>> do you have one for me, courtney i have less than 20 seconds. >> square because of one area. >> steve weiss >> yes i like the market overall. i'm not bearish but final trade would be lulu. >> i'm not recognizing they're bearish. i'm looking at recent moves. >> pulte-howl. housing shortage with best rates. thank you, everybody "the exchange" with kelly starts now. hi, everybody, a stunning comeback as the dow raises more than 20% now we're going to look at the bears and see who has the upper hand now. more measures due tie coronavirus outbreak more than half the states are reporting a rise as economies are opening up but is that really what they should be watching

there is a market we haven't seen since the late 1990s. we'll break it down and show you what could be for the rally. >> more than 700 would be 762 points kelly, to your point here, that was the low of the recession in the dow industrials. we're only down about 59 right now. we're going to talk about this as the highs of the recession. down 762 points. that was the low point in the dow industrials so far today, just about flat for the s&p 500, the nasdaq continuing that relative strength over the rest of the market with a nice move here of half a percent to the upside now, one of the themes we've been tracking pretty closely is the outperformance of the nasdaq, also shorter term, the small cap stocks they've been outperforming today. look at the russell 2000 etf, up 1.5% and the mid-caps up as well, something to keep an eye on look what's happening to the

soft stocks. check out this particular etf attracts software stocks ibg is the ticker. up 20% over the course of the last year, and look at this, docusign up 220% so far this year we've seen a massive move higher in many of these stocks. watch software it continues to be a hot sector. i'll send things back to you >> docusign replacing united in the nasdaq 500 as the stocks have generally tumbled over the last recessions, is the free pa pass over? mike >> that's the question that gets rais raised, is this free pass expiring the s&p was down more than 8% over the week. we had a record rally over 50 days, but the free pass which was a freedom over having to worry about complications for the reopening because it was going to be a while before you

saw some persistent infection numbers that were going to get in the way of that maybe that's insight of expiring you also have the july 31st sort of fiscal deadline where perhaps you may not have the same support you had for consumers, unemployment extended benefits might be going away at that point. and then, of course, people are starting to talk about implications for the election, though we are probably a little ways away from that being a market factor. what it's going to take, arguably, is not just less balanced news, but an economic recovery is probably going to have to become more evident. good news is the s&p probably curled higher in the last couple weeks, so that does show if stocks have led reality that the earnings investments are at least going in the right direction slowly at this point, kelly. >> mike, i'm curious what are your thoughts on the retail participation, and not just how big it is, but the nature of it i've seen some data comparing this to stock buybacks, saying

if this is as much of a force as that used to be in the rally, the stock buybacks were a lot more persistent, a lot more reliable, i doubt retail investors, people thinking about market sports, i doubt they'll be that way this time around >> certainly not in growth dollar terms very short-term trading is, for the most part, a zero sum game yes, you might have more participation. i think it's more of a kind of side angle on this entire rally. it's not the driver of it and it's also not something which i think in itself undermines it. you might get some froth in certain spots, but i don't think it invalidates that we had this rally over an extremely depressed level in the overall market and folks are going along for the ride i don't think they're either the driver or the thing that really short-circuits this thing. >> mike, fair enough thank you, sir mike santoli with this market.

there are more concerns especially about the spread of the coronavirus. but could this move more likely spur shutdowns and what if people voluntarily start staying home again mike, and barry knapp is head of investments the what is your thoughts of the market after this huge runup. we were down 8% on the s&p in the lows this morning. >> it's a sentiment-driven market what i think you'll see right now is markets will be really beat up one way or another regarding what's happening with headlines, what's happening with the virus news the news late has been, wow, we're going to reopen and there will be a spike in the virus you see florida's numbers going up is there going to be a vaccine, is there not going to be a vaccine? it's all about the virus news. here's the key, kelly. if you're looking at it from a short-term gain, that's a gain

that's tough to play if you look at it from a o one-year time gain, that's about the time we're having a vaccine, so i see this as a pullback as opportunities in stocks that may be way oversold. >> it's ridiculous, barry. all of us want a vaccine, yet it seems kind of silly to hope for that and use it as some kind of strategy but do we have a choice? barry, what are your thoughts on this market? >> i'm sorry i didn't realize you were coming to me. no, as far as a virus goes, look, there's been this adage from the politicians we're going to follow the science. okay, well, if you're following the science, the science no longer supports from places like johns hopkins shutting down the empire economy the science supports masks so if there is another round of outbreaks, and i don't accept the idea that there really is.

