targeting different parts of the cardiovascular environment and using genetics and precision medicine approach. i think they have a long way to go from the years out. >> that's like a graduate course in three or four minutes thank you very much. we appreciate it as always ty >> all right thank you very much. stocks are moving higher right now. we run out of time thanks for watching "power lunch. "closing bell" takes it away right now. >> the s&p 500 is up 1% as we stand. let's have a look at what is driving the action they gave comments on the travel and trade relations. we're seeing another day of momentum in the big tech stocks. apple, netflix, facebook, all at

record highs that has the nasdaq setting a record as well better than expected home sales in the u.s strong activity numbers out of europe as well uk, australia to name but a few. we're up, sarah, nearly 1% on the s&p 500. >> ahead on today's show, a big first on cnbc interview with howard marks fresh off his latest memo. he said the odds are not in investors' favor and whether he sees any opportunities right now in the market plushgs connecticut has certainly seen an encouraging dropoff in coronavirus numbers of late. we'll ask governor lamont about his advice for states like florida, arizona and texas that are seeing their cases swell and how he's trying to keep those cases out of his state let's focus in on the big stories we're watching mike santoli tracking today's rally. meg terrell has the highlights from anthony fauci's

congressional testimony and phil lebeau is covering another volatile session with the airlines start us off with the broader market on the three month anniversary of the march 23rd lows hard to believe. >> happy quarter anniversary if that's what this is going to be called. right now we're up significantly off those lows although, what is interesting is how we sort of moderate a little bit in the levels. today's high, just over 3150 on the s&p 500. over the last five days, four of those days has had the intraday high right in the zone of 3150 we'll see if that makes a difference today we hung around for quite a while. you see where we are a bit below the early june highs. and you also will see this level, you just carry it back. you cleared this entire mess right there where we spent a ton of time last year. the reason that is significant is if you look at the equal weighted version of the s&p 500 as measured by the rsp-etf, it is still pretty much in that same zone. it hasn't really gotten clear of the area the average stock is not telling

the same story necessarily as the overall s&p 500. today is one of the days like past summers for lack of anything better to do, money flows into the big tech stocks and carries the s&p 500 higher by a few percent that's what we're seeing at the moment that's not the whole storey. but here is since that date of march 23rd, just a series of etfs that's the biotech index that is actually lifted off even beyond the fdn which is the internet faang type stocks those have been the growth leaders. and then you have the industrials and the banks. sure, up nicely off the lows sort of underperforming and sort of moderating over the last few weeks. we sort of reassessed how much of that strong reopening has been priced in right here. i think you can say it remains kind of a bullish tape overall but oeg a lot to the kind of default buys in big tech right now. >> mike, why has the market ignored the sharp rise in cases we're seeing in many states

across this country right now? >> it seems as if investors collectively have not found anything in the higher case counts to say that the reopening process is going to run in reverse. incredibly high threshold to a lot of municipalities and states shutting down again. i think because hospitalization rates, death rates are all but coming down. positivity rates are not really rising to the same degree case counts have. people are saying we're going to live with this right now n a high liquidity environment, money has to find a place to go. it is finding its way at the moment while we do worry about the strength of the recovery in n to the growth names with bonds with an upsidekicker >> mike, amazing how brief the relative outperformancest value names, the cyclical names was. essentially a two week period at the start of june. and then it's gone back to the norm of tech outperforming as you pointed out z that suggest that that trade of value over

structural growth will never work again >> i don't think so i wouldn't say never. i do think it requires a few things to get traction yields probably have to go up in a more sustained way and i do think that you'll have to have a, you know, a few months of the numbers actually getting better the economics look great it's all coming from very depressed levels in terms of beating forecasts on the macro data i would not say never. the burden of proof is still pretty high on the pure value names. a lot of people are saying look at cyclical and beta as opposed to value which is a cheapness in the abstract as opposed to something geared for an economic recovery >> all right mike, thank you. we'll see new just a bit dow is up 200 points we have 54 minutes left of trade. a news alert on twitter. we have the details with julia >> twitter flagging yet another tweet from president trump

twitter safety saying they placed a public interest notice on the tweet for violating the policy against abusive behavior, the presence of harm against an identifiable group president trump tweeted there will never be an autonomous zmoen washington, d.c., as long as i'm your president. if they try, they'll be met with serious force. now this is by our account the third instance of twitter labelling the president's tweets as potentially problematic one of the labels on may 29th applied to a two tweet thread plus there was a tweet from the white house that was a replica of one of the president's tweets you see twitter shares down 2% this has been an on going debate about whether and how -- whether to flag tweets, how to do it and what's appropriate >> it's interesting. is this really clearly an outright threat of violence or force? i'm not sure that it is. if you're kind of dancing around when you're really going to

provoke the president, the number one person that causes controversy when you come to this issue i mean, you perhaps want to see a more stark vie lafgs tolatione terms and conditions and principles >> remember, it was a very similar comment that the president made on facebook about how he was going to bring force to protesters that drew so much controversy. and mark zuckerberg said he was not going to pull down the president's posts on facebook. but there was a conversation about whether or not facebook would change the policy and start to flag them i think the thing here is that they're not actually censoring the tweet. they're not pulling it down. they're putting a warning label on it saying in general we don't think you should be able to threaten the use of force on our platform they could certainly be a little bit more dramatic if they want to and censor it entirely. we want you to be able to see the president wrote. this we just want to put it in context and say we don't like

this kind of threat on our platform >> no. i get it i guess last time it was clear who the threat was against less clear specifically who this would be against the maybe i'm not making sense we thank you for that story. twitter shares selling off on the news top health officials including anthony fauci are testifying on capitol hill today as cases surge in hot spots across the country. we have the highlights from today's hearing. hey, meg >> hey, wilf dr. fauci citing a disturbing surge saying that he is concerned by what he sees as increased community spread citing arizona, florida and texas. he said those are not the only states the next couple weeks are critical in our ability to address things in the areas that are seeing this you can see here the darker green states are those that have had the biggest weekly increase in cases in the last seven days. in florida, texas, arizona, all increasing between 80 and 100%

in just the last week. now overall dr. fauci citing troubling numbers in what he said was nationwide cases. citing more than 30,000 cases reported a couple days ago yesterday, 27,000. the and this is as the death rate does still continue to come down dr. fauci being asked about that and whether it's a good sign noted there is always a lag in the number of deaths after the numbers of cases here's how he explained that >> now, while the deaths are going down, the concern is if those cases that infect people who wind up getting sick and go to the hospital, it is conceivable you may see the deaths going up. so i think it's too early to say because the deaths are going down >> so, guys drshgs fauci clearly not breathing a sigh of relief seeing the trends right now.

