(music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. good afternoon, everyone, and welcome back to cnbc i'm tyler phragt smath sin and s "power lunch". reopening in america has led to a record surge in daily coronavirus cases. texas and florida the first

states to roll back their reopening process. and the move today in part driven by the banks. goldman sachs, jpmorgan leading the dow lower as the federal reserve clamps down on dividends and buybacks amid the pandemic stress are the banks really as strong as they seem plus, the airlines are getting crushed today. executives will meet with vice president mike pence as we speak to ask for more aid as travel remains on eyes for most of the country. we will have more on that, kelly. but now over to you >> tyler, thank you so much the other big name, nike down 6%, almost 7% now after an ugly quarter. they missed estimates by a long shot revenue dropped 38%. setting off a key debate on wall street we could be in for an earnings season of pain as companies struggle to get back to business we will continue to backstop any market pain if the economy

remains sluggish or comes to a halt again what will take the wheel going forward? bob pasani and steve diessman to debate >> the rising cases and the slowing of reopening means fewer people may be out in spending. that is a threat to the v pie poth sis it might be a "w" now. nike is a very good example how difficult it is. 100% of the analysts are wrong on this. how is that even possible? a gain of 7 cents. a loss of 51 cents are you kidding? 100% were wrong. even the low analysts who had a loss of 38 cents, he was wrong a lot. this is how clueless analysts are when companies don't provide any guidance how can the analysts know when the companies don't know rethey going out in the third quarter? i don't think so in this uncertainty. >> steve, that raises the

question when markets stumble, who is coming to the rescue? >> well, i think the fed will come into the rescue i will make a point that the fed has been pretty steadfast in using the that word "uncertainty". the recent press conference by jerome powell that used the word 11 times what the market seems to have wanted to have done is embrace all the policy stimulus from the fed and none of the forecast from the fed and the concern about the outlook inside the uncertainty. well, here it is right now this recent surge in cases is what the fed has been worried about, concerned about and warning about. and now the question is can the fed do more? yes, it can. it has an awful lot of programs already in place it could be another $2 trillion it could use without adding

another program. i don't think the fed is in a place now where if things took a turn to the south that it would announce a new program it might be more qe. a lot of programs are in place and need to be ramped up right now. >> bob >> yeah. i think, steve, this is a brilliant observation that you make you make many brilliant observations the market here, half what they want to hear they are not paying attention that he has stated this is going to be a long recession i think the market kind of believes at this point even if there is a long recession, well, they will get even more creative they were shocked at the muni bond buying. now i get questions if it goes down more are they going to buy stocks the answer is, well, maybe. >> i think the market needs to understand that the fed doesn't think it can fix everything. the fed has always -- you know, covering it for 20 years, the fed thinks it can alleviate some of the pain of the recession but it can't fix everything.

one of the things powell has been doing, he's gone further than he wanted to go before in terms of urging congress to put more policies in place and be ready to do another round of stimulus we have a major fiscal cliff coming in july the second thing the fed has done pretty consistently is speak way out of turn and urge the public health officials to not reopen too fast, to create -- if you look up this concept that the fed speaks of creating consumer confidence to go back, the government can open anything it wants. but people actually going back requires confidence that they are not going to get sick. and the fed has been urging that quite a bit. >> yeah. i think you will see the market believes that even if things get a lot worse they are still going to jump in a point that you bring up that is a valid point the creation of zombie companies. there is too much fed intervention at some point that is a real risk. somebody once told me the market is an aging creature, like a

bunch of old zebras out there. it is harder for them to move forward. and you have a lion coming out, which is the coronavirus what the fed has done is put a fence around the lion. they can't get to the weak zebras at this point so you have these zombie companies around for years now >> right >> i think that is a very legitimate concern people have out there. >> welcome, bob, to the blunt tools of the fed if you think about what the alternative of that is, you have the fed picking winners and losers which may even be worse so you can't have it both ways i'm not saying you are arguing that they will have to say what they want the fed to do is pick which of the old zebras and which of the young zebras >> 2008 it did work. now they are getting even more aggressive i don't think it's the end of capitalism i sort of prefer that to the other alternative, which is to let everything fall apart.