hospitalizations in texas compared to 29 million people in the state are still not really all that high, but that notwithstanding, if there is another round of concern around all this, what's much more likely is that you have mandatory masks. that will not have the same economic implications as shutting down an entire economy does i just don't view it as likely to have the same implications as the first go-round did further mor furthermore, if you look at death rates in terms of cases, you can see the treatment gets much, much better. they're going down in states that have had increases in the number of new cases. from a selloff perspective, after a one-week selloff or one-day selloff following the fed through friday, you had measures of risks of the volatility curve, which is the term structure vol, the premium

you pay for downside puts, the level, all of those spiked down to supreme levels. that's why we wrote this weekend we thought we would get a rebound early this week, and sure enough, we're back in positive territory today >> so let me ask you, first, if you'll be stock picking in this environment? what's your strategy >> we have analysts on board and we're obviously making individual stock selections, but i think what's important is that investors recognize that trends really are going to be a huge issue within sectors you're going to have sectors like technology, you're going to have sectors like parts of the travel industry, and certainly even names like retail there are going to be survivors. what's key here in my view is making sure you have the sectors

right. health care is going to be a driver there is no longer villains anymore. i think health care will have huge amounts of profit unlike what happened to the energy companies a couple years ago, in order to find vaccines for whatever other illnesses are out there. i think sector provisioning is absolutely critical and something we're focusing on right now. >> interesting barry, same question to you. even if you're sort of more optimistic about the economy, the market, the rebound this time around, what happens for those industries, the airlines might be one of them, where business is still down 20, 30% by the end of the year >> i struggle to buy into any industry that the government lent money to. the banking sector in the last business cycle did have a ferocious rebound early on but struggled in the business cycle. the same thing is likely to be true for airlines this time around what's happening, though, is fascinating, and the other guest hit on us, you're getting a range of adoption across the health care sectors.

health care is probably the most critical profit margins have been falling for three decades. that integration of technology into that sector is going to remake the u.s. economy and potentially drive activity going forward. it was already happening in industries broadly before this whole coronavirus hit. you saw productivity average 1% for the first eight years of the recovery and then average 1.8 driven by technology innovation adoption that's what i bought on the morning of the 23rd, i bought software and i bought health care, and that's what i think investors, any opportunity they get to buy those sectors, that's what i would buy >> it would be great if that was one of the long-term things that came out of this, productivity, profits in that sector, so good for the economy. michael yoshikami and barry knapp, thank you for being with us today elon moore joins us no-- yln

us >> the court found that an employer who intentionally penalizes an employee for being homosexual and transgender also violates title 7 of the act. the court's decision was 6-3 with the majority opinion being written by one of the most conservative justices, justice neil gorsuch, who was appointed by president trump the white house is not announcing an opinion on the decision just yet. tim cook writes, lgbtq deserve equal treatment in the court and throughout society in addition, they noannounced tt

google.org will be donating $1.2 million to lgbtq communities around the world as well as the project. taking a quick break, more than half of u.s. states are now seeing a spike in covid cases. is it a result of more testing, or should we be concerned that a continuation of the first wave is upon us plus the businesses reopeningis liability as businesses are already being tied to the coronavirus. airlines are heading back into the skies it's not necessarily translating into profits, though here's a breakdown of the airline stocks this is a sector that has seen it down 9% of the opening this morning. all but united are in the green right now. we're back in two. >> announcer: this is "the exchange" on cnbc. we live in uncertain times. however, there is one thing you can be certain of.

the men and women of the united states postal service. we're here to deliver cards and packages from loved ones and also deliver the peace of mind of knowing that essentials like prescriptions are on their way. every day, all across america, we deliver for you. and we always will. while the future of work remains a question mark, one thing is certain re-opening will be a journey. that's why salesforce created work.com to help at every step of the process, with tools like manual contact tracing to help prevent one from becoming three and three from becoming more. while displaying key information in one place on a customer relationship platform you trust. because here's one more thing we're sure of. relationships are the heart of business. so let's tackle this together.

welcome back the airlines have been adding more flights lately, but despite more planes in the sky, they're still losing money on pretty much all of those flights. phil lebeau is here with that. phil >> they're losing money because the percentage of the seats filled on those flights still well below what they need. generally you need at least 75% of the seats filled on each flight in order to break even. they're not close to that. they're probably close to 40,

