number three integrating less time less steep and higher income customer. >> dana, you know what 15 seconds means. love it. thank you very much. good to have you with us. >> i think that was about four seconds, guy. >> that's pretty good, a buy right there. >> mall crowded again driving by it i'll keep everybody posted thanks for watching "power lunch. closi close"closing bell" starts righ. >> welcome to closing well stocks higher, bumpy session on this first day of the second half of 20 20 dow dipping in and out of positive 3119 and nasdaq is the outperformer let's look at what's driving the action overall pfizer released encouraging coronavirus vaccine data from its early stage trial. new data showing strong employment growth in june and may ahead of the jobs report

we'll be getting tomorrow. the nasdaq, as i just mentioned, outperforming once again those big names, netflix up 5 1/2%, tesla, amazon seeing strong gains as well with just 59 minutes left of trade. >> we are higher still on the s&p but not on the dow anymore the nasdaq remains in the lead up to 0.9% coming up on the show, shares of draft kings have doubled since they began trading in april. today they announced a new way to bet on one of america's most celebrated fourth of july events we'll discuss with ceo jason robins coming up denny's, new effort to raise cash what's facing the restaurant industry in these uncertain times. but let's focus on the big stories we're watching today first of all mike santoli, meg tirrell, pfizer's encouraging vaccine news and highlights from the fed news

minutes ago. breaking news on apple josh has it for us hey, josh. >> so wilf, more apple stores closing as covid-19 cases rise specifically apple saying it's going to reclose 30 additional stores in the united states tomorrow that will include stores in alabama, california, georgia, idaho, louisiana, nevada, and oklahoma that means apple has reclosed, by the way, in total 77 stores now here in the u.s. remember, apple operates 271 stores in the united states all together apple reiterating in a statement, we take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams an customers back as soon as possible apple always said here, guys, it would follow the data closely and reclose these stores if necessary toprotect the health and safety of its employees and customers. back to you guys. >> josh, thanks so much for that i guess, morgan, the key takeaway here isette hurt apple

stock price but just in the green on the day but didn't derail the rest. >> i was just looking at that. no, it didn't. i think that's pretty notable in itself because apple and disney have become blue chip proxy stocks in terms of reopening or not reopening, recloseing where this economic recovery is concerned. the fact it is now hanging onto gains or hugging the flat line is pretty notable versus reactions by investors in the past let's get over to mike santoli now for a broader look at today's market action mike. >> the market as a whole seems to have built up resistance to those reclosing headlines or some challenges to reopening perhaps the market is essentially saying episodic, case by case, putting out fires where there are flairups at least for now, a two-way risk is any hint of a vaccine also creates a boost. take a look at the s&p one year,

same story holding this level, that's what happened in the pullback, hold around 3,000 what's interesting, who knows if we're creating another summertime box trading range like we had last year, a little while slightly lower register there. today it is all about tech plus fang, which keep in mind is 40% of the s&p 500, which you combine those things together that is what's giving mild boost. s&p stocks versus bonds, high treasury yields should mean economy, therefore stock market should feed off that looking at divergence in march, last moment or so, vague upturn in 10-year treasury yield. it's been well anchored, .7, .6. as you say stock market able to make probing couple of stories. one, the fed is behind these

things keeping yield curve stuck, buying for a time to come the kind of stocks that have managed to keep the someplace higher are disinflation secular growth-type ideas. with credit spreads, low, low treasury yields not bad as long as they don't start crashing to new lows which would indicate new bout of fears of distress, guys. >> certainly seems like don't fight the fed in a chart right here i'm curious, i want to go back to your other chart and summertime boxes you had up. i was wondering. usually there is a certain amount of seasonality, some sort of summer slowdown at least in terms of volumes where trading activity in the markets are concerned. 2020 is such an unprecedented and unusual year in so many ways but seasonality is something we should be factoring in here over the next couple months. >> morgan, june, especially, back half of june, typically weak, that held to form this year it wasn't too much net damage all together

july is the strongest month of the summer, over the last 20 years especially and really the only consistently strong month of the summer. a lot of that gets front loaded. i think it's something you want to keep in mind. after a strong quarter subsequent returns tend to be good if you're down midyear and s&p 500, pretty yair, subsequent returns seem to be lackluster. pick from this what you like seasonality data, it is climate not weather. >> mike, thanks so much for that apple has just kurnd red but dow climbed back to be fractionally positive, s&p up 0.7 shares of pfizer leading dow after the coronavirus vaccine candidate. meg tirrell has more hey, meg. >> hello very early data first for human trial of covid-19 with german partner biointech. a trial that enrolled 45 healthy

participants, 18 to 45 in two lower doses they tested four people and found all of them generated neutralizing antibodies four times what you see in patients that recovered from covid-19. those are the antibodies that infect cells we don't know how high they need to be to confer protection safety important to look at. they did see pain at the injection site, fatigue, headache, fever. they did see it higher at two of the low doses. they plan to start studies in 30,000 people in the united states late july they are going to have the dose, one of four they are testing moderna plans to start 30,000 patient trial this month along with astrozeneca later and johnson & johnson in the fall.

these companies ramping up at the same time at financial risk for doses. if they prove the studies, they potential italy expect 100 million doses available. by the end of 2021, 1.2 billion doses. this will likely be a two-shot vaccine. that's enough for 50 million this year and 600 million next year if all goes well and they get approval. >> meg, on that point, just to go back such a key factor for the economy, what's the earliest realistic it could be widely available and used across the country? >> widely available is a different question from available. they think they could have the data by september and potentially emergency use by october. but widely available, potentially early 2021 again, there will be limited quantities as companies ramp up the manufacturing. >> all right it's another day, another

exciting or at least interesting headline where all of this is concerned. meg tirrell, thank you for bringing it to us and breaking it down. meantime the fed releasing its minutes from its june meeting last hour. steve liesman has the highlights steve. >> morgan, thanks. fed officials in their mid june meeting were already concerned about the possibility of another round of infections from the virus and concerned they would have to provide more stimulus to the economy. pat parents pants regarded highly accommodative monetary policy and sustained support from fiscal policy as likely to be needed the fed has 11 programs up and running to support the economy but showing it's thinking about three additional actions first, they are considering forward guidance, keeping low

until certain data targets hit probably using inflation asset purchases, que', mortgages or other securities to keep rates low. finally this controversial notion of a yield curve cap, pegging yields of selected treasury maturities. that said the minutes made clear there was not consensus around yield curve controls, doesn't seem likely to happen at least near term. some form of new guidance does seem likely if the central bank continues unprecedented support for troubled u.s. economy, folks. >> yeah. those yield curve caps certainly have been a big focus of investors and strategists as of late, too. certainly interesting to see what they have to say about all of this. steve, i just want to shift gea gears a little bit given data. ism manufacturing showed expansion in the last months even more significant for the market, these adp payroll numbers, private payroll numbers

showed a $2.4 million increase in the month of june but also this massive positive revision for may. how does that set us up for tomorrow and the jobs report from the government? >> well, the revision doesn't tell us anything we didn't know. what adp does is simply revises the old number to the existing number from the bls. that's not new information the $2.4 million is good news. it shows we're coming back it still shows we have a very long way to go had that number been $10 million we could talk about a v-shaped recovery i'll give you an example, morgan, there were 961,000 jobs added in the leisure hospitality business according to adp. if i take the ads this past month of june and then again in may, it's still just 25% of the 8 plus million jobs that were lost yes, very good news, we're on the way back but still a very long way to go. >> steve liesman, thanks so much for that morgan, overall markets up 0.7%.