wilf a wilf and sara? >> is this the most concerned we've seen him in months and did we get any updates on vaccines >> yeah. well, you know, he's always been concerned but clearly calling out those specific states. in terms of vaccines, you know, he used the same cautiously optimistic language he's been using. he was quoted as saying it's a matter of when not if. he said there is no guarantee we'll get a vaccine. he did say he is encouraged by the early data he's been seeing on the vaccines. reiterated the time line of potentially by the end of this year, early 2021 for getting the first access to those. >> meg terrell, thank you. >> watching airlines, another choppy session for that group. head lined by a drop from american phil lebeau has the latest phil >> and part of the reason why american shares are under pressure is because the capital raise that they announced yesterday, one of those -- two of those components they

increased so they're raising nearly $2 billion. that's when they did and have done in this expanded offer for two of the components. here's what they did it was supposed to be $750 in convertible notes. it was $1 billion. also $750 million in common stock turned into a $1 billion offering 74.1 million shares priced at $13.50 a share when you look at the numbers of people who are traveling in the united states, it continues to move higher. it doesn't look like a big increase but it is moving up at the end of that chart there. it tops 600,000 for the first time since march 20th. that happened yesterday at 607,000. keep in mind, it's still down 77.7% compared to the same day a year ago you take a look at the airline stocks keep in mind that we're entering a period where you're going to see a lot more capacity. look for that number to increase as the airlines add more flights

and more seats in the month of july >> and, phil, just quickly this takes americans' debt load to well over $30 billion i think it was above $30 billion? >> it was $34 billion at the end of q-1 the expectation is it will be about $38 billion at the end of q-2. >> and this is for a company's market cap is down in the five or six billion range >> yes >> amazing that they can get these capital raises away. but it shows the long climb back to when you sort of net positive as it were >> and they're not done. they're working with treasury on a potential $4.75 billion loan they've got other unincumbered assets they can use in the future remember this is haul about building up the cash pile as much as possible it's going to take a while to bring that cash burn rate down >> phil, as always, thank you so much we've got 47 minutes left of the session. nice positive session across the board. nasdaq in record territory still ahead, investors jeff

ubben starting a new venture and elizabeth warren is dead we'll tell what you sparked the comments in the details on the next act you're watching "closing bell" on cnbc. ever since we've gone mobile on the now platform, something's gotten into the office. i hear you. feels like there's no barriers between departments now. do you think everyone appreciates it? i do. huh... forgot my glasses.

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welcome back the dew up more thow up 200 pois square and paypal hitting all time highs company data shows success in getting government loans to small businesses kate rooney with the story kate >> scare and paypal played a significant role in the paycheck protection program according to company data, they focused on the smaller side of ppp loans. square capitals average loan size was just $11,000. that's about a tenth of the size of the average sba loan. 60ers this 60% of those were new customers and they did 4 1/2 months of average loan volume. for paypal, it was under $25,000.

they did nearly $2 billion in ppp loans. analysts say that success could bode well for demand in the lending businesses those at going enhim and barclay's highlighting the nonbanks role in filling a capital void square is in some hot watt aernt core payments business "the new york times" reporting a wave of unhappy customers due to the policy on withholding reserves guys >> kate, thank you for that we're going to stick on the topic of ppp community development bank lendistry approved loans total $468 million focused on underserves and minority small business borrowers joining us is the ceo everett sands. we just talked about how we have seen a massive pickup in lending volumes compared to past years for some of the those tech companies because of ppp does the same apply to you >> yeah, absolutely. thank you, wilf and sara for the opportunity to be here we have grown over 150% of our

asset size since the end of december 31st and we've actually been able to do the same amount of loans we did in four years and roughly 2, 2 1/2 months here >> you guys were looking at some businesses, put something numbers around businesses that needed access to the loans but weren't able to get it how did you figure out how many there are like that? >> yeah. so i think the first thing to do is just to tell you who we are we combine the best part of efficiency, user experience and scaleability with the best parts of traditional lending which is low cost customer acquisition, strong funds and low risk management we made a decision to focus on underserved business owners as a mission of the company and so when we got into ppp, it was a pretty easy process to kind of continue to focus on those small business owners. i'm sure you all know that the underserved small business owners were in a precarious financial position coming into

covid-19 and so we were able to really get deep with those business owners and help them out >> specifically, i think what sara is getting at, you provided us with some statistics about how some minority owned businesses were getting the least access and needed it the most >> yes >> yeah. minority business owners unfortunately as we're looking at it to day, they have a closure rate of almost two times that of the national average and then our latina business owners are 150%. one thing that is interesting as we're trying to build rapport with them is what they by the process. only 3% of loans went to african-americans. so we've looked at what is going on and we have fix that's we want to do with ppp. we've also been making suggestions to sba as well as congress about what we think would be right in terms of some

improvements to ppp. i'll share those three with you if that's okay one of which is we need a simplified process for loans amounts under 150,000 in terms of forgiveness the second is that we think that we need to find a way to bring the big banks and those with infrastructure and those with the marketing power back into the fold so we suggested to them for loans under 150,000 that we should increase the premiums paid to them for 7% or minimum of $750. everyone's not a mission based lender like we are we're trying to think of other ways we can bring them into the fold the last thing we suggest is that the mission based lenders out here who have been building the rapport, if we can find a way to allow them to continue the ppp loans, our suggestion is until september 30th >> do you expect any of the changes to actually happen, everett, in another round if there is one >> we do we do. onest biggest things with the c.a.r.e.s. act is the s.b.a.

loans. the small business owner will have s.b.a. pay the payment for the next six months. i believe that s.b.a. with $100 billion plus money left over, they'll consider other thing thez can do to improve programs like community advantage one thing we suggested to them is increasing the dollar amount from $250,000 to $350,000. we also suggested that from a regulatory perspective, they can consider increasing the amount of credit that banks get for cra and other regulated activities so that they can be more involved in the process. we do believe that in this spirit of helping everyone through this pandemic, everyone is interested in helping the small business owner get through this crisis and rebuild and improve. >> everett, just going back to what you said at the top p.ppp had led to a massive increase in volumes for you as a company. does that mean that ppp will prove to be very profitable for your company >> absolutely will, wilfred. as leadership, we're trying to

think of other ways we can help the underserved community. i want to point out that 4 had the 4.5 million businesses that received ppp and there is another 4.5 million businesses eligible for ppp we want to make sure we serve the underserved business owners. there will be some great profits and we'll continue to invest in technology, continue to become more scaleable, continue to stay on focus and mission of helping the small business owner and their businesses >> everett sands, thank you for joining us to talk about it today. >> thank you thanks for the opportunity we've got just under 40 minutes left of trading. take a look at the market. we've seen a rally today dow is up 225 points s&p 500 up .8% most sectors are green why the nasdaq composite is up another 1.14 tracking for yet another record close up next, call him the spacman.