50% depending on the route, et cetera keep in mind the airlines are doing this in part because they are seeing greater demand, but they're also capping how many people can be on these flights you've got deamerican adding 65 flights in the month of june, delta adding 16 and frontier adding 20. why are they doing this? because more people are flying not a ton more, but there are more the daily passing screening levels in tsa passed 500,000 the other days the last five days have had at least 500,000, including 140,000 yesterday. daily cash burn down about $20 million for the second quarter for southwest. that's considered, generally speaking, the best in the industry then you have american and

united and delta, they're down about 30 million a loan they definitely locked in, a $5 billion loan that will be backed by its mileage plus loyalty program. that will give the airline about $17 billion in liquidity come september. the other part of this is $4.5 billion, kelly, that they expect to get through the treasury department, though they have not locked that in just yet. >> real quickly, phil, what kind of passenger levels are we talking for these airlines to stop losing money on all these flights? >> you mean -- well, you want to get to 75%, generally speaking, on every flight. they're not there yet. remember, a lot of these are capped at 65, 66%, because they've said we're going to keep the middle seat empty at least through july, and in some cases, end of september if you look at the overall number, kelly, that 544,000, that's got to be far higher. we're down 75% compared to the same time last year. you've got to get it much closer

to maybe 20, 25% to get it even close to break even. >> yeah. like you said, we are definitely not there yet even though the numbers are picking up phil, thank you very much. phil lebeau with a big turnaround for the airlines that were sharply lower, now they're hanging in there businesses not only stand the chance of employees getting sick but also closing of the offices. kate rogers is here with businesses of all kinds. kate >> reporter: businesses have reached out to congress asking for temporary and targeted liability relief due to the pandemic these would follow public health guidelines and would protect lawsuits from covid-related lawsuits among other threats they have tracked 1,000 lawsuits around the nation tied to covid

already. it's sent its own petition of 7,000 signatures from businesses nationwide >> having to face lawsuits because someone got sick even though you may be taking the best available precautions that are widely, publicly described you end up in a situation of mere hopelessness. >> but for lawmakers, there is no easy decision here. cnbc and change research among likely voters nationwide shows a real split when it comes to liability in covid nearly 40% think that businesses should be protected against liability claims, but then, kelly, nearly half think that workers and customers should be able to sue a business over covid exposure back over to you >> this has been a big priority at the senate, i think leader mcconnell, who says an outbreak of lawsuits could be like a second wave of the coronavirus itself my question is about tracing let's say somebody claims that they got coronavirus because they went into your retail shop or your restaurant

how is the business going to be able to prove definitively that they did or didn't >> we talked to a franchisee who brought up exactly that. he said there is no way to prove if they got it here, the restaurant next door, if they got it last week that's why they want liability protection, because one lawsuit like that could knock out a business that's already devastated by the pandemic if you're in congress, how is this an easy decision, because it's split half and half between what likely voters think should happen here, kelly >> if companies even have that prediction, i don't know how they reopen. kate rogers, we appreciate it. coming up, china is experiencing a new outbreak forcing beijing to adopt, quote, unquote, war timeti measures.

remember, you can always watch us live and on the go with the cnbc app you need to break down your cardboard. thank you. violation. violation. i see you've met cynthia. at least geico makes bundling our home and car insurance easy. and it does help us save a bunch of money. two inches over regulation. thanks, cynthia. for bundling made easy, go to geico.com thanks, cynthia.

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. welcome back to "the exchange." time for an update with sue herera hi, sue. >> hi, kelly, here's what's happening this hour. texas announcing a new large number of coronavirus hospitalizations it is the sixth daily high in the last seven days. you can go to cnbc.com to see what other states are hospitalizing more covid-19 patients countries reopening for air and land traffic today after more than three months of closures but the nations of the european union are not expected to open up to visitors outside the continent until at least the beginning of next month. and nearly 4,000 black lives matter protesters marching through tokyo on sunday. the demonstrators calling for an end to racial discrimination in the wake of the death of george floyd. the protesters held signs with slogans such as, racism is a

