what paypal announced in term of setting up a venture fund focused on african-american businesses, i think, is something other companies need to look at >> that was a huge investment. $500 million it's a pleasure to speak with you. thank you. we appreciate it >> thank you >> lot of thought ons what companies could do here. that's how we'll close out the exchange i'll see you on power lunch. thank you very much. we'll see you over here in a moment this is power lunch. so much for the snap back. the dow giving up an 800-point rally. there you see in realtime the industrials, the s&p, the nasdaq composite and russell 2000 sl all turned negative. take a look at caterpillar one of the worst performers this week a top analyst says buckle up for a catatonic recovery he'll explain why he's downgrading the company.

warrick dunn will join us to talk about his year's long fight against racial inequality and how the league is addressing it now. power lunch starts right now stocks have given up their rebound sdwrurjust turning nega from moments ago >> you can see we're just slightly on the negative side. essentially, the transimportapo still up that's good news banks were much stronger earlier. flatti istish ow. energy has gone negative big movers for the reopenings.

all now on flat on the day el tell you why today is important. we're conditioned to buy the dip. buy the dip worked very well in march. remember, very rare to have the s&p down 5% on a day it happened yesterday down 6%. buy the dip worked well in march and april and may. the question is will it work now. take a look at some of the stocks the airline, some of them holding up all right united been talking about all week the crazy moves that's ahead but it's holding up pretty well these crazy moves here but it's still up off of the lows

marathon banks are weaker here. citi, 48 to 60 and back to 48 again. those have been on the flat side today. just slightly on the up side as you see here finally, meg cap stocks. most of them are slightly down for the week still up remember, it was 1470, 1480 a few days ago i think it's an important day. back to you. >> thanks very much. let's check in with the bond market rick is tracking the action. >> it really is and has been a wild week. we started out 90 basis points plus here we sit at 68 basis points we're down 22 on the week. look at a march 1st on 30 year bonds. we're up two on day.

we're down 25 basis points on the week 99 is low all time yields in 30s. we're up on the day and the week that's after a bounce off. yesterday we learned fed's balance sheet is 7 trillion. what's wild is it's up 447,515 billion in a week. there's a lot of zeroes here back do you. >> rick, thank you very much we have a volatile week for stocks there's plenty of bulls around jpmorgan says we still see plenty of up side. bank of america says with value out performing for the last

three weeks we see signs of more up side ahead. bmo seconds that emotion are they right or not? let's ask our panel. a lot of seniors here. ron, by any sort of temperature taking, the market seems to be a little bit frothy. how much of that is speculation and how many of the speculators were run off yesterday >> i don't know if they have been run off it's rather interesting. yesterday marked, to the day, the 36 year i've been in the business i've seen a lot of froth over the years from sketchy newsletter writers in the '80s to the players in the '90s all that kind of thing

now we have this guy and we have the robin hood clients it looks like this has taken on a bit of a speculative frenzy that marks very late cycle moves in a particular, what do you want to call it, a bull market or bear market rally whatever this thing is i think it's gotten wide listlyo frothy sgr ron is going to have the beards town ladies coming after him in full force after that i think you agree in spirit that the market has come a long way, maybe too far too fast do i have you right? >> that's right. i think we kucurrent pull back s something healthy for the markets even after the volatility we have seen this week we're still about 38% off the

lows we saw on march 23rd. there's still concern in the market about a sluggish, economic recovery and a second wave of the virus. i think the key point to be made here is that we don't really expect any surprises from the fed. it remains committed to employing all its tools to support the economy. chair powell haven't went as far as utilizing, capping the treasury yields. i think what we see here is it's often times hard the fight the fed but what i would say, we view the market as more range bound for many other reasons that ron said. the counterbalance is strong and focus fed which is injected a lot of riliquidity and is not showing any signs of backing off of that. >> you wrote a piece saying you don't think capping bonds would be a good idea >> we seen it go to below 70

today. no, i don't think it's necessary. yield curves are important pieces of information to that end. i think the economy is not nearly as strong as this recent push on the market could suggest. you look at oregon delaying its reopening today and the case load climbing around the united states even with air passenger traffic up, it's still off 80% from its pre-covid peak i think it's dangerous that the market has gotten this so far ahead of itself and it hasn't taken into account the reopening may be much more jagged that it currently discounted >> i think we heard marc lasry talk about whether people feel safe or not. if they feel safe, they will go out and resume habits. if they feel less safe as maybe some of the reports that ron

