that as you were about the ten year we'll hand it to you we'll have you back and talk more about it as we do this. thank you. >> thank you very much becky, andrew, i'm afraid to make plans with you. >> come on up -- >> we'll socially distance. >> happy father's day, guy >> make sure you join us next week sidewalk "sqwauk" on the street is next good morning, and welcome to sidewa "sqwauk" on the street jim, you and i have had an interesting week as well, of course, as we get ready to wrap up trading, our viewers can see, we're set up for a higher open with the s&p futures looking up as much as 1% at this point.

and it would obviously be fairly strong gains the week after the weakness we saw in the broader markets last week. not a lot of individual news this morning, jim. but always curious as to what caught your attention. >> oil at 40 makes people feel, wait a second, maybe the economy is not so bad. maybe that's the "v. we have of course an apple price target boost a couple of companies reported that were not disastrous that's regarded as being positive and the day traders, they don't stop at one point today, we're going to have to talk about them because of a tragic instance that happened. >> i've been seeing that in my twitter feed as well i think cnbc has done some reporting on that in terms of robin hood very unfortunate and we'll talk about that and we'll talk about your friend who i know you follow closely, but

back to the broader market and back to something we spent a lot of time talking about over these last few years which is china trade. bloomberg is reporting that they will accelerate its agricultural purchases from the u.s. which had been the plan under the agreement. potentially, a positive. coming at the same time that beijing has been kind of tightening things up to make sure they don't get a second significant outbreak things somewhat a little murkier for the overall chinese economy. >> maybe the chinese are hedging their bets they're discovering something they should have known if they ever listened to speaker pelosi which is that the democrats are hard core antichina because it takes away labor from the united states maybe the chinese are saying, you know what, let's buy some grain. if this guy wins again, at least we're -- we got a toe in the water. and i think that matters because there's been no olive branch, that i've seen, toward china

the bolton book -- i've not read the book >> no, nor have i. it's not available, of course. he's being -- the justice department is going after him. but we have seen excerpts or summaries of some of the things in there and you're referring to his contention that president trump pressured president xi to do a deal in part and do these kinds of agricultural purposes for the express purpose of trying to ensure his re-election. jim, you know, you've been a critic of china throughout this period for various reasons. >> true. >> and it's hard to imagine that the relationship as you say, is improving in any way given the fact that this administration continually refers to it as a virus that came out of china, blaming china for not doing enough but your point well taken, if there's a democratic administration, there's no guarantees that things are going

to get any better. >> the emphasis would be on labor and environment, china being a terrible country in terms of reopening and going back to coal the movement out of china -- look, when you buy things now, when you buy furniture, you see made in malaysia, made in vietnam. a lot of people feel like that's the chinese moving their name plate. but it does matter i think the -- grain buy is perceived as something that is viewed as, hey, listen, let's go back to the table. maybe things have gotten out of control. but the hard-liners are still in charge in the white house. so the chinese are going to have to do more than just live up to one part of their obligation for the president to change his view >> understood. understood let me come back to something you mentioned right at the top, of course, in terms of us following the markets, oil is having a strong -- at least at

this point, ready to pierce the $40 level for wti. what a ride it's been for so many of these companies and for the commodity itself 40 is an important mark here, just curious to get your thoughts in terms of some of the players here, whether or not it in some way brings more buying into the sector, occidental got an upgrade from somebody today we've watched that stock and we watched the likes of chesapeake which others have reported and we can see is not having an easy time of it and this speculation creeps into these names as well. >> there's been no rally whatsoever in natural gas and futures indicate it's still going to go down here's the things that i see cur drilling a million barrels taken out. what matters, the chinese are ordering again, copper is up

it's not green shoots and autos, it's outright buying in autos. carmax reported there's a part that's lockdown, they say since the lockdown is over, their business is strong this would be rather amazing if we actually led with gasoline buying but it's possible cdc says no carpooling and obviously mass transit has become what a lot of people fear more than anything else when it comes to covid. they can rally together and find that the numbers aren't so bad but you take the subway, holy cow. there's a chance that our own driving is going to drive gasoline up. venezuela now produced the world's largest reserves 450,000 barrels. that's amazing >> it's amazing, what do you

mean it's amazing? >> they've gone from 3 million barrels a day to 450,000 barrels a day. >> that's been going on for quite some time. >> absolutely. the trend line is like this. i'm just saying that you're not -- russia and -- russia and the saudis are no longer doing the most stupid thing that you and i have ever seen they were like day trading down. think about it, who could drive oil lower, they got to minus 37. i think that's going to be the benchmark of bad ideas, of ill-advised price wars minus 37. >> you don't think we're going to see a low below minus 37? i don't know >> i was like, were were you he said, jim, we don't move that fast true, but chevron is the one that is still preserved the

dividend oxy, that's powell do you think he's going to go with the carnival cruise refinance? >> yeah, powell capital management, whether they're going to see -- equity or bonds? they haven't moved into the equity markets yet let's hope that never happens. you could argue playing on the debt side does have -- and we see it, does have an impact significantly on the equity side as well. there's a look at the cruise lines. carnival yesterday reported numbers as you pointed out they probably should go out there and raise more equity at this level given they did it at ten points lower. >> david, remember, these are day traders favorites. remember, the day traders do the -- they don't play skill and the -- it looks like they came up green today, not red could it be that stupid?

>> yesterday, you made an impassioned plea on the part of some of these same investors saying why not aren't they allowed to make money and criticizing some of the holder hands who have a hard time with valuation with market, jim, not that you can blame them, because they've seen this movie before and they have a sense as to how it ends. and you also do criticize those same day traders -- >> what i'm saying is if you adopted peter lynch's work, he said, you can beat us. you can be focused and see things and we can't. we were looking at a lot of different stocks that attitude which was for most of my career the attitude of professionals has been washed away by professionals who do nothing but tell you how stupid you are. i see the cruise ships and say that's not investing, that's a casino game. i'm saying that individuals who see apple and decided to own, not trade, or netflix, or alphabet, or facebook, have done

really well and all they had to do was ask their kids, what are you doing? when this tiktok deal comes, david, that's going to be huge a one. and they know it because the kids all use tiktok. they do. >> tiktok is going to be enormous it's owned by bike dance but basically the company is tiktok what they have done there has been nothing short of extraordinary. why do we talk about it? it could have $150 billion value out of the box that's not hyperbole either, jim. one of the larger media companies. you think that may even be low -- >> i think if an individual buys tiktok, they could do well that's different from buying carnival there are people who don't understand the credit side, those are the ones who should be in index funds they should. if you don't understand that there's another side if you

don't understand the difference between a bond and a stock, that's a fabulous candidate for index fund if you do and you can isolate which one is best in this case norwegian has the fewest covid instances. >> right right. and, by the way, the sec took your point of view when it comes to that because hertz is not going to be able to sell stock that happened yesterday after we heard from the chairman that they were reviewing things for closely. and no longer hertz going to be able to raise any equity to the fact that its equity trades so rapidly these days. >> i think that was a good idea. remember, they said sunlight is the best disinfectant but is it

a good disinfectant on a corpse -- >> you can be mostly dead, jim like in the princess bride >> mr. clayton going to look into what happened to that poor soul in nebraska. >> i have no idea. i have no idea it's a very unfortunate story. jim, we're going to take a quick break, i think we want to check in with -- >> meg has something. >> we also -- >> which one is it who is it? the day traders want to know the day traders are going all in, every vaccine, betting that meg is going to highlight one of them >> actually, there is some news on an oral antiviral from -- they're in the process of licensing -- again, the only oral antiviral that's out there

for treating the potential disease early in its stage all of these other ones are infused, no. and they are moving into human trials they've begun them, with people who have the virus with people -- >> if draftkings says it's going to be with -- i don't know >> all right let's take a quick break we're going to talk about apple as well after the break. an upgrade this morning and also some pressure being applied to the company in terms of what they say are -- its critics say are hardball tactics in the app store. you can see we are set up on this friday for a significantly higher open. we're back after this. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya.