pandemic you are up to date that's the news update this hour kelly, i'll see you next hour. >> sue, thanks so much coronavirus cases are rising in some states here at home. beijing is experiencing new cases and reinstating isolation measures because of it eunice joins us from beijing with the latest. i believe they just canceled schools and have taken some pretty drastic measures there. >> reporter: that's right, kelly. beijing says it's in wartime mode because it's battling its worst outbreak that it's seen since february 79 cases were confirmed and trace to do a wholesale food market, which is asia's largest and happens to be here in the capital. the capital has shut that market as well as another, closed some schools in the area and also put 40,000 residents under lockdown. 76,000 people have been tested so far, and half of the capital's districts now have been reporting new cases now, the health officials here have said that the origins of

the outbreak of this particular cluster are still under investigation, however, the genome skeequencing suggests the strain is, quote, of a european direction and the preliminary judgment is that it's from overseas the state media has been reporting that the virus was detected on a chopping block at the market with imported salmon, and because that's been discussed in the media quite a bit now, there has been a reaction in fact, european suppliers of salmon have said that the chinese market has been closed off to their fish. the official media, though, has been calling for calm. there has been some panicked people when it comes to salmon so the state media just in the past hour has been calling for calm, saying that this being rational is actually much more helpful when it comes to the

economy. >> there's so many questions here, eunice, but one of them, i'm thinking about the contrast between china's response and what the u.s. is doing here the main concern is not overwhelming the health care system in places where that seems like a possibility, doing more drastic measures in areas where it doesn't seem as likely being more relaxed about it. beijing seems to have a zero tolerance policy towards having any new cases at all >> well, it does have a zero tolerance policy, but i think the approach has been quite surgical for example, in the capital, it's not as though the entire capital has been shut down some schools in the area closest to that market, for example, have been closed, but the rest of the schools are still running normally in terms of the wider impact on the capital, there are more temperature checks, for example, for our office, for example, but we're still relatively mild compared to the restrictions in that specific area of the

cluster. >> interesting that's helpful eunice, thanks so much eunice yun live in beijing for us as they work through a resurgence there, lauhalf the states are seeing a resurgence here for more i'm joined by carlos del rio, dean of emery university school of medicine. dr. del rio, welcome >> thank you >> what have you primarily gleaned from the numbers is this a case of more testing is it clearly spreading in these states if so, how badly should we worry about the health care system being overwhelmed at this point or not? >> i think we're seeing a couple things we're clearly seeing more testing. the u.s. is doing about half a million tests today. as you do more testing, you'll find more cases. but also because we have relaxed restrictions, there are more people out and there's going to be moretransmission. i think what we need to realize is that the virus is not gone, that we have decided to go ahead

and open the economy and open things for very clear reasons, but the virus has not gone, so, therefore, we have to continue practicing safe distance we have to continue wearing masks. and we have to continue face masks and we have to continue washing our hands. we need to be as careful as possible, because the one thing you don't want to do is you don't want to get infected the one thing you don't want to do is get sick the u.s. is showing that graph pretty much on a plateau, about 20,000 new cases per day that graph of the u.s. is a combination of states like new york where the cases have really gone down significantly and states like california, texas, florida, north carolina where the cases are really going up. so when you look at that plateau, you're really seeing a mix of different things together >> what kind of reaction -- and this is important for investors to thirng abonk about, obviousl- what kind of response do you expect do you think any of these states where there are more cases will adopt more shutdown measures do you think shutdowns are completely off the table

do you think that mask wearing and other kinds of preventative measures is going to be sufficient >> you know, if everybody wore a mask, if everybody wore a mask in public, if everybody did the right thing so we didn't go to events with more than 25 or 50 individuals and we kept safe distance, we kept hand hygiene, i think that would be sufficient i think adopting lockdowns again, it's a little bit like trying to put toothpaste back in the tube it's going to be really hard and i think the economic pain has been very significant. so i think we really need to think about how do we prevent -- we are going to see cases. we have to prevent outbreaks we have to prevent cases spreading to the point of outbrea outbreaks, and we have to decrease cases in the most vulnerable who are most likely to end in death. >> do you think people are more knowledgeable about protecting those in nursing homes, the vulnerable population self-isolating to some degree?