cites, they'll stay home and not part with their dollars. you like one sector that we could interest rates sense tifr and don't favor another one. real estate, yay financials, nay. why? >> a yay for both of those the way we look at it as you're trying to look through the market and find potential opportunities, the key is to be selective. as you look for an attractive precash flow yield you need to be mindful for looking for strong balance sheets. one unintended consequence is the amount we see across the market i think that's a key consideration. we don't view the fed action as the construction of corporate balance sheets in fact, if you look at the

market today, 20% of listed u.s. companies have debt coverage ratios below one meaning the cost is greater than profits that's something that doesn't seem to be long term sustainable. those are areas that have been left out they're much better positioned for a downturn where interest rates begin to become more in line with historic norms >> have a good weekend guys coronavirus cases are rising in some states and the cdc is saying more mitigation efforts may be needed like wa we saw in march. meg joins us with the latest

details. >> it was the first real official public briefing from the cdc that we had since march. they reminded people that the pandemic is not over transmission around the country, more mitigation measures might be needed. take a listen. >> it's important to recognize that more mitigation efforts such as what were implemented back in march may be needed again. that's a decision that needs to be made local by based on what is happening within the community regarding disease, transmission sgr this was a briefing really to discuss guidelines that the cdc is putting out and what they call consideration for daily life to stay safe. practice social distancing wear a cloth face covering choose outdoor activities if you can. in this document they go through various activities people may take in their every day life

like going to bank, restaurant, hosting gatherings, going to the gym. you can see all those documents online they were pressed by reporters about what is driving the transmission in many states. is it the reopening and was that undertaken too soon. they were he has tansitant to s can attribute it to the opening. >> mitigation efforts like we saw in march can only mean one thing. they are talking about more shutdowns, right >> one would think they didn't get into details with it. what we saw in march was this unprecedented closing down like a domino effect. i remember sitting with you as we started hearing these announcements from broadway. from all the sports teams. what they were really talking about is that would need to be decided on the local level it doesn't sound like a country wide decision would be coming on

that >> still, those would be huge moves. we appreciate it thank you. tyler. still ahead, we will have more on a wild week for stocks coming to an end financials, materials and energy among the other sectors in the green after leaving the market lower yesterday. it's about an even split of greens and reds. one top analyst says shares of caterpillar are in for a long and slow bulldozer like recovery he'll explain why after this brk. ea ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts

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perhaps it's time to partner with someone who knows you and your business well enough to understand what your wealth is really for. welcome back shares of caterpillar have out performed the dow over the past three months it's one of the worst performers this week down double digits our next guest says when the dust settles, government budgets might stunt the company's comeback welcome. it's good to see you >> thanks for having me. >> a lot of this, to me, sounds like the recovery stocks were out performing during that phase of the rally now that we're not so sure it's getting hit as well. you're trying focus longer term on its business model. you think the budget issues will be a real constraint >> cat has done a great job for

setting themselves up for cyclical recovery and leverage the volume that can come on the other side of this when you look at some of the pieces that they have, construction, i'm not sure that governments will have the wherewithal to do the structure spending we need to get that to really jump to the next level. you look at the mieping industry, we peaked a long time ago but still, i don't know that the mining companies are really spending a lot of capex and oil and gas speaks for itself. i think some of those companies balance sheets are stretched and it's going to be hard to really spend a lot more capex that's a thing i think that, you know, they're not going to get the opportunity to show the leverage that they built into their company over the next 18 to 24 months >> it's difficult if every kind of front you're talking about they face challenges

that obviously could turn its fortunes around. you think the odds are very, very low >> right >> i think most of the spending has been really focused on trying to contain the health crisis and there's not a lot of immunition left. maybe the federal government can pull something out from their slooefr. i think the states without having tax receipts and other money flowing to them for a long time, it's a little bit harder to implement the kind of policy that we need to really drive this to the next level >> non-u.s. markets, europe and china, cat is a big exporter >> yeah, china has a stimulus going on right now, which is really boosting the equipment sales but it's almost like the u.s. there's a huge backlog in the u.s. there's a big backlog of unfinished projects in china we have stimulus on top of that

