plans? >> we're going to take a few days off head out to the beach on long island and i'll see you after a few days have a great weekend. >> you too happy early fourth, everybody. don't go anywhere, "closing bell" starts right now >> it does thank you. tyler, kelly welcome to "closing bell." i'm wilfred frost with morgan brennan in for sara eisen. a positive but volatile day on wall street. what's been driving the action, more jobs added and a better than expected picture of the labor market in the u.s. that sparked a big rally at the open as you can see just there but we lost steam as new data showed the virus surging in parts of the country questioning the economic recovery and whether it can continue at the current pace and focus is turning to future stimulus from washington will these key packages be extended past looming deadlines towards the end of this month. we have improved throughout the session up 1.1% with 59 minutes

left in the session. >> yeah. and, of course, it is that holiday shortened trading week so we're watching this closely coming up on the show tesla shares surging up another 8% on the day. tripled in the last six months we're going to break down that move with former ford ceo mark fields and the treasury department says it has finalized terms of new loans to major american airlines we'll speak with the ceo of hawaiian airlines in few minutes as well. let's focus in on the big stories we're watching in general today. mike santoli is looking at market valuations with the dow above 26,000 steve liesman is breaking down today's better than expected jobs numbers and how to square the conflicting messages we're getting about the economy. meg tirrell monitoring cases we've seen in some states which dampened market sentiment when reported and kayla tausche is standing by for disclosures about who received billions in

emergency aid from the government, but mike, first let's go to you. >> we have a tidy little rally here kind of contained. it's been gentle the last few hours. definitely market giving at least modest applause to that jobs number this morning look at the s&p 500 a little more than 1% right now interestingly and perhaps not coincidentally it brings it to the upper rail of this range for a little while by the way, that was the prior months jobs report on june 5th we tacked on a little bit into june 8th and this correction which has relieved some of the technical pressures right there. i keep saying maybe in fact. we're looking at a range here. it would not be the worst thing in the world as investors reassess the pace of the reopening. take at look at sectors of how we're pricing prospects for

reopening. what i have is two sectors that are right here, the entertainment and leisure etf. directly related to how soon or long it's going to be before we get back to anything like normal they're below their highs you see here flattening over the last few weeks here the s&p 500 doing better here, almost back to even. then wcld is the enterprise cloud software etf based on the nasdaq cloud index it's the strongest part of the strongest part of the market why the overall market has held together so well, disruptive secular growth technology has gone in a direction as everything else conva lesses that's the set up. the macro matters and pace of the economy matters and fiscal matters but in the meantime the

market gravitates back to stocks that seem not to care very much about all those factors. >> it's that secular growth trade play out with tech companies we talk about every day which is also probably why today you're seeing an all-time intraday high for the nasdaq >> for sure. that etf is not necessarily mega cap. it's emerging cloud like doccusign and data dog and all these. they're big, over 10, $20 billion companies. >> they've done well too >> but you're right, the microsofts of the world, are really kind of holding it all together and that is what's driving the nasdaq for sure. >> mike, the other sector that's in the spotlight depending on how the economy does are the banks and the banks intraday moves were pretty pronounced the bank index was up 4% or so at the open, positive or so at the close. it sold off aggressively an hour into the session. >> because the bond market is

what gives the bank stocks permission or denies them permission to rally and initially after the jobsnumber treasury yields went up a little bit, maybe was going to get a lift beyond that and did not treasury yields compressed afterwards and the bank stocks followed right along there. >> to the jobs number. the economy adding almost 5 million private sector jobs in the month of june but new jobless claims remain high and unemployment in the double digits st. lou steve liesman joins us now with more hey, steve. >> wilf, it was a stronger than expected jobs report the record 4.8 million added but shows widespread pain in the economy and a long road back, longer for some than others. non-farm payrolls up 4.8 million, an estimate of 3 million, unemployment 11.1%. a high of 14.7%. average earnings down because a lot of low-income or low wage workers came back into the economy and as wilf mentioned