i want to ask sort of an unrelated question, and it's about the nba and their bubble strategy of playing games which more are becoming concerned about. here in new york, they've said no sleepaway camps, you can only do day camps any scenario where people are gathering in one place for a period of time seems to be seen as dangerous is that exactly what the nba's plan is in orlando >> as long as they can keep people in a bubble together, i think it's going to be okay, but you know how difficult that is what we clearly have learned about this virus, being outside and better than being inside being in crowded places is worse than being in non-crowded places there are some very nice sections of outbreaks where people mostly got infected on one floor. the problem is being in one place. so the more we're learning about this virus transmission, we have to realize at the end of the day, it's a virus, it's not a

monster. we know how to prevent it. i think if we did the right things as a population, we could slow transmission significantly. the problem is most have said, i've had enough with this virus, and the virus hasn't been told that we have to remember that the virus is still around, it's highly trance mitransmissible a produce a lot of disease in the coming months. >> no, it's exhausting for a lot of people. with investors trying to figure out what's happening in the economy, what's the most important thing to count is it case counts, should we be watching the hospitalization rate, or what's most important >> i would recommend if you look at atlstrong.org it is a website we set up with the mayor of atlanta, and the things you need to follow are actually there you need to follow cases, you need to follow mortality, you need to follow er utilization, hospitalizations and er

capacity if you follow those things, i think you're in a good position to know where you stand and what you need to do >> a little bit of everything which makes sense. dr. carlos del rio, thank you very much for your thoughts today. >> happy to be with you. coming up, will the second half of 2020 be a struggle for venture capital? and if money is put to work, what kind of capital will attract investors? pluss jonathan licht he thinks the state of the capitol is down and he's betting against it stay with us an estimated 54 million americans will struggle with hunger. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgan stanley in supporting feeding america

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investors from wall street to the silicon valley reassessing out looks for the rest of the year if we are headed for another pullback in the markets, what does that mean for markets and ipos charles hudson, the manager of precursor adventures charles, it's great to have you. welcome. >> thank you very much for having me. >> first of all, does this immediately mean funding dries up in silicon valley does it accelerate it for companies in new technology in the new markets? what do you see playing out here >> i think venture capitalists, like everyone, is trying to sort out what does the new normal look like. the good news for capital funds is people raise money from endowments, et cetera. obviously the volatility in their own portfolio lacks venture. but as you can imagine, these people who make these asset decisions are trying to read the market just like we are.

in terms of companies, if you have a company leveled at remote work, those are capitals that are popular with investors right now. >> are you seeing them on the back of that >> absolutely. i put them in two buckets. one bucket is those that had online businesses trying to adjust to this world and others are who distributed in the market for some time period, and it feels like now is the moment for that >> they're probably sitting there thinking, we can at least prove our case i'm curious if there's going to be a longer term kind of bad effect, lingering bad effect on the kinds of companies that would have gotten funding five years ago but won't get it in this environment today maybe they have weaker business models, they're not as profitable, they don't have a path to profitability. do you think that's the case >> i do think in general the sentiment venture has shifted a bit maybe from general cost and

go, go, go to one of making sure the fundamentals of the business makes sense. i do think if you're a business that needs tens or hundreds of millions of dollars in venture capital to prove out your business model, those businesses feel tougher to finance today, so you might get fewer of those, and maybe that's a good thing. >> yeah, exactly we've been burned a little bit in the transition from private to public markets with some of these business models. charles, while i have you, i want to ask about diversity in your field, which is pretty poor how would you describe people's awareness about it, your efforts to kind of fundraise as a minority-led firm yourself >> i would say black and brown venture capitalists have felt that the industry has a terrible record on diversity for a long time, and a lot of times it felt like shouting into a well. and i think one of the things that's happened as a result of all the protests around george floyd is a reexamination of who gets what. and i think venture capital has a long way to go as a business to being both more inclusive for

fund managers like myself but also downstream for men and women who got substantially less capital than they deserve. >> do you think your firm has been -- maybe starved is too extreme, but starved of capital to some extent or lost out to others because you didn't kind of come up on people's radar >> i think in many ways i feel kind of the opposite i think i had what should have been every skraadvantage for a venture capitalist, i have two degrees, i have been fundraising for five years it was significantly more difficult than i had expected. and i'll never know what was in people's hearts. there are parts about our business model that i know investors find challenging, but it's the hard part as a manager. you never know whether you're getting those because people don't like your business model or whether it's something else >> i know for even the companies you invest in, they have a lot

of african-americans or latino founders on the team is that a specific priority for you or a happenstance? >> it's a specific priority but it's more our strategy than anything else. we're focused on finding entrepreneurs where we think the market doesn't have a handle on how to assess them we're finding specifically female founders and founders of color seem to be underinvested, so we use that approach and it tends to produce a portfolio more diverse in terms of race and gender >> absolutely. charles, good to have you here thank you very much. >> thank you >> charles hudson is the founder of precursor ventures. jonathan licht will join us to talk about the big bets he's making againstomrc cmeial real estate which he says is facing an existential hurricane back in two. (vo) at audi, we design cars that exhilarate with versatility,

