regard i think the entire game has changed. it makes me think we have to be discussing it and considering in a different light as well. >> thanks so much. >> you bet >> that does it for the exchange ais i'll see you on power lunch. welcome. we'll see you over here in the amendment m -- a moment the dow just off of 500 point ps the fed chair powell telling investors what they want to hear more on that in a minute to benefit from a potential trillion dollar infrastructure package.

we'll look at other names that could surge as well. it's tilman tuesday. he says today's record retail sales are good news but he warns we're out of the woods just yet. kelly, to you. >> it's the third straight day of gains for the major averages. bob has more on these markets for us >> more positives than negatives on the reopening story talking about bajs are up today. industrials are doing well you want to know how tough it is to call the industrial space back look at boeing. 150 to 230 to 198. that's all in two weeks. 150 to 231 the max is trying to get recertified. the analyst estimates are too high every one is still playing the airline come back story. that's boeing. chips, interesting story

morgan stanley downgrading nvidia it means kla corp., lam research, corvo and qualcomm, new high for them. you see, more positives than negatives today. the reopening story, retail sales very much a positive beijing closing schools is a negative on the reopening story. reopening stimulus and treatment. back to you. now to the bond market where yields are joining the market rally. rick is tracking the action at the cme. >> absolutely, kelly that retail sales you can't say too much about it. it was a strong number

there's evidence all across the country that the ropings in some areas are pretty hots. i would have to say this my little town, the shell shves ar empty. what you'll notice is around 10:38 eastern we see the yields dropped and a big bid came into the treasury market. we didn't see a huge effect by jay powell's talk or any of the interactions with the senators the dollar index year to date chart are holding instead of last year. dollar index is up a bit tyler, back to you thank you very much.

more jerome towel today. the chair beginning two days of testimony starting with the senate banking committee >> he continued to express concern about the uncertainty for the outlook and including concern about a second wave of is virus and the long recovery that remains ahead in which people may find trouble finding their job again. >> a large number of people will not be able to go, immediately go back to work at their old job or industry. there will be a significant group that's left over after we get the employment mass. i do think they'll be hard pressed to find work and they will need support. they'll have regular unemployment insurance for a period

that's something i would be looking at is what kind of support will they need >> powell repeated the fed's commitment to doing as much as it possibly can and using all of the tools and urged congress to do the same. there was some talk from senators about whether the fed has plan for unwinding its balance sheet and the possibility of the fed doing too mu much powell said he was concerned the fed did not go in and distort the corporate bond market >> i don't see us running through the bond market and snuffing out price signals and things like that we want to be there if things turn bad in the economy. >> we'll have to watch that whether the ned would ease off getting data like there.

>> obviously keeping unemployment as low as possible is what they are after there has powell set up a collision there between the fed and either congress or the white house on that particular point? it's hard to look at the retail sales report today and not see the effectiveness of spending people checks. people who are out of work that we're still considering spending and a good bounce back probably a combination of the checks send out.

he doesn't see everybody going back just exactly where they were before the crisis >> thank you very much stocks rallying again today. a record number of investors think the market is over valued. a record high 78% of respondents say they think stocks are too expensive. that's the highest since the survey began in 1998 what do you make of those stats? >> one thing that i've learned throughout my career is the market doesn't carry if you think it's expensive the market if you look at it, it's been right so far every one thought in march was just the beginning we see better data that

expected that doesn't mean the market could predict what will happen next >> as most people were saying we're in a great depression, the market was back at all time highs. we need the v to continue because the levels are still pretty weak. >> it does seem that the market has gotten a bit ahead of itself if you look at where we are trading, we're currently trading about 24 times, if you're at 122, let's throw that away because the year is so murky that still has us trading on 2021 at over historical average levels, which, if you just think about the myriad risks that are out there, some of the negative news that we have gotten

cautious fed conversations and positioning. beijing closing down 22 states having renewed concerns and health issues there are a lot of lagging spaces and long term themes that have not been given as much love we think this is the time to position for both short and long term out performance and mid caps, for example and health care, which you've seen today move on the news and which has had an unparalleled level of not only inflow of capital but resources and intellectual capital that we think will play into long term themes.