backlog. the next six or nine months we'll see a very strong snap back in construction equipment demand and certainly in building once we get beyond that little surge, i'm not so sure i see a lot of potential for this industry to get to the next level. >> is there anything strategic caterpillar can do to try to gain exposure to some part of the u.s. global economy that might be in better shape >> i mean i wish for that myself they have a beautiful balance sheets they've got eight or nine billion dollars of debt and six billion of cash. they are generating five billion a years but what they have been focusing on is returning that capital to shareholders as opposed to trying to buy another franchise. maybe beefing up their rail equipment business or something where there's better recurrent earnings, a more consolidated industry or places to be a little less cyclical going forward. >> maybe they will give it some

more consideration now it's good to have you. thanks so much >> thanks for having me. still ahead, the fab five tech stocks lost a stunning combined $269 billion in market cap during yesterday's sell off. they are modestly higher today should you buy them now? traders will weigh in on that next you can also watch or listen to us live onto go on the cnbc app. we'll be right back.

welcome back to power lunch. let's get a check on the five largest s&p 500 stocks facebook is higher this afternoon. apple and microsoft close to the

flat line. this comes a day after those megacap names lost nearly $270 billion in market value. are they at risk or more weakness let's get in our trading nation team nancy, tech has been a source of strength is this an area you want to avoid or buy >> i think you want to be selective. if you look at apple and microsoft, sadly, we are having to trim this back during a relative performance both google and facebook are interesting because you see strong heavy knew growrevenue gn 2021 the stocks are not trading at a huge premium but depressed earnings in 2020 we still find those stocks attractive at these levels i would be delicate and nimble as you get into them >> craig, what do the charts

show you >> we would definitely still be a biuyer of these stocks we still remain overweight with technology sector. if you look at the fab five names they represent about more than 40% of the qqq index. i brought that chart in today. it makes very simple observations and not to of r over think it. the primary trend is higher. you're above a rising 200-day moving average what looks like yesterday's price action was a little correction in what is a longer term up trend for the shares we still be a buyer of it. we think tech is leadership and we think there's still more up side to go for this year >> got it. craig and nancy, thanks. for more trading nation head to our website or follow us on twitter at trading nation. back to you. >> thank you very much still ahead, tesla in reverse with the shares lore after goldman and morgan stanley say the latest run is over done. we'll have the details

the protest over racial inequality continue across the country. warrick dunn will join us to talk about his fight against injustice and the nfl finally taking a knee. more power lunch is next

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welcome back, everybody. here is your cnbc news update. new jersey's governor says the state will sue the city of asbury park over the city's decision to allow limited indoor dining in defiance of state wild health restrictions. president trump says he would like to see a ban on police choke holds in most instances. he says they may be

understandable in certain situations trump also says the decision could be done at a local level clemson university is renaming its honors college stripping off the name of former vice president and slaivery propoents john c.calhoun two players who are now in the nfl petitioned the school. in tucson, arizona hundreds of homes remain under evacuation as a wildfire continues to spread it's burned more than 7,000 acres. it's only 10% contained. you are up to date that's news update this hour kelly, back to you thanks very much let's check on the markets right now. what a session it's been the dow is up more than 800 points it's gichven up all of that it's back up about 152 points. the nasdaq is still lower by six points the s&p hanging onto a six point gain the oil market is closing up for the day.

let's go to eric with more at the commodity desk >> that's right. oil is finishing the day mixed with wti down around half a percent. now it's quarter of the percent in a last few seconds. brent is up half a percent it was negative a little while ago. both benchmarks having negative weeks since the first time since april. it's second wave of coronavirus cases could hurt economic demand on top of those worries, u.s. inventories have risen to a record $538 million barrels even as we see rate counts going down, the baker hughes numbers down an interesting policy market we'll have to be watching. back to you. thank you very much. let's get back to the current crisis in america and the fight for social justice protests continue in many cities the black unemployment rate is above 16%.

