk with me with the sectors every single one is in the red today. it doesn't matter, the gains are led by consumer staples or rather relative losses meanwhile, financials and energy, the real laggards so far today. it has been a play recently on the economic recovery. those companies that do well look at the small-cap stocks they've been outperforming over the course of the last month, and now they have seen a huge dip that's something to watch small versus large caps. look at some of these groups now as well. one of the things to watch is some of the stocks that have been a play on the economic up side oil and gas, down 6%, southwest

airlines, down 10% today darden restaurants, it's down 7.5%, and mall operator simon property group down 12.5%. we'll finish here with some of these moves. look at what's happening with the financials and interest rates. the bank etf off 7%. treasury note yields ticking just to the upper end on the price side, lower yields, and the difference between long and short-term rates has ticked lower. that's not necessarily good for banks, all of those trades and trends to watch. >> we like steeper curves, not flatter ones dom, thanks so much. we have big moves and rates. let's bring in rick santelli with more on that for us what jumps out to you, rick? >> you know, i think what jumps out is a very generic way to look at the world. right now we're more in a risk-off mode. i think it's going to be much friendlier to the dollar when the world was all

coronavirus in the beginning the first few chapters, everybody was nervous on the global effects that touch going to have, of course the dallas reigned supreme, and there was a scramble for dollars well, the fed addressed that to some extent and the pressure eased. if you look at this chart, basically the month of june we saw close to a 3% drop, but today as the world is a bit nervous again, and potentially hot -- you'll see the pressure was released a bit i think that makes sense the germans had a 30-year auction and they couldn't get enough of it so when the equity markets get nervous, look at the two-year,

hardly any movement at all look at the charts of the 10s and 30s, as the yield drops as we sew global demand pick up, and i think it makes sense the correlation with super big drop goes hat in hand with the notion, no matter how good stocks look and how excited people get for the reopening, it will be uneven when it's uneven, they sell stocks and buy treasuries. >> they're certainly do that en masse today. like you said, we'll see you again in a moment. with today as steep declines each of the major averages are -- there's only about three times that the dow has lost more points than this on the close. we'll see what happens over the next couple hours. there have been some red flags lately how much deeper could this correction go? joining mess is peter boockvar and jeff kilburg peter, i start with you.

what do you make of it >> well, in perspective, the s&p 500 is essential back to where we were two weeks ago. i think we have taken out a lot of fluff, and up on the nasdaq obviously in january, 2020 was estimated to be quite different than its turning out to be estimates for 2020 in january expected to be 170 billion a share. while it's a throw-away year, we're talking 120 to 125 so everyone is crashing their heads, why are we at this level? the count case is certainly a reminder it will still by a bumpy road we'll see over the next couple months what the state of the economy will look like as we reopen sentiment got very extreme, the city panicked -- and also, as you mentioned all the

speculation going on in a lot of the bankrupt companies was just a sign of froth. we were due for this wasn't expect it all to happen in one day, but this is the type of market you're in when you have a vix around the 25 to 30 level. >> yeah, still pretty high jeff, i'll bring you in on that. as peter said, you don't expect it to happen all in a ay, but maybe you would be happy if it did. how do we know it's the start of a 10% or 20% move? >> i think that's a great point that peter brings up where was the vix last friday? at 26. here nearly 40% he we're only at 35 a vix of 35 in 2020 is a walk in the park i see this as an opportunity peter brings up a big point about the dislocation in the stock market versus the reopening. as we continue to gauge the reopening. what were seeing is the passive methodology, the passive

investing has come to an end you have to become a stock picker yes, the velocity of this move is sensational, but nothing in comparison to the months of march, so i think i am embracing this this is an opportunity look at the movement in industrials the last two weeks, that move in industrials, i think that would be a bigger theme in 2020, like energy as well as industrials. >> it's interesting, jeff, you say people have to be stock pickers. that's exactly what they're being right now. i don't know if picking hertz was your idea of how people should be approaching this, but you are saying you think energy in particular, where crude is off about 10% today, and the sector is back on its heels, why do you think that's a buying opportunity? >> energy is illuminated, so if you look at xop, that's oil and gas exploration, which is an interesting etf, it's a broad

are swath exposure, instead of just picking a name, but of course we'll see volatility. i think the person is really smiling today, kelly, it's fed chairman powell. he has a big smile on his face, on march 23rd he told the market they would be there in unlimited capacity in perpetuity the s&p 500 skyrocketed 48% since he said that i think he's relieved to see a selling pressure, because we were a bit over our skis in the s&p. >> i now, peter, you're very concerned about this how the central bank bid in the market, and whether that takes us back to the late '90 owes, but at the same time, you know, i don't think the fed wants us on our back feet because of the spread in covid cases or anything like that you know, can we have it both ways here? a market that's less frothy but still rallies?