taking the market signals as a really important piece of information. what happens if we start to get more of a frenzy do you think we're there yet they talked about how cash levels are down by the most since '09. i guess that's a good sign. >> usually is when there's most -- right now the data point you gave us was like 70 something percent as over valued when you have to worry is when every one thinks we're in a new paradigm and which valuations don't matter and the digital transformations all that matters. we're not quite there at that part of the story.

that's not what they were saying in 99. nirp else that you would tell people to go right now >> i would say going back to this sort of marriage of what is fair valuation, we have an unprecedented level of cash in the market. everything is telling us we are well into and navigating the process to get to a v shaped

recovery that will open up again a number of opportunities to out perform over the long term >> thank you both. good to see you. talking about these markets. tyler. coming up, retail stocks higher as sales in the month of may have the biggest jump ever that is following the biggest drop ever in april what's behind the resilient consumers? plus, apple back near all time highs. citigroup says the stock is headed to $400 a share and why one trader is betting on an bigger apple run more power lunch after this. 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.

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welcome back retail in rally mode with the xrt up more than 3% as sales surged 17.7% retail sales, that is, in the month of may >> is this a true recovery or is it not to great? may retail sales did grow 18%. the best month over month increases on record for both of those. consumers drove again.

went to restaurants, bought sporting goods and more to entertain themselves at their spruced up inside and outside homes. when you compare this may to last may, it looks a little less like retail spending is all the way back the big number still good. core retail sales down just 1.4% from last may. pretty good. much of the country was partially closed during the month. clothing and accessories up a really impressive 118% from may to april but down 63% from last year electronics, appliance stores was also a very impressively in may from april, 51% but down 30% when you compare it to what we saw last year. still, the market reaction pretty decisive today. clothing names are surging nordstrom shares up 15%. koh kohl's up. gap is up. the parent of dsw designer

brands is surging almost 15% tapestry higher by 6%. up almost 15%. it's among the home names that are soared over the last three months all benefitting from this stay at home and fix it up kind of trend. kel, back over to you. another group of stocks rallying could ben fits from a $1 trillion infrastructure package that the president is working on >> talk about those desicisive market moves. very decisive moves. you can see they are 5 to 9% on

the upside here. over the last three years it hasn't moved that much and the peaks and valleys have coincidesed with the head lieli. one more thing to take note, this particular etf, the global sfr infrastructure etf, the ticker igf has a lot of global power, energy and yutility name back over to you >> on this same issue about the infrastructure plan, even pour a little cold water on that this morning and the stocks are still

jumping. it's almost like they are looking for an excuse to rally >> they have been although i would point out they did take a bit more of a disproportionate hit over the past couple of weeks even as we saw the big downturn in the markets last thursday one of the things to keep in mind, we have seen a lot of volatility in the names, if you look at a three year chart you'll see we have seen peaks and valleys to about a 5% loss over three years if many of these stocks you could be looking at a situation where like i said, a lot of moves, peaks and valleys here just to the upside and down side many of those coincidesing with news about infrastructure. this particular move here has seen a sharp move to the down side just in the past few months we'll see if that is played into some of those results about why the stock is still surging even despite the fact that some cold water has been poured on the headlines. guys >> thank you very much still ahead, health care,

industrials and technology are amoung the market leaders and there's one name in the tech sector that has wall street analyst pounding the table now we'll tell you what it is plus tilman fertitta says he is seeing green chus.te he'll explain what it is and why next on power lunch. ♪ ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey the covid-19 pandemic is creating food insecurity on a scale not seen in decades. an estimated 54 million americans

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welcome back citi is the latest firm to raise its price target on apple. a street high of $404$400