about three percentage points hire than the national rate. that rose last month it didn't fall the way the national one did it's estimated that 40% of black owned businesses are in the hospital expected to survive the ongoing coronavirus attack here to join us is warrick dunn. >> thanks for having me. >> you're an interesting guy we had a wonderful conversation about three years ago. what has change inside the three years since we talked about, among other things, colin kaepernick that was the statement by the commissioner of the nfl. some players, including michael bennett have been critical of the commissioner he is basically joining the bus late after sort of left the station. his statement was a powerful one. do you think his statement was

too little, too late or what >> no. i don't think it was too little, too late i think we have all would want things to move quickly a couple of years ago that didn't happen. i think he's finally there the league is finally there. i just think harping on what didn't happen three or four years ago, how can we find solutions today to move forward. i think that's the thing we probably need to focus on and not necessarily attacking him because he didn't figure this out four years ago he's an older white male he's not really going to understand what black men go through in this country. young black african-americans. to really understand where they are, you have to be in their shoes. i don't think he was there now you see something on live television that really brings this all to the forefront because it was all about hearsay. his word versus theirs and so

for forts. now you have video that's shown what has happened in america over the last two months that's put the icing on the cake and now they are there i know they want to do more to help really break systemic racism and so forth in this country. >> yet there are those who say there is no thing as systemic racism they are entights led the their opinions as well that can be discussed at a lart time i want to go to an area that may be of some sense tiitivity of yu i know you grew up in baton rou rouge. your mom was shot while working a second job as a security guard. you became the person who led the family forward and did it so brilliantly. you must have very interesting feelings about law enforcements, the police community in the

united states and where you've lived around it. i'd like to tap into that right now. >> i respects law enforcement. my mom was a police officer for 16 years she protected and serve. that's what police officers are supposed too lately which you've had some individual who is have taken their job and really just taken it further than expected where now black african-american individuals have lost their lives. i do think there should be some reform it's a lot of great police officer, men and women who put it on the line every day i love the sacrifice and commitment to make the community better i also think now it's the time that we do need to look at reforms and how we can educate individuals in this country about police brutality

how do we really give them some programs so they can understand what african-americans go through. what brown skin individuals go through. you can always read about what different communities are doing to stay engaged with police officer. it's a two way street. they have to do their part and we have to do our part to make sure the environment, the community is safe and secure not just for police officers but for ourselves as well. >> very delicately and diplomatically put there that some police officers are taken thaer jobs beyond where it was intended to go i get you. let us pray this is an awakening around the country and on all sides of this issue that you point to here. i wonder, and you've outlined what you would like to see police departments and

communities do you sort of sketched it out. i wonder what you would like to see the nfl do in terms of management you're part owner of the falcons. obviously, the african-american community is represented in the boardroom of the atlanta falcons. what would you like to see the league do more to advance the cause of racial equality in ownership, on the sidelines, in coaching, in front offices and so forth how would you like to see the league handle the tricky matter of protests on the side lines, for example, during the national anthem >> i'll start off with the protest. i think now that the league are on baoard with the players. i don't think you'll have any issues with protests move forward. i think now they truly understand what colin kaepernick, his intentions were four years ago it's better understanding today. i think you're not going to have issues with that

overall, i just think as a league, they really need to listen to their players. listen and try to understand their concerns and the things they want to accomplish but as a league, majority white owners, white execs, you have to be open to learning, to understanding the struggles of african-americans. black boys who coming from the hoods, their journey once you can understand that now have some compassion and empathy for them so now we can all move forward together i think if question can respect those boundaries and have a better opportunity for education over all, e could give us an opportunity to move forward. when you talk about ownership, ownership, you have to be wealthy. you have to have the means to have the ability to purchase a football team or any professional franchise i just don't think we've had enough individuals or because of

the supposedly good boys network, you don't really have an opportunity to get in i think now, really raising eyes and a lot of curiosity about how we can advance not just white americans but african-americans, brown skin individuals as well >> i really -- i understand what you're saying there. a friend of mine who is a friend of a person who is a coach in the nfl said he attended a meeting of the team. this guy, the coach happened to be a white guy he said he was brought to tears hearing aboutsome of the experiences that the guys he coaches went through as young men, young boys in high school growing up and the kind of thing you point to let's get back to the question of jobs in the nfl what is the way to get more head coaches, sideline coaches, gms,