still looking pretty decent and recovered a little bit in the last five or ten minutes, 48 minutes left of the session. >> yeah. we'll keep an eye on that. after the break draft kings has been on a roll since trading in april. now they will allow americans to bet for the first time on the annual nathan's annual hot dog eating contest you heard that right draftkinks ceo jason rob ins up next you're watching cnbc ins up next you're watching cnbc usaa is made for what's next we're helping members catch up by spreading any missed usaa insurance payments over the next twelve months so they can keep more cash in your pockets

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tv made simple, easy, awesome. welcome back ever wish you could bet on the annual fourth of july hot dog eating contest nathan's famous teaming up with draftkings for this year's event. as part of the partnership draftkings will offer $25,000 free to play pool and give

customers in colorado and new jersey the chance to place bets on this event. joining us now to discuss is draftkings ceo jason robins. jason, thanks for being with us today. >> thank you for having me. >> hot dogs. how did this come about and what will this entail, this betting extravaganza entail. >> well, almost everyone i know into sports has watched, many watch every year the nathan's hot dog eating contest, july 4th. i have to say there's been a few times my friends and i passed around friendly wagers where kobayashi, joey chestnut was going to defend their title or when we were thinking with sports on hiatus it would be a good opportunity. we're partnering with nathan's to bring this to everybody. >> given the fact that sports in

so many major leagues have been on hiatus, we're starting to see reopenings start to roll out in the coming weeks, how does that dearth of sports propel the company whether it's nathan's hot dog eating or recent launch of casino app propelled you to look beyond sports and into other areas and other possibilities in terms of betting. >> well, it's actually been really great to watch our team come together and innovate we've launched hundreds on tv shows, political debates, things like the nathan's hot dog eating contest. e-sports a big focus area. we greatly expanded our e-sports offering you mentioned the casino app we typically integrated casino into sports betting but we want an app fully dedicated to online casino first customer. that's been launched now in new jersey we've really just been thrilled to see how innovative the teams have been. not to say people wouldn't have

not anyway but i have to think the nathan's hot dog and partnership with major league eating may have never happened if everybody hadn't baseball thinking outside the box, what can we do this year to make fourth of july special. >> jason, there's so many different types of bets you can do in the middle of a game for regular sports, are there lots of different bets on hot dog eating or is it simply who wins or can we bet on mustard versus ketchup or other side factors like that? >> we definitely have more than just who is going to win how many hot dogs the winner eats i'm not sure if you can do mustard versus ketchup bets but i'll check on that we do have a variety of things you can bet on in the contest, nathan's hot dog eating contest. we have a pool we did available to most of the country, free to play that pool will have a number of different things we have to predict along the way in order to win everything from who is going to win to more nuanced

stuff, will they eat this many hot dogs in this many minutes. will the hot dogs be washed down with soda before or after the fourth hot dog, ran tom stuff. that's meant to keep people engaged and give them something fun to do now that sports are coming back but still a lot of missing sports on tv people are home and looking for something to do. >> on that point, jason, do you feel like typical customers pivoted to stock market investing in the last few months any data or stories that would suggest that >> we've heard some anecdotally stories that people have gotten into it. it's no surprise a lot of people into stock picking also like to bet on sports and play fantasy it's quite similar in terms of the mentality of the individual. i think people are anxious for sports to come back. there's a lot of pent-up demand. we've seen that with people getting excited about free to play pools we've done and some of the things we've seen with the recent return of pga and

nascar and usc and other sports going on it's been really amazing to watch how excited people are a lot of them are first time people watching those sports they typically might have been watching baseball this time of year or something else because there's nothing else on tv and they are on board they are picking up sports, including things like e-sports they were never really interested in. >> yeah. i was just going to ask you about that, jason, as we see sports come back in terms of demand, also online, as we start to see more and more casinos open i think of atlantic city this reopens this weekend and resorts which has a branned sports book, retail sports book with you as well what do you expect on that front? >> we're really excited people are starting to feel safe and comfortable at reopenings. there's been different parts of the country with mixed results we're hopeful, obviously, that we see the places we have a

retail presence. it's not a big part of our business but where we do have a retail presence, resorts casino, draftkings book you mentioned, we're hoping all that happens safely that's the most important thing that customers feel comfortable, things go according to plan. hopefully that will be the case. if so, i think it will be a really fun nfl season at the draftkings sports book. >> jason, clearly as we've been discussing, there's been so much more engagement. whether that's because of the ongoing legalization of sports betting in america or people shifting to new avenues as we've been discussing, do you think there's enough education offseting that about the dangers an risks of gambling or short-term trading >> we take responsible gaming very seriously it's something we've invested in for years. we have a person leading the group, focused entirely on this area it's a big part of what we do, a

big partnership with others in the industry i know the industry takes it very seriously hard for me to comment on the trading side because we're not in the investment industry, we don't really know what kind of precautions people are taking with potential new day traders and things like that i can tell you on our side and industry we're in responsible gaming is front and center everyone is really focused on it and i'm happy with the prosecuting made and will continue to be made. >> all right jason robins, ceo of draftkings, thanks for joining us oday. >> thank you for having me we're getting some breaking news on california's effort to slow down the spread of coronavirus. aditi roy has details. aditi. >> california governor gavin newsom ordered indoor closures including bars, restaurants and movie theaters in those counties

those counties include santa clara and los angeles counties that's heading into this all important holiday weekend. this follows the biggest one-day spike in covid positive cases in the state spiking more than 9700 cases. the governor still speaking. back to you guys. >> no reaction in the stock market, up 0.5% on the s&p 500 really remarkably resilient markets you could say this week in light of pieces of news like that which we've had tripping out the last couple of days. as a whole up 3.8% still on s&p 500. we've got around about 37 minutes left of the session. as we said, up 3/4%. the great hedge fund shakeout, another titan of wall street osg on this historic market rebound those details right after this break.

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netflix is out with a big announcement moving 2% of cash hollings to financial institutions and organizations that directly support black communities. >> we worked with our banking partners on putting this initiative together. ultimately we decided to partner directly with hope because that's where we thought we would make impact. >> roughly $5 million in a balance sheet. if we can move 2% into these black owned, black led financial institutions we think we could make a real difference

welcome back to closing bell with about 34 minutes left until closing bell s&p trading at session highs we'll keep an eye on that. smart money facing a reckoning new levels highest liquidation in four years. another titan says he's converting his fund into a family office. leslie picker has the story for us hey, leslie. >> hey, morgan this move has been in the works for quite some time. john paulson making it officials converting his hedge fund into a family office. he told investors today in a letter he'll be returning all his capital, all the capital in the firm 24 years after starting pauls paulson and co." he did not give a reason for the consideration but was considering this before market volatility tied to the pandemic.

