it is 5:00 a.m the "top five at 5." the nasdaq could make it nine out of the last sessions higher. a cautious fed chairman giving investors reason to pause. one investor says the u.s. stock market rebound is forming a bubble and ignoring the facts of reality. taking action. companies to pledge to tackle racial equality and adding a key

company holiday to the calendar. >> and he are everyone tz artz o raise serious cash that's all here on "worldwide exchange" on cnbc. good morning, good afternoon, good evening. welcome to wherever in the world you may be watching. here is how the money, your markets are setting up their day. stock futures indicating the dow is likely to rise at the open. it is early. we are in the green. we are 116 pointsto the future side as well snapping the three-day streak. it did during the second day o temperature. with that pull back, blue chips need about 1,862 to complete

that selloff look at the wild swing after a relatively calm one. watching the credit and bond markets as well. 10-year at 0.73% look at oil. new data that shows venezuela' oil output has collapsed to 570,000 barrels per day. that is down from more than three plus million barrels a day. that is a 76-year low in oil output for the most oil rich country in the world a true collapse of venezuela there. wti crude is up to 38.32 around the world, mostly red overnight in asia. kind of the trend we saw yesterday. not big swings anyway the market may be taking a breather japan might be going well as we

get to europe slightly higher. let's move on. maybe it is about the fed. jay powell warning, quote, significant uncertainty regarding america's economic recovery particularly for small business and lower income americans. he says may need additional support as the country tries, inches its way toward recovery >> it would be wise to look at ways to continue to support both people who are out of work and also smaller businesses that may not have vast resources for a continued period of time, not forever, so that we can get through this critical phase. the economy is just now beginning to recover it is a critical phase and i think that support would be well-placed at this time >> joining us now is ethan powell chief investment officer

thank you for joining us let's talk about jay powell. is he really running the markets right now? it seems like the fed is sort of top lining it. we didn't see a big move yesterday. what is your key on the big issues and what is driving us right now? >> it has to be the fiscal stimulus he hit the nail on the head. 40% of those making less than $40,000 are unemployed it disproportionately speaks to people of cover and at the current level, it is hard to really understand what is driving the market the only thing he pointed to is fiscal stimulus. >> is that everything? is that what is driving the market is there any fundamental reason to be optimistic or is it all the fed? >> it is all the fed

there are pockets of optimism as in a post-pandemic world we are seeing an increase of a lot of previous social trends. great valuations of something like a home depot with a 40% return with a strong almost double digit top line approach that should be trading at almost 20 times multiple. you could rationalize things in the market it seems very topee. we think it will be trading in a broad range for the for seeable future you look at the uncertainties and see the eu blocking down trade restrictions furthering this global conversation you've got the presidential race the pandemic where we anticipate structural unemployment.

that exacerbating some of the racial tensions we are already seeing in the marketplaces a lot of certainty not a lot of cause for 0 the mix. >> you are also the founder of impact shares where it looks for providing a way to invest in socially conscious companies how have these important and top line racial issues changed the way you think about investing? >> you know, look. if you asked me, i think that we are in a period where we are really emphasizing the social and environmental impact of our capital allocation you think about the front year with risk and return, there is a third dynamic which is environmental and social impact. companies want to be more intentional about how that is

used and evaluate based off the process and are they in a decision to accomplish those outcomes, which is why our nonprofit impact shares with companies like naacp it is what does a good corporate citizen look like through the lens of the naacp certainly as it comes to companies impacting people of color in the united states and taking an active position in helping companies to improve their scores and their stand in relative to communities of color >> an important topic there. we'll take a look at the shares. we appreciate your time with a lot of issues to launch us on a thursday from wall street to oklahoma the number of covid cases is getting more attention as president trump takes a hard

line on liking down the u.s. economy for a second time. frank is back with those stories and more >> you are right several u.s. states including oklahoma that continue to report a surge of new coronavirus cases days before a planned campaign rally of president trump in tulsa that would be the country's largest indoor gathering in the last three months that state reporting 329 new cases in the past few hours. florida and arizona also reporting record rise of cases president trump says he is not willing to shut down the economy for a second time. >> google says it is committing $175 million to black-owned businesses and increasing reputation in leadership ranks and will end peer badge checks

which encourages racial behavior >> and uber makes juneteenth a paid company holiday joining nike, nfl, post mates and others as adding this official holiday. after days of tension, major league baseball is one step closer to starting its season after holding face-to-face talks with executive director to discuss the possibilities of getting on the field according to the details of the new proposal include 60-game season starting july 19 and offering players full salaries including options to include postseason play in 2020 and 2021 back over to you gentleman frank, we'll see you in a bit when we come back, we are kicking off the day-long coverage of america at home.

