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

breakthrough they're preparing a long promise but never delivered infrastructure bill. the s&p 500 is higher by 2%. >> broad rally today we'll speak with the house majority whip about his call for big banks to die eventualth more information about the paycheck protection program and whether it favored big companies over small businesses plus, as sarah mentioned, a major breakthrough that's what searchers are calling a new study into the effectiveness of an inexpensive steroid to treat covid-19 patients you don't want to miss that interview. one of the factors behind the surge in the markets today let's focus in on the big markets. mike santoli, we have the highlights from chairman powell's testimony earlier today. courtney reagan is covering the surge in retail sales. and meg has details on those new hopes for coronavirus treatment that we just mentioned mike, let's start with you

the broader markets are up about 2% on the s&p 500. >> this is an impatient. 3130 is the high of the day. there is a high early march. people are watching on the way up as if that is going to halt things this is a two year chart i want to make note of the other almost v bottom where you did start to have bumps. maybe that is the process that we could be in for here flat ening out. don't know if that's going to serve to be the upper end of a range. ment that would have been last monday's highs over 3200 on the s&p 500 take a look at one explanation or a couple explanations actually as to what is supporting the market. the goldman sachs index has been quite supportive it is loose as it's been during the last couple of years

except for the very end of last year you're basically, by the way, this is coming into this week. my guess is it's down a little bit. down means loose it means easy financial conditions it has hardly been better. look at that dramatic spike in going up to tight conditions and then back again. so does the economic numbers coming in better than expected the citigroup economic surprise index for the u.s., almost literally doesn't get any better than this. this is all time high after retail sales number. what does this mean? just means better than expected. it doesn't mean peak levels. it doesn't mean as goods as it was before we have the massive down side surprise guess what else? 2009, 2011, the major shocks to the maco data. sometimes it means that people are getting ahead of the story and forecasters are going to start to come up maybe the markets have already figured this out it helps to explain why it's been very tough to get the market down and keep it down at least for the last few months.

guys >> all right also means the economists were way too gloomy in the forecast when it comes to predicting the rebound. >> let's be clear. what models do and what they don't do models kind of get on trends not complete whipsaws in the numbers going from collapse to come backs. i think can you give -- be a little forgiving the they better get june right. >> sure. steve liesman has details. >> jay powell on day one of the testimony, he'll go again tomorrow he acknowledged the better data including that blockbuster retail sales report. the outside beat on the may jobs report but he also continues to emphasize the uncertainty about the outlook you were talking about. as well as concern about a second wave and said it's going to be a long recovery in which not everybody is going to get

their job back >> first part is the shutdown. the second part will be the bounceback you should see during that period the economy opening, stores opening all kinds of different economic entities opening and people going back to work during this second period. there is the bounceback or beginning of the recovery. and we think, i think most if not all forecasters think that will leave us well short of where we were in february. >> so he emphasized the commitment to all of the pramentz it has in place including bond and asset purchases and massive lending programs and urged congress in his own way to do more including helping state and local governments as well as helping workers or continue to help workers who are unemployed, sarah. >> steve, given he clearly wants the market to believe that he has that unwaivering commitment to all of the policies they already announced, does he have

any incentive at all to express any optimism in the economy even if he does have it? they're talking about triggers for an exit program. and some run off naturally some are priced at market. a market created by the idea that the fed is in the market. so it's unclear when the fed needs to back off. i think the fed -- i think powell wants the fed -- wants the market to think that they're not thinking about exit strategy and that's part of their policy wilf, is to convince the market they're in it for the long haul to support the economy and i believe he thinks that it was a mistake last time for the fed to always say we're going to do this and we're going to stop here always looking over its shoulder about the down side of the program. >> steve, thank you.

despite measured take from chair powell, the positive surprise today on the economic front was retail sales numbers big beat there we have the breakdown for us >> hi. yeah i think retail -- may's retail sales numbers are the best on record you can't deny that just really a true recovery or pent up demand or when you look at last year, is it actually not so great after all? so may's retail sales grew 18% or nearly 17% minus autos. the core number is also very strong >> consumers bought again, spruced up the outside and inside of homes in may more than the month prior in april comparing all the numbers made in may, it looks a little less like retail spending is back the big numbers are still good the core retail sales in may, down 1394% compared to last may. that is even with much of the country partially still closed this time around.

nordstrom is higher by 14% abercrombie up by 7. kohl's up by 8% and gap up by 8.5% the you have dsw up 13%. tapestry and capri holdings that sell accessories, those are higher too bed bath and beyond. look at this name. this is often very volatile avs late up 16% this is part of that home related name group that have been soaring, many of them benefiting from the stay at home and fix it up trend. really an outperformer in the group here today back over to you

>> what are retailers saying about the sustainability of the rebound? clearly, there was pent up demand and clearly after people were in their homes for months, they shopped then what? do we continue to see the strength in the month ahead? what do the retailers say? >> kind of like you were talking about before with the models and having it be so hard to predict. there is a lot of reluctance before we can point our fingerses on the trends becoming permanent. then if you want to talk even specifically down to things like the furniture or the home salers, after you have redone the office, you don't need to do that again so not all of these trends are going to be sustainable. that being said, look at something like grocery or online grocery sales. the trends really accelerated three and four years in just three to four months if they introduced a new option to consumers that didn't try it before, and really liked it, that could actually be very beneficial and seeing some of

the investments pay off sooner than before. there is reluctance to call everything permanent in some cases, we may be on to something. >> sure. >> yeah. courtney, thank you. now to the coronavirus some developments out of the uk surrounding a steroid treatment that researchers are calling a major breakthrough meg has the details for us meg? >> it's a big news this morning. they tested a lot of existing drugs to see if they could have any benefit against covid-19 and they found a pretty substantial benefit in a commonly used steroid. they used 6500 patient as cross the uk they found that this drug compared with standard of care reduced deaths by a third in patients on ventilators. a fifth on the patients receiving patient that's are not receiving oxygen it seemed to work for more severe patients. but still, the scientific and medical community are calling for more data.