>> we think the number one reason to own apple is the second half of this year will be very exciting. a lot of innovation. many people were concerned that coronavirus would slow down their innovation and they wouldn't have a 5g product line up we have absolutely confidence they will have 5g lineups in time for christmas and it will be big and a lot of people will want those >> should you buy, sell or hold apple? >> i think there's three things that kind of benefit apple and tech in general. one growth has been the new defensive. strong cash flow amid strong balance sheets which means you

haven't been under pressure because you need external finance and return of capital is safe two, i think you'll see a big tech upgrade cycle tech has been what's gotten us through the quarantine i think every one is looking both businesses and individuals is my tech good enough can i upgrade. i think 5g will be technology to people want to upgrade to and three the retail sales number you saw today. consumers have pents up demand, stockpile savings. all three of those things are wind at the back of a company like apple >> todd, looking at the stock, citi see it going from 310 to 400. where do you see it going? >> we hold apple in all three of our portfolios if we get a little technical

here, you look at the three advances since 2013, each has been 130% all by a one third give back. the current advance is only 66%. i hold it and our firm holds it. i also note the wearables like air pod and apple watch continues the grow we like the services with subscription, streaming, tv, gaming, the credit card. we think those will be the drivers of growth going forward. we like it >> hsbc saying its focus on health will play a role in driving apple farther from here. thanks for joini ining me to dis apple. kelly. thank you very much. let's check on the markets right now. the dow helped by the retail sales numbers showing a bounce back in consumer spending. we're up 552 points.

we'll ask tilman what he is seeing is the nba season really coming back the players are saying they don't want to play it's tilman tuesday on "power lunch. stay with us we'll see if he's right. ♪

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and tailored recommendations. that's it. i'm calling kohler about their walk-in bath. [ sigh ] not gonna happen. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snaps ] hmm. the kohler walk-in bath features an extra-wide opening and a low step-in at three inches, which is 25 to 60% lower than some leading competitors. the bath fills and drains quickly, while the heated seat soothes your back, neck and shoulders. kohler is an expert in bathing, so you can count on a deep soaking experience. are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage.

everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. ask about saving up to $1500 on your installation. welcome back, everybody. here is your cnbc news update. pg&e pleading guilty to 84 deaths in a 2018 wildfire in paradise, california becoming one of the fewest companies to be convicted of homicide pg&e ceo bill johnson entering guilty pleas on behalf of the company for 84 counts of involuntary manslaughter the company's failure to properly maintain its electrical

grid was blamed for the fire the former atlanta police officer who shot and killed rashard brooks had more than ten disciplinary incidents on his record his previous incidents include one written reprimands for use of force and that's according to records released by the atlanta police department. north korea confirming it lieu up a liasion office amid rising tensions between the two countries. north korea threatened to destroy the office last week here at home, u.s. senators introducing bipartisan legislation to reform aircraft certification. the proposed bill follows two fatal boeing 737 max crashes that have kept the planes grounded for more than a year. you're up to date. that's the news update back to you. let's check on the markets right now which have been all over the place the dow is up more than 800 at the highs. up just 48 points at the lows. wee have climbed back to a 620 point gain

2.3% for the s&p just under 2% for the nasdaq the russell 2000 is up a little more than 3% today the oil market is closing up let's go back to dom >> crude oil futures are generally higher today they are off the best levels of the day but you still have u.s. benchmark west texas intermediate or wti prices up $38. brent crude, $40.82. prices are being helped in part by news out of the international energy agency. it also did say global oil supplies fell by 12 million barrels per day. tyler, supply, demand, higher prices are near the highs of the day. back over to you

our next guest ti lirlman s he's not expecting business and the economy to just roar back to normal in that sense he's rather like chairman powell. not in the v shape recovery group. welcome back the notes say you're seeing a pick up in traffic at your restaurants and yet at restaurants you're still down 60% year over year that's consistent with what courtney reagan was reporting a few months ago about those retail sales numbers >> we're improving drastically in which i'll show y'all what i think of the v coming back

this is my lazy v right here this is where we were and this is where we are now. there's great retail sales now look how far we have come. the problem is we got to get all the way to here which i think is at the end of '21. it's going to take the middle of 21 you're talk about two years from now is how long it will take not a true v i would say here, guys let's look at your casino business this sounds like a tail of thlee

cities las vegas coming back some but maybe not as robustly as one might hope >> you're exactly right. it's definitely a tale of three stories. our regional casinos are going great. it's a different customer. there's a lot of stimulus out there. you have to give our administration for putting all this money into the marketplace and that's tremendously helping the regional casinos i told y'all a week ago it was a bunch of bs what everybody said was happening in vegas and today or yesterday, they finally came out and said it. vegas will be a slow road back i can tell you, in squjust the