the high jobless claims number we keep getting that even while creating jobs. okay here's the scorecard now 22 million lost since beginning in march 7.5 million jobs gained in the past two months. 14.5 million more yet to go. it's way better than it was, but still a very long way to go. you can see by looking, for example, at leisure and hospitality added 2.1 million jobs, that's 41% of the losses retail added 741,000 jobs, 46% of the losses. dentist office, doctors offices, they opened adding 568,000 jobs and manufacturing with some of the auto plants back up 356,000. look more closely at the unemployment rate. we see minorities suffer worse than the overall population. just one example i picked these two out. if you are an african-american in this country with a bachelor's degree you have an unemployment rate of 10.4%, equal to the unemployment rate of a white american with just a

high school degree that's part of the issue going on for a while and seems to show and exacerbate during a recession like this. the overall hispanic and latino unemployment rate higher than the white unemployment rate. the full economy altogether everyone has a long road back to normal and some groups have a longer and tougher road than others and i think these new infections lengthen the road. >> i want to ask a key question for the economy going forward, we have got a little bit of an inclination yesterday from the president that maybe they were willing to extend the extra $600 a week unemployment benefits seemed to be shut down today by the vice president earlier here on cnbc and clearly stronger jobs number might suggest in some people's thinking it's less needed how important is that which expires on the 31st of july to the economy? >> i think it's important. it's important in two ways they're kind of opposite on the one hand, you want to

make sure that there is assistance there for people who need it who can't get their jobs back on the other hand, as the job market improves the argument there's a sentiment to stay out of work will strength. over time it will strengthen there's a proposal out there, i believe the democrats have embraced it, i'm not sure if republicans have, to tie that $600 to the unemployment rate in a state. as the unemployment rate, the state unemployment rate goes down the $600 comes down and incentive comes down it's been important keeping the economy going and boost retail sales and savings. if we get rid of it we hit a cliff with the unemployment situation still bad it's going to be a problem. it needs to be reduced as the job market comes back. >> yeah. it's interesting proposal and certainly one of several i think are being floated around throughout right now steve liesman, thanks for breaking down the latest data in what has been a data hershey

we - heavy week for us. we're seeing a record spike in kroig cas-- coronavirus cases nationwide meg tirrell has more on this. >> these numbers just keep getting higher we have more than 50,000 cases reported in the united states yesterday from states and we are seeing record new numbers being reported today as well florida hitting a record more than 10,000 cases reported if you look at the hot spots map from evercorps isi, the yellow places in the country seeing double at the fastest place. jacksonville seeing cases double in eight days, orlando, the same, tampa nine days, charleston, south carolina, now jumping to the top of the list seeing cases double at a pace of every nine days. and san antonio still in the top five now you can see that florida's cases have been climbing really steadily, but the number of new daily deaths reported has been steadier

it has been creeping up a little bit over the last week in general it has been younger people diagnosed with the virus in florida median age of 37 in today's data public health experts warn weekend see follow on increases in the number of deaths in a few weeks if younger people get severe disease or infect older people at more risk. also some news to point you to on the vaccine front, moderna under pressure after a news report that their phase three trial start might be delayed due to protocol changes. i checked with the company and the ceo told me they plan to start in july. didn't give a specific date. but the company saying, quote, the trial still expected to begin in july and we expect to be the first to start a phase three trial and we have worked closely with nih and operation warp speed to align on the final protocol to begin the trial on time guys, this is a race to begin this pfizer saying late july for the phase three trial start.

morgan and wilf? >> yeah. meg, i mean so much to make of this data that we're getting in terms -- so much data in general you've been covering for us, but so much to make of the case increases we are seeing in places like florida. are we seeing positivity rate increases as well, hospitalization rateses? you mentioned the death rate ticking up slightly. so many key points to hone in on an try to tell the story which seems to be shifting not just from an age standpoint but a number of factors from what we saw a couple months ago. >> yeah. a lot is different now than in march and april. we are testing more and picking up more infection. the positivity rates are rising up to 16% in florida now and they're rising in arizona and texas. hospitalizations are also climbing florida has not reported as a state new daily hospitalizations although i believe they are going to start tracking that soon local reports from places like miami show those numbers going