taking a closer look at one retailer meeting the needs of the consumer and they don't even sell groceries is the stock market forming a dangerous bubble we'll ask top equity strategies if she agrees. >> later, las vegas sands is using unique technology to detect viruss in the workforce days before the virus appears. we'll show you some very cool new tech you might be hearing about coming up. stick around

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only a few retailers not named amazon, home depot and walmart have been able to stay open being open does not have to mean having people walk through your doors. one big winner with the under the radar lockdown champ courtney, who is it? >> hi, brian one of the few retailers that can say it now been through two pandemics. three quarters of ll bean's business is online or catalog based. the retailer has been able to sell so far into phases of pandemic buying. it was comfort first, then a

focus on the backyard and then the outdoors beyond the home in march, sales of slippers went up 95% late april, early may, shomers busted outside hammocks up 150%, outdoor furniture up 80% exploring more outdoors. later in may, bike sales up 400% stores have sold out of some is of those kayaks and boats sales grew 96%. 51 of 54 of ll bean stores are reopened while the catalog had been in decline for two decades, it has turned around during this period a lot of brands are trying to own their own distribution ll bean is kind of doing the option and moving into wholesale

for the first time in its 108-year history and will start selling in nordstrom, shapeles and midwest sports dealer shields. back to you. >> i had to learn it is leon leonwood bean founded in 1912. good story there we are getting stories of malls opening and masks. do you have any early data about how nationally we are doing with people going out shopping even with masks on? >> data is coming in mixed in a survey, customers have said shopping is low on the list when they are talking about returning. the fear is still high they put shopping, particularly malls behind things like

traveling. then we've heard from retailers including macy's and kohls and american eagle that have said traffic in our store is better than expected. we saw things getting stronger shopper track tracks literal footprints when you look at the u.s., traffic was down at 82%. remember, some retailers were able to stay open. now it is still down 44% i guess it has come back to about half we have a long way to go for that part, brian >> i did something tuesday i took yesterday off, tuesday night. i went out to eat at a restaurant i paid somebody and they bought me food. i forgot how to do it. i looked at a piece of paper and ordered it and they delivered it

>> did it feel weird >> it was awesome. it was amazing i hope to do it again soon courtney, thank you. still on deck, how one company is marrying technology and health care and taking it all the way to number nine in our 2020 disruptor list. that's next. >> announcer: today's big number, $4.6 trillion. that's how much cash is currently sitting in money market funds according to refinitiv. that's the highest level on record

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with spray mopping to lock away debris and absorb wet messes, all in one disposable pad. just vacuum, spray mop, and toss. the shark vacmop, a complete clean all in one pad. dow looking down futures up 104 points right now. hertz is halting a plan to sell $500 million they say they got the okay from bankruptcy court in the seed with substantial risk that shares they buy could become worthless. with any assets in chapter 11. talking with her yesterday on

squau squawk on the street when you let the company know that the sec has comments on their disclosure, they do not go forward until those comments are resolved there are other processes companies have to follow including if the shares are going to be listed, meaning communicating those and there are professionals involved >> also watch spotify. it has reached a deal with reality star kim kardashian west with a podcast focusing on criminal justice focusing on her innocence project. and wall street journal reports bond holders have refused to go along with the

deal cnbc annual disruptor list highlighting companies innovating or transforming their industries neteera has found a way to follow human vital signs like pain, fatigue, stress, even coronavirus symptoms the israeli company coming in at number nine. joining us now, the founder and ceo of neteera most people start at 49. you start all the way at nine. tell us about your technology, what it does, how it works and why it is needed >> thank you, brian and good morning. obviously, being number one the

first time we join the disruptor 50 is a great honor for us and an indication of how technology is contribute to global good as you might call it. what we have came understand and we were looking at the market when we started to form the company is that the world is investing so much resources into wireless solutions cell phone, wifi, blutooth when it comes to health care and us as people, you have to be connected to wires to be monitored. we see that in many situations steve jobs is, maybe we can call them the father. when he was hospitalized, the main complaint was the medical equipment, he had to touch it,

it was uncomfortable all these investments or not enough investment is being done in order to create the situation where we can read vital signs in humans from a dance through clothing we are using a small sensor with a weak beam and read the vital signs through skin motions our skin is moving when the heart pumps or lungs extract we can monitor these motions and from them understand the person's vital signs if he's well or not well we can see it over time. we are doing it in a sin only muss manner. you don't have to do anything or charge anything. that information is being gathered and stored in the cloud. >> does it work in con junction with a smartphone or separately?