players personnel directors into the pipeline so that the league, the league offices look more like the league itself >> i don't have a specific plan. i just think now it's time to reassess everything that they've been doing for the last 100 years. the national football league and overall, you look back what did we didn't do? now what can we do moving forward? i think they have enough individuals that can give them guidance tony dungy is someone that can be thoughtful. how do we move forward to show we have a good blend of coaches. we want the best we don't just want to hire individuals because they're african-american you want guys who understand the game i just think, overall, you have to include those individuals that can help build the criteria over job descriptions so that individuals have an opportunity to present themselves on their

skill level. also have an opportunity to get a job. not just on the football field but the league office. you need to look at the percentages and figure out what type of make up that you want. my organization, we want to be able to build an organization that we have a make up of individuals that we serve. you have a league that's 80% african-americans, 70, 80%, you want to reflect that when you have people in the front offices on the sidelines supporting them >> your charity has done amazing work in providing housing and housing opportunities for min minority communities i think some 300 or more houses. they are including for the

quarterback deshawn watson, his family of the houston team let me come back to the question of what we're likely to see this fall on the sidelines. will players be taking a knee? what will the protocols be do you have any idea >> i have no idea at this moment we haven't had meetings on that. it's been a lot that's happened over the last two, three weeks, the last month or so i'm sure now that, again, like i said before, that they're open they want to learn more. they hear the players and understanding what the kneeling was all about. it wasn't about the flag it wasn't about the military it's about police brutality. you want to have justice in this country. being the son of a police officer, i know my mom wouldn't tolerate that. you seen last week, officers across the country condemn the

actions of this officer in minnesota. i think you have a lot of individuals that are on board with it. it's a matter of not respecting someone's opportunity and right to protest and kaepernick did it in way that i think he had a lot of respect he got permission to kneel i think he did it the right way. it was four years too early. >> yeah. i think the last time we were together, we talked about and agreed on the idea that he was not trying to deminnish or degrade the flag or the anthem he was trying to draw attention to something different and the whole thing got kind of hijacked or taken off track to be something about something that it was not let me turn to something that in the grand scheme of what we have been talking about is important to a lot of people that's the tampa bay buccaneer who is you played for at the beginning and tend of your career that's going be a different team with tom brady and the others

who bruce is putting together. what do you expect from that team >> i like bruce. i've met him and talked to him a few times. i think great coach. how do we have an effect iive running game so the pressure is not on tom brady if they can play sound defense and get opposing offenses off the field, i think they're going to be exciting just still having a home in tampa and listening to individuals kpietsed about the tampa bay buccaneers >> your falcons are in the same division >> i have to make sure we're prepared to face them. they have an opportunity to spread individuals out. severs o

tight ends >> warrick dunn, thank you for your time. >> i look forward to it. thank you. still ahead, jcpenney is readying to start its first wave of store closures. it will have a ripple effect for other retailers as they navigate a post-covid world stocks losing steam today. the dow is up 837 points but they are getting their legs back up under we'll have the names making the big moves, next. don't go anywhere. plap whether a remote test drive, shopping, trade-in, or even service pickup, audi at your door can do this and more at participating dealers.

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. welcome back let's get to today's power movers tesla getting downgrade today. morgan stanley siting concerns about the u.s.-china trade war tesla is down about 5% to 925 this afternoon shares of lululemon is lower today. is first miss earnings miss in three years. it's down 5% lulu had a 70% rise in digital revenue. shares are still up 130% from its 52-week low. it's still been a monster performer. party city is up more than 23% despite missing earnings the company announced a $100 million bond deal that could cut its debt by 25%. investors pleased to hear that jcpenney is expected to oi nou

announce its first we haveave of closing sales. courtney reagan joins us now with more on that story. >> you know there's a whole business when it comes to going out of business. it's going to look a little different right now in this covid recoverying world especially to those that aren't closing stores there's just simply a ripple effect that's happening now. there's been about a dozen major retail bankruptcies so far this year like modal's and pier one were gearing up to start closing their stores doing those liquidation stores when all stores had to close jc penney and tuesday morning filed for bankruptcy other retailers not filing for bankruptcy will close in the normal course of business too. this year, store closures are expected to swell to record

highs as ecommerce has really x exploded and fewer stores are needed up to 25,000 stores could close in 2020. that would be more than double what we saw last year. those that aren't closing stores, those retailers still will have to kpeecompete with ds offered at these closing store locations at a time when they are desperate to bring shoppers back in and ideally not clear it without having to offer such deep discounts they may not have a choice tyler. thank you very much. still ahead, traders on robinhood were booking profits at the start of the week only to have some of the most popular names in the app get slapped in yesterday's sell off we'll look at the flames that fell the most, next. ♪