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welcome back as promised, let's get to meg right now for on an update on where we stand in terms of a virus in various states. meg? >> hi, david not great news, overall. the united states yesterday reported about 27,000 new cases and the seven-day average, after declining since april, is rising again. the 27,000 from yesterday is up from about 24,000 on wednesday that says 21,000, but it should say 27,000 yesterday the percent positive rate out of the total number tested also starting to edge higher on a national level now above 5% again, nationwide. if you look at the number of deaths reported, those continue

to come down on the seven-day average trend, now to about 625 versus 800 a week ago and 1300 a month ago. these numbers do lag the new case numbers by a few weeks. epidemiologists are saying those could start to come up as well that's the macro view. if you look down at different parts of the country, they're moving in dramatically different directions and the hot spot that is we're seeing, of course, are in arizona, texas, florida, california yesterday reporting a record number of new cases the cities that are seeing the fastest doubling are phoenix at 12 days, tampa, orlando, san antonio and austin there are areas that are starting to slow down, detroit, worcester, new york city, and bridge port. those starting to see the fastest recoveries but a tale of two countries right now. david? >> yeah, and sort of a reverse of what we saw in the earlier

stages as you point out with the northeast seeing significant declines and parts of the south and west seeing increases. we're going to be watching it closely, meg, and appreciate your help in doing so. thank you. jim, movie theaters figure into that conversation in terms of what people are willing to do and when they're willing to do it in terms of the reopening you had amc's ceo as a guest last night let's take a listen to what he had to say >> we've gotten current and former faculty of nothing less than the harvard university school of public health, we're consulting scientists and experts. we have a comprehensive array of careening protocols and we're not just relying on social distancing or seat capacity limitation or even intensified cleanings, we're investing millions of dollars in cleaning our theaters >> jim, can this company survive

as currently constructed, even with the fed's help? >> i know it needs money i know there's a lot of criticism that adam did not say that you need masks. i've been thinking that masks are the best thing we have, actually, really the other thing we have other than social distancing the -- can they survive? interesting enough, adam was saying that, look, we average about 17% occupancy per night, but that's i think -- what happens is, all the tickets are sold over the weekend. i think it's a great question when -- i think that's what's on the table, david because the creditors are angry. the big screen has won a lot of people over at home. but there's still people who want to go out the dispute is not solved yet with our parent but disney has a good release coming out, warner. i think we'll know quickly

i think we'll know in three months. >> yeah, of course, the problem is the debt load as we pointed out, having leverage in this period, being in an industry like this or other related industries, travel, leisure has been difficult as you point out, there's the -- not requiring people to wear masks which would seem to go against some of the recommendations that we've got out there in terms of how people shouldbehave in indoor spaces. >> i'm a mask guy. i understand that movie theaters make a lot of money off of popcorn and candy. that requires you to eat which means the mask is inconvenient i think that you need everybody to wear a mask in order for masks to work. and you didn't get that. so the "new york times" talked about it today the main story they had is not about the debt or the reopening, criticized for comments about the mask and i think that's a major issue. going forward, it's going to be all about the mask and why our country doesn't wear them.

>> some parts of the country do and other parts are choosing not to we'll have to see. jim, we're going to get back to talking some stocks, in particular, apple. an upgrade this morning as well as controversy involving the app store. we'll bat that around a bit. we have an opening bell coming up as well ten minutes from now, we're set up for a higher open you also see the in the corner of the screen there, oil hitting at high as 40 on wti th's an important story as well a lot more squawk on the street. where will you go first? wherever you may go, lexus will welcome you back with exceptional offers on exceptional vehicles. get zero percent financing and make no payments for up to 90 days on all 2020 lexus models. experience amazing

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it's been a rebound of a week after, of course, losses last week, at least if you own stocks you can see the s&p poised for a far higher open when we get started with trading seven minutes from now

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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. >> announcer: the opening bell is brought to you by nuveen. leader in responsible investing. >> welcome back. hey, jim, the company that you're going to feature on the mad dash has a market cap that's bigger -- >> one of the top ten traded stocks on robin hood is ford motor and it's been a dog,

frankly. but this morning j.p. morgan raises its price target from $6, david, to $7 that's an 11% move and they say this thing is poised to rally. all the autos, even the auto parts. gm why? because of everything they've been giving us there's an upturn in auto sales. it's off of a lower base you know the way things work, it's year over year, and ford motor is going to go higher and i think this is a breakout for ford they're unveiling a new 150, that's their bell cal and this is an incredible moment because we're in a recession you're supposed to sell these stocks all the other methods are covid-related. ford motor, david. >> one can only imagine. i know, ford motor it does put you in mind of the potential traffic that's going to ensue in major metropolitan areas if people are not using mass transit, not even just new

york and the subway, but metro north and the railroad and other major cities as well everybody is going to be driving into the city center. >> yes, i have no doubt, unless we continue to have the rules of where you can stay at home if you want to. but this is going to be a difficult time people -- this is going to reverse a trend that have been going on for a long time as they race the price of the tolls in new york people are afraid of mass transit. until mass transit comes up with an ultraviolet way of killing all after covid, used cars, new cars, trucks, anything, anything will do. ford motor, david, i'll see these guys seven and i'll go to eight. i think it goes to $8. >> really? >> i do. the new 150 is going to be great. >> right well, okay but used cars right now seem to be the focus. >> have you ever driven one?