they tweeted this morning, it will be great news if a cheap steroid really does cut deaths by a third and ventilated patients with covid-19 but after all the retractions and walk backs, it's unacceptable to tout study results by press release without releasing the paper. they say that they stockpile the drug in the vent of a positive trial outcome and they now have enough supply for 200,000 people so pretty big news this morning, sarah and wolf >> were the results the outcomes for serious and critical patients to look better than other drugs? >> it saved people's lives and

it didn't go that far. the nih study trended in that direction. it wasn't significantly different. they can help people recover faster it's no the if give that drug earlier it is more beneficialful versus this one being real recovery, a drug that can save people that are most severe. >> don't miss our interview with one of the leaders of this very important study. martin landry coming up in just a bit right here on "closing bell." of. we have a news alert on at&t jewel gentleman has the details. julia? >> yes the union representing communications workers cwa says that at&t has informed it of its plans to cut over 3400 technicians and clerical workers over the next few weeks saying that company plans to close more than 250 stores which could impact more than 1300 retail jobs in this press release the cwa laid some of the blame on activist hedge fund elliott

management which bought a stake in at&t and pushing it to cut costs. at&t just moments ago responding telling us that there will be targeted but sizable reductions in our workforce across executives, managers and union represented employees consistent with our previously announced trance formation nirve initiative, also saying, we'll be eliminated more nonpayroll workers. the vast majority of outside of the u.s. they are managers or union represented employees saying reducing the workforce is a difficult decision we don't take lightly. we're offering sefrns pay for up to six months for eligible employees. aalso, as to the comments of retail stores, we're closing summary stores to reflect our community. these plans are not new. they have been accelerated by the covid-19 pandemic. saying most of these employees have a job offer guarantee that ensures they'll be offered another position

still, a resoundingly broad and positive day after the break, house majority whip jim clyburn will join us with his call to disclose more information about small business loans and his take on whether infrastructure bill can get through congress before the election you're watching "closing bell. at mercedes-benz, nothing less than world-class service will do. that's why we're expanding your range of choices. many dealers now offer optional pick-up & delivery and at-home maintenance, as well as online shopping with home delivery and special finance arrangements. so, whether you visit your local dealer or prefer the comfort of home you can count on the very highest level of service. get 0% apr financing up to 36 months on most models, and 90-day first-payment deferral on any model.

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the ppp program coming under fire by house democrats. the select subcommittee object coronavirus crisis sent letters to the treasury department, small business administration and some big bank ceos demanding documentation showing how loans are distributed to far the committee also listed steps they want taken in order to ensure the remaining funds go to businesses that need them the most joining us for more on this is the charmz of that subcommittee and house majority whip representative james clyburn thank you for joining us:tell us

what was in that letter you sent and what you hope to actually have happen here >> thank you very much for having me. it is asking for information that is supposed to be public that, is called for in the c.a.r.e.s. act that the secretary mnuchin is refusing to make public. we think it's important for his activities to be transparent we need to know who is getting the money so that we can determine whether or not they were eligible. for the money. already we've seen some people who answered that letter and one particularly sent $10 million back immediately because he was not deserved of the company was not deserving of it. and we know that this could be the case with others

let's be transparent and that's all we're asking >> who do you think -- which group of people do you think has something to hide here you never know flaz why we're asking. it could be that minuchin doesnt want us to know the relationships. dent just jump out of the sky. he came into the federal government after living for a long time operating the business world. i want to make sure that everybody who is getting this money is deserving of it we know full well the first time the money went out, a lot of people admitted that it went to long time customers. it went to people based on their ability to repay

what we're saying is this money is supposed to go to companies that need it that need to keep people working. that's what we want. we don't want personal relationships, long time relationships. the law makes it clear that there that should not be the case >> well to that point, congressman, i mean we now know according to "politico" that four members of congress were indirectly or directly recipients of the ppp loans from the spouses or direct family members. is that who you intended that for? does that create a conflict of interest especially whether it comes to approving the next aid package? shouldn't that be revealed >> yes, it should be that's what we're saying i found out two democrats and two republicans have come to my attention. so there is nothing partisan about this maybe the companies are deserving.

i don't believe that a spouse ought to suffer in his or her business because the other spouse got elected to congress >> congressman, do you think there should be more coronavirus related stimulus and if there is any chance of that happening before the election? we already passed a $3 trillion bill even when we pass it against the objections of the people that said that is too much money. the chairman of the fed, chairman powell said shortly there after, three million -- $3 trillion may not be enough so the fact of the matter is, i do believe that there are things in it that heroes act that need

to be done right away. for instance, one trillion will go to state and local governments. they're in need. some of the programs will expire july 31st and we need to keep the governments functioning. so i do believe that we need to pass the hero's act. we need roads and bridges and broadband deployment we're not going to do right by educating our children without broadband. i believe the $86 trillion it will cost to billed our broadband throughout the country is a great expenditure worth making so yes to infrastructure and it

should be heavily laiden with broadband deployment >> that's interesting to hear. you could be onboard with the infrastructure plan. i want to bring up something that happened on the show. we talked to larry kudlow, the chief economic adviser for the white house. listen to what he told us. >> i will grant you there are some people who may be racist. i will also grant you in the police there are some bad apples but my view is always been folks have good hearts in this country. and folks do not work in the basis of discrimination. and folks understand the need for equality and opportunity here's the thought president obama, the first black president was elected twice. and he got 79 million white votes. 79 million in two elections.

now therefore i find it hard to understand something called systemic racism. now can changes be made? absolutely >> your reaction, congressman? >> i saw that last night again this morning he ought to be ashamed of himself. he knows better than that. the guy is from new york there is no institutional racism because he lekted an african-american president of the united states. that african-american president is a part of a system that was built on two pillows one pillow of people who came to this country of their own free will. white people came here from european couldn't nent european continent of their own free will running way from tyranny in search of freedom black people came to this country against their will

captured in the base of ships it, chained, shackled and enslaved for 244 years this institution we live under is built to maintain the existence of these two pillows if you doesn't know any more about this country's history than that, he ought to go back to new york and find some place to hide. >> congressman, just wanted to quick final question if i may. vice president biden's already committed to picking a woman as a running mate should he commit to picking a black woman? >> i said time and time again as a father of three black women, i would be proud to see a blam wok on the ticket. that would be a big plus but it's not a must. >> congressman, thank you for

joining us. >> thank you >> still ahead on the show, labcorp performed millions of tests. will they be able to do more as we head to break, a quick check on bonds for you yields are moving higher the ten year yield is currently sitting around .75%. buying stocks out of bonds, that correlates with the mood we've seen into the close yesterday and here we are again. the dow up 461 points. the about 34 minutesest of trade.