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35 minutes left of trade the we're seeing a pretty broad rally on wall street dow up 207 points. getting headlines in from treasury secretary he's been speaking at a bloomberg vent talking a little bit about stimulus another stimulus bill is something congress could pass in july he said it is something that administration is working on

the treasury secretary says the next package may be -- must be more targeted to the business that's are most impacted he also says secretary mnuchin that he had conversations on infrastructure but he doesn't see this as included in the next stimulus bill. potentially something else he also talked a little bit about china. he does expect china will live up to the obligations under the trade deal clearing up some confusion overnight from trade adviser on that front but he is saying that companies are looking to diversify their supply chains away from china and could be part of a potential decoupling between the u.s. and chinese economy if u.s. firms cannot compete on a level playing field in china's economy so just a little taste of the headlines. the nakt they're talking about it in the administration and potentially working on it could have something this month, by july potentially giving some fuel here to this market's rally.

>> yeah. but just slipping off the session highs. 100 points or so off the session highs on the dow also saying that he'd be interested in serving another four years if president trump wins re-election let's dive into individual market movers. shares of the china-based coffee sellers said they received a delisting notice for the failure to file the 2019 annual report they filed the top executives amid an accounting scandal it's down another 16% today. fastly shares jumping today. they are the top performing work from home stock throughout the coronavirus pandemic topping the likes of zoom and peloton. up 3.4% today. noted investors jeff ubben is leaving to start a new venture and taking parting shots at the financial system as well. leslie picker has the story with some pretty great quotes in, there leslie >> oh, yeah. and i want to read you a quote

from ubben's exit interview of sorts. he said "finance is like done. everybody's bought everybody else with low cost debt. everybody is maximized their margin they bought all the shares back. there is nothing there every industry has about three players. elizabeth warren is right. so this is pretty sharp rhetoric from a guy who up until a few months ago sat atop a $16 billion hedge fund he stepped down as ceo earlier this year to focus on the firm's billion dollar impact fund now he's leaving altogether to start inclusive capital partners, a different type of impact fund. we obtained the mission statement which says that the firm will not only invest in do good companies but also oil and gas, for profit education companies and deploy governance skills to cause change. >> is his issue with the financial system and investing

that it's just too hard to do good he's been talking about es fwchlt he has come to davos to talk about it in the last few years he launched this separate fund he just wasn't able to do that alongside the value act hedge fund >> he said the two are die met rickly opposed this idea that, you know, you have these investors that are serving as lps in your specific funds. on one hand they're concerned that, you know, one fund isn't maximizing returns because it's impact investing on the other hand, you have a fund that is seeking to maximize returns and investors are questioning whether those returns are being sought after by complying with all sorts of esg environmental social governance standards he said that, you know, having the two things under one umbrella was essentially

problematic. he sought out to achieve that in the new fund >> the slight issue i think with all of this certainly the comments in the article right now and the way they're framed is the way he is suggesting it is either/or one level it's a little bit rich you take the moral high ground today after a couple decades of success yourself in the so-called bad capitalist camp. but more importantly, to suggest that it is either/or can you o do both. i think a lot of people whether the fund is actively labelled esg already take onboard all of the esg type criteria. i think it's just -- i'm sure it will be annoying a lot of investors today to say elizabeth warren is right. i have to leave to join her camp as if you can't actually be a good investor and disagree on a couple of those key issues

>> when he started the value act in 2000, it was a lot easier to, you know, be a value driven investor, to provide returns as an activist by just seeking different governance methods that can help shareholders the now he says there is more value to be had by being a proponent for environmental standards, social standards that, is kind of the way that these companies can think more long term and that short terminate of the traditional activist investor today, you know, doesn't quite jive with the long term vantage point of employees and other stake holders. >> not sure elizabeth warren would welcome the billionaire calling her right. but maybe. it certainly was surprising to see. meantime, back to the world of hard core finance, leslie.

bill ackman made his name investing in public stocks now he's making a move in the private market what is he doing >> so this is pretty interesting. all is quiet on the activism front. he may have his sights on another target, mature unicorns. his pershing square is raising a spa krfrment it will be the biggest of its quind $5.6 billion to deploy according to the papers filed yesterday, the spac is seeking a minority stake in a large cap private growth company the acquisition would effectively give that company a back door route to becoming a public company bypassing a traditional ipo. now the economic disruption caused by covid-19 presents investment opportunities because companies need additional capital. if you recall, ackman was concerned about the impact from the coronavirus pretty early on. he purchased credit hedges in

march that netted the firm $2.6 billion sara and wilf? >> does he have a track record in private equity, vc style investing? >> he actually does. he created a spac to acquire burger king and tim horton's now known as restaurant brands and that was a $1.5 billion spac so that was a much smaller than what we're looking at now. and it wasn't quite in that world of mature unicorn as the term that they used in the per inspectous the they opened the possibility that could be a family run business or portfolio company for a private equity firm. but it's clear they want predictable cash flows for a growth company in particular and someone that would be an ipo candidate but maybe scared off by the volatility that they're seeing these days. >> leslie picker, thank you. we have 26, 27 minutes left with -- we're up 0.6% on the s&p 500. it's time for a cnbc update.

>> hi, wilf. yeah here is the upupdate texas reported more than 5,000 new confirmed covid-19 cases in a single day the governor says that texas still has plenty of hospital beds but in houston, the children's hospital has started now admitting adults to free up more beds in the city. arizona meantime also set a record for new infections with nearly 3600 confirmed since yesterday. overseas in europe, officials may bar u.s. travelers due to surging outbreaks in many american states. that's according to "the new york times." a final decision is expected next week before the eu opens the borders on july 1st. and one of the few prominent black women in silicon valley is leaving her job as ceo of task rabbit stacy brown ran the market for four years she also oversaw the company's sale to ikea in 2017 the move has been in works for months she'll stay onboard until

august, until they find her successor. back to you. >> thank you so much still ahead, oak tree's howard marks warning in a new letter that odds aren't in investor's favor he'll join us in an intervietow discuss the jut jooutlook for ts volatile market. stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership.

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22 minutes left of trade we're building on yesterday's gains. we have a 200 point rally on the dow. nike in the lead the nasdaq composite going for the eighth straight day in a row of gains up 1%. heading for a record close

the russell 2000 index lagging still up .6% coming up, shares of diagnostic company which offers a covid-19 test with results in three hours. hitting all time highs again today. we'll talk to the ceo about the demand for the test and whether that matches the stock's big rebound from the lows. 'lbeig bk.wel rhtac (vo) at audi, we design cars that exhilarate with versatility, whether on the track, or the everyday drive. today, that philosophy extends to how we connect with you. we call it, audi at your door. whether a remote test drive, shopping, trade-in, or even service pickup, audi at your door can do this and more at participating dealers. the premium audi dealership experience,

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to make sure these packages get delivered. lction back. hologic hitting an all time high today. the stock price more than doubling since the 52-week low hit in march the company is currently producing 1 million covid-19 tests per week on the panther machine they have more than 1,000 locations right now.