>> never. >> how about a 350 >> no. i don't know that i've ever driven -- i must have driven a pickup truck at some point. >> it's like a sherman tank, you know you just feel big. >> got it. do you end up talking like this -- >> that's a chevy truck. i'm talking about ford >> that's the chevy. sorry. >> david, no football, what are they going to do that's where they advertise. did you see dr. fauci yesterday, buzz kill fauci, talked about you have to have everyone in a bubble. >> i'm not listening to fauci on football i'm earmuffs on that one sorry, my friend they've got to have football. >> i'm sorry, david -- >> college football, professional football, just bubble everybody up. >> he says how do you know they don't come down with this thing during halftime? >> they're young and they're

healthy. >> okay. did you listen to dr. gottlieb talk about how many people are coming down with it in texas are much younger >> yes, you are just debbie downer, aren't you >> i'm not debbie downer i'm just giving you what i know. >> you're right, you're absolutely right you're saying the facts as they are. i often get accused of the same thing. there's the opening bell there's somebody actually wearing -- two people wearing a mask that's one of them stacey cunningham. >> i like that >> and, yeah, that was, by the way, darren walker in the middle there, president of the ford foundation ford's $1 billion social bond for non-profits and juneteenth the nasdaq is celebrating its ipo. jim, we should mention -- we should mention juneteenth, of

course a number of companies across the country taking note of it, giving employees the day off as well certainly not something we might have anticipated even a few months ago >> no. lincoln's last three days were incredible when we went to virginia lincoln was ethereal it's almost hard to believe. the hard-liners say that the emancipation proclamation was a war document and not a document about equality he wrote it many, many times one is that the brooklyn historical society and it's amazing to see how he waffled between equality and just war items. and it's important to recognize that because nobody was immune of what i regard as bad thoughts about minorities but lincoln was ahead of his time >> let's take a look there in terms of spending. darren walker who you just saw ringing the opening bell, there

with the mask on, he's president of the ford foundation he was a queguest of ours earli this week. and he talked about the corporate response to juneteenth take a listen. >> they are genuinely distressed they are hearing from their employees, they're hearing from customers, they're hearing from shareholders and they are, i believe, going to throw out the old playbook, that old playbook that a crisis like this, you issue platitudes, a statement, you make grants to a couple of black organizations and have a conference call with some black leaders and apologize and get back to business that playbook will not work in this crisis. and the smart ceos know this >> boy, is he ever right. >> that question of whether things -- yeah, whether things will change in a positive away. >> my great friend, basically

said, it's done. we're not doing it anymore the whole year is done and ray is someone whom i've revered for 25 years and there he is, saying what i think is going to be the new gospel get on board or go home. by the way, there will be no home for you >> right all right. let's get back to stocks now, jim. i've been promising that we would have a discussion about apple. let's do that here we have an upgrade but strong words from critics of the company's actions in terms of the app store. take a listen to a guest yesterday on "squawk alley" speaking forcefully about apple's tactics. >> apple shows up and says, unless you give us 30%, we're going to bust your kneecaps and burn down your store you don't need to do that. you're a $1.5 trillion company

you don't need to shake down small software makers. >> we made one of these deals and nobody came after my kneecaps you know why, because it was the greatest thing that happened to sales. that gentleman may be worried that apple takes too big a take, but the fact is, there are so many small businesses that -- it's not crumbs after apple takes its 30%. it's the greatest thing that happens to your business so i think that the argument of tim cook is a good one, which is you're nobody unless you're in the store. and, yes, i wish there were another store. a lot of people fight the store. but it's not worth it to fight it because it's the holy grail to your business i don't understand do people not see the number it's empirical what your numbers do when you're in the store. for heaven's sake. >> it gives them enormous power because you have to be in the store if you're going to have a

business. >> they have a lot of phones what are they supposed to do, we're only going to do 10% because we make a lot of money it's a business. and it helps your business what you get is better than when you advertise somewhere and have no idea what you get you get a terrific roi from apple. look, your product may not be that good and it doesn't sell well, but that's a democracy i think the app store is amazing and i fought it, david i fought it at the street, i said, we're not giving them that new administration came in and said, listen, this is what we're going to do and, wow, wow. you know, you got to be in it. it's kind of like not being in walmart. do you think walmart can't call the shots to anybody but clorox right now? >> walmart has had significant ability given shelf space and everything, but it faced

significant combination from the likes of amazon, jim, and have gone through that period of time. >> you can push your -- >> you need competition. you need other platforms that people can access. >> alphabet, you can try to figure out the algorithm it's f.a.n.g. except for netflix. the complainers just must not have the product that can be -- that will be reached because the apple store is a phenomenal way for companies that don't have a lot of reach to make a lot of money. it is. >> right understood and you talked many time as the company has about that significantly growing revenue that is recurring as a result of those subscription services that apple offers and it's becoming a

larger part of their overall revenues and willing to pay a higher multiple for. >> the numbers are going to be much higher. look, i've said own apple, don't trade it but i -- i did not want to give them the 30% i thought you could develop your own app and build it, they would come david, you build it, they don't come you build it, you put it on the app store, they're there it works >> you got to access -- you got to go where the customers are. >> yes >> on the stock itself -- >> i'm sorry >> on the stock itself, we did mention jeffrey's upgrading or increasing its price target, i think. yeah, 405 from 370 they're saying they're feeling confident in apple's opportunity with the 5g cycle as they -- this analyst saying, they analyze new data and take a pulse on the upside drivers.

>> upside drivers. >> the upside drivers. >> david, we're in some -- in amazing mode we have -- >> they feel better about their ability to hold -- they feel better about -- jeffries feels better about their ability to hold retail price on the phones. >> i think there's a piece this week about how india is going to get better there was a piece by morgan stanley about how people have nothing to do at home so they go to the app store and they do some buying. we're in amoment, david, which i'm sure -- jeremy was talking about this being a terrible bubble i say it is what it is you can call it whatever you want if you own costco and you didn't like it and you were nervous, hit the 300 bid. hit it a million times no one is keeping you in the stock. facebook yesterday did a great thing for minorities and

facebook shops offering -- offering some deals and i didn't really get mentioned i looked at it i think that's going to be great business that's great business for facebook because it's doing something that's great business for stores owned by minorities and you got to look at these things and say, this is incremental positive i don't know maybe i'm too positive spotify at 240 it was at 140 five days ago. >> wow there's a name that's funny that i had not -- i had not looked at in a bit spotify up another 7% to 240, as you say. it doesn't that long ago we had daniel join us, the company's founder, ceo, that was the beginning, i guess -- >> you gave you a road map he told he was going to have celebrities doing podcasts and that's what they got and now they got the car back. we haven't even mentioned tesla.