>> well, the whole point of the fed cutting rates to zero and doing all this q.e. is to encourage speculation, and that's what they want. where that speculation turns up they don't necessarily care. they just want to stoke things obviously they hope that speculation is more economic in terms of households and businesses extending and investing, but i think we've seen just cutting rates to zero and printing money, it doesn't transmit into faster economic growth it transmits into other behavior such as speculating on the markets. so what the fed did, at least yesterday, by saying we may not raise rates for years and we'll continue printing $20 billion of money out of thin air and buy treasuries every single week until our balance sheet is $10

trillion, even though they didn't give that number, look at what they're doing to the banks? their actions are actually detrimental to a very important part of the u.s. economic. that's our bankic system,profity we saw that in europe and japan. i shouldn't be looking at the fed as somehow a savior and boost to economic activity i think we also have to see the side effects of what they're doing here. >> real quickly, peter, what would you be buying here >> well, actually i agree with jeff on the energy space i happen to like the commodity area, agriculture, energy, gold and silver, copper, that had been bombed out, because the economy around the world will improve over the next year i do think we'll see higher inflation. that's one area that i find very cheap and could be a play on that. >> so you agree on energy, but jeff, i think you disagree about

buying gold. would you be a seller here >> i think there's abopportunity to buy it logger, with that weaker dollar, why is gold not higher we're looking at two names in retail gap and signet jewelers. we also like masco and zylem that touches the water space, but you'll see additional rotation out of the financials, out of the nasdaq 100 names, so i think there's opportunity. >> opportunity to buy those stocks a lot lower today it's great to have you both here, guys thank you. >> thank you. >> jeff kilberg and peter boockvar let's go back to rick santelli for the results of that auction. i hope it went off a bit better, rick >> you know, i was generous. i gave this auction a c-mine news let's go over the details. it's reopening of 30-year bonds.

19 billion to be exact the yield 1.45 that was definitely on the high side of where it was trading, but it didn't really spike out too badly. all the internals are just slightly below average 62.2 on indirects is actually the weakest since just february of this years, so not so star back 13.3 on directs. maybe the most enlightening aspect is that dealers took about 24.45% of the auction. that's the most they have taken since september of 2019. when dealers take a lot. it's pape investors haven't. do keep in mind, it's almost worse than that, because on a day like today, when equities are down and you see how yields have dropped, i'm a little surprised we didn't get a bolder response by investors jumping into the auction of this long duration, sovereign high quality utilities. >> i totally agree they were feasting at an all-day

buffet, and here they're picking at it like a cauliflower pizza again, i keep thinking about all the issuance we'll have to have. you don't want auctions get a c and d and worse grades all the time. >> i agree there's all these questions whether equities should be here today. obviously we're realigning, but in the grand scheme of things, inflation could save the day and equities could be fine i'm much more worried about the trillions of debt around the globe, and definitely making the demand for the auctions considerably less, maybe even c-minuses down the road. >> as we just got today. rick, thanks so much let's get to big sinus on in instacart. deidra >> they have raced billions.

it last raced money in 2018, so the latest now makes it one of the most valuable unicorns in the u.s., bigger than door dash and pottsmates the round was leads by dst global and general catalyst. the founder says covid-19 created a massive shift for the grocery industry overnight it became an essential service for millions of fame they have been one of the biggest benefactors of that shift. its market shares are jumping to 55% in mid may, up from about 30% in february, surpassing walmart. at the same time, kelly, the latest funding round comes amid rising unrest. back to you. >> that's true we know the regulatory scrutiny often follows, as it has with

airbnb and other business models deidra, thank up so much we'll take a break we'll dig deeper into that and also shares of the s&p high beta etf, on pace for the worth day since march. those are uryo high beta names today. back in two. 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. i opened a sofi money account and it was the first time that i realized i could be earning interest back on my money. i just discovered sofi, and i'm an investor with a diversified portfolio. who am i?! i refinanced my student loans with sofi