joining us is hologic ceo steve mcmillan your stock is like moon shot. what is going on are you seeing the demand that is driving that enthusiasm and that increase? >> yeah. thank you, sara, for having us you know, clearly, you had us when we first launched our test. and it has been incredible demand i'd say, you know, first and foremost, if you think what my industry had what is lost probably in the incredible ramp up in this country, go back the month of march is a country, we did about one million tests for covid-19 the month of april was 5 million. the month of may was 10 million. and we're trending well north of 14 million this month. we did saturday and sunday this weekend. we did over a million tests as a country. so that is our industry in a private sector response. hologic is a big part of that. our team is just so proud to be able to be on the front lines of

really trying to help fight this pandemic and frankly ultimately get america back to work, get our kids back to school and make a difference >> on that theme, how are you enabling that? who is buying your tests are you giving them to businesses to test employees >> no, i'd say we are really the -- we're providing to the hospitals, to the department of health labs, and to the companies like the quest labcorps or other companies providing the testing services in that context, we're almost -- we're the jet engine manufacturer so we're not the airplane manufacturer we're allowing those companies to then go to the employers, go to the universities and provide the testing for their employees. >> steve, what portion of your business is focused on these covid-19 tests at the moment

is there any letup at the moment are there other medical procedures staurting to take up your time again? >> sure. this is obviously a business we weren't even in a few months ago. but we were able to pivot from all of our diagnostics testing in sexually transmitted infections, reproductive health, viral load and shift it towards covid-19 it is a meaningful chunk of our revenue right now. we are nicely starting to see some of the other businesses picking back up. cervical cancer screening, pap testing, our mammography business and surgical business own other women's health issues like fibroid removal they bottomed very sharply in the month of april came back in may and they're coming back here in june it's all starting to go in the right direction. and, you know, we also are

making a difference on the other side as well >> finally, steve. there is still questions about accuracy i know you put out numbers you and other companies, 95, 98, 99% accuracy yet, so many anecdotal evidence of people getting two or three false negative tests even when they have all the symptoms of the virus. why is this still happening? >> sure. at the end of the day, sara, you know this is where the testing comes in when you get the high through put machines and the test wez make, what is difference is really molecular diagnostics at the highest level is the sensitivity and specificity that is really brought by the higher volume tests like ours that require very little manual intervention so a lot of the early tests were much more manually driven. they require multiple steps in the lab. that is part of the reason why it was taking so long for people

to get the results as you go to our system, what made us the world leader in hpv, in sexually trans mitted infections is the remarkably high levels of accuracy and through put that we bring to the industry by high work flow and manual, you know, work flow automation and not needing the manual pieces. i think as we have ramped, you should be seeing those clearly go down. now having said, there will be people that may think they have covid-19 that don't. they may have some other virus or some of that but at the end of the day, ours are remarkably accurate >> steve, thank you for joining us. >> thank you for having us >> after the break, a boom for biotech and spotify hitting new highs. wee take you inside "the market zone." less than 15 minutes left in trade.

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day. today we have allied chief investment strategist with us as well very good afternoon. let's kick things off with the broader market stocks slipping a little bit we're up just 180 points now on the dow. the high was 290 nasdaq, of course, still on track for another record close high now for eight straight sessions and still resoundingly positive session across the board mike, whipsaw overnight been prosince then. slipping a little bit. certainly can't complain >> the market is finding its way higher seems like at least in small increments the path of least resistance mentioned a little while ago the s&p 500 around that 3150 level got a little bashful there it seems like there is a pattern of overnight strength into the open in the regular session and then maybe a little bit of a

pullback a narrower rally in the last little while as opposed to a couple of weeks ago. a few weeks ago when it was much more inclusive >> lindsey, where is the resilience coming from where does it leave us from a valuation perspective? >> there still is a significant amount of uncertainty. you see coronavirus cases increasing, almost seemingly on a daily basis. optizations and deaths seem to be at bay. but i think between that and the geopolitical uncertainty that does still remain and we are in an election year the market is trading at a 25 times multiple so there is still a lot of uncertainty about how the economy gets restarted but the market is feeling a little -- could potentially be feeling a little bit frothy here that's why you're seeing the old reliables like the tech aej growth names lead the way.

>> let's hit biotech stocks. meg has details for us >> if you look within the ibb biotech atf, two huge moverers today. both of them are tied to the coronavirus. if you look at translate bio, that stock is up 48% that's own a deal with sanafee they were already working together on a covid-19 vaccine and now they made a deal to work together on other vaccines as well potentially $1.9 billion more in milestones down the road the other huge mover is inovio that is onest main vaccine companies working in the coronavirus. they got a $71 million funding award from the department of defense today to manufacture the delivery device for the covid-19 vaccine. they should have phase one trial results from that vaccine in late june. so clearly a trend in the ibb today. sarah and wolf

>> meg, thank you. mike, how much of the biotech move that you've been watching is fuel for the overall markets? it is covid-19 related or just sort of a return in this an appetite for risk and the better mood that is driving people into the kind of names? >> i think when biotech does well, it is mostly about the liquidity and risk appetite gauge more than anything i like to look at the sbi. that is an equal weighted b bietighofer yoe tech stocks. it's up 10% month to date. that kind of shows you it's not just the big guy who's are, you know, bringing a lot to bear on the covid-19 problem there is always exciting stuff going on in the biotech industry they're always trying to solve huge problems when they really become into favor is when people are not as focused on the near term economic story coming back and real interest rates are negative as they are right now and it just seems as if you can play for these longer term kind

of future riches as opposed to looking for there and now a lot of that is going on in biotech. >> broader markets are slipping a little bit seven minutes left we're now up only 0.4% on the s&p 500. investors betting that the shop from home trade will continue. fra frank collins has a look and this is growth this year 33% is profitable and b-to-b and creating a high volume, low margin they're exceeding february levels a flat rate for oversized packages they're forecast to have ups in june alone companies, e- commerce companies investing in the surge continuing they're hiring 100

truck drivers each weesh they added more than 20,000 jobs and since the pandemic started, e-commerce companies adding more than a million jobs. q-2 was forecast to be the all time peak for e-commerce with a carter of salesing done online back to you. >> thank you for that lindsey, do you believe in this trend and if so, is it better to go to source, to the amazons of this world or do you like the delivery companies? >> well, the delivery companies have been beaten up a lot more than amazon. and amazon's delivery business search smaller than theirs i don't think they'll pose an existence to ups or fedex. what is great is, you know, frank really set this up great these are companies that have been forced to strategically rethink their business and forced to change with the times. and they're doing just that you see at ups they're bringing the ceo in to shake things up at fedex

they're working and teaming up with microsoft to rethink inventory and supply chain lines. that's what you like to see adds an investor. and by the way, they both pay pretty nice dividends. so you get pawed while you wait. >> the ceo of roku and spotify's chief content officer, an advertising officer, making headlines at the collision conference julia is tracking it for us. julia? >> well, sarah, spotify shares soaring to a new all time high today. the stock up is 62% this year. last night the company announced a partnership to integrate with comcast, xfinity they unveiled a new ad format for podcasts and the stock is benefitting from enthusiasm for its podcast content deals including with warner brothers d.c. comics, kim kardashian and with joe rogan