it's 940 i apologize to the american public but there are just stocks that are -- i'm sure the 1999 crowd is saying that's what we have here but i come back and say, look, if the fed is backstopping everything, it's very difficult for a stock to get crushed should carnival really be alive after what happened in yokohama? >> your point is a good one. the 1999 crowd, reporting on it during that time, '96 was greenspan. >> irrational. >> and then we had another 3 1/2, 4 years of it before we hit our highs in march of 2000 spotify up -- >> people didn't like the kroger call i liked the kroger call. i spoke to -- >> yeah, you did. >> i thought kroger had a good quarter. >> it is

the ipo market and then the market for these special purpose acquisition corporations is showing signs of enthusiasm i think, wouldn't you say, jim >> completely. martin franklin did one with burger king. maybe you get the right one and make a lot of money. david -- i have been working on clorox clorox has this business now where you get approval and work with clorox, amc, they have a deal with clorox, united airlines deal with clorox because bleach kills -- covid is really powerful. bleach is more powerful. >> right don't drink it >> no. >> don't put it in any parts of your body. >> clorox is going much higher

because this new program they have, when you work with clorox, it's the seal of approval because everybody knows that if it's clorox, then covid is dead. covid is history it ain't shedding if there's clorox >> nope. and there it is, up 42% this year you mentioned tesla. it's worth coming back to briefly. to put that in perspective, it is bigger than our parent company, comcast, at 183 billion. >> how many cars do we sell in china? >> not that many >> right. >> not that many we seem to be doing a pretty good job bringing broad band to the masses by the way, the key -- >> we were talking about -- >> the reason i'm here with you right now, thank god for broadband and wi-fi. >> sports are coming back. sports are coming back -- >> excuse me >> they were telling me that -- he likes this -- what does he

like liverpool? arsenal. he says premier is back. >> you saw dish dropped the nfl network. you mentioned the nfl earlier. we're getting there now. remember, i had said that the key time would come in late june, early july for a lot of the distributors to make decisions as to whether they were done having their subscribers pay the fees for these channels, whether they be espn or other sports networks as well, jim, when there's no sports we're going to get the nba back in some form major league baseball continues to look iffy, i guess. >> the owners want too much versus the players >> yeah. >> look, i think that this market is up in spite of and maybe there's gambling money from sports to stocks. can you believe it >> no.

gambling i'm shocked. >> shocked david, we haven't talked micron. we have a very major -- >> tell me >> micron is the backbone of course of all tech and when you see -- anytime you see micron up, it's a good reason to buy nvidia you can buy analog devices, it gives you the license to buy every tech stock and that's why -- that's why tech is being sent up because of this micron call what can i say, this is a wells fargo, not a lot of inventory being built. very positive. you'll see all the tech stocks run that are in -- except for qualcomm ran yesterday david, these calls are having -- david, analysts calls are being -- are more meaningful than i've seen in ages what do you make of that >> i think they're just following here and coming up as

to reasons as to why figure out a reason to stay positive. >> yeah. >> we got to -- we got the nasdaq comp. up over 11% for the year let's get to bob pisani. is a quadrupled. >> we've seen huge volume at the open let's get to the markets right now and we'll get to the quad. we're up 3% for the week but it's been choppy the last six or seven trading sessions we're trying to figure out what the glide path is for getting out into the reopening and it's not exactly clear. great day for energy stocks. we're finally over $40 that happened only once before we'll see if you can get over 40 energy is having a good day. jim was talking about the semis, micron raised -- i think $65 was the price target at wells fargo. banks were up today. but they're all under

performing oil is up today, these are the high beta oil stocks like marathon and apache. but they're underperforming for the week i want to note, growth is still where it's at. jim correctly pointing out the semis have had a fantastic week. companies like lam and applied materials are doing well and qualcomm is up, before the open paypal and sales force having a good week. the value stocks, i know this is a week, they give a couple days of outperformance and they fall back again value is underperforming the rest of the market it's banks, retail stocks, generally underperforming the market david mentioned the quadruple. it happens four times a year, the biggest volume days of the year we're getting the s&p 500 rebalancing today and some of the etfs around the s&p are also

rebounding you're going to get heavy volume around a few stocks, including apple. apple is buying back stock they're going to reduce their waiting in the s&p 500 you're going to get a lot of activity at the close. the object is, don't move the price. move the volume, don't move the price. there's nothing really fundamentally going on they're waiting in the s&p amazon out there ebay is going to see some significant activity the ipo market is hot, hot, hot. ipo etf is high. albertsons is kicking off their road show. they'll be pricing next thursday this will be one of the biggest ipos of the year remember, that ipo etf at an historic high.

zoom videos had a great month. beyond meat, moderna, the market is interesting interested and recently produce how albertson's does this company has been around a long, long, long a group of a number of different companies that are out there. >> safeway and albertson's leveraged buyouts, they're bringing it back warner music has done well since they hit the public market >> yeah, and you would think like the lbos, a little bit of a tougher sell, given all the debt levels that are out there for them but the appetite is really noticeable for ipos. they've been strong across the board, regardless of what kind of ipo you're talking about. >> and some bigger ones coming in the fall as well. a large investment from a

japanese ensurer perhaps going to be a direct listing bob, thank you let's take a quick break a lot more "squawk on the street" right after this >> announcer: the bond report is brought to you by pimco. 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.

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california, arizona, florida and texas all reported spikes in new coronavirus cases despite the rising number of new cases, disneyland is set to reopen july 17th with visitors needing reservatio reservations, masks and social distancing some workers asking for a delay. a dozen unions that represent about 17,000 disneyland employees wrote a letter to the governor on thursday saying it is still unsafe to reopen the park add to that, jim you've got wells fargo out this morning talking about above average pandemic exposure. while they say they have a positive view, they are still concerned or pessimistic in the length and depth of the pandemic and the impact on park operations >> it's a good piece they try to guess the domestic margins. 33%. that's a lot of money. i mean, obviously the parks are just gold mines, and they say

beware parks plus production challenges i read the piece travel trust owns it it made me feel queasy at the same time if you there's going to be a vaccine, there is a stock that's going to 160. so this is a kind of binary vaccine play after i read this piece. >> yeah. they raised capital at a furious pace, with 17 billion or more in debt >> good cfo there, david >> yeah. well, they felt like they had to let's take a quick break i think we'll have time for stop trading with jim a lot more ahead

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all right. it's been a good week for shares of broadcast satellite and wireless companies, or potentially dish network, up almost 14% leads the week to date marathon petroleum in the potential sale of the speedway division is anhestng rfmeonhe week. ♪ [shouting] [clapping and shouting] [cymbals clanging]

[knocking] room for seven. and much, much more. the first-ever glb. get 0% apr financing up to 36 months on most models, and 90-day first-payment deferral on any model. this moment right now... this is our commencement. no, we'll not get a diploma or a degree of any kind. but we are entering a new chapter in our lives. our confidence is shaken; our hearts cracked. the kind of a crack that comes from the loss of a job; from life plans falling apart. we didn't ask for it... but we are rising to meet it. and how far we've come isn't even close to how far we can go. we just have to remember how patient we were... how strong we can be. (how strong you can be.)

and remember this; there's a crack in everything for a reason. how else can the light get in? ♪ tomorrow starts today. time for stop trading. active plc is the name >> yes my friend stephanie link has talked endlessly about it.

she says it's not done, and stephanie has an amazing track record i love her at halftime she worked with me for many years. instead of just buying ford, be creative and buy this vehicle parts company, aptiv >> all right any big plans? >> i'm going for door mats and dinner i throw back if they're too small. fishing on father's day, david, that's it. that's heaven. okay even during the pandemic >> i'm glad to hear it you got to get out there and do some things. are you going to wear a mask while you fish >> sadder than ever? >> what do you mean? >> i mean, i listen to you i always want you to be like, you know, but the pandemic has got to you >> i'm good. i'm good

you know i'm all right. >> promise me? >> yeah. i'm okay >> that sweater you wore earlier this week? burning. i want that sweater burned >> that was last week. it's a nice sweater. >> you do a campfire on saturday go and burn that darned sweater. all right? it should keep you warm for about a week what the hell was that >> all right all right. >> was that t.j. max >> listen, it was late in the day. what do you want from me all right? all right. we really got to go, jim you've got to go fishing >> i love you. happy father's day >> love you too. you too. >> love you both back. good friday morning, everyone. welcome to "squawk on the street." i'm sara eisen here with david faber and mike we're ending the week on a high note if the stocks hold. tracking for a fourth weekly gain for stocks of the past five weeks. s&p up .8 %.