up precipitously as well. >> thank you so much for that. by the way, just under 50 minutes. we're up a percent on the s&p 500. we're awaiting disclosure on who received billions in ppp funding and kayla tausche has that story for us hi, kayla. hey, wilf. we're expecting that data after market close today according to industry sources and congressional aides. for recipients of the so-called ppp loans that were over $150,000, the small business administration and the treasury department are going to be disclosing the borrowsers name and address, size range of the loan and the head count before the pandemic some public figures are trying to get ahead of this disclosure. for one, missouri, congresswoman victory hartsher revealed her family's tractor and farming business received $480,000 in ppp loans she says supported 54 jobs and there will be at least a handful more lawmakers whose data are expected to be in the disclosure today

in hearing this week the treasury secretary steven mnuchin pledged full transparency on the program but did not commit to providing the additional information sought by inspectors generale. the government accountability office has requested for data for loans below $150,000 in a report the watchdog says the small business administration and treasury department were the only agencies that did not provide critical data for evaluating how effective these programs were. as of june 20th the sba says 4.7 million ppp loans have been approved but as far as how many are going to be in today's batch of loans above $150,000, it is just 14% of those loans. wilf and morguen >> interesting to see what's in the data you're releasing it before a long weekend maybe there will be something they don't want us to see. kayla tausche, thank you very much 46 minutes left before the close.

up a percent on three of the indices. a move for tesla shares up 6% today. 400% in the last year alone. 438%, in fact. i'm under selling it ceo elon musk noticed and tweeted tesla will make fabulous short shorts in radiant red satin and gold trim. a jab at some of the people who sold the stock we'll discuss tesla, its valuation after this short break. you're watching "closing bell" on cnbc. usaa is made for what's next no matter what challenges life throws at you, we're always here to help with fast response and great service

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5g is now included with all new data options. switch and save hundreds. xfinity mobile. welcome back to "closing bell." major averages are still in the green. those slipping further from the earlier why session highs. one name that is entrenched firmly in the green up 8% right now, tesla, racing to all-time highs after posting strong

second quarter delivery numbers becoming the most valuable car company by park cap. tesla's ceo tweeted earlier who wears short shorts tesla will make fabulous short shorts in radiant red satin with gold trim adding we'll some to the short seller commission to comfort them through the difficult times. never a dull moment on twitter bring in mark fields, capital southeastern adviser and former ford president and ceo thanks for being with us today. >> hi, morgan. >> want to get your take on the fact that we see tesla at all-time highs, a market cap that has surpassed all of the other auto manufacturers now is this really about delivery expectations which are in the tens of thousands versus millions at other auto manufacturers or is this more about where the future is headed for mobility when you talk about evs and self-driving technology,

something tesla has such a head start on. >> i think it's a combination of both what tesla is rewarded with is growth they grew on a month over month basis and year-over-year basis they were down 5% the rest of the auto industry was down here in the states almost about 25 to 30%. i think there's a couple other things investors are looking at. competition and there was an anticipation that the established oems -- the market which they are but look at somebody like vw having problems with their id 3 in terms of the software management and something that tesla has done very well. they haven't mastered the manufacturing, but they have mastered the software piece of it, the establish still needs to do from a co2 reduction standpoint

you're seeing places like china and europe not backing off, co2 reduction targets important for electrification and finally, investors are saying listen there are new products coming forward, whether the cyber truck or the heavy duty truck, all incremental products not replacing other products in their lineup, and to your second point it is around electrification going forward. it is going to be a natural demand but also enhanced by government incentives, co2 reductions it's a combination of both of those. i think the stock is heading higher elon was very, very focused on profitability in the second quarter. earlier in the quarter he announced cutting of salaries, rent reductions, asking landlords, those type of things and he was doing that so that if he could be profitable this quarter that would be four profitable quarters in a row and

with that accumulated profit you can be eligible to be included in the s&p 500 and if that's the case, not only will tesla get the prestige of that, but also i think a lot of index funds will be driven to include tesla in their portfolio which will increase the demand for the stock potentially going up further. >> yeah. that's such a key point you make and incredible to hear you say that you think the stock going higher, trading at more than $1200 a share and i guess it is to a certain extent a profitability story. one of the things i've heard recently is that because of cost cuts and covid and what that's done for auto demand broadly right now, is that you could potentially see some of the other auto manufacturers pulling back on investments around next gen mobility and next gen technologies is that something that is actually taking root or are those priorities >> i think for all the