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and keeping them safe, private and secure, there's webex. ♪ ♪ beautiful. welcome back 31 minutes or so left in the session. the high is 848. positive across the board though all 11 sectors of the s&p 500

are up significantly energy and health care leads the charge let's have a look at individual market movers. t-mobile also falling. is falling the chairman called for a investigation about an outage. two-thirds of the stake in t-mobile was sold to raise cash and reduce debt. t-mobile is down 2%. he l eli lilly soaring after the breast cancer drug had positive results in 5,600 people. they got an upgrade from others. we want to draw attention to another big mover today. royalty pharma soaring on the ipo debut. they raised $2.2 billion

let's have a look at what is driving the action now a jump in retail sales the economic pain of the shutdown appears to have bottomed for now the fed chair gave investors one reason to be a bit more cautious plus, positive data from a study in coronavirus treatment called a major breakthrough bring many commentators the trump administration is delivering a promise but not an infrastructure bill. >> here's what's happening virginia's gorger is proposing to make june teenth a paid holiday for sat workers. the former capital of the can fed are acy is the second state to i have paid holiday for the say day that celebrates the emancipation and the end of slavery in many states

>> maryland booker's suit allege that's morgue an stanley spent years blocking efforts to address racial inequality at that firm which did not immediately respond to her request for comment. read more about this story on cnbc.com border crossings between the u.s. and neighbors are extended because of the pandemic. only essential travel will be allowed between the u.s. and mexico as well as the u.s. and canada until july 21st and here is a first, the fda approved a video game that is to treat adhd children. it's been shown to improve attention in children. it will, however, require a prescription that is the news update this hour wilf, back to you. >> sue, thank you for that still ahead, researchers are calling an oxford university trial a major breakthrough to

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here is where we stand the s&p 500 is up 2% every sector is in the green many sectors up 2% tech, industrials, materials, health care and energy after the break, shares of labcorp are up 60% from the bottom the company conducts millions of covid-19 tests we'll ask lapcorp's ceo how many tests they're doing per day and whether they have seen an uptick in testing for other diseases right now as well. that's coming up at leaf blowers.

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anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. welcome back s&p 500 up 1.8%. 23 minutes left in the session as the country continues to reopen, we're seeing spikes in cases across different parts of the country. phoenix, scottsdale, arizona, are seeing the fastest case doubling in the u.s. followed by tampa and orlando and florida. and charlotte in north carolina. joining us now to talk about the coronavirus testing capacity, adam, the ceo of lab corp.

thank you for joining us how many tests are you able to do at the moment per week and how quick sly is that growing >> good afternoon. it's great to talk with you. thank you for having me here today. also big thank you to all my labcorp colleagues that work around the world and around the clock to perform the tests if you look at the test we performed, there is the pc test, a simple nasal swab. that tells if you you currently have the disease we can run about 110,000 of those every day. >> that's a significant increase from a week ago. we were about 90,000 and we're continuing to build capacity there the second type of test is a serology test, a blood test. that tells you if you had the disease in the past. we can run 200,000 of those every day to day and increasing those in the future as well >> on the active virus test, adam, what you are saying in states like texas and arizona and florida and the carolinas?

what are you seeing in terms of positive rates and does it differ at all from what we read about from the official figures? keer doing more test this is week than we were doing last week so as you do more tests, you'll certainly see more people that show up positive so there are two other things that are important to look at. first is are you seeing an increase in the number that are positive as a percent? if the percent is going up, that's problematic the second thing you want to look at is the number of hospitalizations and are those increasing in states we've seen some of that in certain pockets. they're independent of the number of tests that we're performing so i watch those as much if not more than the total number of people that are testing positive >> is testing, adam, the

absolute key thing required for more reopening, more aggressive reopening? praz perha perhaps it's not needed as much as we thought. we're working with companies across the united states as they continue to go back to work. there are three things they're looking at of which testing is a part of. how do you keep people with symptoms or those composed to people with symptoms out of the workplace to begin with? companies are thinking about how do we track, trace, and test people that are showing symptoms or have been around people with symptoms but i would say as importantly, having a safe work environment is critical.

until there is a vaccine, we have to do all of that to be successful of which testing is just a part of it. >> so two quickies for me. as a consumer, where are we on the accuracy of the tests? as, you know, you've been doing this now for, what, several months how much of that has improved? also on the turn around time to get the test results back. >> the tests are highly accurate the pcr tests we run are accurate >> the serology test is also highly accurate, the we run. they have 98% specificity to the antigen. so we know if you have the antibodies or not. there you can usually turn those around in one day. >> thank you for joining us.

much appreciated. >> thank you for having me here today. you can continue to count labcorp to run the tests and do manufacture the trials with our colleagues >> nicely plug there adam, thank you very much. up next, signs of improvement at the golden arches and the infrastructure stocks that should be on your radar those stories and much more when we go inside the "market zone" next you say that customers make their own rules.

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she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. 15 minutes left in the trading day. we're now in the "closing bell" "market zone," objection going into the close mike santoli here as well to break down the crucial moments of the trading day the we have steve wise as well g to see you, steve. let's kick it off with the broader markets. stocks surging after hitting session lows on news that beijing will shut down schools

from a second wave of coronavirus infections and comments from the fed chair on the fed's plan to buy individual corporate bonds. that certainly helped yesterday. listen st. >> market function continues to improve, we are happy to stop the purchases. fit goes the other way, we'll increase i don't see us as wanting to run through the bond market like an elephant you know, doing things and, you know, snuffing out price signals and things like that we just want to be there if things turn bad in the economy or, you know, if things go in a negative direction we want to make sure that we -- you know that, we're there >> we're there the message from j. powell mike, i heard a number of reasons for the bullishness today. the better treatment study results out of the uk. powell on corporate bonds. you know, the fact that cases are rising but overall the numbers in the u.s. in terms of the hospitalizations aren't

flashing any red warning signs what do you think it is? what is driving the renewed enthusiasm here? >> i think the retail sales number this morning at least fed the idea that the economy might have an ability to come back faster than previously thought i think the market is playing kind of headline pinball a little bit you had that 8% decline into yesterday's open in four trading days people actually bought the dip saying they would like to buy the dip. today, by the way, you're in selling the rip zone you're up 5% off yesterday's open and where everything, everything i look at is well off today's highs. so it seems as if we got that move people weren't expecting it. the headlines were supportive today mostly because the market's been shrugging off the infection news but i don't know that beyond having said 8% down in four days is too much. the market is really responding to everything except that same backdrop of credit conditions and very, very strong. the economy improving but we don't know going to what point of improvement ultimately.

and just the market having gotten a little stretched. everything off the highs from this morning >> steve, i know you feel that the broad market is overvalued but the speed with which we have bounced following thursday's big gut check, does that make you rethink what fair value is in light of all of this government stimulus and other factors >> actually, i think there is no real way to determine valuation at this point. so many companies have pulled their estimates, their guidance for 2-q which we'll see in a few weeks and for the remainder of the year so you got this valuation holiday. snib anybody's guess is as good as anybody else's how do they know that? so because typically reportings follow guidance. so, look, what everybody is focused on is liquidity here i agree with mike. it is pinballed to some extent off the headlines.