the nasdaq composite trading back above the 10,000 level. not sure we saw anything to spark it off there was a report china is going to be buying more farm products even though there was tough talk from the president the reopening is feeling optimism >> it's more of the same story it seems we got talk of more stimulus let's talk a little more about the markets where they stand alicia and mark are with us. good morning to you both alicia, let's start with the field position of the markets at the moment eight case ago a sharp drop in the s&p 500. did not prove to be an inflection point has it been an occasion to reassess where the markets are relative to the economy and what

can we expect from here? >> great to see you, mike. i think what the message is from the fed, really is the fed is not going to let you short the market or be too bearish for too long in the end the positioning is really positive for risk assets going forward. that doesn't mean we can't have some volatility over the summer. we have a few data points that should present some opportunities for investors to get in if they haven't already ultimately the direction is upward over time and for the most part, what the market is telling you is as long as there's no risk of actually shutting down again, even a spike in cases is not going to kill the market right now. >> so you say there might be students over the summer to get back in. in other words, are you expecting that the market just goes sideways, chops around, pulls back more from here and where might be the greater risk if that's what you're seeing in terms of the types of stocks

>> the thing is you've got the physical cliff issue that happens in july between june 30th and july 31st when the unemployment insurance rolls off. congress to have to come up with some sort of bill to extend the bridge that the economy is on right now. the bridge was just a little short with the original stimulus plan so the noise around that will probably create volatility at some point the china issue and the tensions with china are going to raise itself. i think the issue of spike in cases will on some days look bad. and there may be some regional closures, not the entire country, and that will, in fact, affect the market, because the market prices in a v-shaped recovery anything that threatens that narrative will provide an opening. i expect chop, and i think ultimately 12 months from here you're higher. >> mark, a lot of your names are the star of the show

nasdaq is above 10,000 are there still values left here and where would you find them? >> okay. yeah, i think the big tech names, amazon, netflix, shopify, i think they've been structural winners. i think they're going to print the in the june quarter. the data points get stronger if you look at online retail sales. netflix is going to add more subs than they did a year ago. on the other side and for the rebound are the names struggling where the slopes are probably aren't v they're going to be u-shaped but there will be slow and steady progress what i find most interesting is the high quality stock is uber it's the top pick. i think it could go through multiple reratings so far the recovery has been

slow the internet ad names hit hard, i think they're going to show a v-shape recovery i think the travel names are going to be much more u-like the demands are going to take a long time to recover >> you've been doing this for quite some time. you look great, don't get me wrong. well, now you don't look like anything you may still be there -- all i have is your name -- >> sorry >> there you go. you're also a rigorous analyst there is a level of speculation in the market that some would argue we haven't seen in some time is it fully justified? are you getting concerned in terms of where multiples are even despite the growth patterns you discussed? >> so yeah let's see. amazon is maybe the best example, this thing is still trading at the average median

multiple of the last three to five years like, you can still buy this with a 3% to 4% free cash flow yield. i think that's attractive for an asset like amazon. the highest multiple stocks and we've got the street high price target on shopify, but in terms of acceleration and growth, this is trading at close to 30 times end a sales. i haven't seen that in quite some time to back when you and i were looking at the bubble stocks during the internet bubble the difference here is there is a there there, that end market there's 800 billion to a trillion dollar tam that e-commerce companies are hitting against which was unclear and uncertain to us 20 years ago i think that tam gives you a little more confidence in being willing to pay the multiples and at least for the leading companies, facebook, google,

amazon, you can buy these things facebook you can get a 20 times cap earnings facebook is the number two stock especially since signs of advertising are coming back. >> total addressable market, tam. clearing up the jargon alicia, that's one of the bear points on this market. that you have well-known i'm ves or thes like jeremy saying it looks bubblicious. there's an increased sort of risk taking that's happening from investors thanks in part to what the fed has been doing and the whole trade. how do you deal with those questions? >> that was a great interview. i loved it there were periods in the beginning of june where i said this feels like 1999 all over again, and really that hadn't been the feeling in 20 years when you have days like that, you start getting nervous.

we did have the day last week with the 7% downdraft. the recovery is looking similar to what happened in 2009 pretty much after march you went up you had a 10% downdraft in june and july and moved forward again. it looks similar i'll say this. the fed is there supporting the credit markets, and that is what's different and because the fed is supporting the credit markets, by definition, it's also supporting the equity. and so, therefore, the risk parameter just gets very different. and to mark's point about the cash flow being thrown off by the tech names he follows, you're not going to have sovereign wealth funds selling names like that because they need the cash flow and they need the cash return, and so for those reasons, we think it's a structurally different market which puts a floor under where it could go in the downturn. >> mark, didn't really hit necessarily on some of the

advertising supported names in the areas you look at. is there more vulnerability or not as much up side? do we know about the impact? >> let's see we clearly, every single major internet ad platform is experiencing material deceleration 20 to 40 points of deceleration. the most resilient ad models, three months ago you would say facebook and google. you were right those with the business models the most resilient was facebook because it didn't have as much exposure to travel as google as we come out of this, i think there's a couple interesting ad plays. i like snap chat cautious on twitter. and pinterest. that's very early stage in product development. if they get it right, it's a nice play into next year i still think facebook is the best reasonable valuation.

some emerging catalysts. i think what they're starting to do i want to see what companies did in response to the crisis. what i see facebook doing is accelerating the efforts to e-commerce and accelerating the monetizing of whatsapp it's a great business model. and the one major difference between this time and 20 years ago is cash. these companies are -- there was no internet company in 1999, 2000 that was hitting on 100 billion in cash. that's google and facebook and amazon so i think the risk on the downside is lower and some of the ad names we're starting to see real signs of recovery and i think facebook is probably the single best way to play that even with the stock at an all-time high. the valuation is attractive in the long-term growth potential >> not to mention apple and microsoft as well on the cash side mark, alicia, thank you very much >> thank you >> thank you well, black voters see less

room for advancement in the workplace. that's according to cnbc and change research's latest states of play survey elon is breaking down the numbers for us >> that's right. today is juneteenth, the day the last slaves were told they were free many of the black community say economic remains elusive today our research found that less than a quarter of black voters, 23%, believe that minorities have the same opportunities for advancement in the workplace as their white counterparts the numbers for latino voters was higher, 64 % believe that minorities have the same opportunities, the same percentage as white voters we spoke to crystal griems, a black voter in pennsylvania who took our survey and said she's personally experienced discrimination >> african americans kind of

start out in a deficit that others don't so they don't have the foundation to help their children when it comes to things like education, or properties that we passed off to businesses that are passed off for our white counterparts those things aren't equal. >> reporter: the depth of discontent is a warning to corporate america. 85% of black voters say businesses should do more to promote diversity and inclusion. a plurality of voters agree with them >> this generation is more focussed on not accepting band-aids of the situation but actually running change. >> reporter: david, i think the takeaway for businesses is they have a lot more work to do

back over to you >> okay. elon, thank you. coming up, the former chief engineer of tesla responsible for the building of the model s joins us taking on his old company and nikola as well we'll ask him about that on the other side of this break as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will - you can rely on the people and the network of at&t... to help keep your business connected.