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welcome back to "the exchange." the bills for getting through covid could be coming due for a long time. business dead surged by the most since 1973 could this spoil the stock market's continued rebound for more i'm joined by mark la sheeny, and carey spath. it's great to have you both here mark, i'll just start with you on this debt issue this is a huge increase. you just wonder if it will add as a break on the recovery. >> it sure could the goodness is at least balance sheets were in particular strong shape. debt had been pared down to levels seen a generation away. they're at multigenerational

lows as a consequence we've seen a buffer in place. of course that's only been exaggerated by -- we've seen a spike in the last couple weeks, up to 33%, even greater than that in the aftermath of world war ii hopefully there is in power dry that can be available as funding to support those indebted levels as a consequence that leave consumption largely to continue to prime economic activity, but if it should continue to mount by the way of the coronavirus continuing on for a considerable period of time, it could be increase get worrisome >> terry, i'll bring you in with a similar question with the gains off of the lows a one-time phenomenon? is it do you think the rally looks very different from here on on you?

out >> yeah, thanks, kelly the biggest question we have received recently is why is the market doing so well with the data being so disastrous in the economy. that's reflective of we've had such a big and sharp bounce back in our view, risk matters, discipline matters, so just chasing returns because the fed said we're going to buy anything, it doesn't mean be a zombie and buy everything. it means pay attention and look at risk as well as return, to spike sure you're aware of a lot of volatility through the summer as the market got a bit ahead of itself more recently. >> terri, one of your investment calls is to buy high-yield debt. why does that look attractive? it does offer relatively better

yields. >> let me be careful about how i say this buy high-yield over corporate small stocks companies growing quickly that need to borrow money, not to excess like mark was just mentioning, but need to borrow in order to grow december high-yield or issuers versus small stocks if you look at the risk/return, and you want exposure to that and not trying to be super timing, high-yield corporate over small stocks. preferred stocks over financial stocks, so again always being conscious of the risk that's involved we hay drawdowns, we hate losing money. we want to earn a nice return, but sometimes i think we can forget about the risks involved. >> and the comparative places to look for that return mark, let me turn back to you with a question about the coronavirus specifically are we going to have to wait for a case count to stop rising? or stop cresting before the

market can find its legs again >> i don't know that it will have to come to that obviously the market moved in advance of the peak in cases in the aggregate. so what i think we want to see is a court that the number of new cases at least by the rate of change, not necessarily that they have to peak and go down. i think it was widely expected as they states reopen, georgia of course the first one to do so, that we were likely to see some spread of new cases as long as it doesn't become more controllable, and so egregiously high as the concerns as those that might worry about a renewed lockdown of these states, but as well that doesn't hold by way of mortalities or more bit yesterday overwhelm the healthcare system again. so i think any news that shows that the number of new cases, while growing, isn't set to overwhelm the health care

system, i think the market will ultimately get its legs again, concurrent to seeing economic activity once again percolating back to life, as we're seeing not only domestic conditions improve, but the global economy as well. mark and terri, good to check in with you both. we appreciate it. >> thanks, kelly. the company beginning human testing much the covid-19 treatment. ahead we'll speak with the ceo of corning about the timeline. plus a look how retail traders have been profiting so far at least is this the start of a reversal. and look at the losers from the dow, boeing have a major reversal day we're back in two. 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.

welcome back boeing and others are being crushed after they saw a massive rally. phil, what is driving the action >> anytime you have a stock or single stock going up 100% over three weeks? maybe it's time to take a profit at a minimum, that's what's going on they're all down between 8% and 11%. we'll show you the index over the last month the run-up just came to a screeching halt on monday the sell-off down about 20% this week some of the individual stocks, american airlines, this is a company that has said, look, we're making progress in terms of cutting our cash burn we did expect 50 million by the end of june, now 40 million by the end of june. that's encouraging news, but this is a sector where they'll continue to burn through catch

delta outraising in a decent offering that they unveiled yesterday. that closes tomorrow let's talk about boeing and one of the chief suppliers shares of boeing like the rest of the airlines and aviation sector, this is the primary drag on the dow today, down more than 10%. spirit aerospace, the company that makes the fuselages for the 737 max. boeing sent them a letter saying hold on the production that you were going to begin on 16 of those fuj fuselages. spirit has said for the next three weeks we'll have to lay off some workers so a bumpy beginning to the restart of production for the 737 max. >> also, phil, it's interesting to pivot to the automakers with tesla as market cap, i think we said yesterday it was $186 billion. whether you can cause tesla