>> last word, steve. >> i know. i know i know we got to go, but the issue is this. the fed is boldly going where no central bank,fed has gone before in the purchase of corporate bonds, main street loans. and the issue of, you know, there are some companies it's going to lend to that maybe in a new environment shouldn't exist. and i actually do not know the answer to that question. i know we haven't had this discussion of which companies ought to live as a result of the downturn and who shouldn't and who should make the decision that is much more of a fiscal decision it may end up falling on the fed. >> zombies and weak zebras thank you both do appreciate it ty >> colorful imagery there. bob and steve, thank you very much as you tee up our next discussion, we'll bring in our market panelists quincy crosby is chief market

strategist at prudential and senior analyst and commentator to schroeder's n.a i'll begin with you, ron what do you make of this i have to say my orthodoxy tells me that in the end what matters most to investors is profits and earnings and the ability of companies to grow them >> yes all of which will be dictated by the arc of this virus. we are facing a w economic recovery it it has always been, in my mind a foregone conclusion that we had some saw toothed recovery, jagged if you will, that life would return to normal because states reopened, some of which continue to throughout the rules of engagement. if you will. they are not social distancing, not wearing masks and it has become a political football which is insane actually so i think as we move through this process and we see the

risks in the recovery, the market will move on these headlines day to day >> quincy, with earnings expected to be down as marketedly as they will, that will keep the fed in play and the fed then is the foundation of the market. do i understand you correctly? >> well, it is because one of the things that the fed has been able to do is to open up the credit markets and allow the fallen angels and the zombies to hopefully heal their balance sheets and keep going. the fact of the matter is that without the fed the market would have a difficult time because profits would take even longer to start materializing and we would see a widening and we would have, you know, a scenario that would be reminisce sent of 2008, 2009 while this is not the perfect

solution, it is a solution to get us to the other side obviously a vaccine is the key now. and that's why i think over the course of the summer any of the announcements having to do with the progress towards a vaccine, whether it is the phase 3 trial with 33,000 volunteers and other companies and institutes working on it, that's going to have a major effect on the market because that would lead us to the other side much more quickly. >> you know, june has been a bit of a choppy month and especially maybe this week. next week is the end of the second quarter soon after that, earnings will start coming out in july we just saw yesterday what happened with nike where they surprised everybody. even the most bearish by a factor of three or four in terms of what they lost. ron, what do you forecast for july and what kind of volatility

might we need to brace for in july and as we move through the summer >> well, i wouldn't say it's march-like volatility or april-like volatility. we know earnings will be bad and second quarter gdp will be bad what has bothered me of late, the market is out over the skis with respect to the recovery it's taken two, if you do what i do all week long, watch the bottom ticker on cnbc loaded with low-priced stocks moving like kraerbgsz the expected retail frenzy i see is reminiscent of other periods i have experienced over the course of 36 years. it worries me we have gone to throwing darts or doing whatever among retail investors not only is it late cycle, it's dangerous. when you combine it with bad news as steve said, probably no new programs

just an extension of what's already on the agenda. i think this market is at risk of a significant pullback. i have been saying it for a couple of weeks. i've been wrong, clearly but i do think we are so richly valued relative to earnings and economic growth there is risk out there. it really truly disturbs me. >> as we dip down 600 points on the dow, >> as we dip down 600 points now on the dow jk i might in reaction to what ron just said. >> it neat needs another cataly continue it will pull off and scare off some of those retail speculators. they will be caught in this. it will0 allow the market either to just going sideways or a sharp sell off.ñd

it will be enough before we have anything that start climbing up toward the end of the summer >> thank you very much reopening america is hitting major hurdle as texas and florida start to roll back that process due to surging earlier today and joins us with more meg. >> kelly, i did talk with drdr. drdr. dr. faucis i7i/ and just finish interview with pzfizer. we got to hear from white house force mike pence saying that the country 50 states and territory are safely reopening now but pointing out concerning spread across the south and particularly""rf 16 states thy are monitoring very closely.

dr. fauci said it's a concerning turnv/çaround that we're seeii t country now. we also talked about vaccine development. he told us what we're hoping fo in terms of vaccine efficacy  effective, 75, 80% effective which was really good. that would confer enough immunity into society that you d together with public health measures the one thing we got to be careful of, you can't think that when you get vaccine you can throw all caution to the wind. you havee@ to do both. >> he's saying this will not be a binary event from a health stand point getting a vaccine. we'll still needed to be carriful the lead vaccines planning to start phase three studies. he said they already have some of the data from the firstvy in house

while he wouldn't give any specifics until they are published, he said he cautiously optimistic about the time lines if all goes well in retuunning trials, they could have their1v efficacy as soon as september. he is becoming more optimisting about their ability to manufacture these vaccines they thought tens of millions of doses. he now sees hundreds of million available. back over to you >> meg, thanks very much ty coming up, all 11 s&p 500 sectors are in the red right ñao now. financials down more than 4% followed by communication services and energy all leading the declines this day. we will have more on those moves airline stocks are sinking the jet etf foudown 9% this wee.