welcome back boston fed president giving a speech to the greater providence chamber of commerce at this hour

steve liesman has highlights for us steve? >> sara, thanks. a very pessimistic outlook from the boston federal reserve he says more stimulus is likely to be needed because he expects a disappointing second half rebound at least one not as rosy as the one when the coronavirus shutdown first happened. he's forecasting double digit employment through the end of the year and says job losses are highest among minorities including low income workers he says, quote, even this dire outlook may be too optimistic. it doesn't include the possibility of a second wave and another shutdown he's looking at the containment for processes in place around the country and says it could lead to a need for a more prolonged, a more rapid recovery if that's what we want, he says requires better containment and he sees substantial risk of reopening toofs around the

country. the boston fed is running the main street lending program. he said he's seen a steady stream of interest from the program. 200 have registered. that's a small number compared to the thousands of lenders. i looked at the summary of economic projections from the fed. there's one fed member with a 14% unemployment rate for the end of 2020 and one with a 12% for the end of 2021. i guess it's not the worst bet in the world to think maybe it's him. >> he sounds down beat what would more monetary stimulus from the fed look like if he got his way? >> it's hard to know erik was one of the first to call for the fed to buy corporate bonds at the start of this even before this he said it was a possibility. it's hard to know. maybe doing more of the same quantitative easing program is one idea that may be out there in other words, a specific one

rather than for market functioning. i guess there's a yield caps, and ultimately i guess at the very, very, very end of the road, there would be negative rates. i think the fed is a long way from that. >> steve liesman, steve, thank you. time for our etf spotlight today looking at retail. ticker xrt up more than 45% since the co-vid related way fair and amazon among the top holdings giving this a boost. it's a constant trend with the names. the best buy ceo joins us in a few moments to talk about the changing landscape for retail and for consumers. quk nyer awhe. "sawon the street" will return in 15 minutes with a dow up 200 points. ♪ ♪

♪ ♪ while the future of work ♪ remains a question mark, one thing is certain re-opening will be a journey. that's why salesforce created work.com to help at every step of the process, with tools like manual contact tracing to help prevent one from becoming three and three from becoming more. while displaying key information in one place on a customer relationship platform you trust. because here's one more thing we're sure of.

relationships are the heart of business. so let's tackle this together. 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. talk to your financial professional or consultant oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? 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. ♪

our next guest is a pioneer in the electric industry lucid ceo joins us now peter, nice to have you with us. what is going to distinguish your vehicle when you unveil it i believe in september from what is already out there from the likes of course of your former employer, tesla. >> the tugs not. wush technology. tesla is great it's a high-tech product it's disruptive and beautifully engineered but it's not true

luxury luxury space is dominated by german car companies there's a wide open space for sustainable vehicle and electric vehicle in that space. and this is it behind me lucid air has developed. >> that looks like a very nice vehicle. i know on september 9th you'll give us more of a look at it where are you planning on pricing this vehicle >> well, it's pricing will be revealed on our live stream event on 9-9 it's going to be more than the $100,000 it's luxury play we're competing mainly with s-class mercedes that's our pitch >> in terms of the market for a luxury electric vehicle. gasoline prices are at near

historic lows. those looking for an ability to save on fuel, that's not there what is going to motivate a buyer here to move into the electric space who has perhaps one of the brands you already mentioned in luxury? >> i think environmental awareness plays a major part in people's decision making the world is facing an impending crisis with global warming they're seeing an erosion of buyer diversity and the world has to move to more sustainable mode of transport. and the technology we're developing for this car for a relatively high-end discerning clientele will find the way down market into cars that are more available for the man in the street, and there by will help all mankind. >> the old legacy auto makers seem take they've gotten on board that the electric the is

the future the ceo of gm said that's where the industry has to go are they positioned to make that a reality? are there still threats from upstart whether yours or others to their entrenched positions? >> iapplaud them they have a great car with chevy bolt, but that tech is brought in to gm the reality is that the traditional car companies are not embracing sustainable mobility anywhere fast enough. when we look at there's a plethora of startups largely in this california area i speak from silicon valley this morning, a lot of those are not recognizing truly this is a technology play. there's a feeling that the technology can be bought off the shelf. by an inverter and electric motor and the technology is is a

commodity. our principle here is this is a technology play and we're going to advance the state of the art technology to the next level the world has not yet seen what's possible from an electric air and lucid air is going to show us. >> give us a sense in terms of how you're going to distinguish your technology from what's already available, peter in a tesla? what are you talking about >> tesla is primarily a 400 volt and porsche upped that to 800 volt architecture. we're going over 900 volts that works with our partnership with electrify america which has 100 volt charging network. our motors are more advanced, more high-tech and more efficient than anything else we've benchmarked. it's 100% enhanced our battery technology is unique

enhance, because lucid has been supplying the world championship formula e racing series with a standard battery pack. all the 24 cars on that world championship grid all run lucid battery technology that technology, that dna from that battery is finding its way into the lucid air behind me so anyone who buys a lucid air will enjoy race proven battery technology 100% enhanced and state of the art >> peter, i was going back and looking at the articles of the time when you left tesla the stock actually tanked 20% when you left as head of engineering there. curious what you think about tesla's rise since then, the fact that it's produced more cars and why you don't think that's actually a luxury player and you're going to compete with them >> to, i think what's happened this year is that tesla stock has risen because there's been a

recognition that their technology is not just world class. there's a recognition of the gap, just how far apart they are from traditional car companies my contention is the gap between tesla and the traditional car companies is growing it's not being closed and this is a -- a lot has been tesla's software tech. it's a relationship between software and hardware. we're pushing the technology tesla is the most valuable car company in the world now the market cap has surpassed that of toyota and they have the best technology, but we recognize this is a tech play and that's what differentiates lucid from the other startups we're going to take the tech to the next level >> all right best tech, next level.

it's going to take money how long do you see it taking for you to get to cash flow break even, peter? >> well, that depends upon our business strategy. that's possible within a year of startup production of our first product behind me. of course, we're going to do an suv off that air platform and maybe another product as well. so you know, this is a long-term play we have a long-term vision to buildlucid up to a significant force in the industry over the next ten years and we have a ten-year plan for that and with the public invest want fund of saudi arabia supporting us, your true partnership, that puts us in a very sound position >> all right well, we're going to be following it close loi lucid air. no problems from nike in terms of the use of the word air >> none twosoever. this is a car, not a sneaker