frosty, who knows, but nicola is -- these are the places to watch. >> i ran into somebody who said how about nicola interesting. do you know where they build their vehicles that's the market we're in right now. nicola could some day be a company that turns out vehicles and makes a profit, but clearly the run-up is clearly on enthusiasm that people believe electric vehicles are coming. >> and tesla is old news, phil you've got to find the next new thing. >> exactly >> both of them pausing today. phil, good to check in with you. let's get over to sue herera here's what's happening at this

hour microsoft says it will not sell the facial recognition technology to police departments, and it joins ibm and amazon in withholding that technology until federal regulations are in place a microsoft executive told a tech conference today the company needs to, quote, protect the human rights of people as this technology is deployed, end quote. u.s. house represents are working on their own police reform plan, according to minority leader kevin mccarthy, who says he supports a ban on choke holds. house democrats unveiled their plan earlier this week. and protesters turning a beach into a covid-19 graveyard, saying the protest is aimed at the government, which has played down the dangers of the pandemic and recently stopped providing total case and death toll numbers, one of the worst hot spots in the world right now you are up to dade kelly, back to you. >> sue, thanks very much

ahead, the retail sector is getting crushed today. we're talking the retail actually, anyway we're looking at people taking profits after some main gains. macy's, capri, l brands and more are down al wlle' have more on the big sell-off, after the short break. 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.

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.

welcome back to "the exchange." we have a major sell-off as investors are cautious about a new wave of covid-19 cases

a decline of 5.4%, the s&p down 4.5%, nasdaq down 3.7% it's interesting that the blue chip industrials are the worst performers, but also have been a catch-up trade the relatively solid, kind of 2.5% decline here. on the other sigh, materials down 6.6%, the financials have gotten a lot of attention for their weakness they're down 6.4% today, they were down 6% yesterday, so we're talking about a 12% decline in two sessions, which many are tracing back to the federal reserve and their pledge to keep interest rates low we are down 10% a little while ago. the energy spdr is down 7%, and

not really spared the sell-off today. both of the major bank etfs are having their worst week since may 15th, regional bank almost down 8%. so, again, big balance sheets are not being spared in the sell off. bank ofamerican down 8%. finally take a look at the social media stocks. these are not really being spared in the move today facebook is down 4%, twitter down snap is down 4%, and we'll speak with the ceo next hour first to david faber who has breaking news on grubhub after speaking with the ceo earlier. >> yeah, thank you, kelly. one of the a few stocks, of course, that is up today in a very brought and nasty market sell-off this stock specifically related to the deal. but what we can tell you now,

just a few moments ago we learned that a lawsuit has been filed by yum brands against grubhub in new york state's supreme court, and it's specifically to an agreement that was signed back in 2018, i believe. it was a partnership with grubhub with yum we're talking pizza hut, taco bell, in which it allowed for delivery apparently last week grubhub terms nated this agreement last friday in a letter that was sent to yum, and yum is saying that that was a breach of a contract they had, this master services agreement they had entered into. by the way, part of that, yum invested $200 million, so they own about 3% or so of grubhub. they also had a director appointed to the company's board, so not an unimportant partnership here that apparently blowing up, again with grubhub

having unilaterally removed itself from the partnership on friday now yum coming back and suing them, saying you couldn't do that, you shouldn't have done that, we want to get an unjunction against it. apparently there was a mechanism by which they could have negotiated for new temperatures. very much unclear whether it has the impact on the deal itself, but certainly two big companies engaged in litigation. >> david, what does it tell you about how the grubhub process has played out overall what started out as a possible tie-up, now has kind of grubhub

partnering with a europe can company and being sued i'm curious what you make of that >> well, i'm not -- i don't -- it's very early here i'm not clear of the connection between necessarily them pursuing the deal and deciding to unilaterally withdraw from this partnership agreement that they had with yum, bud of course, as we've detailed over the last few weeks, kelly, the back and forth between uber did not come down to price, where they had an agreement, although matt maloney disagreeing on that it came down to concerns on antitrust, these are two large competitor, in fact, almost the only two competitors in a couple key markets, new york, boston, for example. concern well founded or even on the ground in cities and municipalities so they wanted assurances if

they moved ahead they couldn't get what they wanted from uber they attracted interest from other parties, but what is maybe even more interesting is you have a company moving in from abroad, but it doesn't narrow the landscape. it brings even deeper pockets into the area, which probably means even more fighting over price and could make things even more different for the likes of uber eats doordash, and on so we'll be watching it closely. >> i'm sure. uber down 8%, instacart now valued higher than door dash david, it's good to see you. thanks. >> sure thing. shares of corning are also dropping today amid the market sell-off we're going to have the ceo next to talk about how the company has gotten a major investment from the government to manufacture glass that will help

make a covid vaccine possible. and check out the most surged tickers this is quite the list the dow itself is topping the list all are welor. we're back in two.