>> it is its own eco system. think of it as a bridge between the digital world and human beings it is a complete different system that can connect to a smartphone and you can get data but it is not dependent on the smartphone >> how does it work? is it put into a piece of clothes? do you put it on when you need it when you take a pulse, you touch your neck or wrist when your heart pumps, it shows in the motion of the skin. the very, very small device hidden you don't have to see it it can be in an area where you

are at for instance in israel, we have done very extensive clinical study. everyone who came to the er, they had the front screening station. the person sat in a chair. they didn't have to hook him up to anything or glue anything on him. he was just sitting in a chair and they were able to receive his vital signs in high accuracy >> coming in at number nine on the disruptor 50 list. co congratulations to your team important work still on deck, with so much information and data being thrown at you, what are the key indicators you need to watch with the markets we'll talk about that. analysts just slapped $3,200

price target on amazon and says it could be worth a lot more more after this. that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty. 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.

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you can count on us. greenen the screen once again. can the nasdaq make it nine wins in the last 10 sessions? some are higher. after a second day of testimony from fed chair jay powell. >> we just know there are

something like 25 million people still dislodged from their job it would be a concern if congress were to pull back from its support it is providing too quickly. >> could amazon be worth twice as much as it is worth right now. an analyst put out a very bold call you are watching here on cnbc. welcome back and good morning. i'm brian sullivan account nasdaq make it nine sessions higher in the past 10 jay powell and company keeping investors occupied the dow snapping a three-session win

streak powell told lawmakers there is, quote, uncertainty regarding the pace of small companies adding that minority americans are particularly at risk >> yesterday's pull back however muted up 18% since april 1 oil is slightly higher a couple pieces of data. showing that venezuela's oil output has collapsed at 570,000 barrels a day from 3.5 million a decade ago that is a 76-year low in output. u.s. output down as demand goes up and supply comes down, we are see egg oil

prices move back towards 40. giving jay powell a reason to rethink the rally growing more certain u.s. stock markets recent rebound is ignoring the reality of the rea american economy >> even in the three or four weeks i was writing about how little confidence i i had compared to the other bubbles, my confidence is rising quite rapidly that this is in fact becoming the fourth real mccoy bubble of my investment career the great bubbles can go on a long time and inflict a lot of pain i think we know now that we are in one and what is involved in having a bubble at the time of massive economic activity is

substantial. >> joining us now with her take. do you think that this is a bubble for equities? >> i do think they have gotten ahead of itself. i don't know if i would use the word bubble. i would use the word fast forwarded. it has happened very, very quickly. the kind of things you expect to see. lead and recovery have been leading. the magnitude we have seen in percentage terms has been close to what you have seen in a six-month period off the low we have been ahead of fundamentals and i don't know if i'm quite in that bubble camp yet. >> amazing that the markets are moving so much faster than they used to. i feel like the market prices in the entire rebound coming out of lockdown in three weeks. >> it did. it priced in the recession in

that amount of time. the percentage drop we saw was in line with the average drop we have seen in the market since the 1930s. it wasn't even extreme by historic standards it happened in a compressed time frame. we have gotten the rebound trade in the same time frame >> what do we do now are we priced in or close to it, cash doesn't seem like a great option they've given them bonds and on a negative basis where do we put the money to agree with that? >> i'm a money strategist and i never want you to get out completely what we are telling investors to do is to keep a balance in defense and longer term growth on the defensive side, we like

the abilities. you've got very safe dividend yields one of the reasons why investors like u.s. stocks on t on the cyclical side, we like industrials. we think people will want to get back to work even if they might temper how to gain on the consumer side of the economy secular growth, we like health care there we keep telling people if we are getting out of the phase and looking toward the new normal. what does that look like that favors secular growers. >> we are starting to see if companies start to come back to, quote, normal. they'll do more with fewer