the content chief discussing that deal this morning >> he is the biggest vergsion o the audio podcaster now. it made all the sense in the world. the podcast is profitable already. so it was an easy business decision for us. >> meanwhile, roku shares are down nearly 2% after that ceo anthony wood reiterated that advertising will decline this year he did say that roku's digital video ads still do have an advantage. they're not direct to consumer instead, they're going through phones or roku's app store i mean, if you want to deliver television whether it is free or paid to a customer in their house, you know, oen tv which is remote streaming happens, they have to -- there has to be a

platform back over to you >> julia, thank you. i guess the question, mike with, both of these stocks, even though julia talked about the losses lately for roku, they're not too far from the highs spot spotify is trading at a high is tight late to get in at this point? >> you know, can't say i have the exact answer to that question what i do see with spotify is people essentially running the netflix playbook just an accelerated way. why are they spending so much on originals? people feel like in a secular way winning, you know, kind of

audible hours from the rest of the world. it's enough to see that growth roku though, really seemed to need the advertising trend to be a kicker on that bull thesis its no the coming together this year >> just about two minutes left in today's trading what are you seeing in the internals? we're seeing strength in groups like transports and banks which we didn't see yesterday even though the broader market rallied. >> it is mixed on the internals, sara the headline s&p 500 and nasdaq was made the market seem stronger than it was even before it faded a little bit. you see it certainly positive advancing volume over declining volume but it's really not a heavy margin there is a little bit of an undertow to the market tachlt a look at the new highs and lows that is where the strength is. it's up big on a one year basis. almost 200 new highs a fairly significant number there as it starts to run hot. and then the volatility index is

mostly moving in the right direction. here you see it at 31. we want to see this break down into the 20s to sort of feel as if there is a relaxation in the markets. you see people speculating heavily in the call options. there is still a bid for volatility protection in the vix. >> we have a minute left if we can start with the dow intraday chart. you see the fact we slipped off quite meaningfully in the last hour or so it is still a positive session as can you see we're still up 150 points. the high though is 290 h but still, a gain of 0.6%. s&p 500 is up 1.5% nasdaq leads 0.8%. it hit an intraday high. it is off at the moment. it will be an all time closing high at the close today. 21st closing high of the year. pretty extraordinary stuff there. in terms of sectors, tech is doing well but it is being beaten just about by consumer discretionary.

communications services up there as well. the more defensive sectors are the ones in the red today. oil prices down 1% gold price is up 1%. dollar weaker by a third of 1% the we're seeing long end of the curve rise at the bell though, they're up 0.4% the dow up is .5%. enough for a record time all closing high it is off the session highs at the close. >> welcome back, everyone. if you're just joining us to "closing bell," i'm sara eisen with wilfred frost and mike santoli. take a look at how we finished another upday on wall street the dow, .5% the up 130 points. off the session highs but pretty positive all day long. ibm the biggest loser. s&p 500 up .4% it is now only down 3% for the

year the nasdaq composite closing at a new all time high. the nasdaq is just on this hot streak this is the 12th positive day in the last 13. technology rules the day apple, mikcrosoft, facebook are all soaring. coming up, we'll asked fame investors howard marks about the risk versus reward in the market right now and why he says the odds are not in investors' favor. first, let's talk about the market close today >> hard to find a real catalyst these days just the path of least resistance is higher on optimism about the future does it make sense

>> you can see why it is happening. i'm not sure it makes sense. today was really a day when you just squeezed a few more people and dollars into the most popular huge stocks. and that made the index look a little better than it otherwise would. much thes&p 500 has gone side ways for three weeks they're doing fine apple, i mean, they've gone vertical on the chart. it is down 1.5% from noon today. still finished up nicely they've done very well and that has sort of masked a little bit of just a basic back and forth action in the underlying index so i'm not saying that makes it an untenable move. this is the strength of the economy in the near term >> we know well what the market has done in terms of its

rebound. what is the j.p. morgan house view in terms of the economy is likely to do around the world for the rest of this year? >> well, we're in the easy part of the recovery right now. when you have eye popping numbers down and no activity, some activity is going to look good for the next one or two months but the real question is this going to translate into hiring i think you're going to have a sum wrer the numbers continue to look good. i think there will be more questions in the fourth quarter of the year. you look at the hiring trends, when some of the programs start to roll off and hit some of the deadlines and what we really need to see is whether the hiring comes through now we still have the u.s. economy about 5% below where it was prepandemic at the end of the year this is the easy part of the recovery right now. >> lindsey bell, how much exposure should you have to the big cap tech names that continue to carry us higher here? >> yeah. i mean, i think that also depends on what the risk

tolerance is and what your age and time frame r i think a good starting point is if you look at an index like the s&p 500 right now though, 27% of the s&p 500 is part of the information technology sector. so that might seem like a high number depending on what your time line and time horizon is. i do think that exposure is important because it is defensive in a way in this environment. the acceleration of use of technology that has occurred on -- over the course of the pandemic has really supported the growth process for a lot of the companies. i think you want to have exposure to. >> joyce, what's your invoice as to the likelihood of a huge spike, a huge wave of bankruptcies in the u.s. >> well, i think that you're still going to see the play out over time. we've seen a default rate that has risen to 6% in the high

yield market and we see this going up to 8% by the end of the year it may take time for this to play out a couple near term risk that we're looking at is rebalancing. we think that is one thing to watch and also the u.s.-china tensions i think that bankruptcy may still take some time before you see that come up as an issue more immediately >> i want to bring up two things, the more skeptical investors are watching which is gold it really started to break out here had another strong day and treasuries and we're seeing higher yields which you would expect to see with higher stocks but barely i mean you're not exactly getting the kind of exuberance and enthusiasm for a recovery that you see in the stock market how do you interpret all that? >> no.

>> gold benefiting and also negative real interest rates is something that usually provides a back of also just absolutely massive retail etf in flows into gold funds you can take that one of two ways either, you know, it's an endorsement of the asset class or means there is a little too much of a short term rush. i don't think you should expect them to go up tick for tick. it definitely is not something that it seems as if the inflationary story getting other asset classes is really moving bonds. but, you know, that anchor on the short end for as long as the eye can see is doing its job in terms of keeping the rest of the treasury yields anchored do you take some positivity out

of that? the dollar soft again today? >> i think over the course of the past quarter since we're coming up on the end of it here, you saw the dollar, the dxy and the decline by 2.5%. and that should bode well. maybe a silver lining in the earnings numbers that we get out with the release of q-2 in mid july yeah, it's a little silver lining it certainly helps the emerging markets, right i think that earnings season in the middle of july is going to be an important one. and maybe investors are willing to look past it. but earnings estimates have finally, finally stabilized for 2020 and 2021. it will be interesting to see if we see the numbers come down by another leg after the companies report earnings. they want to reinstate earnings