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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. welcome back a market bellwether, sectors down more than 4%. let's check in with josh lipton in the conservatory for more on this >> check out the smh, the etf that tracks the chips. now on track for its worst day since may 1st. remember, this group has surged, kelly. notable laggards today, would include amd, micron, qualcomm.

i just spoke with susquehanna's chris roller he said the space is a bit overbought what is he telling clients right now? , the 5g trend, marvel is a play on the infrastructure side he says if the tip continueses, he would -- that would include names like texas instruments. >> and it is beautiful there, josh, thank you very much. shares with regen ron hits new highs. they have begun -- and said they could know one two months whether or not it's effective. moderna is starting the final testing stage, which would involve 30,000 volunteers, but a

vaccine that works is only one part on that note, let's about ink in meg tirrell. meg? >> hey, kelly, well, there's a question about when we get a vaccine, if we are lucky enough to get one, will we have enough materials to manufacture them for the entire world one of the key components there, of course, are the glass vials that the vaccines go in, varta announced a grant this week for capacity expansion, and potentially therapeutics as well so joining us to discuss that is wenting weeks, the ceo and chairman of corning. mr. weeks, thanks for being with us, tell us about this $204 million grant from barda >> well, what this allows us to

do is begin to put in place the manufacturing and distribution required to help facilitate actual playout of the drug in humans >> rick bright, the former barda director warned we might face a shortage and it could make two years to make enough glass vials just to serve the u.s. vaccine market from where you sit, does the country, does the world have the capacity to make enough glass vials on the time frames we are talking about for these vaccines >> well, we worked with rick for a number of years and with barda on their important mission what this whole program is about is as a first priority to make sure that we have enough vials for the u.s. population. we still have more work to do to make sure we have enough doses

for the whole world, and that still remains ahead of us, and you can depend on us to be working hard on it. >> how do you actually accomplish that? do you need to build new facilities can you use the existing facilities you have more officially how does it process work just to give some scale, i was talking with pfizer about this they say right now they may 500 million doses of vaccine per year for all of their vaccines now, if they're successful, they could be making almost that much just for this one covid-19 vaccine, so that scale is just massive. so how do you do this? >> that's exactly correct. we'll be doing all of the above. here we'll be increasing the size and scale of our manufacturing, in new york, new jersey as well as north carolina, and we're going to be doubling our manufacturing workforce just to start. as this ramps and as it becomes

clear what are going to be the right treatment rentgimens we'll respond with even mohr aggressive manufacturing >> you said with the barda funding, priority will be given to development partners. what does that mean in terms of operating under "operation warp speed. >> well, the first ring of priority will be determined by those other members of "operation warp speed" that are with us. but then we also want to support people beyond that innovation is really hard to just pick ahead of time, so we want to make sure we have the capability to work with as many folks as we can to help meet this pressing human health need.

>> all right wenting weeks, thank you so much for joining us to discuss what will be such an important issue. thanks for being here. meg, our thanks to you wendell weeks, also thank you. more than 5% as stocks are tumbling with the rise in covid cases in some states let's also get a check on the cou casinos, concerns about demand still being extremely weak stay with us right here on "the exchan exchange