what i'm encouraged about, frankly, is that -- whwhat i thk leads to higher markets is the dips like we saw down 1800 points on the dow gets bought immediately and bounces you back up so basically, market or investors are thinking hey, not only does powellhave our back but the market has our bahl back there is not going to be a sustained drop that's the way it's been for the last five, six, seven years it's not more value than they were fund ales are impacted. airlines being one to me, they're hugely overvalued equity holders have no equity. they're completely underwater.

never before have there been such a high proportion who believe that the market is overvalued a record 78% of more than 200 survey participants believe that the market has run up too high they were questioned over the course of the week through june 11th a lag there. the vast majority of fund managers believe we're experiencing a bull market rather than a bear market. what are they doing about it well, they're crowding into tech names. guys >> thanks very much for that mike, would that typically suggest that the market would continue higher or correct lower? >> it's not so clear that it's a contrary signal. in terms of longer term and forward equity returns, if you look at the other instances when you saw a very high percentage of managers saying the market

was overvalued, it is early 2018 it is back in the late 90s the market was observebly overvalued it doesn't necessarily have a short term impact in terms of saying the market was going to stop going up. i do think though that there hasn't been an embrace of this rally. but there was other data in that survey that suggested they started to chase cash levels came down the fastest they have in since summer of 2009 and there were higher equity exposures in there p i think there is kind of a -- there was a capitulation to the rally. there is not an embrace psychologically of it. it soin it sounds like you're onboard with a survey. >> yeah. much so here's how i look at it. first of all, there is always a disconnect between the economy that is today's news and the market the market is a discounting factor however that, is particularly

large at this point in time. so you have to look out to 2022 arguably at least late 2021 to just v justify the valuation. so, yes, it is tech. that's where i'mpositioned sky works is still cheap they will go into that and total addressable market is much larger ericson put out a study or a report, they said that they're going to see 190, 5-g phones there are areas of growth. they're not dependent upon the

economy. it's unlikely any legislation happens before the election. still though, you have companies that make, distribute things like gravel, sand, as fault mix, concrete, you get the idea, rebar, anything infrastructure related, all the stocks are higher look at vulcan materials and they're leading wait in the materials sector along with the steel maker newcorp corporation. and we'll throw caterpillar in there as well helping to add 50 or 10 points earlier this session to the dow's overall gains. traders are waiting to see if there is any further progress on that front over the last several years,

there's been a lot of talk on infrastructure and not so much action back over you to guys >> yeah that, is a good caveat. it is a day where the cyclical, the value stuff is moving. so it's happening in the context of similar or adjacent sectors or getting a little bit of a boost today because of the overall market move. but these are, you know, relatively niche names that will move on this headline. nobody can say it can't. by the way, onest big arguments may not have been possible let's say six or 12 months ago is there was kind of a labor shortage you would wonder exactly how you get all the infrastructure product projects done. >> mcdonald's reporting a

rebound in same-store sales. kate rogers has the details for us hi, kate. >> hi. mcdonald's out with that update saying in april u.s. same-store sales fell by 19.2% in may they were down 5.1% through may 31st total same-store sales fell 39% in april around the globe. 20.9% in may they're down 30% quarterly year today. 95% of the restaurants are open. that is up from 75% in april and 99% of sauchu.s. locations stayn this whole time. steals ha sales have steadily improved about they continue to benefit from the strong growth they spend money when they go to mcdonald's in the restaurant industry, this quarterer is when we'll see a lot of the pain tied to the covid-19 pandemic. back over you to. >> tonight, thank you so much for. that don't miss jim cramer's

cluf interview with mcdonald's ceo 6:00 p.m. eastern time on "mad money." i cut you off there. my apologies perhaps there is retail sales dat yachlt. >> i'll do both. there is as much chance of trump getting an infrastructure build done than me getting a pool in the ozarks electronics not going to happen. >> what is it that chance? 5% 10%? >> no. the no >> i thought i saw you on the pictures on socialmedia. >> clearly there is something there. the stocks are moving. we talked to congressman clyburn, you know, a democrat earlier this hour. he said i want to do an infrastructure plan.

the democrats do want to do that >> i think they want to do it. they don't want to do for trump. the most important thing they have to do now is it put biden in the white house will anything that can give trump a victory, they're not going to do. it wouldn't matter if the republicans are trying to get their candidate elected f biden were already in the white house, that is just politics. you're not going to give them a major win in front of the election particularly whether it's so important this year. plus, it's so devisive i just don't -- i don't see it happening. keep in mind, that it's been trying to happen as you pointed out for years to get infrafr infrastructure built i would be selling the stocks. all of them. what is going to come out is that the municipalities don't have the tax revenue that they need to even maintain the roads at this point. and that's what's going to

survive after this fades, this new story fades. so i would not own those here. it's a good opportunity to take advantage of the pop and sell them in terms of retail sales, it is encouraging. this market is trading on momentum of the headlines. it's all about the journey markets often are. but i don't believe that at any point in time we're going to see full employment of all the individuals that were in the restaurant sector or in the retail sector. so i'm sort of on the sidelines. i do olululemon. i bought some back yesterday and the day before on friday when the company missed so to my, they've got a mote it's a growing brand you know, digital sales were up 70%. you have to be very careful where you are in restaurants and retail >> well, mcdonald's is up for its part 30% over the last threw months t two months. zbll mcdonald's is not a bad hedge on louisiana lemon position as well

we'll see. >> the internals are strong actually 80% in terms of new york stock exchange spin. look at all the inclusive nature of this rally. you see large cap growth, s&p 500 growth, etf as well as small cap value. up roughly, you know, give or take 2%. this is not a pure rotation days volatility index is only i would say cooperative here basically flat it's not really buying the strength of the rally. it is staying well above last week's lows in the 20s even though the index is trading at similar levels keep an eye on it. >> mike, thank you for that i will say the dollar and the gold price not really buying the rally. both up about 0.4% today but not derailing the rally either oil prices by the way, part of it they are up 0.3% energy the best -- sorry, up 3%. the energy the best performing sector up 2.6% all of the sectors are higher. we're up 1.7% on the s&p 500 the dow is up more