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welcome back to "power lunch," everybody. it's been a wild ride for day traders on the robinhood app we have a breakdown of the moves. hey, kate. >> tyler, bullish investors have been in for a wild ride this week indeed. they picked stocks hit by the pandemic which saw the best returns over the past two months but as the market's momentum turned around yesterday, the top names on the app were all in the red. take a look. according to third party tracker, robin track, ford is the top pick down about 10% the airlines which have been a big winner for robinhood investors were down double digits yesterday a lot of those names are back up again today with the broader markets though another name seen a surge on demand on robinhood, hertz

despite the may bankruptcy filing, was up as much as 50% earlier today after asking a judge to allow a secondary stock offering of one billion shares even though, of course, the value of the stock could get wiped out. barclay's also weighing in on this retail trend saying robin hood traders are not behind this year's rally the favorite stocks tend to underperform analysts saying more robinhood customers moving into a stock corresponded to lower returns, not to higher returns. guys, back to you. >> feels that way lately kate, thanks very much coming up, stocks are a little higher today after major selloff yesterday. is it safe to buy this dip as we ruleo ldstgg tho our gains here? we'll dig into that next [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught.

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it rallied to avoid a second day of declines every time not so sure about today. the s&p 500 is still down 5% this week. is it safe to buy the dips in this market? let's bring in steve grasso, fast money trader and stewart frankel. what do you make of the wimpy price action >> when you look at where we came, from the devastation we took in the marketplace to those recent lows then rallied basically 47% off the lows, this is understandable. i have to gauge the human element to this. i think when you look at where we are right now, we're right on the 200 day moving average the s&p 500 cash, 200 moving day average is 3013. we're right there. trade down to first level support. >> i think in the realm are we going back to 2200, the short

answer is no if you're buying this market, if you -- or i should say you have to average down on this marketplace, the market will rebound, i believe in my opinion. >> why do you -- >> for two things. >> the -- go ahead >> no. i would just say -- >> the reason why we're doing that awkward thing let me just ask you about this okay, go ahead >> sure. the reason why i'm saying that is that every day this market progresses, we're a day closer to a vaccine or a therapy. >> what do you feel safe saying is well priced right now, steve? >> it's impossible, tyler.

i love the angle of your question it's impossible to price in things that we've never seen before i don't know what the second spike is going to look like. i remember the first spike and people were worried about not having a hospital bed available for them i don't think that's going to happen this time i think people feel more calm, less panicky, that if they need help they'll be able to get to a doctor >> panic is the main force behind the selloff, i don't think you'll have that again. >> what about particular stocks? are there any that come to mind that you think are well priced >> i think that value is at a deep discount. but when you have mr. powell saying that rates are going to be close to zero for the next

couple of years, i think it's sort of difficult to buy those cyclical value bets. but value is extremely well priced and deep dois counted if anyone can get their head around this economy eventually restarting which it will, there is tremendous opportunities in the value space. >> all right steve, the always kissable steve grasso right there there he is, man love it. good to see you. have great weekend all right. >> good to see you the. >> air kiss. that will do it forthe week here another week, first down week in, what, three i zbhes. >> yeguess? >> three months. watching the dow still 200 points up more than 800 at the highs. all the averages negative. we're back higher. as we said, we never in march had one of these big 5% drops not followed by some kind of rebound. so maybe history is on our size. >> there is a little rebound it's been all over the place, up

800 then down a good amount and wabbling back higher >> the are we going to see you here next week or kitchen? >> we're trying to figure out our internet issues. i like it here >> i know. so much better none of that awkward cross talk. see you later. thank you for watching "power lunch," everyone "closing bell" starts now. >> thank you welcome everyone to "closing bell." will i'm sarah eisen here with mike santoli in today. after yesterday's historic selloff, we were on our way to a huge come back this morning. but it has mostly evaporated in dramatic fashion the dow is up 837 points by the afternoon, all three major averages briefly traded in the red. let's look at what is driving the action the risk of new lockdowns rising a surge in coronavirus case that's threatened the economic recovery consumer confidence did rise americans still see bad times ahead and half the country