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welcome back from tenant trouble to reconfiguring whole buildings, the commercial real estate is getting hit hard by this pandemic, and that has some investors ready to pounce. leslie >> it's been part of the current crisis that's shorting commercial real estate the thought among head fund managers, which includes karl icon, is that the deficit has impacted apartments and hotels as people have started working from home, employers are start to go rethink their office footprint as well. one hedge if you understand activist is shorting new york office stocks. jonathan licht is the chief investor at atlantic buildings it says you were short power reality, s and green realty. they are flat or higher since that article came out on may 22nd, but still down after the

depths of the coronavirus in late march are you still short these names or are there others you're betting against? >> we don't comment on shorts specifically i think the journal made an assumption based on what we wrote. but i think new york is going to be very challenged the office market and likely the residential market as well >> all things considered, how do you think they've held up so well given your thesis about the commercial real estate market, and what do you think would cause that to change >> they're down a tremendous amount, particularly from our website on buildings.com what's happening is the population in new york has been in decline for about three years. it started, i think, in 2016 so you're seeing the population declining, and that's really a function of the megatrend of millennials having families and

moving to the suburbs. that was accelerated with the trump tax cuts which caused places like new york to be expensive to stay with tax deduction elimination. with covid, i think it's really going to accelerate. when you think about new york, it's a supply and demand market. we have 25 million square feet in new offices we built. remember, we worked there just six months ago and morgan stanley is saying, hey, covid is working. we don't have to have all this real estate we had in the past because more people will work from home in the future. so i think you'll see rents come down materially over the next two to three years >> jonathan, it's kelly here

i'm one of the people who moved out of manhattan the last couple years, so i absolutely understand what you're describing could you just confirm that you are short some parts of the commercial real estate sector? >> we don't discuss shorts specifically, but obviously we are both long and short, and i think people who read that piece could conclude that we're short in the new york office market. >> yeah, i'll leave it at that, then, i just want to make sure we're not misunderstanding but i do want to ask you a follow-up, because one of the names in particular that you are very bearish on, you say it's poised to bear the full brunt of this storm, is empire state realty trust we actually spoke with them last week here is what anthony malcolm had to say when i asked about rents going back up. >> tenants expected to pay their rent should pay their rent

we're back at what we received for the head of april and play, and the june is ahead of april and may. we think people are getting back in line. >> is it possible people are finding themselves in a better position than they feared a month or two ago >> so new york office landlords have gotten 95% of their rent, the exception being empire state, which in the office component, was at about 75, i think it's now at 80 their reachoutco component is in the 20s or 30s, i don't remember exactly. and their occupancy in the empire state building is now at zero they've got unique challenges, they have smaller tenants, older buildings, more garden oriented, so i think they're uniquely going to have a challenge. they might catch up on rent now, but what's going to happen when those leases expire and people are working from home?

they'll say, you know what, i'm going to give up that space. i'll work from home or move to a different location but one thing we do at atlanta buildings, we send targets into offices to see what's happening. this saturday we sent photographers to fifth avenue, to times square and to grand central. it's on our twitter feed @j feed @jonlitt, and you'll see it's desolate. there's no one out when they opened vegas, they were accused of registration, the blackjack tables were full, the slot machines were full. people are really staying away from new york city and i think that's going to persist. it's not going to be as bad as it is now. it will come back and new york will always be a center of activity, but all it takes is a 1 or 2% change in demand to have a very material impact on valuations >> now, jonathan, speaking of valuations, there's obviously

been a lot of mediation existing from the crisis we're seeing as an activist investor, are there any strategies you would recommend to investment in order to change things to capitalize on some of this current environment? >> what's fascinating is while we're seeing this weakness in apartments in manhattan, in an office in manhattan and really across the country in apartments with rents going down, occupancies going down, we're seeing very strong demand for single family home rentals we have an activist campaign now in a company called american home for rent, and they're seeing a 3 to 5% revenue bump since covid as people are rushing to lease homes, because they don't want to be -- those millennials who want to move out, they want to control their

space, that i want baa backyard we're seeing occupancies go up, rents are going up we think margins are weak and we think they could draw better >> how come you only have 400,000 followers? you're like the best kept secret on twitter >> this is a new strategy so hopefully that will do it. >> i will be following with interest jonathan and lindsey, thank you very much. it's an unpack aging of rg going on right now we appreciate it very much >> thank you and micong up, shopify is getting a boost from their partner walmart. don't go anywhere. all in one disposable pad. for a complete clean, vacuum, spray mop, and toss,