1.9% the high of the session is 848 mostly this afternoon though we've been closer to the 500 level than the 800 level all sectors are higher >> third day in a row of gains for the major markets. welcome back, everyone to "closing bell. if you're just joining us, i'm sara eisen mike santoli joins us. take a look at how we finish up the day on wall street the dow is up 526 points off the session highs. but still, a pretty broad rally that sent the market up 2% every dow stock finished higher. caterpillar is the best performer. pfizer the least 30 out of 30 in the green. s&p 500 up 2%. broad strength across all sectors today. energy, health care and

materials. communications services and utilities were the worst performers again, everybody was up. the nasdaq is higher for the seventh time in the last eight sessions it closed up 1.75% technology was not the star performer. russell 2000 index, small caps, also had a good day. up 2.3%. lots of reasons cited for the bullishness and strength everything from the trump infrastructure plan. investors are now awaiting earnings from it oracle and we'll bring you the results as soon as they are released it was a big market moefr today. plus, the premier league tomorrow after its coronavirus

shutdown coming up, we'll ask soccer league's ceo about how athletes will be kept safe and whether tv ratings will spike with other major sports still side lined. i wonder where that interview came from? joining us to talk -- >> i have no idea. >> apparently. apparently i don't know anybody that would be interested in that. anying us to talk about the market today, steve wise:first though to you, mike. on a broad day of strength, what stood out in terms of the sector performance and what it tells us >> well, definitely a little more tilted towards value cyclic am trade the market is implicitly betting there is this still sustainable momentum toward a broader reopening move for the country it is simply not going to affect consumer behavior. i think that's how you have to

infer from how the market is behaving plus the general idea that investors big investors are kind of not quite topped up in terms of the exposure to a market that refused to pull back a little bit. so i would put all that in the mix even if the market did intraday kind of stall out at a little bit of a familiar level on the upside from last week we had a tremendous run, up nearly 32% since thursday. since mid-may, we're driven by the cyclical trade as mike eluded to. really the reopening story, addition alamo built we're seeing, the better economic dataen ott margin has been driving this cyclical story. and i think at some point we did get a little too far too fast. we did cross that 3,000 threshold abruptly

every time now that we got periods of consolidation, there are inve investors on the sidele that have elevated levels of cash they're playing a catchup trade here they are working hard to keep their performance now in line with the major indices and so perhaps going forward we'll see this pattern a bit more often now, of course, we'll be watching to see oshgs being how the virus trends play out. as you noted, we are facing potentially better health outcomes from better therapies and vaccinations, potentially more stimulus on the horizon and, of course that, on going support from the fed as well >> that's what i was going to ask you. on down days, we would have been talking about did you see the florida case numbers and hospitalizations that came out today? i mean, there is still this persistent spread of the virus in certain hot spots that make you wonder about a v shaped

recovery where is the market? where are you on that? >> broadly speaking,we expect on a regional basis there to be flairups and hot spots of coronavirus still. we have 20,000 cases on a daily basis. hospitalization are a better metric and cases are rising in certain areas w he don't expect another shutdown of the entire u.s. economy there is more pressure on the states to keep the economies open hopefully the therapy that's we're seeing come into play help keep that pressure off the hospital systems i think today's drug in particular talked about a reduced number of days on ventilators, et cetera i think therapies will certainly help with that they have been seeing on going better trends generally.

so while we are undertaking this reopening process, i think the reopening -- the flairups and hot spots will be natural. >> let's briefly hit pause on the broader market discussion. oracle numbers are out josh has them for us >> that's right, wilf. oracle reporting $1.20 street is closer to $1.15. revenue is lighter than expectsed. cloud services and license support, that comes in at $6.85 billion. that is a bit lighter than what analysts are looking for that includes cloud revenue and maintenance fees cloud license and on premise license, that's also a bit lighter.

the pandemic results would have been harder in the hardest hit industries as they serve hospitality, retail and transportation she says postponing the purchases heading into this print, the stock is on a decent run. still underperforming the broader tech sector. this kicks off at 5:00 p.m. eastern and we'll be back on it. >> josh, thank you very much for that steve, you said you're heavy into tech. is oracle one of them? >> no, they didn't need a pandemic to miss they're a serial misaser. the stock is not where it was even though the big recovery and before covid-19 it was down from 2019 high. i'm in more growth companies that are less tied to gdp. as i mentioned, the cloud, 5-g, that's where i think you will get rewarded for owning those stocks oracle trades like a flat line most of the time i think well worth owning for the volatility

serial misser. ouch when it comes to the tech trade, some of the chip stocks did well micron, lamb research. faang does well when the market goes down. that's a constant theme. the other cyclical stocks do better on a day like today what is the right balance for the portfolio. >> when they're interested in playing the recovery cycle than more chips and less faang. tech in general, there say big question at this point in terms of how large it's become within the overall market that's been an issue for a while. it is really push the limits it raises a question that we went through last month. where does it leave the indices? you leave massive amounts of market value stranded upper end of the indem

>> monya and steve, have to leave through i'm afraid thank you for joining us. >> thank you. >> you're welcome. pleasure >>. >> hopes for a new life saving coronavirus treatment helping spark today's rally. up next, we'll ask one of the researchers behind the new study of an inexpensive and widely y merd.e stoi whitay be a breakthrough in the fight against coronavirus. we're back in just 90 seconds. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

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this is the news of the day. run us through why this is being hailed as such a major breakthrough >> well, ever since we first came across coronavirus, back end of last year, beginning of this year, six months ago, we all, of course, been looking for a treatment that actually has a big impact on the risk of dying. and today we've announced the results of the trial it shows the treatment reduces people dying -- reduces that risk by a third. and that's the first, you know, crack that we've seen.

so that is a significant step forward. >> a treatment not a vaccine do i think it's successful enough as a treatment that the search for a vaccine becomes less crucial now >> we need both. this is not either/or. we need vaccines to prevent anybody getting the disease. prevent anybody getting the disease. of course, that's a way off. there is lots of excitement about the development of vaccines they're the most effective when you actually manage to inject them into the arms of millions of possibly even billions of people in the meantime, we do need drugs. we need treatments for the patient who's got coronavirus and got covid-19 and they're on ventilators today, tomorrow, next week and next month around the world

why can't it be used for more milder cases of covid-19 >> the way it works, we think, it dampens down the inflammatory response, the immune system if you like early on in this the disease you need your immune system to deal with the virus that's how many patients, most of us, will then recover the immune response turns against the body and lungs causes lung damage that leads to people needing ventilation and that is what leads to people dying. the results are quite clear. patients on vent lags, we see the reduce in risk between other patients, we do not see any reduction. this is a treatment for patients in hospital with coronavirus on vent lateors or oxygen >> so my follow up there is that how risky is this? how safe is it is it possible this treatment