>> okay. peter, thank you appreciate it. >> thank you it's worked well for nike so far. let's get now to sue herera for a news update. >> good morning, everybody here's what's happening at this hour confirmed coronavirus cases around the world have now topped 8.5 million. as new cases here in the u.s. rose to their highest level in nearly six weeks that's according to john's hopkins university india has set a one-day record with more than 13,000 new infections you can go to cnbc.com for a complete break down to the spread >> in tulsa, oklahoma hundreds of people are in line to attend president trump's rally tomorrow president trump tweeting a warning this morning to, quote, protesters anarchists, agitators or low lives, end quote, coming to his rally he says they will be treated much differently than protesters were in new york, atlanta and

minneapolis. crowds cheered as a confederate statue was taken down it's been a focus of protests over the killing of george floyd. you are up to date i'll see you next hour "squawk on the street" continues in just a moment derek, seems like your team is operating just fine remotely. yeah, everything is running smoothly with the now platform. (bling) see, incident resolved. how did you... gotta enjoy the small wins. you keep being you, derek. keep being you.

welcome back the changing landscape of retail and how businesses are handling reopenings it's a perfect topic to hit with our next guest joining us now, former best buy ceo. good to have you on the show >> thank you for having me >> broadly, how do you see retail in america changing as a result of this pandemic and crisis >> i think it's like if planetette was hit by an asteroid years ago some thrive and some disappear many companies inside and

outside of retail will need a reset. they'll need to reimagine, refocus and reconfigure. many of the lessons we learned during the turn around and resurgence of best buy i think will be applied. if i can spend a couple of minutes on this, we imagine -- businesses are going to be negatively impacted by pressure on the top line. you need to find new ways to grow one of the ways to grow is to be focussed on a corporate purpose that's really serving customers in a unique way. at best buy we didn't see ourselves as a brick and mortar retailer but as a company that's here to enrich lives by addressing needs which has propelled the company forward, addressing, for example, the needs of the aging seniors in their home similarly may owe clinic, if you see yourself as a brick and mortar set of hospitals, you need to see yourself as a company that's focussed on wellness and health of the community and with digital, you can reach broader population

you need to refocus, play where it's going it's going to be a big emphasis on home services as the home has become the center of our lives so anybody who is focussed on that or think about their business along these lines, if you're a fitness company, again, just brick and mortar is not enough think about what you're doing in the home like pelton and then reconfigure. rethink the roles of the store and the ways we worked during this crisis, agile, digital, virtual virtual. best buy pivoted to curb side pickup companies that found new ways of working in a much faster way so this is the right time to rethink the business

>> and i know ralph lauren pivoted quickly, a company you're on the board of i want to ask about the transformation because it was incredible. when you were coming in, there were obituaries being written about best buy already amazon is going to kill the whole need for buying electronics in a store you're just a showroom for amazon how much bigger and tougher of a competitor is amazon now when during the pandemic they've proved so essential to so many people we've seen it in the stock price. we see it in our daily lives what would you tell your fellow retail ceos when it comes to taking them on and competing >> amazon is an amazing company. the key in business is not so much to worry and focus on competition but be assessed with your purpose with customers. that's the resurgence, try to

deeply understand what the customer is about and craft a noble purpose. ralph lauren, it's the same. it's not only an apparel company. they're there to inspire a better life. the dream of a better life that ralph lauren brand crafted the big believer in principles of leading with purpose and humanity for people at the center and creating an environment in which everybody feels they can belong and then you unleash human magic. that's i think what has been the key. so don't worry too much. you need to respect them and, in fact, at best buy we've partnered with them. but really be obsessed by your purpose, the customers and unleashing human magic that's a better recipe >> on the customer, wanted to get your forecast. we've seen consumer spending come back stronger than expected in the retail sales report since the state's reopening.

how much do you see that continuing, the v-shaped recovery in this environment >> i think that -- the feds, congress, everybody has acted decisively it's been helping the economy. there remains uncertainty. i think when companies start focusing on their strategy post co-vid, the measure of the shock is there the uncertainty remains, how is the back half, how quickly is it going to come back the other choice is there's a lot of uncertainty there's going to be a pressure toward value i think that's -- the environment is going to be different for the next two or three years even with a v-shape or w and so it's back to this reset of -- this is a moment to deeply rethink how the business is done so you can emerge as a winner. and the better the customer is, the easier it is i wouldn't just -- hope has never been a good strategy

so as we lead these companies, leaning forward and -- what kind of company do i want to build for the future as opposed to being a dinosaur killed by the asteroid >> what do you think about department stores, jcpenny and others bankrupt. only speeding up a trend that started before the crisis. do you think we'll see more bankruptcies and what are department stores going to do? are they going to be able to survive, even the big accomplished players like a macy's >> i think there's going to be in the retail space like other sectors, a greater difference between the winners and losers from a business standpoint, you can be weakened on either the weak financial position, so if you're too levered, don't have enough cash, that's hard and if your business model, your proposition to the customers is

dated, then in many ways you don't deserve to exist but remember what you said about in 2012 the oh wish wabituary ft buy being written? if i was one of these stories, i would reinvent myself to be useful for customers we have to be humble based on the predictions of the best buy 2020 i wish them luck they are great institutions, and there are responsibilities but doing nothing would not be a great option, obviously. >> who do you think is doing a good job navigating through the crisis and the new environment can you name some names for us, especially names we might not talk about every day as far as who is winning at retail >> well, i think i have to admire a number of players we start with my amazing successor at best buy, corie

barry and her team the way she's led is extraordinary. sales were only 5% or 6% in the q-1 with the stores closed and the speed at which she reset the company adjusted, and leaning into the purpose of and lives through technology, i would say i give her extremely high marks i'm so proud of this transition. amazon is a great company. home depot and lowe's are benefitting from where the focus is going i think beauty is such an important -- that's not going to go away. and again, i don't know what they're thinking, they'll probably need to reimagine, refocus and reconfigure. it's been a wonderful player

so there's a bunch and raulph lauren, a great, iconic brand and think about the possibilities, back to the reimagining. so i think many of us are familiar with the mansion on madison avenue if you think of yourself as a brick and mortar player, that's a great story. if you live in minneapolis or in san diego, it's not so convenient to visit. with technology, the salesperson there with video can invite me into the store and can do clienting at any scale there's ways to innovate and they had a strategy before the crisis a great leadership team. ralph is there so i would give them high marks as well. >> not just because you're on the board, of course finally, what about permanent damage done for jobs, millions of jobs have been lost in this sector which is the biggest

private employer in the united states, and store closings i mean, what does not come back here >> i think that there's been forecasts of store closings. the u.s. compared to other markets, geographies have had traditionally more square footage. i think we'll continue to see acceleration there but i think it's all a matter of -- one of theless s lessons i learned leading best buy is there's the environment and then what you can control if 5% of the stores close in the u.s., it doesn't mean it's one of yours unless you're a victim. retail is not just stores. it's what you do for customers for leaders in that space, as well as many other industries, it's a great moment to lead. i think lead with purpose and humanity i'm impressed with leaders taking on the racial injustice