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welcome back these aren't the markets you saw this morning the dow is down 762 points it's now only down 98. as mike pointed out top of the hour at the lows this morning the s&p was down 8% for the week again, it's a huge comeback. also kind of changes the dynamic of the sell off over the past several sessions the nasdaq is positive there's gna new partnership in e retail space wa walmart saying it's looking to add 1200 small to medium size platforms. shopify shares are up 6.5% walmart is up about a quarter of a percent. you also hear about it from jim kramer but it's performer. shares have doubled this year up

97%. stocks are selling off again today. it's beginning to look a lot like the late '90s again we'll tell kwyou what that mean for volatile we'll talk to the owner of the sacramento kings about and how tech might help get fans back in the stands okay, give it a try. between wisdom and curiosity, there's a bridge. between ideas and inspiration, trauma and treatment. gained a couple of more pounds. that's good for the babies.

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stocks are rallying back from another huge sell off and another roller coaster day we were down more than 700 at the lows leon cooperman is basing it on speculation. >> i think the robinhood market is a second market where a lot of crazy things are being done

it's almost understandable the government is giving you more money to stay at home than go to work the gambling casinos are closed. the fed is promising you free money for the next two years let mem specul them speculate. let them buy and trade i think this kind of stuff will end in tears >> tavis welcome does it remind you of the late 1990s? >> yeah. certainly the same kind of thing as i saw on the market the last several weeks as we saw back in the late 9'90s >> what the can you think, leon cooperman has a number of factors he mentioned i know you think the lack of sports betting might be pushing people here. we know just not with the high profile cases but just look around and you see people interested in stocks and able to use these kind of commission free platforms for the first

time >> yeah. i think it's a confluence of a lot of factors a lot of folks at home and looking for something to do and you've got legitimately an economy that's recovering faster than most would have thought six weeks ago. we'll see if that continues. i think all the things are coming together to kind of create this perfect storm right now. >> do you think this will be a lasting phenomenon >> you know, i would part of it. the last 20 years since the late '90s, the stock market has been a little boring. i think hopefully it will be some of these investors that stick around and continue to invest in the market and take an interest in the market which really took a nose dive after

2000 and took a bigger nose dive after 2009 i hopeit does. i think the speculative part of it, i think we did a quick study. i think the average stock trading under $1 per share was up 54% in just the first eight trading days of june that part of it will stick around openfully the part of it where people taking more of an interest in owning securities. >> i absolutely echo that. i think if anything calling this market boring is generous because it's crushed people. they lost their shirts in dot co plr com and the great recession and set on the sidelines how much of this goes back to the federal reserve? do you think people have the perception, maybe correctly that anything they do be will backstop by the fed? >> i think frankly that was also the case in 2009 and 2014.

it helped. i think the action that not getting as much attention is just an incredible amount of miscmi fiscal spending going on now to allow people to be at home and make more money than they did when they were working it's a really interesting dance that the government will have to do to pull back this fiscal support as the economy comes back and as jobs come back i think that's probably the aspect of this that is really different than in 2009 and 2010 that on top of the monetary support you have this fiscal support which is just unheard of it's by far the most beneficiary in the world which is not usual for u.s. government reaction i think that's also playing a

very big role. >> we're out of time i don't think this can last as a force in the stock market. maybe that's the conversation for next time. like i said, we'll have you back and appreciate the info. thanks for joining us. >> bye bye >> talking about the return of the day traders. that does it for us here on the exchange see you on power lunch with tyler mathison welcome to power lunch the dow clawing its way back from the morning slide markets are jittery as fears grow over the reopening and a spike in cases in china. you can see every one but the dow is in positive territory boeing is helping out. it was down more than 5% before turning positive shares down in 17% a little later as sports league make their first pass at reopening we'll talk to the owner of the sacramento kings about what he thinks