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welcome back coronavirus cases and new restrictions on travel have been weighing on the airlines today this as the ceos of delta, united, american and southwest

with the president phil had more. >> as we speak, the ceos of the four largest airlines along with some other airline executives are meeting with vice president we have footage of ceo of delta airlines walking into the white house earlier today as they meet with the vice president under discussion will be what happens when it comes to the idealx+of checking the temperature of passengers or contact tracing. who should be responsible for that a lot of people think it should be the airlines. others think it should be the u tsa. it's been pushed back and forth. that's been one of the primary topics of discussion passengers levels are improving but nothing to write home about yet. they are stillúeq@c 77% coe to the same day a year ago just for a point of reference about 620,000 people flew in the united states yesterday. also in washington, you've got unions that have tens of thousands of employees and

airlines and cargo companies have sent a letter to congress they have asked for07÷ congressional leaders to preserve their jobs through march. extend the payroll grants through march. thl need it will be interesting the see if they get any capital. take a look at shares of american airlines. s capko as of july 1st. starting next wednesday, instead of them saying we're always going to keep 15% of the seats empty on a flight, they are selling every seat not kvcomfortable, you can rebo on another flight. united has announced lit be resuming flights on july 8th to 9ofromo through seoul and down to shanghai a will the of news in the airline industry we'll let you know what comes from the white house meeting if there's any news at all. tyler, back to o-you. thank you very much. kelly. >> for more on boeing and the

airlines, we're joined by the airline analyst at cfra research do you have any expectations about this meeting with the vice president today. >> hi. thanks for having me u into that. my guess is based on how we saw the meetings play out back in the march and april period i think the administration and also congress is pretty inclined we saw unprecedented support back then. if there's still on the very dire demand situation come september, i would not be surprisedé)tñ to see manyore su. >> support is nothing like an i appealing investment or unl this whole pandemic is over. you have a hold on most airlines american's balance sheet will be a plesz. the airlines, american, many of them selling off about 7% today.

what is there to do to fundamentally change the outcome here barring a vaccine >> well, i tlxyou're right the vaccine kind of the key unless we can get the virus curve to really flat éoú+q i think it's back to what we're talking about, the government can step in with more support but i also think it's important to note that it's almost a the stronger airlines. like a southwest. under normal circumstances you might be seeing some ofm5y the weaker balance sheet players and higher cost operators kind o forced to -- just running out of money, basically down across the industry, you'd see some uplift in pricing for some of the stronger players and

capture more market share and ìáp &hc% i think we'll see a lot of players continue to operate below break even for much longer than i would have anticipated. >> right, which is a head wind for the strongerywq players li southwest as you mentioned where you have a hold. that's what we talked about. it's not the airlines fault they got into the pandemic. the plane bamaker. news looking better today as they are talking about a test flight of that next week how significant is that? >> i think"og÷ that's a really critical milestone i think it signals in this effort to recertify boeing is kind of past the max risk period when i say that, éxxmean there was some possibility a couple of months ago in my view that the

max might really not be a viable what the signal is now to the faa is seen on paper and through data what7sthey need to i think everything that will happen next week or in july, i has already demonstrated through its own thousands of hours of test flight.k"ñi the reason i have a buy on boeing at the same time as pretty negativetive onrrdhn airline industry is boeing generated more free cash flow than the entire u.s. airline +q

you're seeing both struggle and add a lot of debt, i think boeing is undervalued in the situation where the airlines are not. >> you have a buy on boeing at $231. aprice target or around 10 today. thanks for your thoughts >> appreciate you having me. have a good weekend. e you too. ty still ahead, the bank the biggest drag on the market at this hour. checking the moves they are getting creamed today the. 6%, 5%, 8% of their about. we'll talk to traders to tell you what to do with these beaten down names as the banksjwnfall, wall st is bracing for a bidenin w how much is the move in the polls impacting the market we'll have details on that

power lunch returns. 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.