established oems, electrification is still a big priority i don't think they're going to back off not only from a regulatory standpoint but from a competitive standpoint i think in things like autonomous vehicles you're going to see more partnerships as you've seen with ford and vw and gm and honda where they're pulling their resources. in the case of electrified vehicles, the technology is ready. there's a business model around it for autonomous vehicles the technology is not ready yet and there is not a real business model yet. i think they'll pool their resources going forward and push that out. >> what's your take, mark, on some of his tweets, though his tweets have reigned in from where they were once but again today, saying who wears short shorts, saying we'll send some to the short seller in the richmond commission, as a former ceo yourself would you ever put out tweets like that >> well, i personnally wouldn't

put out a tweet like that. i subscribe to the theory of be careful who you step on on the way up because eventually you might be on your way down. elon is elon i can't crawl inside his head. he does what he does it's a reflection of his personality and a reflection of the brand of tesla which is a risk for tesla you have a key risk in elon. listen, despite the hoopla on the sales, ultimately the company has to be consistently profitable when it comes to earnings we ought to look -- they have to be more transparent around their margins and vehicles versus margins for the company. remember the company margins that he touts includes the tax credits that he sells to other oems around the world and that's not going to -- that's not going to go on forever. >> finally, want to ask you about what you think about the car rental market. it's been a turbulent period

do you think we're just seeing here structural pressures play out much quicker than they otherwise would have done and this is always an industry facing some challenges or just an up fair tough part of the cycle for them >> it's been undue challenges but fundamentally it's a good business that fulfills a need for business travelers that has changed we could argue whether that's a short term, medium term or long term change. you can bet every company is saying we're going toreduce ou travel expenses going forward because we can do video conferences an cut costs there which really impact the rental car markets. that's also had the impact on sales this quarter in the oems you've seen the sales down a lot of that was fleet, retail was pretty resilient, an so it's going to be tough for the rental

car companies going forward. they will have to deflate and impact the oems. i think from the oem standpoint for your watchers out there, your viewers out there, i think the oems will have a better second quarter than they have guided to. i think their startups has helped and gone more smoothly and i think in the third quarter they're going to have pretty good quarters because inventories are so low and keep in mind those automakers book the revenue when the vehicles leave the lots of their plants >> mark fields, great to see you as always. >> thanks, wilfred. >> we have 35 minutes left of this holiday shortened week and higher by 0.95% on the s&p 500 after the break, a number of u.s. airlines landing a deal today with the treasury department for coronavirus loans. we'll speak with the ceo of one of those companies peter engram from hawaiian airlines, coming up next when the world gets complicated,

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five airlines including hawaiian air and american reaching new loan agreements with the treasury department as part of an extension of the cares act. hawaiian airlines will resume its north american routes in august hawaiian ceo peter ingram joining us now good afternoon to you. thanks for joining us. >> good afternoon to you and good morning from hawaii. >> i'm delighted you are in a hawaiian shirt i teased you would have been and then got worried you might not have been. wanted to ask about this loan you've secured today tell us how big it is, the terms of it and how much you needed it >> well, what we've done today, what was announced today is the signing of a nonbinding loi, part of the cares act that was passed earlier today this year hawaiian under the c.a.r.e.s. act qualifies for a $364 million

loan and that is helpful access to liquidity we still have to work with the treasury on the definitive terms and they're going to be working with us and all of the other airlines who are participating in this program and then we have the option through the end of september to decide exactly how much we draw on that it is a good option for us to have available in this challenging and uncertain time for our industry an the economy generally. >> you also mentioned or we also mentioned you will be starting back more of your routes in august how little or how weak has the demand been in the last couple months and how confident are you there will be a lot come august? >> sure. we've been in a unique situation here in hawaii because since the end of march, we've had a quarantine, 14-day quarantine, for anyone who is arriving into