now, he is not the first manager to liquidate this year and won't be the last. in the third quarter new launches hit a new record low. that's all paving the way for greater consolidation in an industry that continues to struggle, guys. >> the point here being that this is because they are finding it too hard to outperform or they got to the point in their lives or career they are so rich and successful they don't have the energy anymore >> it's too difficult to outperform, wilf if you look at what's going on in the market right now, winning bets are fang. who is going to pay a manager 2 and 20 to invest in fang when you can do it with index fund. hedge fund managers increasingly finding it more difficult to generate alpha, look at

fundamental analysis and do some modeling and pick stocks and pick investments that are able to outperform in this current environment profit leslie picker, thank you for that still ahead, the restaurant industry hit hard and denny's is no, sir exception. down 50% we'll speak to the ceo about their business and new effort to get americans back to work check in on bonds yields moving a little bit higher today, the ten-year currently yielding around 0.68% with the s&p up 0.8% as we stand we're back in a couple minutes

time for cnbc update with sue herera hello, sue. >> hi, wilf, hi, everyone. here is what's happening this hour the mayor of virginia ordered removal of all confederate statues standing on city land. can you see stonewall jackson being taken down the disputed statue of robert e. lee is not affected by the move since it is on state-owned land. yale university said it will hold most of its classes online this fall. some students will be allowed back on campus but will have to be tested for the coronavirus every single week. the head of the world bank says the pandemic is widening the equality gap worldwide central bank asset purchases in advanced countries help the richest. it will take years for economic output to recover to prepandemic

levels you are up to date that's the news update had hour. morgan, i'll send it back to you. >> sue herera, thank you after the break, the u.s. averages just turned in their best quarter in decades. so should investors look abroad for the second half of the year. we'll ask morgan stanley's next. you may be learning about, medicare and supplemental insurance. medicare is great, but it doesn't cover everything ...only about 80% of your part b medicare costs.

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hong kong protesters filled the street as the first arrest under china's new national security laws for hong kong. boris johnson announcing uk would offer residency and a path to citizenship to nearly 3 million residents.

the coronavirus pandemic as cases continue to rise causing eu to block american tourists from reentering the union as it opens borders to other countries. breaking down all of the headlines, ruchir sharma, morgan stanley chief strategist thanks for joining us. i guess first question on hong kong, how big a step do you think this was this week by china to the extent you expect an exodus from hong kong or less serious than that. >> i think this has been building for a while i don't think this news event is something which is going to add to this general pessimism building in hong kong for the last few years or so i think if you look at the market reaction, it's pretty indifferent to what's happened this week. so this is more of a long-term issue as far as hong kong is

concerned but not something i think that we should react to in terms of the news event that happened this week. >> when we look at a snapshot of the market performance, ruchir, the u.s. in general outperformed the rest of the world. interesting to see how strong the german dax was whaup because they have handled the virus fairly well? as you look at the rest of this year, is it safe to bet on the countries handling the virus best of all or is that already priced in? >> i think that is just one factor but it does tell you something about a very important factor as you know, what i try and do is try to look at number of rules to know which nations are likely to emerge more successfully over the next three to five years. the most important rules which emerged in the post pandemic include deglobalization,

digitization, footballia, and state's capacity to handle problems in this regard germany is the one major nation which scores well on all these four rules so if you really look at in terms of what's happening in the world today, the one major economic coming out of this pandemic looking good on every front is germany so therefore i'm very optimistic on germany this crisis has proven there is something to the germany model of cooperation that we see and the fact it went into the crisis with a very low debt level compared to other countries. so it's been able to have possibly the largest stimulus of any major country in the world that has been enacted. germany has hadthe largest stimulus of any major country in the world because of its

relatively low debt levels when it started out in this crisis. >> that's interesting to hear your comments on germany, ruchir i'm curious what you think about supply chains because we're seeing changes afoot it started with tariffs and trade tensions before the pandemic struck and now it seems like some of those trends are accelerating whether it is what's going on between the u.s. and china where something like semiconductors and health care and drug manufacturing is concerned, the revocation of that special trade status of hong kong, the fact that usmca went into force today here in north america as well or even a country like japan that is offering money to its own manufacturers to come back and bring their operations to japan and out of places like china, what do you expect those supply chain dynamics to look like and what are investing implications and implications for emerging markets. >> right so i think two sort of outcomes here one is that in general for

emerging markets it poses a major problem. because of this era of deglobalization becomes much more difficult for emerging markets to follow the model, on the way to prosperity. that's how japan anderson china after that have been able to grow so rapidly because of the booms. one of deglobalization, onshoring, less outsourcing and that makes the model in general more difficult for emerging markets to grow rapidly when your export has been cut off having said that, there are a couple of countries in asia that are benefiting for now at least from this diversification of supply chains. the most interesting company is vietnam. in fact, in many ways vietnam is emerging as the next china it doesn't have the scale of china, like with a population of 100 million, it has many things going right for it in fact, it's possibly going to be the fastest growing economy

in the world this year the growth rate when everyone is contracting because there's so much redirection of the supply chains that's happening towards vietnam. the other country that's benefiting is taiwan its strength in semiconductors is really coming through its strength in technology, everybody wants a piece of that. so i would say these are two nations that are benefiting in this deglobalizing world, which in general, otherwise, is not that great for companies in general and emerging markets relying too much on this. >> quickly do you think inflation is underpriced if so, how should people be positioned >> i think so. the world i'm talking about, and i mentioned a factor unlikely to dominate in the post pandemic

world, deglobalization, got to do with too much debt and the risk of central banks forced to monetize the death i think inflation is underrepresented risk. the problem is this, anybody gunning for high inflation sounds instantly discredited because these forecasts have been so wrong for the last 20, 30 years inflation is constantly a surprise on the downside now the conditions are set for inflation to move higher over the next two to three years. talking about gold, but in general commodities i think is a case that i want to make for the first time that you want to have more hard assets, have commodities. i think inflation expectation, some of the tips, that you want that as part of the portfolio. i think that the inflation risk is underappreciated. for the next two or three years you're going to see those risks rise materially as one by one the supports that have kept

inflation, so suppressed for the last 20 or 30 years, those are giving way whether deglobalization or the risk of too much debt monday advertised in the year ahead. >> ruchir, thank you for joining us good to see you. after the break, tesla hits another milestone and beyond meat takes a big step into china. those stories and much more inside the market zone

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so you can take on the markets with confidence. don't get mad get e*trade and start trading commission free today. 15 minutes left in the trading day. now in the closing bell market zone commercial-free coverage of the action going into the close. cnbc mike santoli to break down the trading day. wealth management ceo josh brown with us as well. good afternoon to you, josh. let's kick things off with the broader market stocks are rallying on the first day of the new quarter with s&p and nasdaq at session highs. nasdaq currently on track to close at its own record closing high the dow is flat as we stand. mike, it's been quite a roller

coaster ride since the close last night reacting to headlines on the virus news. quite impressive we're here despite headlines quite conversely. >> first of all it's summer. it does get jumpy based on headlines, quarter end flows and the rest we're talking about it's a seasonally strong period right up against july 4th. this is a market where the few can cover the sins of the many it's not an indictment, when you get spooked by macro, we have the largest stocks in the market, also the ones with the most momentum, best financials, highest kind of financial quality and almost have a defensive attribute to them. that would be the big nasdaq stocks nasdaq 100 is outperforming equal weighted version of nasdaq 100 by 1 percentage point. can you buy microsoft and it takes care of anything going on in the russell 2,000. >> jersey shore, i'm curious