first two week, it's already starting to trek up. what's interesting is our reservations that are coming in aren't coming in for today and tomorrow they are coming in for two weeks from now, three weeks from now, four weeks from now. vegas will be fine it's just going to take a long time because there's so many rooms and you need so many flights to get back to coming into vegas again atlantic city, i don't know what we're doing. we have a three month season in atlantic season. june, july, august and september, really. part of september before the kids go back to school i don't know what they want to do maybe they want to put us out of business obviously, the governor and whoever else is making the decisions really doesn't care about us they are showing up they won't even give us a bait whdate whene might open >> no plans at all it's crickets from the state >> nothing

>> are you having to discount to attract customers. what's the average rack rate if i were to make a reservation for two weeks from now >> u did not look at it today or yesterday. i think you'll start seeing it it's getting stronger every single week. i think for the next 12 months, 18 months, 24 months, you'll keep seeing it go up you have to remember this, after the 2008-2009 financial crisis, it took us basically eight years to nine years to get back normal in las vegas i don't think that will happen this time because we have a more robust economy, but i think it's still going to take a couple of years to get back to where we were >> let me take you into this

political thicket when you said a lot of the people at the regional casinos werethere you posit because they have stimulus money in their pockets. are you of a niends those supplements ought to be continued for a little while longer past july 31st? >> you're getting these in retail sales and grocery stores is because of the $600 check then you have the other group of people that truly want to get back to work and say, i don't care about the $600 check. i want to go back to work because i can even make more money. you got to remember, we still have 25 million to 30 million people unemployed. if we don't continue to $600 a

week, you're going to see it all where these casinos and restaurants are going like this. you'll see them taper off quicker than you would think for me, even though it could cost me some employees i want back, let's keep the economy going. this administration has made a lot of good calls. let's do it for another 90 days. >> you brought a lot of people back on. if you finding it, those unemployment benefits an impediment to getting people to dock back or most of them eager to come back

>> thoes people were losing their minds. remember, don't forget about the 25 million people out of work. if a few people get caught in the web and it's a good deal for them because they are coming back to work and giving it up, it's okay. let's keep the stimulus going with the other 25 to 30 million people to keep spending the money. >> let's talk about reality and how you are navigating the relationship between your businesses and property owners, landlords. take me through that what's it been like?

>> remember this, how can you have a business that the government said it was a crime to open. if i went and open my business it was a crime but you telling me i have to pay it's a lease it's not a promissory note the government in the landlord did a temporary imminent domain on you all leases, most of them, have a provision. either a casualty provision or equitiable abatement provision these landlords need to work with their tenants if these landlords don't get some religion, they'll lose 20 to 30% of their tenants. then what are they going to do i'm getting to the point where

you want to location back, take it back and then i'll fight with you. i'm sick of so many of them not being reasonable a third of the people are being reasonable out there and a lot of them are your small business owners who have tentenants, anoe third o bigger companies but the worst are the public reits they need to pull their heads out of the toilet and decide we're going to work with you and let's sit down and work together if not, we all need to keep battling all of you retail and restaurant people out there, don't throw in the towel. keep punching. >> tilman you'll be leading the charge we have thaeheard that from a nr of other people and we heard from the landlord who is are trying to hold the line. i wonder if that goes back to something we're mentioning last time if there were ppp funds left, that's something you would look at for as a source of cash did you get any blow back about that or do you think it's

something that other companies consider or you would consider doing? >> i told you the 130 billion is there and the money is to save companies. for some reason, if you're a public company who really doesn't, they're only other way is to sell equity. then you have private companies like me but because i'm a texas billionaire, how can you take money from the government. yet it's all right for the law firms, the small investment banking firm, all the construction companies because they're not high profile people like myself or a public company, they're kind of sneaking through and getting the money. it hasn't been equitiable at tall who has gotten the ppp money. that's something i would love for the administration to fix. you have two houses. the democratic and the republican senate. they're having a hard time with the democrats saying let's do