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welcome back banks trading sharply lower vulnerability. let's bring in your trading nationó=;team today nancy, goldman sachs leading the háoday you think it can out perform in the long term. tell us why. >> this is a company that gets 96% of their re knew from

non-interest income. that's a benefit in a flat to low interest rate environment. the stress capital buffer which has changed to increase capital requirements for the most é that hit goldman especially. that's some of what you're seeing today long term we like this story better than say a wells fargo &ho non-interest income and is exposed to many of the spaces autos that we don't want to be part of. we like it lrq) valuation standpoint is outstanding in our work and 2.5% dividend yields whether they raise it or not. >> if you look at the3oñ performance of banks in the month of june, citigroup the leader there why do you think that is and how does the chart look to you >> from the big picture, i want know that coming into the q1 that a lot of these banks sort of kitchen sink the quarter

through a lot of thewrite down and everything else and a lot of those reserves will have to (t&o unwound as you go forward. i think you have a lot of low water marks. technically the1rqnpacktjlq chart at citigroup, all you have done is pull back to the up trend support line off of those february lows and from our perspective, this is a stock that we should be jx-ñbuying it's also been a relative out performer. secondarily, take a look at the chart of wells fargo i know nancy didn't like this onewid8.ñr ñwhen you kitchen and you're seeing a right shoulder is getting ma inting mi point in time, this is when you want to step up and start initiating your position andd-m from our perspective this is one of those names that's so out of favor that i rather play the trade and be buying some of that in here. >> that's what makes the market thanks for more trading nation head to

twitter. back to you. i'll pick it up. thank you. mark zuckerberg speaking right now to his team. hi julia >> that's right. mark zuckerberg making some updates on the company'sn t . two key announcements. one is they will be creating a hire standard for hateful not in posts but in ads. they do think they need a higher standard in ads. they will be limiting any ads that are derogatory about any minority group andg!y8' basedc sexual preferences really trying to improve the standard around advertising on facebook trying to limit those that sow discord. they will be labelinggfñp newsh content saying they leave up content that would otherwise violate policies but they believe it's in the public interest to see these posts

especially from poli÷:ians but they will be labeling these ads. if you recall this is likely referencing when president trump posted when the looting starts, the shooting starts. '>o it was out there5 and employees weren't going far enough to label this really interesting advertisers boycott calliéwfor more change around content on facebook back over to you >> thank you the shares down about 7% on that session overall. there's concerns about reopening causing a big sell off the restaurant stocks are hit hard the casual dining sit down you can see texas roadhouse, cheesecake factork ri down. more time at home means lessn38 dq$e oil falling today. we'll get the closing trades after this break we miss you.

like real bad. we can't wait to get you back so we've added temp checks, face coverings,

social distancing and extra sanitizing to get the good times going again. we're finally back... and can't wait until you are too.

here is your cnbc÷]çnews update florida reporting more than 8900 new coronavirus cases today. another one day record florida is reclosing bars andsuñ texas governor announced at his request the federal government is extending its support of five testing sites around the state for another 14 days. approved a measure to change the city's charter a first step toward dismantling the police department. it faces more obstacles andp, questions about what would replace the existing department if voters do approve the change.

a federal appeals court panel says the trump administration cannot divert by congress to build awall along the southern border. an appeal is likely. china says the most recent coronavirus outbreak in beijing has beenzp/ro contained after testing nearly three million people linked to the market in that city where the new outbreak is believed to have originated that's the cnpc newsñupdate back over to you thanks so much let's check in on markets that have moved to new session lows the dow doin over 700 points that's where we sit right now. that's a 2.7% decline. the s&p about 2.2% the same for the nasdaq dowyflpíñ is down 706 right w let's check in on a few of stay at home snnames. these are hitting new highs. $86.