workers. what about the hedge fund hot dogs looking at research, you note that these hedge fund stocks all pile under the same names. maybe because they are piling into the same names because they are, quote right should we look at what the hedge funds do is that a great strategy >> it has been a strategy over time to follow the smart money those hedge fund hot dogs are crowded in to on investors as well the stock etfs have high holdings there it is not just the hedge funds that have crowded in we have seen rotation since may. those have not been leading the back since then. we always tell people there is a

lot of great names on the list active management does the work. we do think leadership can whip saw here in the choppy market. >> bottom lining this conversation no bubble, be ahead of ourselves and probably to the upside left. >> i don't necessarily rule out the idea that we will have a double down the road we will move in fast motion, so to speak we talk a lot about how the last leg was driven by economic surprises. that is actually where it tends to peek out at we could help spark a pause here >> rbc, love it. love the research. hedge fund hot dogs. we are going to make a graphic

for that >> i love it good to talk to you. >> you too one ring to help them all. a closer look at high tech jewelry a vegas casino is using to keep workers and customers safe that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. welcome back, new this morning. arguing that huawei is indeed a

national security risk no question the company routed data to beijing and shared it with the communist party in a commentary set to aaron the bbc radio. passing data to the chinese government >> las vegas sands piloting a new way to tract coronavirus in its staff wearing smart rings made by ora. now even the nba is using the ring to keep player health data on track joining us now ora ceo, a reformed wall streeter, i hear how does the ring work to let

people know if they are coming down with covid-19 >> look, i think wearables have really interesting technology that help you understand the human body we have temperature sensors in there, l.e.d. that help drive your heart rate and respiratory rate we've done a couple research studies now. early data is dugting that our wearable and others can be helpful in detecting in early on set of symptoms related to coronavirus. >> wow okay so it is a ring. we talked to a guest earlier on the disruptor 50 list, maybe you should be on that list was well. everybody is trying to figure out how to track vitals to understand subtle changes. if we are using that ring, what

would be the one or two things we need to look at first heart rate not sleeping, body temp? what is interesting is all the data together that gives a better signal. average consumers saw the users come out and saw the change. the heart rate variability temperature rate being the most variable big changes he saw, he decided to get a test. turned out he was positive he said the whole time, he didn't really feel any symptoms and described himself as a symptomatic. >> those slight tweaks and

changes to our own body that may be pointing to us not just covid-19 but a lot of things >> we announced the study, both of those are, looking at covid-19 and otherflu-like illnesses. we know the work environment can be these areas where the common cold and flu spreads companies like the sands are very interested in using this technology to understand what is going on and give peace of mind. >> so the nba may be using your rings. >> rumors are interesting. i can't comment on all of them right now. if you think about going back to

work in any environment, including a sports league, how do we ensure as employers we are keeping players safe a lot of that now is with testing. no one wants to get a swab up their nose every single day. >> we don't? >> i don't know if you've done it yet it almost feels like it is touching your brain, it goes so far up there it is uncomfort, expensive and we have a shortage of tests in this country what we've found is looking at a work force population and identifying the high risk portion, you can figure out who to test. it is more convenient and better than just going in alphabetical order. more scientifically proven and accurate it gives every employee a peace of mind. >> let me wrap it up with this

basic question, which i'm sure you get a lot. how long does the battery last >> the battery lasts a week. you don't have to worry about charging every night people get around to it on the weekends it is a tiny ring. really small check it out oura ring.com. >> can you get them? do you have supply chain issues? a lot of things are sold out you can't get an inflatable pool for four months. >> i remember you couldn't even buy a they are mow meter on amazon for a long time we have stock. as a company, we've been able to scale manufacturing well it is definitely interesting times but, yes, this is something you can buy today by visiting our website >> battery lasts a week. like an old blackberry you don't have to carry around a

charger in your pocket thank you for joining us nice and early. >> appreciate it take care. >> on deck, initiating coverage of amazon with a $3,200 target 30% from where it is right now a bold new call from analyst on with us next to complain that rational watch us live and on the go as we go more places. looking at time square, more cars on the street we are back after this an estimated 54 million americans will struggle with hunger. ♪ with 200 food banks and 60,000 meal programs, feeding america is the largest hunger-relief organization in the country. join morgan stanley in supporting feeding america

and your local community food bank. ♪ with spray mopping to lock away debris and absorb wet messes, all in one disposable pad. just vacuum, spray mop, and toss. the shark vacmop, a complete clean all in one pad. okay, give it a try. between wisdom and curiosity, there's a bridge. between ideas and inspiration, trauma and treatment.