something for the bigger companies. my employees are just as important as anybody else's. >> would you qualify for the main treat program that is fundamentally starting to get up and running? >> we're looking at it it's got -- you got to fit in a certain box and we're looking at to see if we fit in the box. but at the same time, our employees are coming back. we're open for business. we're run our business very tight. the good operators will survive. it's really just the landlord's just recognize that work with us and we'll all have a merry, merry christmas in two years even this year, let's just all work together and make this happen >> let's switch the subject to basketball i know kelly will want to jump in here because she's my favorite basketball fan. knows a lot about it

it's true. over the weekend, there was some rumblings there were players who were not exactly thrilled with the idea of living in a bubble in orlando on disney property for however many weeks or months it might be. are you still confident that the league will be able to proceed with training camps and then with games starting at the end of next month? >> i truly do. what i've seen happen in the last 7 to 10 days and this just my opinion and right noi today it seems like more of opinion tuesday than to the best of my recollection lman tuesday. i've got a lot of opinions today. >> we love it. >> the country has got to recognize that people are getting covid. two weeks ago, three weeks ago, i did not know anybody that had covid. i know 25 people that have it today. none of them are sick. they're all under 30 none of them will be need to be

hospitalized if we don't recognize that if we're going to play basketball, baseball and football and players are going to get it and we don't panic, okay, everything will be fine if we fannpanic because a few players have to be sent home then we're not going to finish the football, basketball or baseball season. everybody has to decide are we going to accept covid as part of our society or not going to accept covid i think people that have a chance to get it and have preconditions need to be really, really careful i'm seeing the young people that kind of go right through them opinion i don't know whe -- i don't know where i fit in that group but i'm still careful out there. sports will not complete their seasons if we don't recognize that covid is part of our society through 2020 >> tilman that's not interesting. i thought you were going to say i know a bunch of people who have coronavirus and we need to be more cautious you're saying you know young people have coronavirus and it

doesn't affect them. you're saying the nba should start the season in the bubble and if people get coronavirus, do you think they should just keep playing would you not want them kind of pulled off the court and i wonder too about, we think so much about the school this fall. it will be a nightmare you wonder if it would be better to say kids will get coronavirus but they will be okay. we're all afraid of that, right? >> that's not exactly what i said if you get coronavirus you need to go hide for 14 days until you test positive. you can't take one player of one team and say, i've got to shut down the whole team. i can't take one or two employees that at a restaurant or more corporate office and say i'm going to shut down the corporate office you have to take the person -- they're starting to say you have to be around somebody for like 15 minutes for them to really get it from you. what i'm saying is you have to

take that small group, put them away but you have to keep going on with your life and your business if you don't, we're going to shut it down again and then you'll really have an economic fall because nobody is even in the condition that they were in before this. what i'm saying is, the people i know that are young that have it, they're a little sick. none of them will be hospitalized they need to stay away until they are better. >> we have to lever ave it there interesting perspective on a whole range of topics. great to see you >> thanks. appreciate it. the market rally is in full effect right now the dow is up about 550 points the nasdaq is higher by 2% up next, we'll look at some of the individual stocks that are a making big movesod tay stay with us on power lunch.

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welcome back let's get to today's power movers eli lilly is on for the biggest gain in years. ww formerly known as weight watchers reporting a 7% increase in subscribers over last year. seeing a pickup in subscribers since mid april. there it is up 18% today and stop me if you heard this before chesapeake energy is reportedly on the brink of bankruptcy preparing to file this week. we hear this a lot though. the shares have down 18% today >> thank you very much cnbc unveiling our disruptor 50 list it is a diverse list in a number of ways.