obvio -- josh, i'm curious. massive move, best for the quarter in two decades the second quarter that ended yesterday. on the flip side you've seen a real breakout in gold going above 1800 we're near a nine-year high and realize it settled lower on the day. it's been a similar situation in terms of treasuries with yields on some notes hitting record lows, trading near record lows what are goals and treasuries of some of these more traditionally safe haven classes telling us that is different than equities? >> yeah. so i think mike makes a really interesting point about the few covering up for the many, and it just so happens that the many we're talking about in this case, the usual suspects, industrials, banks, et cetera, their market caps are not big enough to matter that much to what the averages do on a closing basis. so then you look at the nasdaq names here at an all-time high, record closing monthly high and

you see 72% of nasdaq names are above their 200 day. then go look at small cap 200. 28% of small cap 600 are above 200 day moving average that means more than three-quarters of small caps are either in no man's land or a down trend that is a disastrous condition to that market it doesn't seem to matter what goes on with markets it's designed that way there's a lot of confusion among investors depending which 10 they look at first when they log into their account looking at gold i would throw in reits. these are two areas people accumulating, have nothing to do with tech. they have a lot to do with people being concerned with extremely low rates on the treasury side and no expectation of any kind of rate hike any time in the near future or they have to do with people being concerned about geopolitical volatility, the election, the

government kind of losing control of certain parts of the country and just this looming sense that when we head into the election there will be instability, not just social media but out in the streets gold tends to work in environments like that goltd is at the highest level since 2012 nobody who bought gold over the last four years has a loss and it's a commodity so the way this tends to work is it trends for long periods of time once it gets into a defined trend. i don't think anyone would disagree we're in a defined uptrend up 65% from 2015 and we're about to take out the 2011 highs, all-time highs. so you will see that feed on itself, and you will see people start to tell stories about why they are buying gold some will say it's inflation, others will say deflation and neither camp will argue with each other, even though two things are the opposite, continue to buy, new highs in gold i think it will start making the

cover of, you know, magazines, newspapers. >> mike, josh pointing to the fact big tech stocks have a lot of momentum. what have the flows been like into the tech name. >> that's one of the cautionary issues the inflows into tech, etfs, they did have a tremendous surge, looks like on a short-term basis you'd want to take the other side of that and maybe gotten into overlogged, overheated so many other things are working in favor of reinforcement high liquidity environment where you have doubts about the economic pace and they just continue to kind of roll ahead so the flows have been very strong you would expect them to take a pause that would definitely penalize indexes that has not taken hold for very long in this stretch, that kind of dynamic. >> why would we be surprised by flows? i want to say one thing, why

would we be surprised by flows flows have always followed performance since before we were even keeping record of such a thing as flows everybody understands this so if you're an investor and you have a dollar to invest and you see shopify was $300 a share in march and hit $1,000 today and you see tesla go from 350 to 1150 in 2 1/2 months, of course your next incremental dollar i going toward what just already worked that's the way this has always been played. i would be more surprised if the flows into tech only etfs weren't as strong as they are. the fact that they are strong is not surprising at all. >> it's not surprising when they do get above a certain pace, it usually means, okay, everybody figured this out, time for a break. we'll see if that plays out. >> i agree. >> that was a perfect segue into our next topic, tesla. tesla shares hitting a new high and the company surpassing to it in market cap to become the

world's most valuable automaker. phil lebeau has the details. >> the market cap considering this, you go back a year ago and look at market cap it was about $42 billion. today it's much higher than that, up $164 billion and has now put toyota, put tesla past toyota in terms of market cap here is how the two companies stack up tesla with market cap of $208 billion toyota alt $203 billion. we take a look at tesla's deliveries over the last seven years, ep could in mind awaiting q2 delivery numbers, expecting that in 24 to 48 hours they never give an pact time when they come out don't be surprised if it's tomorrow guys, this is a company that's only been public a little over 10 years and is now the most valuable automaker in the world. >> truly astonishing

phil, thank you for that cbs and dunkin brands facebook advertising. worked at facebook after the social media giant bought his company. he joined "squawk alley" on facebook's leadership during this time. >> zuck is probably going to do what's best for facebook of he's a sharp guy. whatever he does is going to make it as big and powerful and influential as possible. >> josh, why has the stock bounced so quickly >> well, i think one of the key things with facebook is they to lose big name advertisers there are new ones willing to step in. that has historically been what bailed it out. they went through a lot of the same thing they are going through now post election. a lot of the blame for misinformation was being pinned

on them. the stock had a dramatic nosedive if you blinked your eyes or went on vacation you missed it. this is a stock that has a history of being in hot water and then all of a sudden having the investor class forget all about it sometimes that's because facebook solves the problem or puts a colorful band-aid on it other times it's because people move on and stopped caring as much i think there's some sense that advertisers can only boycott facebook properties for so long before it starts to hit their revenues there really isn't any platform as good as what it does as facebook and instagram are. >> yeah. that's such a key piece of the discussion here. it really sort of puts that facebook dominance to the test we'll see how it all plays out meantime fedex is the best performing stock in the s&p 500 today. it's on pace for its best day, best percentage daily gain i think ever going back to the ipo and frank hollande has the details for us

frank. >> good afternoon. it was on pace this morning for best day average, shares following a little bit toward the end following a blowout report ground division handles residential e-commerce delivery growing 3% year over year, average revenue per package growing 5% year over year. ground trading high on confidence bec commerce will be strong 2020 with showing e-commerce peaking in q2 and falling slightly for the q4 holiday season. >> thanks for that beyond meat is a big winner today. aditi roy explains why aditi. >> shares are up 6% right now. the stock is heading for its best day in nearly a month and the company broke a five-day losing streak yesterday, the longest since may. now beyond shares are up 2% from

their march low. that's because the company announced it will soon start selling its products at grocery stores in china through a partnership with alibaba starting with 50 stores this summer the announcement follows beyond's launch at starbucks and yum chains in china this spring. back to you guys. >> aditi, thanks very much josh, too hard to value or a story with momentum behind it that you like? >> no, it's a very reasonable 301 pe, falls squarely within my value basket let's skip that conversation because the stock wasn't cheap at 50 eithand it's almost triplt that level let's put that aside let's say within three, six or twelve month time horizon valuation won't move it up or down here is a trade. so 129 was resistance for beyond meat in january of this year and

again in late february it fell both times at that level. it broke out, and then you see a week or so ago when it fell on for whatever reason. that level 129, 130 is exactly where the buyers came in that previous level of resistance that it had trouble getting through has now become support. i would be long the stock here for a trade. i would use 129, 130 as my stop. the market will tell me very quickly within 11 points on $141 stock that i'm wrong i'm willing to risk that 11 points because if this breakout continues, this is the kind of stock that can just absolutely defy gravity so i would not go into this as an investment. i would not buy this and delude myself into thinking i'm getting a bargain. from a pure risk reward standpoint i think you can work with that fairly tight stop if you want to be in it and i think you can own it right here.