square is up tyler. >> restaurant stocks are getting hit as texasl=0'%ñ rolls backe parts of its reopening same in florida. kate rogers looking at how the restaurant stocks are reacting and what could happen if more states stepped back from their reopeninç3strategies kate >> that's right. governor abbott announcement that texas bars must close and c to 50% capacity is taking its toll on some of the names we're looking at here. texas restauranteur tim love who owns several restaurants in north texas says the worth is/ yet dom. thst already lost 8 million jobs so far through may >> things will start coming home i think you see in august it's going to be a bit of an

armageddon for restaurants  getting hit really hard. dave and gubusters down 13% dominos holding up more today. restaurants remain open. it's going to be a long timeoá[ things get back normal data along likely voters finds that only 40% of respondents feel it's safe to dine in at of the outbreak even with social distancing in place. kelly, back over to you. >> they face a big head wind thank you so much. let's shift gears to the wall street executives are bracing for a joe biden win in november after the democratic challenger has seen a big surge in recent polls. a number of current and former r opinions and concerns about a potential blue wave headed for washington let's bring in bryan schwartz.

whatgé street executives are bracing for or welcoming np clearly showing joe biden is the favorite at the moment i know that can change pu that's what they are looking at they aree-xykeeping an ey economic policy that he would he's going to raise taxes on families that's on a lot of people's minds right now. the reaction on wall street, the people we talked to with links to theçbank, private equity hedge funds they are starting to speak to clients and investor and these policies put in place. they are trying to get in touch with bi4d# advisers and the

people close to former vice president and democratic nominee and that is kind of where we stand now.ç there's been a lot of concern from wall street what they are seeing in the white house from the response of the coronavirus x÷i plunge today >> bryan, you can think back to 2016 when the tables were sort of like they are now.[poç hillary clinton was the prohibit i ive favorite in the election and it didn't work ourt tht that way i understand why wall streeters concerned about raising the corporate income tax is it true or isn't it true that stock investors did pretty well during the biden/obama years >> they did do well. they have done very well at the n)

maybe there's the chance he gets pulled further to the left and raises taxes more.uztê7 it's talking point on wall street about how these economic policies are going to go in the on the track he's on again, to emphasis at one point, joe biden has really been kind of hiding in way from goingú o doingfully campai any campaign. donald trump has and biden qkc cf1 o advantage of that because they see trump making mistakes on the trail, making mistakes with the coronavirus and pushing out biden tries to be the leader from the sidelines

i think wall street has picked up on that that doesn't mean every one will back joe biden but they are yc going forward with biden according to pollsters >> thank you so much tyler. while the market fell off on concerns about the reopening of the u.s. economy, retail stocks are hanging in o

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welcome back time for power movers. we begin with the gapsq that is soaring on a deal with kanye west to sell his yeezy brand in stores fun fact, kanye west worked at a gap store when- he was a teenager investors setting the sharing up 18%. big lots is up big they saw strong demand in april and that's continuing and expect compared to the estimate of 84 cents. that's a 27% move over 43 a share. we end with the bio tech, that's soaring the vaccine will be tested as part of the operation work piece. it's a pill. rma. market cap still below a billion dollars. to the bond market we go rick is tracking the action for us at the cme.

rick.[x it's a kpaj rating the already rebalancing need to buy treasuries because of the u)qn more buyers. we're down about three to four basis points on the day and on the week long maturities are down about half a dozen history is being made today. look0ívten year charts of tw, threes, fives and sevens because each maturity is close to yield. they have been as low as 17 today and 29 has beenq"ó the low we really want to watch these.

ten year- points away and 30 year bonds about 38 basis points away kelly, back to you >> rick, thank you the sell off is intensifying on wall street. we're at fresh session lows down 750 points or so on the dow. about to crack 25,000. s&p hovering at or below the 3,000 mark.gmj here is albertson's which waits for years to go public it priced below its range and trading even lower than that tough day. will it have a chilling effect on other companies looking to ipo? power lunch will be right back dow is under 25,000. 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 it's a thirteen-hour flight, tfifteen minutes until we board. oh yeah, we gotta take off.