it leaves room for who leaves the up and coming companies. not a single one of this year's disruptors is run by a african-american or black ceo. julia joins us now with more >> that's right. tyler. now diversity is a key criteria. there are still no black ceos and only six female ceos included in this year's list which reflects the lack of funding to companies with diverse leaders. now less than 1% of venture capital fund goes to black ceos. and only about 3% goes to female ceos now that is despite the findings that diverse leadership yields higher results according to a venture capital study, they were 30e% higher returns on ipos and acquisitions than all white starting founding teams. those that have diverse executive teams yield 65% higher

returns. one explanation for the lack of funding to diverse founders is the lack of diversity among venture capital investors. 65% of bc firms don't have a single female investor and about 80% don't have a single black investor now taking steps to close these gaps, the gnashnational venture capitalists have funded others a lot of work to be done here. >> thank you very much, julia. will. >> kelly >> take a look at the s&p 500 sectors. all 11 are moving higher right now. you can see right there in the middle one we don't always talk about until tillman really railed about them. the reits, but the mall rechlt its in particular are having a nice day on reopening hopes. up next, another group of stocks that need the reopening to go

well, the theme parks. we'll talk to an analyst that says buy them right now. will we'll be right back 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. woi felt completely helpless.hed professioonline.consultant my entire career and business were in jeopardy. i called reputation defender.

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welcome back it's been a roller coaster ride for the theme parks. regional theme parks keep going higher take a look at shares of sea world and cedar fair, up 116% from the march lows. six flags up 175%. my next guest says there is more room to run. he just upgraded cedar fair tow buy. let's welcome inure o. you are senior entertainment and outdoor analyst. eric, you know, some would say you're catching up to the stock performance here >> well, we want to get a better sense of when the economy is locally and statewide start to reopen and more importantly that the theme parks could open efficiently under the new regulations and do so in a

manner that isn't entirely detrimental to the experience and what consumers are looking for. >> officialously, the stocks got absolutely clobbered where are we in terms of the current valuation? what do the price targets imply? >> we're below where we were at the peak this year is a loss year given that most parts are starting to reopen right now as you look towards 21 and 22, there is a very good chance the parts can get baparks can get b normal attendance levels the theme parks play well into that 80% to 90% of the ascendance comes within a few hour drive of the parks and avoid hopping on a plane and staying in a hotel the membership programs give people a reason to come back to the park now and build loyalty going forward.

as attendance builds next year and '22, the stocks get back to levels they were at before if not higher given the view that parks can be run more efficiently coming out of this than they were going into the pandemic. >> which ones do you think people will be first and most likely to go back to >> i think cedar fair has an advantage. they're locally based and not dependent on the major states and a lot more less of the tourist market and california is a market that we still have a lot of visibility to win that and reopen cedar fair is one parkthere. >> i have to maeimagine that is big risk for the parks for quite some time. >> yeah, we're watching out for the risk of a second wave.

i think the regional parks have an advantage most of the companies have very few parks that are open year round. so if we get into the fall or winter when the parks are usually closed, there is a second wave, you really wouldn't miss out on much you have a winter fest or a halloween haunt. we want to live this schedule and their closed i think they have a chance to hunker down and wait until the 2021 season opens next spring. the second wave impact is significantly less severe than the first. >> finally, what do you think is priced in. is that a binary, you know, good vaccine comes out and, you know, everything is off to the races do you think investors are pricing in that likelihood somewhere down the road. >> i think somewhere down the road i think right now, you know, the parks have taken it very carefully. you're limiting attendance to 25%. that probably gets raised 50%

higher they loosen he the restrictions, it's more beneficial to the parks. i think people are taking a cautious approach at these levels >> like raising the price target, as you said, on six flags to 31 from 27. and raising the others to a buy. thank you for joining us >> well, we have about a minute until we hand it over to the "closing bell," kelly. obviously, the dow has come back earlier in our hour, one of your guests at the top said that the year end target for the s&p 500 was something like 2950. we're now at 3127. that would suggest some bumps between now and year end >> it is very interesting how tillman but put the landlords on

notice you're going to cut off your nose despite your face we have examples of that in my town landlords tried to muscle restaurant owners and they just said okay, take the keys we're gone >> right we'll see if there is any movement in atlantic city. go back and watch it, everyone thanks for watching "power lunch. "closing bell" starts right now. >> kelly, thank you. welcome to "closing bell." i'm sara eisen stocks surging on this tuesday the dow back up over 500 points. helped by a bevy of bullish news let's look at what is dragging the action now a historic jump in retail sales as the economic pain of the shutdown appears to have bottomed for now jay powell did give investors one reason to be a bit more cautious positive data from a stud why in a coronavirus treatment. it is being called a major