>> yeah. i do think it's notable, an expansion in china, swine flu how hard that hit hog prices in china last year which was really one of those things that played into phase one trade deal between the u.s. and china it does seem like a big potential opportunity. we've got two minutes to go here in the trading day and mike has more on market internals, mike. >> morgan, they have been pretty mixed all day, i have to say, a 50/50 split between up and down stocks, volume split on new york stock exchange, much more skewed to the negative and that reflects relative weakness in average stock and smaller stocks as well. you look at some of the strengths and weaknesses sector wise, software, reliable on the soft side, up 2% as a group. dow transports even with that fedex and ups move, inside that index they gave way from the opening. it's obviously an anti-cyclical more like secular growth-type trade. the flavor of the day. the vix has given way. this was as i said stubbornly

above 30 now down below 29. one number to keep in mind is 24 and change that was near the highs in june of the s&p lows of recent run for vix moving in the right direction but no hurry, guys. >> we have lost steam in the last half an hour or so. the dow negative by 85 points. it had been up 200 points at the high of the session. you can see the last hour or so particularly negative for the dow. >> if we play this silly game every day will people look at closing order imbalance is and didn't come through on bull ssh side, there we go, air pocket. >> pfizer off its highs as well. of course one of the key positive factors for all indexes. s&p up half of 1%. nasdaq composite still leads and still just about in line for record all-time closing high today. it is at 1%. in terms of the sector performance on s&pel real estate and utilities at the top

highlighting there it's not particularly bullish construct today. nonetheless those two sectors up more than 2%, communication services up more than 2% because of faebcebook's strong rebound. sect or 2 1/2 as oil prices rise stocks are low at the close, morgan, we're up half a percent on s&p 500, a healthy 3 1/2% in three days this week. nasdaq all-time record closing high up 1% welcome to the "closing bell." i'm sara eisen with wilfred frost, mike santoli, cnbc commentator. where we finished with stocks right now. a mixed picture in what has been a seesaw session for major averages of the first day of the third quarter. as you see there dow finished down fractionally .3%, 77 point

lower. s&p held onto gains finishing half a percent, 3115 and nasdaq outperformer of almost 1% in this trading session as wilf just mentioned hitting a record closing high, a fresh record closing high today. the russell 2000 underperforming down half a percent, transports which started the day as strongest of averages also finishing in the web trade web meantime has been one of wall street's hottest ipos since it went public last year coming up we will ask company ceo whether soaring electronic trading volumes will continue once the coronavirus crisis ends right now joining us to talk about this market day wealth management ceo with us global investors mona is here with us as well. thanks for being with us

mike santoli, i'll start with you. i know you just mentioned an air pocket but overall how would you categorize the market this july. >> i would say below the surface it was kind of in a benign way difficult guessing the move at the end of this quarter, the last couple of days. we are solidly above the low end of this trading range but not making much headway beyond it. when this market goes in flight to safety mode within the stock market, what it means is it buys the stocks, that drove thing average stock s&p flat on the day, s&p manages half percent of progress because of microsoft and amazon and other names that was the story for today it's not always the same way yesterday i was talking about semis and banks are strong hard to be bearish today they both were kind of soft so it's a mixed picture. >> in terms of some of the news that we've had today, apple reclosing some stores, california joining a list of

states that at least paused if not reversed slightly their reopening plans. would you have expected that news flow to hit equity markets more than it has >> you know, i think really what we've seen since mid june is the markets reflecting this bit of a pause we're seeing in the reopening story. this mid june outperformance once again from covid winners. areas like tech, health care, discretionary, all showing leadership those cyclical reopening sectors have once again taken a back seat, pretty soft. that does reflect fundamentals we have seen pullback in states, new york and new jersey, even the private sector noted apple, disney, for example, pull back theme store reopenings so i think generally speaking we're once again in this old playbook where we're seeing secular growth take a leadership role

that's not to say reopening trade is dead forever but perhaps the true secular reopening cyclical trade will come back when we perhaps are closer to that vaccine, closer to a true return to consumer confidence. >> josh brown, morgan mentioned the russell, which it started the day positive and ended negative you could look at some other sectors like airlines very much losing intraday gains. is that a concern when you see that type of profit taking quite quickly? >> it's not, because i think that a lot of the new money that's coming to this market and that has been moving stocks around is by definition temporary money. i think a lot of hot money came into airline stocks as they were going up 10 or 11% a day for a stretch of time this summer. once you have hot money in a stock, it changes its character and how it acts day to day or intraday so the types of investors that

you would think are the investors that are moving airline stocks, for example, you would traditionally think it's value investors. that used to be berkshire hathaway the largest shareholder in four out of the five largest airlines that's not what's happening. what's happening people renting stocks, 6% rides up and down i wouldn't look at that and say that's bothering me to any extent i do think that the rate sensitive stocks rallying is really the bigger picture trend rather than the counter-trend of the reopening stocks the real trend in addition to tech, anything that pays a good yield and has a good balance sheet. those stocks rallied today. >> yeah. let's get to josh lipton for more on apple store's reclosure. josh. >> yeah, that's right. as covid-19 cases are rising apple is saying it's going to be reclosing more of its stores

here so specifically reclosing 30 additional stores in the united states tomorrow that means apple has reclosed in total, by the way, 77 stores now here in the u.s. this latest wave of reclosings include stores in alabama, georgia, idaho, louisiana, nevada, oklahoma, and california in fact, in california we know there's been this uptick of cases. governor newsom ordering 19 counties, which by the way account for 70% of the state's population to pause indoor dining and reopening of movie theaters and indoor businesses, those guidance in place for three weeks. back to you. >> josh lipton, thank you. going back to the apple closure or what josh was saying there's been a push/pull you had promising coronavirus data from pfizer this morning, solid economic data, ism

manufacturing. as the day wore on, we had ongoing concerns around resurgent coronavirus cases. total growth in the u.s. hit a new single day record. it's the first time we've seen that in a week of course more pauses and scaling become of some of these state reopenings so it seems like a lot for investors to juggle here at the end of the day, what is priced in? >> yeah. absolutely i think generally speaking when we think about what we've just been through in the last couple of quarters, down 30% q1, up 20% q2 when we look forward, we don't see the same volatility going forward. while we don't see another, for example, 35% rally off that march 23rd low we just got, we do continue to see the market could grind higher going forward.

it does seem like the trend is upward we do have to get through some of these walls of worry. the latest wall of worry is rising cases here in the u.s. we've seen a little pushback on that in terms of reopening going back to areas like bars and restaurants. we have not seen wholesale closure of regions, states, cities, et cetera. we don't probably expect too much of that there's not much of a political appetite going forward the other big wall of worry we'll have to climb is the election historically when you look at market outcomes after an election period, we do tend to get positive momentum despite which party wins, just given the uncertainty is lifted. so as we head towards year end, we could continue to get opportunities like we've seen in the past couple of weeks, tactical opportunities to add to portfolios, add to some of those core secular groups, ahead of a potential positive year end. keep in mind some of the

technical factors we've mentioned also seem to be in our favor. one, we continue to see elevated cash on the sideline those institutional and retail two, s&p holding pretty nicely, 3,000 moving average and three, the vix we talked about earlier continuing to come down, certainly peak fear march 23rd seems to be behind us p. >> josh, just wanted to go back to apple, up 24, 25% so far this year is it a real beneficiary of the stay-at-home trend the way amazon is. if not, why is it so much higher this year? >> apple has transcended every other company that's come before it that was consumer electronics. it's basically become a staple for upwardly mobile middle class