guidance after the second quarter is gone. >> dr. fauci continued to express optimism surrounding the prospect for a vaccine against covid-19 how much do you think this is all driven by bets that that is going to happen? >> i think vaccine still quite a ways away. that can be something that takes months maybe even more than a year. but what you are seeing is we're not seeing the fatality rates where you heen a stubborn first wave or fears about a second wave it is also more concentrated in certain parts of the u.s i think for a widespread vaccine, i mean, look, the really think test also he when the school year starts, are you able to get people back into school you have a period over the summer that even if you have an increase in the infections, it's not as bad as what we saw in

march. we still have certain parts of the country that are coming down the vaccine, i still think will take some time we're in stage three developments on a couple vaccines the hyper immunity is one issue before they have to really address that before you can see widespread usage >> joyce and lindsey, thank you so much for joining us >> let's get over to bob pisani for a review on today's market action hey, bob >> hey, wilf good to see you. up day but a very weak close. not happy about that close two things here. tech mania and banks are fading. tech mania across the board. apple is the key to look at. up 15% in a month. 44% for the quarter. it's the tech stock of all time probably remember, we're ending the quarter in a couple days

43% up for the quarter even software stocks are rallying adobe is a good example. the biggest of one that is up almost 40% for the quarter. video games have been rallying electronic arts hit a new high it's up 30% for the quarter. you see what i'm talking about cloud computing. service now is another one that's up 40% for the quarter. so why aren't i happy? you want to see what an inverted v looks like look at the bank stocks. look at pnc today. this is pnc in it one month. 107, 132, back to 107. that's what bank stocks look like that does not make me happy. bank stocks, financials, wilf, they're only 10% of the s&p 500. they used to be 15%, 16% only a few months ago that's how difficult this has been for banks back to you. >> and they have a short term hurdle to get over this week with the stress test results coming out on thursday

you could spin it the other way. tremendous rally as part of value rotation and giving some of that up and still up a lot from the lows. >> and yields moved up there is reason for that if you get a better yield curve, that's one thing the banks have going for them i'm just very worried about the stress tests, wilf and what you think about it obviously, investors believe there is going to be some dividend cuts that are out there. they may be right about that bo bob, thank you >> we have a market flash on dell >> what we have right now is dell and vm ware moving afghanistafter hours. vm ware is up about 9% 70,000 shares of volume. this is after the wall street headline saying that dell is considering a spinoff or other

options for the stake in vm ware this is a software maker that helps computers and servers run opt mally. now dell is worth about $50 billion as of the current valuations and they're exploring the options for the 81% stake. that dell still has and a very complicated story after dell bought emc which bought vmware early on >> dom, thank you for that >> next weeshlgs asked howard marks whether he thinks stocks are starting to look overvalued and where he is ndfiing opportunities now. we're back in 90 seconds stock slices.

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welcome back oak tree capital chairman howard marks notes that odds are not in investors' favor howard marks joins us now. a first on cnbc interview. very good afternoon. thank you for joining us. >> good to be here >> let's kick off with why you think we've seen such aer ferocious rally from the march lows >> well, i think that people are taking the feds' word for it you know, there is a saying you can't fight the fed. and most people have concluded that the fed wants the market to be higher and then they'll do things that make it higher they have done a lot of good things for the economy they put a lot of liquidity into

the system they bid strongly for securities all of which have the effect of lifting the markets and they indicated they're going to keep doing so >> can you understand the rally there? >> oh, i understand the rally. the question is if they levitate, the markets, can they keep doing it forever? if they get the market to a level where it wouldn't be but for their buying, then does that mean that the markets are dependent on fed buying forever? and what happens if they stop? and will they ever stop? can they keep doing it forever you know, it looks to me and many people like the markets are somewhat ahead of themselves i would say that we're trading on 2022 earnings that means there's a long time to wait. >> why can't the fed keep

perpetuating it? >> it can. but will it? i mean, it -- in theory, i guess, it can do anything it wants. but, you know, will the fed spend trillions of dollars every year forever to support the markets? is that its role it's not its job there is a time at which they want to get out of that business and let the markets trade on their own. and by the way, how do people feel about buying securities at price that's are high only because the fed is buying rather than high because the values are called for by what -- how the companies are doing. >> it sounds like you're pretty cautious the risk is not in investor's favor. how are you positioning around this thesis? >> first of all, remember that

oak tree is not for the most part investor in the stock market we're an investor in credit. a lot of the things that happen in the stork market are largely true in the credit world we're maintaining a cautious portfolio. we're full lyn vested why we can be but with, you know, the question as i said many times on the air here is whether to be aggressive or defensive and i would say that where markets are today, combined with the fundamental outlook would put a premium on defense rather than aggressiveness. >> and howard, gauge that for us we've had a lot of debates in the last couple of weeks is this just taking some defensive sectors or is this raising cash significantly because we're in a bubble that's about to implode

>> nobody can say we're in a bubble about to implode. a lot of people have been saying that and carried out there is a lot of people have been wrong we're fully invested we're not raising cash we have no plans to raise cash it just means, do you -- do you have a high hurdle for the things that you'll buy in terms of certainty of the company security and the seniority of the debt or do you drop down in quality and in seniority in the expectation that a bounce will make you a lot of money? i think right now it's time to take a cautious approach and insist on defense and quality and margin of safety rather than maximum aggressiveness

>> this is the time for aggressiveness when people were panicking and throwing thing as way at low prices, that was the time to be aggressive when everybody else is feeling very jolly and happy to buy at prices that fed i would say has artificially put up, that's not the time to be aggressive. that's time -- that's the time to be cautious >> it sounds like you're not in the camp as steve schwartzman. he thinks there is a v shape recovery there is more to this than fed stimulus there is optimism that our economy could come back strong and could come back fast thanks to medical innovations, potential vaccines >> i'm sure i'm not supposed to grab the newspaper he said it will take quite a while before we sync up and get back to 2019 levels. you know, people use this

expression, v shaped recovery. but what does it mean? v shape, yes we're going to do this we're going to do this in the second quarter we'll have a collapse. and then the third quarter we'll be better and the fourth quarter will be better than. that that's a v. but the real question is when will we be back to the earnings and the gdp that we had in 2019? anticipate we were supposed to have had in 2020 i would say maybe we'll be back to the 19 levels in '21 and to the '20 levels in 20 '22. that is not a vibrant vigorous v to me. i tend to think in terms of a check mark down sharply and then up gradually. >> howard, of course as you said, you're invested fully. and in credit, where do you stand on the likelihood of a wave of bankruptcies do you think a fed whether it is

artificial or not stopped that being a possible outcome >> no. we already had a wave of bankruptcies we've had 30 or 40 bankruptcies totaling $70 billion of debt since the beginning of april so that's three months except the june is not over yet and that's the second highest annual total in history i believe. we also had $92 billion of defaults the fed broad brush support of the economy is not saving companies with bad business models >> where do you expect that to happen what types of companies or sectors should we be looking at?