gained a couple of more pounds. that's good for the babies. between the moments that make us who we are, and keeping them safe, private and secure, there's webex. ♪ ♪ beautiful. 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. >> charging up to $17.5 billion. pintrest plans to add a person

of color to its board. according to an internal email bloomberg files allegations by two former black workers who say they faced discrimination working at the company >> hong kong disneyland reopens after five-month break reporting losses the past three years. jointly owned by disney and the hong kong government tomorrow marks 100 days since the w.h.o. declared covid-19 officially a global pandemic despite the volatility, nasdaq has been positive. top sectors, it and consumer discretionary. amazon has a big hand in both of those. stock is up nearly 40% our next guest initiated

coverage of amazon with a buy rating and $3,200 target joining us either nice and early or nice and late from california you are a media analyst. what are you doing covering a consumer products company like april amazon >> we have found that they are a consumer services. aws a widely valued. implying a trillion of amazon's value out of 1.3 is attributable to services businesses you are buying at the revenue,

which is cheap to us $500 million for the media side? is john krazinski really worth that kind of money >> we are looking at ad and streaming. using the public costs twitch is one of the most valuable media because it targets 15 to 25-year-old young men. includes music which deepens penetration. that's your next generation of e commerce buyers. when you think about the on ramp of how to get people addicted to amazon products. it is great. they reach twitch and have the design they don't focus on the as sets as on ramps to the next

generation you don't hear about amazon debate and talk about netflix. why not? >> because it is part of the bundle and it is free 30% of the 150 million prime subscribers primarily subscribe due to the media aspect 80% are prime subscribers for shipping and don't think of the media asset because they think of it as a throw away. we think you need to give the media assets credit looking at the prime bundle, which we think is a 40% margin. makes it more valuable than if

it was stand alone like netflix is you have a target on it but you note that this could be a $5,000 stock. that implies, what, a $3 trillion company >> i really think one of the interesting things people miss is that the stock embeds a return on capital on an asset growth number. this company has not grown assets at lease- 0% a year in the last decade we have a ceo here that has been doubling the return on capitol or efficiency for a long time. normally assets grow at 3% this company grows at 30 if they continue to grow assets,

they'll continue to grow more cash flow? >> is there a bezos risk at amazon his baby and he looms large. he's not 28 years old anymore. he may want to retire soon do they have some kind of bench that can keep this going on? >> there is some concern that jeff bezos gets hit by a truck the culture here where the company has gotten so big. it employees 850,000 people. that requires a management culture. the culture creates value in addition to one of the greatest living businessmen of our generation more involved now because of covid-19 and the disruption it has caused with

the employee base and consumers. i i do think it is a risk but i don't know how you calculator quantify that risk >> for years, people said, it doesn't make any money i have to avoid the balance sheet. has amazon changed the way we think about business i feel like netflix copied in a way like what is profit? who cares. let's just grow. >> it is interesting you and i have had a lot of conversations about apple. apple and amazon are around the same size. i think they both generate around $60 billion of free cash flow but use it differently. apple turns around and buys in shares and shrinks share rates

amazon turns around and invests it in groceries, media or some thing that is growing and only reports out about $30 billion a year i think they are investing $30 billion in new things that are nonvisible logistics may be next with a $30 trillion tail. >> by the way, your kids are a little older tumble leaf, the crab, best kids show on tv laura, thank you for joining us from california. get some rest. thank you. thank you, folks dow futures did come off their highs. we'll see you teem on "worldwide exchange." "squawk box" is next 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. with spray mopping to lock away debris and absorb wet messes, all in one disposable pad. just vacuum, spray mop, and toss. the shark vacmop, a complete clean all in one pad. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us.

good morning stocks searching for some direction. we'll get you ready for today's key economic data. closely watched jobless claims the latest on the surge in cases in some states and how governors are responding and after the u.s. abruptly pulled out of talks to tax digital companies could mean prices rising for some cheese and champaign. it's thursday, june 18, 2020 "squawk box" begins right now.