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albert son's having a few false starts to the road to becoming a public company. now markets are down big the shares down 1.5% they're under $16. leslie picker is looking at that and what it could mean or other companies. >> timing is everything. this is already a challenged deal in a good market. so it's not too surprising that even after pricing below the range and offering fewer shares than planned, albertson's is trading in the red today you can see down 1.6% right now. albert son's private investors led by servers sold the shares in the ipo the grosser is not benefitting from any of the $800 million in proceeds that can be a turnoff for investors. as can a debt load amounting to more than $8 billion any negative can become magnified when the markets sell off and become more volatile it makes price discovery more difficult for investors. on top of that, all the confusion surrounding the

pandemic albertson's gained share in the majority of the market since the pandemic but with some regions opening up and others shutting down, investors are trying to digest where albertson's stands now so what does this mean for future deals future ipo snz ts? if they're under watter in recent deals, they may be less incleaned to buy the next offering while the ipo-etf hit a record high, it's trading lower today that's compromise of a lot of recent ipos. guys >> all right thank you very much. leslie picker reporting for us there. and the dow on pace now for its second 500-point plus drop in the last three days. right now down nearly 700. off the lows by just a bit of course that, decline is one reason why many people turned to target day funds they can help alleviate the nervousness over day to day swings up next, we'll talk to one of the pioneers of the target date concept. don't forget you can always

watch or listen to us live on the go, on the app, the cnbc app. we'lbeig bk.l rhtac [squeaky shopping cart] [sniffing] is the salmon wild-caught? she only eats wild caught. [cash register beeps] uh, i need a price check on honey. don't get mad. get e*trade and get more than just trading. investing. banking. guidance. getwhile the future of work than just trading. 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. ♪ ♪ ♪

welcome back, everybody. we wrap up this "power lunch," morning star announced the winners of the 2020 awards for investing excellence taking home the honor of outstanding portfolio manager is jerome clark pioneer of target date invest egg. he joins us now. let me welcome in jerome clark he is portfolio manager at t. rowe price welcome, mr. clark good to see you again. >> thank you for having me >> we're delighted that you're here >> i wonder after the market has gone through this period of turbulence in march and the last couple days, are your target date funds -- what you have

learned about your own target date funds and are they performing roughly as you expected them to >> no. it's interesting we just did a review looking at the foremanance in different market environments. and i would say they absolute performed the way we expect. when you look at t. rowe price funds, we're higher equity we tend to have more diversified. and the tactical positions we took and that market environment when we had the down turn in the first quarter, our funds were challenged h you look at the performance now. it is back and the market returned >> you talk about the equity portion in your funds. that is one of the things that t. row and you have been known for over the years to have a slightly more aggressive tilt in the equity side of the po portfolio. explain why you did that and why

recently you have further enhanced the equity portion of your portfolio >> sure. when we designed the products, we did a really comprehensive research and we looked at both forward looking reasonable analysis and we also looked at something else and both of the approaches independently got us to the same conclusion and that is that we really needed to go further up in the risk/return spectrum it's pretty overwhelming evidence that it really benefits investors. so it's, as you can see, it has helped investors very well over the 18 years, almost two decades that we've been providing target date funds and the recent enhancements are the result of going back as we

review and re-evaluate our approach and it was basically what we were finding as we upgraded and more sophisticated analysis and we could take marginal changes to the equity allocations. boost the outcomes much that's what we focus on long term outcomes with minimal impact to short term market volatility >> there are a lot of questions i want to ask you. i can't help but ask on day when the market is down certainly feels very vulnerable to headline risk what do you tell investors on a day like this? during a period like this? >> no matter what environment you're in, we urge investors to take a long term view, really focus on that. it's one of the environments that are up and down

we know we have bear markets and bull markets where investors are running to troubles when they do this behavior of chasing returns, whether you're buying high or selling low. that's when they can really be de detrimental and create challenges to the retirement savings. >> mr. clark, congratulations on your recognition from morning star congratulations on a great career much i know you're going to be stem steping aside later this year from the target date portfolios and thank you to your service for the country, you're a marine and former instructor at the u.s. naval acad me academy. >> thank you >> yeah. we're all familiar with his products, ty that's for sure. we were just speaking with leslie about the ipos. look at fastly i mean that stock is a monster, ty one of the best ipos of the

year >> yeah, that's right. and technology is the place to be throughout this pandemic. and at any rate, that's what it looks like today another down day for the equities, kelly. >> we'll be watching to see how sloppy this close is we'll see you monday "closing bell" starts right now. >> tlk welcome to "closing bell" stocks are sinking to end this week the s&p 500 down over 2% the dow down closer to 3%. let's have a look at what is driving this red action. texas and florida rolling back parts of their reopening plans as coronavirus cases surge in certain states in the u.s. bank stocks are getting crushed. regional banks, wells fargo and goldman sachs getting hit. goldman sachs down by more than