>> everybody knows that the trouble sectors. you know, the ones whose businesses have been either, you know, jeopardized by the covid-19 or whose fund mental problems are exacerbated by the covid-19 in the former category of companies that have been troubled you have casinos, hotels, airlines, anything to do with travel or getting p em together. then, of course, in the category of things which have -- where existing trouble has been exacerbated, you have retail people have gotten into the habit of buying from home much more any company that is highly levered and business slowed down is at risk of a default. >> howard, you mentioned people

got into the habit of buying from home. what do you make of that trend and the flood of account opening data that we've seen for the likes of robinhood, td, schwab, e trade, et cetera does that make you more concerned of market levels that you see a flood of activity in that sense >> of course the participation of people who think it's a gambling game, you know, they think of it like betting on football is not a healthy thing is what i think you brits call a punters that's not a great thing and, you know, the leader of the punters says that he got excited when he learned about 60 days ago that stocks only go up if there's been buying and if stocks are being held by people who believe that they only go up, i think that bodes well.

i think is important it's at the margin i don't think that this is a systemic challenge but it's not healthy to have people who are buying stocks for fun it reminds me of the people who were day trading in 1999 and declaring day trading, you know, a can't miss strategy. when the tech stocks crapped out in 2000, most of them had to find a way to dig out from under. >> that was a bubble then. why is it not a bubble today >> well, i think then you had -- that is one aspect of what was going on but you had had -- you had had a group of stocks selling at crazy prices, crazy multiples of revenues or what they called

eyeballs they could get high prices the there was no price too igh of we don't have that kind of mania going on now:the stocks doing well have basically have good businesses and you have, you know, 25% of the s&p 500 is a few companies who -- which are terrific and seem likely to remain that way and not at crazy prices by the way, in 2000, the s&p 500 was at 32 times earnings and if you're willing to look at 2021 earnings, i think we're at 20 times so not nearly as inflated. but still, highly valued >> you eluded to the faang stocks, the ones that make up so

much market cap and continue to go up. you complimented them. you said they were terrific companies. you said before, howard that, things are the most hyped produced the most. it relates to faang. as they continue to shine and continue to drive this market higher, how do you feel about the fact that so much money is continuing to flow into those names? they're as defensive as companies. >> yeah. well, i don't think they're defensive companies. you know, we saw in some of the corrections the fourth quarter of 18 correction that the things that people feel the best about in the short run are often subject to the worst declines when those good feelings dry up.

>> apologies for interrupting. i want to end by asking you about a comment today am coming out of value acts. he is starting his own esg fund. he said in a long interview he said finance is like done. everybody's bought everybody else with low cost debt. there is nothing tlvenlt evehere every industry has three players. elizabeth warren is right. what do you think about that play and whether it's an either/or landscape? do it the way it was in the past or new way which is esg? it was an uncrowded field. it was a misunderstood or not understood field in which a pioneer could get an advantage

by going into an inefficient market and scored great bargains now everybody knows everything everybody has all the data there is much p more -- much less naivety around. things aren't what they used to be in terms of potential i still believe if you work harder, if you have superior insight, if you have control of your emotions, you can still have -- be a superior performer in at the investment markets especially the nonmainstream ones and i still think that there is value in doing that >> finally, howard, do you think the election is a risk for markets and investors? and if so, you know, some people said the market won't like joe biden. he is leading by a number of polls. so what is with the fact that market doesn't seem concerned about that or is it just that polls are seen as fake after the last election?

if we were back november 1st '16. there are two things that everybody was sure of. number one, had hillary would win. if trump won, the market would collapse instead, trump won and the market went straight up. i think that should be enough to convince almost everybody that you don't nae what is going to happen and we don't know how the market is going to react to what happens. but, you know, there is a consensus that biden would be less good for business and put taxes up and that's a considered a negative these days. along with the possibility of him winning. >> sorry >> go ahead. >> final, final, final, i promise. we keep wanting to squeeze in extra questions. >> third last question. >> what is your take on wired card and where does that rank in

terms of the great forwards of all time zbri don't kn >> i don't know. i don't have that much firsthand knowledge of wired card. there have always been misdeeds. sometimes people soet et up to operate a scam some people start off with good intentions and then others slip up and cover it up rather than tell the truth i don't know which this is but it's part of every day the bottom line is that not everyone can be trusted to walk past an unguarded pile of money. >> hoy ard marward marks on a rf topics good to see you again. >> thank you >> coming up, combatting coronavirus. we'll ask the governor of state of connecticut which has seen a sharp decline in new infections

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stocks closed higher nasdaq at a new record let's go to mike santoli looking at a group of stocks outforemaning the broader market it's been under the radar, mike. >> we talk a lot about industry sectors. we talk a lot about stocks in terms of style, growth, value, characteristics like momentum or dividend yield this is kind of an unofficial clustering of stocks that i would call information networks that have become de facto industry utilities and look at the performance. the s&p 500 over the past years is up over 6%. they're up, you know, between 40% and 70%. this is the company that makes the indices and market data. fi consider. o, fair isaac and credit scores.

all of them have the characteristics though of being essentially an information net work that has economies of scale. not really a lot of threat from new entrants and so they have wide moets is another way to put it. i don't think people look at them all in the same class but if you look at the new high list every day, you see the same names all the time i can add other ones moody's and s&p 500 and nasdaq and various others that -- and also, you know, trade web. all the other companies that are applying this type of ground just one other way of slicing of the more successful growth stocks out there >> mike, thanks so much for. thconnecticut cut the coronavirus infection rate under 1% we'll ask ed lamont what is behind the state's success and whether he is conseriding quarantines on high risk areas like florida and texas

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. the governors of new york, new jersey and connecticut are considering a possible regional quarantine for travelers coming

from states with high rates of covid-19 this comes as the tri-state area continues the path towards reopening. with all three states meeting the who's positive testing rate of 5% or less. one of those states, connecticut. they have seen the cases rise only 20% since reopening on may 20th it's week over week cases continues to fall dramatically joining us for more is connecticut governor ned lamont. governor, thank you for joining us good to have you here. clearly, progress on the testing front. the case loads tell us how the reopening has been going for the state of connecticut. >> i think we opened cautiously. first of all, we never closed down manufacturing, sarah. we never closed down outdoor construction most of our economy kept going but over the last month, we have done our restaurants and stores. because we did a cautiously and slowly, our metrics continued to go in the right direction,

meaning hospitalizations are down infection rates are down and that's true of our region as well but that's where our region is working together as we try to make sure the pandemic doesn't come back. >> clearly, governor, the numbers aren't as encouraging in certain states whether that is because they're experiencing their first wave later or now experiencing a second wave you are fearful of letting large numbers of travelers in from states like that >> i'm going to be working with governor murphy in new jersey and governor cuomo in new york they have newark airport and kennedy airport. the virus came by airplane it could come again. >> how would you enforce something like that? >> well, first of all, i think we would have an advisory. we can go to connecticut or the