could make things worse and suppresses your immune system? >> so the patient as i described, those on ventilators and oxygen, the benefits of all causes of death, total causes of death are convincing reduction of a third for the people on ventilators, a reduction of the fifth for the people on oxygen but for other patients this is not a treatment. the other patients we studied in hospital, they were not on oxygen it did not work. we did not study patients in the community and primary care this is not a prevention treatment. this is not a treatment for the community. this is a treatment for the sickest patients if you have to have a drug and choose where it is going to work, you choose for it to work in the high risk group, the sickest patients we choose a drug widely available in every pharmacy never hospital and pretty much every country. you choose a drug which is

readily affordable to around $1 a day in the united states probably $1 in total in somewhere like india >> where is it mainly produced what are the supplies like >> i'm no expert in production but i understand that the production is relatively straight forward the treatment has been around for decades. my understanding this is not a drug in short supply. this is an affordable price for people that need to be treated this is a very, very different problem. it's a nice problem. this is an easy drug readily available. readily affordable with clear results. of. >> do you have more optimism

that other anti-inflammatory drugs like this that are also being used and going through trials will be more effective given the results that you have seen anti-arthritis drugs roche has one in the works there are a number of these? >> exactly we're studying one ourselves we're studying one it blocked a particular pathway in the immune response i think this is encouraging. first of all, this is an actionable result today. good for patients to day secondly, it's encouraging result because to all of us trying to find better treatments, this gives us hope that attacking the immune system can create these sorts of benefits the drug is widely available that will be first line therapy. the question of the other drugs now do they work on top of the steroids that's a question for research we're working oen that already

>> are you publishing this full data set from this trial if so, when? >> yes, of course. we have been asked that question a lot. around the world, thousands of patients are dying each day. and when we see that result, first thing do you when you see a good result is you try to break it you try and make sure that result is really robust. we've been through that over the past few days. the question is, do you hold on to that result and tell nobody while this pandemic is on going do you at least let everybody else know what can you see that's what we've done we're making the full results available. everybody wants to see

that i want everybody to be able to see that. but we have this choice to make. do we hold on to this ourselves or let others take their own view we're letting others take their own view >> i mean clearly it's an emergency situation. professor, finally, you know, some doctors are hopeful that the answer here might be a combination of drugs do you think this steroid can be used with the anti-viral in a combination to only increase the outcomes and better outcomes even more? >> yes i mean, people have long thought that probably two ways to tackle this disease we all hope both are effective one to tackle the inflammation in the immune system and the second is to tackle the virus itself these hospital patients, they don't do that hydroxychloroquine does not do that. the there are other treatments being developed. antibodies and, of course, treatments with no drugs

plasma is also being developed and being used and in our study being tested so it's very likely that we'll end up with a situation where combination of drugs are used just as we see in hiv, just as we see in heart disease and in many other areas of medicine this is the first -- it's a good first step. >> professor, finally, one person in the uk who thank god made a full recovery from a pretty worrying position with this virus was prime minister boris johnston did he get given this drug >> i do not believe he did get given this -- i don't know if they gave him this drug. he wasn't in this trial. i know that. the trial wasn't open in the hospital that we all know he was admitted in on the day that he was admitted that hospital has subsequently taken part in the trial. but i do know that the day at the time he was admitted in the particular hospital hadn't yet signed up to take part in the trial.

that's just circumstance that's how i know that i have no insidetrack to share with you, i'm afraid >> thank you, professor. we appreciate that we appreciate you joining us great work >> thank you very much >> the premier league set to restart the season tomorrow. coming up, the league's ceo on whether he is expecting a spike in tv ratings and whether more streaming services will follow azon's lead into broadcasting the english premier league we're back in a couple of minutes. incomparable design makes it beautiful. state of the art technology makes it brilliant. the lexus nx experience the crossover in its most visionary form. experience amazing at your lexus dealer. a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice

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welcome back let's have a look at how we finished the day on wall street. higher across the board. all in sectors on the s&p 500 were higher, led by energy, health care and materials. s&p 500 up 1.9%. dow a little better than that. nasdaq a little worse. let's send it back to mike santoli looking at a bank of america survey showing fund managers priorities now, mike. >> yeah, sara. the priorities when it comes to companies use of cash. this is something they've been asking for quite a while this very dramatic looking orange line there is lots of fund managers saying the companies should prioritize and improving their balance sheets as opposed to do more capital spending or return cash to shareholders those are low right now.

what is interesting of course, 2009, similar looking spike. the other time we had end of a cycle. a little bit of a credit crunch. it rail yes shows what you investors are afraid of. they're afraid of companies being too overleveraged and not able to service the debts. this can go down in a couple ways one is to improve the balance sheets by taking down debt or raising equity or the credit markets could just stay very accommodating and allow them to roll over. what i find interesting, it's not what companies do. right down here, basically return cash to shareholders is in this low down trend for the entire last half of the bull market from 2009 to 2020. and that's exactly what companies were doing the whole time it's mostly because investors didn't feel like they had to ask for it they got the cash back we'll see if they change the tune if the markets stay settled for the rest of this year. >> disrupting the banking industry chime, number 25 on this year's

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sim f time for a cnbc update with sue herrera. >> a union representing coal miners asked a court to force the federal government to set coronavirus health standards for mining operations. the petition says the lack of standards is putting tens of thousands of miners in "grave danger." the u.s. open has gotten the go ahead to be held on the scheduled dates in late august however, there will not be any fans it will be the second tennis grand slam event of the year

after the french open was postponed until september and wimbledon was canceled for this year 7 he lefrn is cancel this year's free slurpee day on july 11th the company is donating one million meals to hunger relief organization 7-eleven is giving coupons to a free slerpee to the members of the rewards loyalty program. you're up to date. that is the news update this hour wilf, back to you. no slurpees. >>, no but good to see the u.s. open taking part i'm surprised that wimbledon is canceled f can you play congresser is, can y can certainly play tennis. >> the biggest u.s. digital bank start-up found a way to give members part of their federal stimulus checks instantly before they actually receive the money from the government. that is part of why it's earned a spot on cnbc's 2020 disruptor