households and up. they replace products, get the watch, airpods they don't need to visit the store to do that when the new phones come out, 5g phones, everyone ready for a replacement will replace them almost regardless of what's going on with the overall economy or even their own employment situati employment it's just what apple carved out. that's not going to change it's not just work from home, it's work from anywhere. that's what's going on people in knowledge economy are relying on apple in order to be able to do that. if you think there is a sudden reason that trend is going to stop on a dime, share it with me, but i've not heard a compelling one so that's why you have a stock that's $1.5 trillion in market cap sitting near all-time record highs with a large percentage of

its stores closed, with its supply chain disrupted, and really with minimal volatility given enormous gains within a compressed period of time. that is why. if you tell me a reason that will change, i'd love to hear it but i can't think of one. >> actually, you know, wilf, i would throw out there to be more abstract about it. the market is basically viewing apple as a massive pool of future cash flows incredibly scares elsewhere so it's in the same bucket as all the other trillion dollar companies and goes well beyond what anybody thinks about 5g phones or services story or upgrade cycle or anything else and basically says if that $50 billion or whatever it is in free cash flow is going to be there, i can't find anything like that anywhere else, so i'm going to price the equity down to a level that somehow goes right up against what corporate bonds are getting right now. that's part of the answer. it's not just about the resilience of the brand and

product. >> apple did slip on the store reclosing stories, ended down 0.2% despite nasdaq composite closing at record all-time high. josh, mona, thanks so much for joining us see you again soon pfizer popping after coronavirus vaccine, ask top pharmaceutical analyst whether he thinks a vaccine could be ready by january anwhh ocd icstks will be the biggest beneficiary of covid treatments we're back in 90 seconds 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.

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shares of pfizer high after early positive data on clinical trial of covid-19 vaccine, help boost overall market sentiment after the news crossed the wires. let's bring in analyst at jeffries great to see you, michael. thanks for joining us. clearly positive data, that's great. but just how great is it >> wilfred, good to see you. there's two important points about this data. the first is we should be positive and optimistic about the fact that these products are continuing along to more positive data with pfizer and moderna, continuing along the goal of operation warp speed to have something available to the american public by january that's great the second thing i think is positive is that they are, in fact, generating lots of antibodies that should be protective they are safe and well

tolerated. these companies, including pfizer today, are absolutely confident that we are about on track for that goal and we'll talk more about that obviously but does look like we're on track. >> realistically, though, we're still talking about early next year for widely available. >> yeah. i think that our audience and institutional investors we're talking to, it's clear that while there may be a vaccine or vaccine candidates available from pfizer, moderna, astrozeneca and others by the november election, by januarys whatever you want to say, that would probably be for an emergency authorization type of designation for high-risk individuals, for elderly, for frontline responders in 2021 much more broad availability per pfizer, a billion doses available. i think there is a matrix as to that availability and certainly questions as to how many people would take it that quick as

well. >> yeah. given the fact, michael, there will be questions about how many people will take this and how many people willing to undergo some of these tests as well, obviously pfizer was the big headline today also you have this vaccine for astrozeneca going into phase three. moderna and a number of others right now. how many vaccines potentially could be successful, how many supported by the market when the time does come for people to look to take these >> well, look, if you add up the numbers for moderna, from pfizer, from astrozeneca and j & j, top four on track, billions of doses in 2021 if you do the math on that, certainly from the major european countries, u.s., 325 million people, i'm not concerned about a capacity issue in 2021. i think it's actually a question of how many people would take it you look at flu vaccines people only around 40, 50% of

people take a flu vaccine. we can debate how many people do it here. i'm not concerned about capacity, i'm worried whether we have it, how much that will control the case numbers and then certainlyfor investors ho much this helps the economy and where the market is going. >> michael, what's your take on the data in spikes in certain states again and how close we are for it getting somewhat out of control >> yeah. i think you take a look and i think surely the market doesn't seem to be super surprised but i don't think anyone would say if you start unlocking people, going out to restaurants you're going to see an increase in the reese of cases i think the two things that are important for people and why i think the market is taking this okay is, number one, these are younger people these are aware the death rate and mortality rate is different from elderly i think that's one thing to consider most important for the market and certainly for the country is

that the capacity and the preparation for this outbreak is better certainly you are seeing capacities, icu beds, all of that type of stuff, we're better prepared for that. with the combination of social distancing, masks, preparation capacity and treatments, remdesivir, et cetera, i certainly think we're going to be in a better place even if there's an increase in rising cases. >> yeah, you make some very key points there i want to go back to the technology of some of these vaccines real quick. first i guess m rna, which is moderna, pfizer versus traditional methods used by astrozeneca and j&j, the fact it's not as proven, what do we need to keep in mind for protocols going from phase 3 to mass dissemination. >> sure. i'll explain to you what the experts are saying number one, of course, any time you have a new novel technology

where you haven't had stuff approved, haven't had vaccines proven and haven't been in thousands of patients both from moderna and pfizer beyond which is also an m rna vaccine note those are similar of course you should have natural concern this is what needs to play out. on the other hand, we believe that the potency could be better, and we also believe that the ability to retreat, so they can get it again would also be a practical positive for mrna traditional from astrozeneca and others are more proven but may or may not have as much potency and may not be able to be redosed again. on behalf we believe all the efficacy levels should be somewhat similar, not only efficacy but how long that lasts. but i'm not overaly concerned

we'll have this available. stay tuned it's looking good so far. >> all right michael yee, thank you for breaking it down pfizer did end the day up 3% believe it or not earning season is right around the corner up next mike santoli on whether the increasing number of companies no longer giving guidance will have any impact on the market and as a reminder you can watch oris lten live on the go on the cnbc app we'll be right back. this is decision tech.

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welcome back earnings season is just around the corner mike santoli is taking a look at future guidance amid so much uncertainty. mike. >> a big shrug when it comes to what's going to be ahead here is a chart of the number of companies that offered guidance. this goes back about 20 years. obviously falling right off a cliff. what also you can see, by the way, is kind of a subtle down trend over the last several years after regulation disclosure around 2000 almost everybody gave guidance people rethought the progress. here is why i'm going to suggest it doesn't matter. if you are one of the few companies that suspends

guidance, you're an offender if you're one of almost all companies that spends guidance you're a victim of environment investors knew, bottom fell out of the economy and no budgeting expectations that could have relied on. here is when does matter, the trend, earnings going ahead 12 months that curled higher if you basically looked at what the analysts are saying in aggregate, also plunged with the markets and along with guidance expectations and curled up very subtly and nowhere near what we earned in 2019 but see the market led the way on that turn. you can argue whether markets run too far ahead but that's always the way it looks at a major bottom in profitability for companies right now. not a cheap market in fact looks expensive on this basis, a matter of how fast we get back to something like that level of earnings. to me the lack of guidance in itself doesn't say much. by the way most likely sets up companies for a big potential to

have kind of relief rallies because of better than expected results when they do report earnings. >> collapses i think, mike, it's really interesting. we often have this debate periodically when ceos and market participants come on to give guidance so often we're going to give a glimpse now on what the consequence of that is. it might not be the same ceos would have expected or want to see, which is a lot more volatility i find it interesting when they say too much guidance against it without guidance the analyst is still going to make their own estimates, just less accurate, still a consensus we mark them against, just going to be potential for much bigger misses or beats. >> the risk reward kind of bargain that is struck by companies. do they feel as if giving guides -- first of all, information exists, companies have expectations for what their numbers will look like information exists inside companies, better to have it outside the companies, have an idea of at least what they are

anticipating i will say before 2000, before you had this formal guidance process, there was guidance, they whispered in the years of the analyst to preferred investors and got into the market in a less efficient way. >> with questionable morals with that, i guess, maybe not quite inside the trading. >> before that it was not clear what the actual legal standards were once those were formalized you have to give it to everybody. >> the other takeaway from the charts when we go back is mums is the word, also mum, not mom in america, that one phrase. >> that's right. that's because mum in middle english has to do with silence, nothing to do with your mother. >> i did not know that. >> i looked that up. >> i was just surprised to see mum. if you're watching, mum, i'm sending you my love. i doubt you are. but anyway another big company joining, julia boorstin with details.