situation we have in the u.s business has a big role to play. i think it's a matter of using our brain. it's a business issue. right? for crying out loud. customers are diverse. employees are diverse. we need healthy communities to lead from that standpoint, make it a priority and create a plan like any other business issue. hold ourselves accountable change the environment in which the companies operate. start at the top you can see not be who you cannot see at best buy when i left the board we had majority of women, three african american directors. you can do this. use your power with suppliers. you know, you can tell your suppliers look, if you don't have a diverse team, you can save on gasoline you don't need to make a sales call to us and they invest in the communities. i think that's going to be another factor i'm optimistic on this >> yep >> i was born in france close to the german border, and as you know, france and germany went after each other's throats for

centuries, and after world war ii, they were able to reconcile. in a period of 10, 15, 20 years. these are two cultures with eyes on the planet in many ways and i think with leadership and a change in heart and the resilience, the determination to do it, and i think this is a moment in our country's history, we can make a difference here. this is the moment to seize this and act. i know we're celebrating juneteenth day. i want to emphasize this i happen to be passionate around this i think business has a big role to play. retailers or any company, we can make a difference. if not now, when this is long overdue >> i think we just got a taste of your new harvard business school class you're going to teach soon thank you very much for joining us >> thank you what a pleasure.

former best buy ceo. >> let's look at where we stand on the final day of trade this week in the markets. solidly higher the gains have moderated from this morning s&p 500 down about 5% off the highs. the nasdaq composite back above 5,000. again, the opeorr.utrfme don't go anywhere. "squawk on the street" returns in just two minutes. 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. ♪ yeah ♪ ♪ y-yeah ♪

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news to share this morning a bittersweet one for the "squawk on the street" team. our own sara eisen is going to be dedicated fully to the "closing bell. a show she along with others have built into destination viewing, 3:00 to 5:00 every day. morgan brennan is going to join us every day from 10:00 to 11:00, sara, we can't thank you enough i think i can speak for carl, having been your anchor for many years, it's always a great comfort to have someone so prepared and deeply competent. i'm sorry we're not all together in person to -- well, not to say good-bye but to celebrate this i am sure i will be seeing you on the "closing bell." no doubt about that.

>> oh, yes no, this is -- it's a hard good-bye, but yes. you and to all our audience, continue to get your market news on "closing bell" and to see me, i'll be very close in all seriousness, david, sitting next to you and carl at post nine for almost seven years, that's how long it's been, has been the highlight of my career. i have learned so much from you guys i've enjoyed you i thank you. mike, i'm glad you're with me on closing well, and for all of you at home who don't see the behind the scenes, this team, "squawk on the street," is led by the incredible todd bonen, executive producer he has built a savvy, smart, on the ball team of producers, and i'm going to miss them very dearly but david, you're not off the hook i'm going to wake you up in your afternoon naps, drag you on for you to break the scoop from your fancy house. that will be happening

>> yes hopefully one of these -- >> sara promises she'll redouble her efforts to assign me charts to do on "closing bell." we're happy for that as well >> that's true that's a text we had this morning. that was a real thing. >> well, i can say i even will i will even miss sarah correcting me on air one thing i won't miss is her incredible aggressive tactics in terms of taking our guests so we're going to be back to that but you're going to probably bring them on anyway if you have to, won't you? if they can only do 10:00. >> yes, i will probably be coming back. get ready to fight it out, david. in a very friendly way thank you for everything we'll miss you it is harder to do this when

we're not together we do love each other and carl, too, thank you for everything. speaking of which, later on closing bell today we're going to talk about niels nielsen. how companies are working to make juneteenth a paid time off holiday. back in just a moment here on "squawk on the street."

. welcome back, sure we have talked about airline passenger traffic creeping back up, but private jets are soaring >> congratulations on your new move

as you mentioned commercial air travel running about 15% of normal, but if you look at private jet travel that is about 70% of normal, so coming back much faster and private jet companies now seeing record numbers of new customers who have never before flown private. new customer sign ups in may, they had their best month for business in 2007 blaid runs a helicopter and charter service and they say that it is up 600% of last year. and vista jet says despite a drop in business travel they're back to 85% of normal net jet spends a million dollars a month on cleaning and safety procedures they also cut service to the smaller airports and that shifted some traffic to the private and prices have fallen a

lot. you can now charter a mid size private jet from new york to miami for only about $10,000 that is about $1,000 per person to fly one way to miami. so not much of a big price to pay for avoiding all of those crowds guys >> only $10,000. that's it, what a bargain. thank you robert robert frank i want to get to kayla now where we have so the news. >> the resources tell me that the white house drafted an executive order that would suspend new temporary work visa for overseas hires and programs allowing companies to access specialized skills from international workers this is the j 1 program, and others that could be swept up in

this the policy as drafted would not rescind visas. the immigration hardliners in the administration, i'm told it has support from the president and mixed reception among principals, and no final decision has been made, but if the president decides to move forward, it could be finalized this weekend the argument that the white house is making here is that jobs occupied by international workers should go instead to american citizens. there may be exceptions for companies that can prove an unspecified need there will certain i will be push back from all of these sectors that rely on the programs for workers during seasonal surges and those who rely on them for child care. this would be quite a shake up

for many companies that rely on the programs >> yeah, kayla, thank you. no doubt about it. sorry, sarah, go ahead >> no no, all you. >> oh, okay. kayla i have a question. this is a long held goal of steven miller and the hawks on education. fair to say using the current environment to move this ahead in a way they had not previously >> this has been studied for multiple years at this point with varying levels and when unemployment is 13.3% it is an argument that gains more the beaches, the theme parks, a quarter of their summer season is under way they were opening later this year but they had to bring on

many workers my understanding is it would not apply to, there could still be a permanent chilling effect to companies who are considering using these workers if they believe the future of it is uncertain. >> kayla tausche, thank you. businesses across the country were certainly negatively impacted, but new data shows black owned businesses were disproportionately hurt. case rodgers has been looking at how some are getting creative. marshall runs island pops, a caribbean inspired ice cream

shop with her muz. not only did the business survive, but it grew by 20% over last year's numbers in may we realized it was very popular. everyone across squeens, new york, they were all asking when can you start delivering to our areas. so we decided going throughout new york and that is how we were able to survive. >> in recent weeks her store ban to slowly reopen as protests swept. marshall got a boost in exposure because customers new and old moved to support black owned businesses a trend that she hopes will continue alongside a broader move for equality. >> i hope that it lasts.

we're truly great businesses and we want people to know that we hope they can come in and see who we are >> data shows that the number of active or working black owned businesses fell by 41% from february to april. that is more than 22% of the number of businesses dropping over all they are determined to keep operating in the pandemic and to hang on for any new customers coming their way over this historic time. >> kate rodgers, thank you very much >> the dow is up 140 points. a loss of steam in the last hour or so. still tracking for the fourth up week in the last five. with that i send it over to "squawk on the street". >> sarah, thank you. good morning good friday morning, welcome t