tri-state region they get a notice when they get off the airplane we probably try to work with the hotels as well just to say,look, if people have been tested, say, two or three days before coming and they didn't test positive, they're fine if they can't show they've been tested, they have to quarantine. >> either way, governor, how confident are you that your state and others perhaps neighboring states are ready for any pickup in cases if they do come, particularly the health care system and should that be the guiding principle now whether the health care system would come under too much stress or not as to whether or not you have to reverse any of the opening measures you've done >> we have better than 50% capacity now as you pointed out, our covid-19 infections or covid-19 folks in icu are down dramatically. if we sthau beginning to pick up again, we would have to take a second look. but i'd say it's true of all the

states we're much better off than we were three months ago. we're not waiting for a national stockpile. we're building our own stockpile of masks and gowns we have a lot more testing capacity than was available 100 days ago i think we're much better prepared for what could come next >> we just got a headline. texas virus cases jump by a record of 5,000. what would your advice be to governor abbott, governor of texas or florida or arizona dealing with this surge that you dealt with a few months ago? should they roll it back i'd close down the bars. i think i heard governor abbott, i heard other governors both say the bars are a little out of control. people aren't taking the distancing seriously not surprised by that, by the way. and we've seen that has been a great source of, you know, infections i think you do have to be very strict

secondly, con hnecticut, people probably know somebody hit hard by covid-19 and we're likely to wear the masks i think that makes a big difference i would enforce that strictly in the states where you see a flare-up >> and finally, just want to ask you about state finances, governor how big is the bunt hole at this point and what has to be done if washington can't get together some sort of aid package for states >> well, it's tough, sara. not only did income tax collapse the last four months but so did sales tax. the service economy was shut down thankfully connecticut is a little better positioned we also had a rainy day fund 12% of our overall budget. that allows us to power through without having to raise taxes or dramatic spending cuts but it's really key for us

getting our economy going again safely i've got to get people feeling confident you can go back to that store or that restaurant. that's how we bring back our revenues growth i hope comes back by the end of this year >> keep us posted. governor ned lamont, thank you for joining us >> thanks, sara. still ahead on the show, beyond meat shares getting grilled after losing a big battle in the fake meat wars with rival impossible foods. details and what it means for beyond stock later on "closing bell." stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab.

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have a look at shares of carnival after the credit rating was cut to junk by s&p 500

only moving down by 1.2% it's gone from triple b negative to double b negative, i guess, of course, a lot of the skepticism about the strength of the balance sheet already in the price. but still, moving an extra 1.2% lower after hours. time for an update >> hi, wilf. here is your cnbc update at this hour in mexico, police and volunteers are helping clear debris of damaged buildings after this morning's massive quake. this colonial building collapsed about 90 miles from the epicenterst quake. so far, officials have reported two deaths and four people have been injured more than 700 cities cut spending on roads and other infrastructure as cities try to reign in budgets in the wake of the pandemic that's according to a survey from the national league of cities the group also found that 69% of municipalities received no aid from the $2 trillion cares act the number of colleges and universities are cutting academic programs due to the

pandemic can you go to cnbc.com to see how some institutions are trimming budgets and overhauling entire departments you're now up to date. that is our cnbc news update for this hour. sara, i'll send it back to you >> all right thank you. up next, a big blow to beyond meat. starbucks announcing a in you this tie-up with impossible foods. what that coulme fd anor investing in the plant based craze when "closing bell" comes right back can i find an investment firm with a truly long-term view that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information.

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the partnership means that impossible foods will have the sandwich at 15,000 starbucks stores nationwide. that triples the number of stores carrying its breakfast products just last week burger king launched the impossible sandwich at all of the stores the impossible sandwich. beyond shares today were down more than 4.25% in the regular session. the stock has been on a tear lately, up nearly 130% in the quarter. shares are fairly flat right now in the after hours still, beyond meat has its breakfast products at dunkin donuts, carls jr., hardies and starbucks china. another challenge is whether it will be able to scale up the company points to its partnership with a big co-manufacturer and it says it has enough capacity to do so >> thanks so much for that don't miss tonight the impossible foods ceo will be on

"mad money" 6:00 p.m. eastern time. still ahead hopes of the major league baseball season hanging inhe t balance it's all up to the players to make the final call. we gotta take off. 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. ah, they're getting so smart. choose the app that fits your investing style. ♪ ♪ ♪ ♪ i opened a sofi money account and it was the first time that i realized

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it has been a tumultuous return to action for major league baseball, but now the 2020 season appears to be on deck in some form with the league offering 60 games if players agree to health and safety protocols and can return to their home stadiums by july 31st the deadline for players to respond, 4 minutes from now. what happens here? joining us is jabari young and mike santoli

what happens if they don't get back in 4 minutes? >> it will get the league, the mlb is not going to say we gave you until 5:00 and it's 5:01 what's going on. it will get delayed. i expect the players union will agree to the health and safety protocols. the big question is will players will able to report in seven days i think that's a big question. checking my sources right now, right now this is what we expect march 26th was that agreement that they had in place should they not come to an agreement with the owners and the players satisfied of getting more playoff teams for the post season, expanding the league rule where dh is now universal all of those things are moneymakers for the players, added revenue, more jobs these are issues that we got a preview of what things will be like as of right now, i can't foresee

the thing falling apart. this is why that march 26th agreement was put in place 60 games july to september, prorated pay for the players that's what it's looking at. >> what have been the hurdles? soccer is taking place across europe that's much more of a contact sport. one would have thought getting baseball back would be relatively easy. >> just greed. the owners put in place a full prorate pay for the players. then those negotiations, you started to see, hey, this amount of games but we're going to take that prorated play to 83%. players were like no, we agreed to 100%. back and forth should thing versus ns have not into place, they would fall back

into that march 26th agreement the players got a piece, the owners got a piece, the media got a piece because we report juicy gossip everybody got a piece. now it's time to get back to playing baseball looks like that's what they're trying to do per that march 26th agreement. >> let's get a take from our resident baseball fan and expert mike santoli what is this season going to look like? what are they targeting for opening day and how much competition is there going to be for baseball now it usually rules the summer but everyone else is starting up right now as well. >> they will start up eventually during this 60-game stretch. it's going to be this experimental season. nobody's going to treat it as a regular year they impose all these new twists on rules that are basically going to be a trial period for that when i was a kid, there was a

players strike in 1981, two halves of the season each half was as long as they're going to do right now. better than nothing, but not much. >> they missed that point too. those agreements put into place, remember the club owners said we're taking those out no more playoff expansion. these are issues both sides missed out on because you're missing jobs being added should you have a universal dh. these are just things that are going to be taken up in the next collective bargaining agreement. we'll see what happens then. >> we're out of time on "closing bell." "fast money" starts now. "fast money" starts right now. coming up, more room to run. morgan stanley's chief equity strategist says we're just gettin