julia. >> wilf, that's right. chipotle is the latest company to join the boycott. it will be halting facebook and instagram, saying chipotle to brand purpose cultivating a better word and paid advertising on snag july 1st while we work together to understand changes they are making. of course this comes as facebook is working very hard right now to communicate to advertisers everything it has done, not just in the past few years but changes it announced since friday also saying they want to work with them to make more changes about the particular issue of the boycott, cracking down on hate speech and racism on the platform. over to you. >> thanks for that facebook sliding a little bit there but, of course, enjoyed a significant rebound in the last couple of days stock has rallied more than 120% since going public in april 2019 up next we'll ask the company ceo since start of coronavirus

zeisis and fed's indefinite ro rates policies are impacting the bottom line.

soared 60% since march 23rd close as we've seen more electronic trading, more volatility and more work from home one area seeing surge, portfolio trading, large baskets of bonds in a single transaction. those trades approaching $100 billion in volume globally and already surpassing 2019's volume joining us for more ceo, co-founder mike will join this conversation, too. good afternoon to you. thanks so much for joining us. i guess my first question is sort of big picture question about the markets and themes from your seat you've observed

in 2020. huge big daily moves will that be the norm and what has led us to that point >> well, what's been happening for a number of years with tradeweb, an acceleration of the market moving into electronic trading. as this year turned and we hit the covid crisis by march, extreme volatility really spiked our volumes to a point that we were trading a trillion a day on our markets, which to put in context is 50% more than all of the u.s. equity markets. so volumes have certainly surged as volatility has surged what we're really seeing now is a change in behavior as people are working from home, all of our clients are trading from home, we're seeing even more of a change in acceptance of moving into an electronic and digital environment. >> so have you benefited more

than traditional brokers and banks that may in the past and still today have done a lot of trading over the phone, or, in fact, are you kind of partnering up with them >> i think it's both i do think we are benefiting with this acceleration certainly the move to home in and of itself we have over 10,000 traders that went from an office environment that are clients into home environment virtually overnight that went incredibly well for tradeweb and the team at tradeweb we've seen an acceleration and adoption, greater adoption of electronic trading as a result of the changing environment. >> the electronicification in the '80s, fixed income followed a similar path in the last few years but always been a sense that perhaps fixed income products and nonequities would not be as suited for this type

of trading whether because they are more buy and hold or issuer driven, not every bond trades every day, for example is it the case there are impediments to having it go fully electronic and digital >> certainly the bond markets and derivative markets that were in our complex markets they are all -- there's a variety of different markets within the scope of bond markets. government bonds, for example, have been trading very electronically for a number of years. the credit markets, corporate bonds, have been moving more to an electronic footprint because of the diversity of the bonds, the number of bonds has made it a little more challenging. what we're seeing right now is really an additional phase, an acceleration into the electronic environment both from a couple of obvious reasons one it is a real cost savings. the second is it's a tremendous

efficiency when you couple that with the environment we're all in now, which is working from home, these efficiencies really are very extreme and benefit people. i think we're now starting to see what i would see as fundamental behavioral change and folks are much more comfortable interacting electronically. >> we mentioned the business of portfolio trading, big blocks of bonds, facilitating flows in and out of exchange traded funds there has also been a little bit of a concern about fixed income etfs as a category as you know, idea being etfs themselves trade so freely every day, in normal environments it's perfectly fine if there are stresses under lying instruments, bonds, don't trade as well and that can create dislocations. how are you navigating that? do you think that's still a risk >> on trade we have a significant electronic etf business in addition to corporate bond business and government bond business

i think what we're starting to see is those markets become interconnected electronically. this is a huge advantage if you envision thousands of institutions around the world that are on the tradeweb's network and are able to trade between etfs, corporate bonds, government bonds electronically, it allows for new types of entrants into the market to provide with liquidity, other market participants, algorithm issuing trade ealgorithmi traders. as it becomes interconnected it creates a much more safer environment and environment already in the market. >> lee, it's morgan, the last time we spoke over a year ago going public, good to see you again. i'm curious about this explosion of debt we've seen, not just on the corporate side as companies look to raise more capital with coronavirus, but also in terms

of government spending where it's fiscal, central banks, monetary in the world right now. how much of a tail wind is that for tradeweb. >> for sure that's a great point. you know, there are literally, it's in the trillions the amount of debt that's being issued by governments around the world in the u.s., europe, asia tradeweb started off as government bond trading network. the fact we play such a significant role in the echo system of trading in government bonds around the world, the fact there's more issuance makes our role that much more critical because we're effectively connecting all the different parties to interact electronically we have seen and are able to kind of observe as there's more issuance in general, there's more secondary activity. obviously as a trading platform, a toll taker, essentially, the more activity there is and certainly the more volatility

there is, the better it is for our business. >> lee, thank you for joining us today. we appreciate it. >> thanks for having me. still ahead, denny's shares are getting crushed after announcing a new stock offering to raise cash. speaking of. coming up, we will ask the company ceo how he plans to use that cash and how he's ensuring diners are safe and workers as new cases surge across the country. stay with us ♪ ♪ now is the time to support the places you love. spend 10 dollars or more at a participating small business and get 5 dollars back, up to 10 times with american express. enroll now at shopsmall.com.

♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey

time for cnbc update with sue herera hi, sue. >> hello, wilf hi, everyone here is what's happening this hour georgia and tennessee reporting

record covid-19 cases just in the last day georgia confirming nearly 3,000 new infections and has narrowly overtaken arizona for total confirmed cases. near dallas, texas, long lines as people showed up to be tested for the coronavirus. texas is one of several states seeing a record surge in the last few days. the governor wants the ability to test 500 people per day at each site but the tests are in short supply in seattle police have cleared protesters from capitol hill organized protest zone while there was some clashes between police and demonstrators, the confrontation was over in half an hour in washington, d.c., on capitol hill there is broad bipartisan condemnation of china's new security law in hong kong. house speaker nancy pelosi calls it a crackdown on hong kong's freedoms gop representative chris smith called chinese leader xi jinping a pervasive human rightsabuser end quote. you are up to date

morgan, i will send it back to you. >> it's a story i don't think is going anywhere any time soon. up next, a big push to reopen denny's rehiring employees as it starts to return to normal following virus related closures we'll speak with denny's ceo about what the company is doing to keep workers and diners safe. "closing bell" will be right back need better sleep? try nature's bounty sleep3, a unique tri-layer supplement that calms you, helps you fall asleep faster and stay asleep longer great sleep comes naturally with sleep3. only from nature's bounty.