. let's get over to julia boston julia? >> snap just hosting the annual developer day, announcing steps snapchat from being an app to becoming a platform that includes many other companies similar to china's popular we chat platform. it's adding a free tool called places for business to appear within the snap map which it now reaches over 200 million people monthly. it's giving some small businesses $500 to jump start their advertising. it's opening its platform to new mini apps that can be embedded with it starting with a head space meditation app and adding tickets movie apps along with games that snapchatters can play with each other. it's also using the camera cat to use the augmented reality

technology within their own apps this is a play to get more brands to use snap's ar technology all of these announcements are designed to keep snap users engaged and end up offering up more advertising and general rating that revenue. back over the you. >> how much do you think this will, i guess we could check on share, facebook, they are down in the session today but how much of a dent do you think this will make in their competition against facebook and instagram >> well, i think perhaps the most interesting announcement in terms of near term revenue opportunity is this real outreach to the small businesses we heard a lot from facebook cheryl has talked about how small businesses are for facebook what snap is doing here is really going after that whole category of advertisers but allowing them for free to position themselves on this map that snap chatters use to find

their friends and other things na they're not going to be charging for that but there's an obvious transition to enable the advertisers to really spend to reach out to people who are nearby i think that's a huge opportunity there and those small businesses are incredibly value for instagram, facebook and snap chat as well. >> it's been a tough slog with the pandemic thanks we appreciate it you'll be back on power lunch with the ceo of snap we look forward to that around 2:15 see you then appreciate it. with stocks selling you have off for the third day in a row, we'll look at the role day traders have been troft iprofit. that nt. 'sex ♪ ♪ ♪

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welcome back dow is down 1450 points. we're only about 100 points off the lows of the session that we reached at the top of this hour. 3.8% down for the nasdaq one of the things we were seeing in the big market run up until now was retail investors profiting off of the back of billionaire hedge fund managers when it comes to the bankruptcy stocks leslie is here for a closer look at how >> the smart money has really been dumbfounded here because the loss of finance say equity holders can rarely recover money in bank rupts si because bond holders in order of seniority get paid out first when shares of company breedings think of names like hertz began soaring over the last week, it the defy all logic the retail investors who were

buying shares don't need logic just a way to make a quick buck at some sophisticated hedge fends. that's what happened the hedge fund strategy is called capital structure arbitrage. the idea is that stocks and bonds trade differently during the restructuring progress and trading can come in and capture the relative value when day traders starting bidding up shares of bankrupt companies it cause add short squeeze sending stocks in the companies higher than the hedge funds were forced to company >> that's kind of pit one group against the other. when hertz went to six bucks they didn't know what to do. i guess the question now, not that we know yet but is to what

extent is this correction today will wipe out that frothy trading activity or could it be here to stay >> people always say that in these types of marks like we're seeing today, rationality adviser to pretail and people look at their part folios aal - portfolio and say okay another important thing to note is a lot of these bankrupt stocks are super liquid. very small market cap. even the tiniest move which is amplified the power of retail investors can cause a lot of volatility in those stocks just because the float size is so incredibly tiny at the point in which they are undergoing chapter 11 bankruptcy proceedings. >> fascinating thanks for following the money for us another place people have been chasing is retail. the xrt retail atf is down 5%

today. let's get more from courtney reagan who is watching the action >> consumer spending 70% of gdp. any recovery will be really depen dent dependent on the consumers spending and desire to spend across the board that's the question as we're trying to figure out how long this recovery will take. early reopening trends are better than expected they are improving but still well below what the company was seeing prepandemic and with strong online sales, it's not enough to sort of make up that difference department stores are ready down trending and with of them anchoring mauanchor ing malls, that's an area that will be very delayed in the recove recovery then you've got other non-anchor but mall based retailers taking it on the chin today look at guess almost down 16% as well as l brands which is the

parent of victoria secret and bath and body works. even athletic retail stocks are selling off. a lot of youth summer camps have been called off or cancelled youth sports leagues, kids can't play like normal even some of the adult exercise classes aren't happening some of those items are not being sold as much even if there's some bump from atlleisure as well there are names that will buck the trend. dollar general and walmart flat but had been up earlier in the session. selling those essential oftitem and often in non-urban areas >> cpenney too had been gettin a ton of retail interest >> kind of the point leslie has been talking about it's a name that filed for bankruptcy

>>that's what it takes for jcp these days thanks very much we appreciate it that does it for the exchange. thank you for tuning in. don't go anywhere. i'm joining tyler for power lunch, which starts right now. kelly, thank you very much we'll see you in a moment tlat they let me out of the kitchen the dow industrials down more than 1500 points at one point earlier this session right now down about 1441 points it's coming off the feds bleak outlook for a recovery and on rising fears of rising coronavirus cases in a host of key states, including e ining f, texas, arizona boeing down 11%. exxon and jpmorgan getting hit hard these were three of the names that helped power the dow's rebound over the past month. you can see them there dow