50 list. joining us now is the chime ceo. thank you for joining us congratulations on your place on the druisruptor 50 list. >> thank you >> tell us what you've done during covid-19. it kind of relates a little bit to your spot me policy you adapted it >> at chime we believe that banking services is fast and easy and free. and they do a lot of things to give access to the money in a samless way. of you can -- if you sign up for chime and get a direct deposit, we give you access to the paycheck generally up to two days early we alsokeep your fraccount from going into a negative state. so when the stimulus payments started to come along, we worked wour bank partners who hold the deposits to make them early

before they actually arrived in our members' accounts. total that up, we gave our members access to $1.5 million of stimulus payments up to five days before the funds actually were to arrive at the bank account. that created a lot of good will and drove our highest enrollment days in the history of the company. >> what would you say is the biggest differentiator, chris, between chime and the big banks? >> well, we serve a massive consumer segment, mainstream americans that large institutions are unable to serve without relying on what we believe to be unsustainable fee income so they don't rely on fees we provide a bunch of ssts that's really help consumers with short term liquidity. there is a huge segment of americans. i'm not talking about the unbanked i'm talking about regular americans that live paycheck to paycheck and give them access to

the paycheck a few days early and give them latitude to take the account into a negative state without relying on fees. i mean, the fees in america are over $30 billion just on overdraft fee that's are charged from banks and financial institutions so that fee income is really a large part of the opportunity that we have then i think just in general, we stand and we're a company that is very transparent. we want to be helpful. and we want to make our members know that we truly have the best interests in mind. and so we talk about a bank account that has your back i think that is something that i'm really proud that the team is able to demonstrate and move so quickly during this pandemic. >> chris, clearly during covid-19 with lots of banks branches closed, there's been a greater need for digital banking. we had quite a few bank ceos on the show they all spoke about how this has driven huge engagement with

their digital apps from some of their customers that hadn't yet downloaded them. so is covid-19 been an opportunity for you to drive engagement is it a threat if it doesn't give you more of a time or i think similar to other industries like e-commerce, look trend of e- commerce is up to over 20% environment transactions just in the course of a few months. i think similarly, in financial services and banking, what you've seen a massive acceleration to a trend that already existed which is that increasingly consumers want to manage all of their finances through their phone. you know, there is -- for so many consumers, the need to go into a bank branch was already low. since this outbreak decreased, we have similarly seen it with atm transactions we're seeing a massive decrease in the amount of atm with draws.

it decreases the amount of transactions the we're actually seeing on a per member basis we have seen transactions values year over year >> thanks a lot. this full's list of cnbc druptors, head to cnbc.com/disruptors. we'll talk to the ceo of lange company tomorrow >> stocks like nordstrom, kohl's, gap and ross stores the and the economists and the surge in retail last month and there could be a recovery as states open.

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stocks soaring today total sales increasing 17.7% compared to estimates of only 8% gain standout groups include clothing and accessories, soaring 188%. sporting goods and recreation, 88%. furniture was also a very strong category joining us for more is michael foroli on retail especially, there was pessimism for the retailers. will people were just going to shop online forever. they were going to stay away from each other and avoid high touch places there wasn't going to be as much much pent up demand.

forget it. we got a big surge what does that tell us about the economy going forward? >> it was a great number the on line did well the rest of the retailers also did quite well it shows you that the opening up of the economy is a really powerful force we expect that to continue in june the long term trend is really swamped in may and probably june and july as well >> why is chair powell not more constructive in his tone then? >> well, chair powell is really full employment. and to get employment back below 5% that's going to take a long time we had a great may report. that's a good start to get unemploymentfrom 15% to 13%. but still a really long way to full employment. and the easy part is the early part when you get the furloughed workers back to their jobs

but there is also going to be a hard core of very large group of long term unemployment i think he is focused on something different than the markets are and the markets are obviously focused on, you know, some of the short term gains and they will translate into longer i don't think chair powell can claim victory or even rest easy. you see the shape of the recovery, it's good to see the and they're here there is economic activity what happens next. of there is always going to be an early phase when reopening went to some easy comparisons. and i think the news over the last few weeks is that expectations was i was going to happen in june now it happened in may it should continue through june

and july and probably throughout the rest of the summer. however, i don't think that necessarily means we're having a v shaped recovery. in terms of superficially like that, it is likely output will remain depressed relatively to where it was before covid-19 and the unemployment rate is going to remain well above what is considered normal or natural. probably for many years now. so just seeing very strong growth rates in retail sales and gdp for the next quarter or two, i think we have to be careful in equating that to a v shape recovery we get back on to the growth path we were on before covid-19. i don't think there's yet -- again, we can't hold out this early sfaj this is consistent with the v shape. and it's going to expand and get to into the third quarter.

we don't want to rush a clear victory. will tl is longer term issues. >> i know it's the positive and there is treatment today does that influence consumer behavior do you think? are they a little more confident to go out and spend? >> i think the news over the past 48 or 72 hours has really been two sided on the other hand, you have some more cautionary news in terms of infection rates in some states like texas and arizona and so forth. so right now i'd be a little cautious about getting stuck between the sentiment of the

various news stories that come out. but i think, you know, until we have something more definitive, we'll be bouncing between the two extremes and right now i think in terms of thinking about the economy, something in between still feels right. obviously in news breaks one way or another, we have to reconsider that. >> thank you so much for joining us >> thank you >> up next, while the return of baseball is increasingly unlikely, football's coming home to the uk. our exclusive interview with the premier league's ceo as we head to break let's have a look at oracle moving lower after missing earnings estimates we're back in a couple

pepsi out with a new announcement on racial equality. the ceo saying the bottom line is this moment calls for big structural changes and we're committed to being agents of that progress. pepsi says they're laying out more than $400 million of initiatives over the next five years. just a few of the moves expanding the black managerial population there by 30%. using buying power for more creators at the agencies doubling spending with black owned suppliers and providing grants and investments in black owned businesses and nonprofits. the latest in the long line of companies that have announced changes. the many of them internal. pepsi is laying out specific targets that we and others can hold them to there is no metric or barometer when it comes to equality

numbers or anything metric for esg and that type of thing >> it's a detailed set of measures as you said that we just briefly summarize the good to see as you say and mark them against that moving forward still ahead, will the premier league benefit from being one of the first major leagues to come back while the future of baseball and basketball remain unknown. uk soccer returns tomorrow make banking easier.