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joining us now, denny's ceo john miller john, thanks for being with us. >> thanks for having me. >> i want to start with the news of the afternoon that's the fact we have another major market here in the u.s., california, which says it's going to close indoor dining in 19 counties including l.a. county the fact we've seen pauses or rollbacks in terms of restaurant reopenings in a number of states, also in cases where indoor dining is in place, rollbacks and capacity, how are you navigating that and what does that mean in terms of denny's and being able to get restarted and make these hires >> well, we've been impressed with the teams we have out there. we have extraordinary franchisees and company operators very scrappy in these challenging times. wanted to look out for employees and guest safety and build the business and take care of the communities we serve denny's on demand, go to denny's.com to order online has

been popular, third party delivery partners have done a great job serving our products, breakfast, lunch, dinner late night in the communities we serve but also as these restrictions lifted we've seen a lot of interest even in waiting to come into the dining room with 25 or 50% open. that interest continues to grow. we've been heartened by these measures, wanted to keep the public safe. for instance in texas, there was a rollback much like california. with that rollback and social distancing and masks and gloves and sanitation protocols in our restaurants, guests have been willing to wait on the busier weekends to come in for a dining room table so we do need to hire about 10,000 employees across the country right now. >> when you say hire 10,000 is that rehire, did you have to let people go during closings. >> a little bit of both,

obviously. at one point we furloughed as many as 70% of our staff was down in weekly comparisons, all the way back to the beginning of the pandemic that's been reduced to maybe anywhere from 40 to 60% off depending on the area of the country. as that continues to improve, a combination of people coming back off of furlough or new employees starting. >> are you worried, john, at all about potential lawsuits, whether that's from your employees or from customers if cases do start to spike and linked to your restaurants >> i think that the restaurant industry has not just a habit or tradition but strong protocols for keeping the public safe. remember, everything from e. coli to employees that could be, would be, might be infected by coming to work sick, all those, it is normal to manage those sorts of things. if you look at the practice

inside our brand and really throughout the chain industry in particular, you see the number of cases from very dangerous, very contagious diseases, very, very low in contraction from the restaurant industry. so from keeping employees and public safe to something that's part of what we do we understand cdc guidelines we understand how to implement those. i would say that that is the lower end of our concern right now. the higher end of the concern, of course, is the dining public that may not know how to social distance or be in an environment where they touch their face without sanitizing their hands and the like our masks and sanitation protocol, the ability to make the solutions available to all of our guest employees, single use menus, qr codes for downloading menus, we believe those go a great distance to keep the public safe

i would dare say oftentimes may be a safe environment, some other options the guests may have but it is a legitimate question in light of the times. >> yeah, john, just to shift gears a little bit, the other story we've been following has been this facebook ad boycott. you've joined it starting today at denny's i wonder how you gauged that business decision or made that business decision given the fact it is such a big platform, there is so many eyeballs, so targeted in terms of who is going to see ads like a denny's ad. >> sure. >> how do you think about that risk i guess if you're not advertising there, are there other options? >> i think the way we look at it is, it's very difficult not to take a position. it's important for us not to disparage any company who is otherwise noble and has good intentions and is working in the process of cleaning up policies. there are times when it does

feel like those are a bit slow compared to other players in the market that provide similar advertising platforms. we felt like it was important to take a position against state. it's not to divide or disparage companies but the idea is to bring your influence to bring people together for the common good, good practices, so everybody in the marketplace can experience the welcome we provide in our organization. we strive to be a model company. part of that is taking public positions from time to time. but we do want to see people come together to reconcile differences, to live in a world where there is a lot more harmony and support and respect for one another we think is part of that journey and process which is why we engaged. >> joe miller, thanks for joining us. >> thanks for having me. >> it's the trump slump and biden bump, a shift in key

battleground states. we'll break down closing numbers when "closing bell" returns. as , now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

a new survey from cnbc and change research finding a slump in support for president trump in key battleground states

kayla has more >> the erosion in support for president trump comes as covid-19 cases across the southern u.s. have been surging according to the latest cnbc change research survey which has been conducted every two weeks since march. across these six critical swing states that will be key in deciding the election, the support for president trump has continued to decline in arizona which is the state which has seen the country's highest spike in covid-19 cases, bynow leads the president by seven points. that is among the higher surges in the battle ground states. in just the last two weeks the portion of voters seriously concerned by covid jumped 12 percentage points. it is now the most important issue just behind the economy. voters currently do not find president trump's messaging reassuring 53% doubt the accuracy of the president's information on covid-19 they're also questioning his decision to restart large format

rallies. his campaign signature 58% of respondents say he is putting lives at risk. in an interview on television earlier today the president said at some point the coronavirus will just disappear and said that he remains committed to supporting the economy until then back to you. >> kayla, thank you very much for that on a programming note, don't miss my exclusive interview with the vice president mike pence tomorrow 9:30 a.m. on squawk on the street. up next, pinterest gets a pop. [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.

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shares of pinterest getting

a boost today after facebook pulled the pluck on rifle platform hobby julia is here with more. >> pinterest shares surging 5% today. now about 25% year to date today's move comes after facebook confirmed it plans to shut down hobbi, an app it was testing to help users track their hobbies and progress on various home projects or cooking. this is the latest example of facebook dropping a stand-alone app that copied another app's features such as its chatroom app rooms. pinterest today is also gaining on deutsche bank with a buy rating raising its price target on the stock saying it's seeing the company benefitting from multiple price cycles as well as the opportunity for shopping through the platform all of this comes as brands like facebook are looking to shift to reach consumers on other platforms. some agencies have been telling

me that pinterest could benefit from the facebook boycott. pivoting to some final thoughts, clearly the jobs number will be front and center tomorrow i guess as was highlighted last month, much more important than it has been in prior years, adp showing that may was down as we already knew perhaps june just a little behind expectations. >> that's going to be the calculus going into tomorrow of course it's an unusual situation because it's coming on a thursday meaning it will also come across with the weekly jobs data i think there's a case that the weekly numbers might be more important. it's freshing data a iner data. from high levels, i think one thing last month's report showed is that people have very low dm confidence in their ability to

handicap what the numbers are going to look like after this massively stressed job market is springing back to life. >> yeah. of course you had all of the misclassification back and forth as well. it's not just the initial jobless claims it's also the continuing jobless claims and how that sets us up in terms of rehires back into the companies. in addition to that, the holiday shortened week, what are you watching in terms of this push/pull in the market between that reopening trade and that safe haven play we've seen >> i mean, combine all that stuff with the fact that there tends to be a little modest upside bias on the days before fourth of july weekend when it falls this way watching the treasury yields in general to see if they react in a way that's outside the recent bounds of their range to whatever we get out of the job market finally there might be a chance to kind of push the wheels one

way or the other that would be decisive. the nasdaq closing at a record high whereas the dow slightly declined, putting the dow down 10% for the year. "fast money" starts right now. live from cnbc global headquarters this is "fast money. i am dominick chu in for melissa lee. we have guy adami, steve seymour and karen finerman joining us. coming up on the show, new quarter, new strategy. what you should be doing with your money as we kick off the second half of 2020. plus, tesla zooming to a new all time high, but has this stock come too far too fast? later on, beyond meat sizzling on some very big news out of china. we'll bring you all the juic