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welcome back the english premier league returns tomorrow with a doubleheader on nbcsports. earlier today i sat down with the ceo of the premier league. i began by asking him how close he came to having to cancel the league overall rather than restart it >> well, it's been three long months 100 days since the last premier league game. in the early months where there was so much uncertainty in this country. but we had fantastic support of government and we talked to our clubs. and we really put a skeletal plan together two months ago we've been building it step-by-step and really the turning point is getting players back training. that feels to me like when we

had full confidence we could do this, obviously starting the season is one thing. the real prize is completing this season. we are confident we can do that. obviously, the premier league won't be back with a capital b until we have our passionate fans back in the stadium. >> absolutely. even so, it's a success to be playing at all you just yesterday here in the states the major league baseball commissioner said it's unlikely to have a season this year clearly the french and dutch soccer leagues are canceled. it's not like the uk has fabulously good data in terms of coronavirus cases, how have you managed to pull this off >> i think with the support of our government our government is pro active in terms of wanting the sport to get back up and running for a whole variety of reasons we work with them, work with all the medical advisors it's no the just football and certainly not premier league, it's been across sport we can look forward hopefully the british public and around

the world can look forward to a indict et of footba diet of football over the summer. >> given the lockdown, they're still largely in the u and around the world and given that there's not much other prime live sport to watch, are you expecting higher tv ratings than ever before >> well, we've got an interesting situation. as you know in the uk, not all of our matches are broadcast live we've got 92 games left and they're all going to be on television and 33 of them or a third of them are going to be on a wide distributional free to air basis so it's going to be very interesting to see how many people are watching when those viewing figures come in. so we're very optimistic that lots of people will engage, lots of people will be supporting their teams. >> it appears as well, richard, from afar, that your players, your clubs, the league as a whole are not just planning to support the black lives matter movement and protests but

embrace it wholeheartedly. tell us what you're doing now. >> well, really, there are two messages which are coming out. obviously, we're living in a different world now, and so there's two messages which are coming out from the players. the first one is thank you, to thank our national health service in this country for the incredible efforts they have made in terms of a national effort in dealing with a pandemic and the second one really, i think, it's really a sort of ethical statement by the players to mark what's happening at the moment and black lives matter will be back on the back of players' shirts for the first 12 games and on their sleeve badges for the remainder and we support it the club supports it and so do other football stakeholders in this country so i think it's a statement of solidarity >> indeed, statement of solidarity, most recently sparked by issues here in the u.s., but what is the state of play back home in the uk, richard? do black players in the premier league still experience racism regularly?

>> there are clearly issues with racism, discrimination in the uk as there are around the world, and football and footballers are not immune to them thankfully, they're few and far between. but what we're hearing is our players feel very strongly about this issue, and we're very happy to support them. >> i wanted to pivot, if i may, richard, to broader long-term topics for the premier league, and amazon entered the fray in the most recent round of bidding to have a few broadcast rights for premier league games, but relatively small package so far and only in the uk so far. do you see that changing longer term to see more over-the-top services taking more of the total portion of premier league live rights? >> as you say, they have entered the market we're in the first year of our three-year commercial term they had two match rounds in december this year and did very well in terms of the response

they had from the uk market, so they're very pleased with that i think longer term, it remains to be seen we've always sold our rights in the uk and around the world, really, on a platform neutral basis, so whether it's traditional pay tv broadcasters, free to air operators or over the top operators, we're neutral on who we work with. >> also just want to ask about the general level of money in the game i mean, there's all sorts of estimates about how big a hit the league is going to face because of the shutdown of coronavirus and the lack of fans getting back into the stadiums it's certainly a big blow. it's certainly a big blow that nobody would have liked to have seen i wonder, though, if there's a tiny silver lining to come out of it. would it be welcome to see transfer fees, wages and the like plateau a little bit for a few years ahead as opposed to the stratospheric rise and increase they've been on over the prior decade

>> as you say, it has been a totally unanticipated and significant hit to the premier league economy and also the rest of the sporting economy in this country. and it will take some time to fully appreciate that and recover from it. i think it will have an impact to some extent on the transfer market, but we are in a global players market, and it remains to be seen what the impact will be >> richard masters, the premier league ceo there we'll be posting the full interview online for the premier league fans out there. comments from marcus rashford. sarah, i think it's going to be absolutely fascinating to see what the ratings are for this, given that everyone's still largely in lockdown and this is the first topnotch with global appeal sports league to restart and restart it will on nbc sports, by the way, tomorrow, albeit, we should, arsenal, manchester city clashes with the closing bell, so please watch it only if you have two screens

going. it's not an either/or. it's both. >> thanks for clarifying that. it's a huge deal and i think it brings back some semblance of normalcy for people and escapism i'm curious, to that point, what they've been doing to make sure that players remain safe during the time when it's still a pandemic and there's still some concerns out there that we're starting these sports. >> it's very regular testing and of course if everyone's testing clear each day, then that answers one of those questions there are one or two cases, positive cases, popping up across the league, and obviously, if that picked up pace, that would be a problem. i think the key difference as well, though, in terms of why this might be more possible than some of the other european leagues have started but u.s. sports haven't is just the distances teams need to travel southampton to new castle is the longest distance you can drive that in six hours. so, a whole team can get on one coach and that becomes possible. that's clearly a much bigger hurdle to get over here in the u.s. for whichever sport you're talking about. >> good point. well, we know you'll be watching

outside of the closing bell hours, of course >> exactly up next, shares of norwegian cruiseline fallingfthos. aerur we'll tell you what's driving that stock and some other cruise companies turning lower this afternoon. what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪ [shouting] [clapping and shouting] [cymbals clanging] [knocking]

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that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty. welcome back we've got a market flash on norwegian cruises. dom chu with the story >> the shares are down norwegian cruise has said that all ofits cruise lines will extend certain cancellations for the vast majority of their cruises scheduled to take place between august 1st and september 30th and extend those cancellations and extending some cancellations through october 30th, 31st as well, so that's the reason why those shares are

lower. watch the other cruise line operators. back over to you all right, thank you down 8.7% afterhours wrapping up the overall market, mike santoli, a very strong session. the dow rose more than 500 points, 2% gain in the s&p 500 what are we watching tomorrow? >> we get a second day of fed chair jay powell's testimony, this time in the house it seems as if it's now just kind of the assumed premise, the fed has this open-ended commitment i'm not sure that's going to be a market mover one difference today with the equity rally you did see again, bond yields, treasury yields perk up a little bit so that seems to be a little bit of the pu push/pull within the markets the treasury market feels like it's reacting to when stocks are strong and the stock market wants to see treasury yields go up to ratify their move. >> just going to flag as well, tomorrow, on "closing bell" we'll have a expert perspective, a legendary investor

perspective, jeremy grantham who also recently slashed his funds exposure from something like 60% to 20% on equities so he's bearish on equity markets from here. thanks for watching today. "fast money" starts now. "fast money" starts right now. tonight's trader line-up coming up on "fast," the china threat, the shocking headline out of beijing that could pose a major risk to this rally we'll tell you what it is. plus, oracle on the move in the afterhours, reporting results, the company's conference call is just getting under way. we will bring you all the big headlines. and later, the big bucks in slimming down. the one stock tapping the tape today, the battle of the gubulg. we start with today's rally on wall street, stocks rallying with the s&p gaining nearly 2%, it all started