the state and since the beginning of april, there was a quarantine up until just recently until june 16th on travel within the islands. so demand for us has been incredibly low through the second quarter but really suppressed by that quarantine. the difference that's coming up on august 1st, i mentioned a moment ago that the quarantine for travel between the islands of the state was lifted on june 16th on august 1st what we're going to see is not a lifting of the quarantine, but the ability for people arriving into the state if they get a covid-19 pcr test before travel within, you know, a certain period of time immediately before travel they will be able to come here and avoid the quarantine it really is going to open us up to demand that we haven't been

able to even have any visibility into over the last three months now. >> peter, this is morgan i want to go back to the deal with the treasury and what it potentially enables in terms of the workforce for hawaiian there's been a lot of focus on what will happen come the fall for the major airlines airlines like yours when it comes to potential job furloughs or job cuts and a mismatch between demand and the ability to fly and how many pilots or other types of workers are on staff. does this mean, does this enable you to keep your workforce in place? >> well, it certainly is helpful liquidity to us. i think we should separate this part of the c.a.r.e.s. act, financing for airlines, from the payroll support program which was a grant in our case of $292

million, the piece that we have been receiving since early april. the condition of that was that all the airlines would maintain their employment levels through the end of the third quarter and, of course, we're absolutely adhering to that what we have to look at right now is, what the supply and demand balance is going to be and can we sustain our business at the size we have. of course there's a lot of things pushing against that. for example, you know, even with some relaxation or some ability to avoid the quarantine coming into hawaii, we've still got a lot of the international places we serve quarantine is in place and it may be some time before we're able to go to places like australia and new zealand that were important parts before. we're still not flying to japan. we're going to have to make some difficult choices about matching

supply and demand an we're going to have to make sure that we have our workforce aligned with that what we're committed to and i've been very up front with our team about this, is that we're going to pursue voluntary actions and things like early retirements before we go to any involuntary actions. that doesn't mean that involuntary reductions might not be necessary for us. >> are you still committed to keeping the middle seats empty and what do you make of the decision by some airlines to now fill the seats again >> well, i would say a couple things about that. in our case we have committed to cap our load factors at no more than 70% and we're committed to that, you know, through the end of the summer basically, at least through the end of august,

and we'll assess that as we go forward. in terms of other airlines, you know, i'm -- i think it is worth noting that flying remains really safe. i think people are concerned about flying but there are lots of things about the way airlines are configured with passengers facing the same direction, the air flowing from top to bottom, hepa air filters in modern airplanes that makes it a safe environment and i think it is, you know, reasonable airlines can make different decisions given our sense of consumer sentiment right now. we are continuing to keep the load factor caps in place and that's a decision we'll continue to reassess as we go forward. >> peter, thanks for joining us. >> thank you appreciate it. >> still to come, it's a betrayal, that's how vice president mike pence described china's actions in hong kong this week in our interview this

morning. we'll debate the impact it could have on the global economy here's a check in on the bond market seeing yields all over the place today as we stand, the 10-year yield is 0.67% s&p 500 is up 0.9% with 25 minutes left we're back in a couple

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. time for a cnbc news update with sue herrera >> hello, wilf, everybody. here's what's happening at this hour after 108 days of silence the slot machines and table games

are back in action in atlantic city only five of the nine casinos have reopened. gamblers have to make do without drinks, smoking or indoor dining and wear face coverings. the fda is seeing a high rise of contaminators with wood alcohol. it can be toxic when absorbed through the skin. a tv pioneer has died. hugh downs known as a journalist who hosted "today" show and host aid longside barbara walters she had a career as a side kick on "the tonight show" and game show host. hugh downs was 99 years old. he was a great guy that is the news update this hour i will send it back to you, morgan >> may he rest in peace. sue herrera, thank you up next, the u.s. has been

the world's safe haven when it comes from investing from the green back to blue chip stocks will the surge in coronavirus cases here affect that status for our manufacturing based and tourism dollars. we'll debate that with ian bremer after this break. major averages hanging on ins. stay with us stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership.

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earlier today i spoke with vice president mike pence and asked how the u.s. should respond to china's security law in hong kong >> the national security law that china passed and is imposing on hong kong, it's a betrayal of the international agreement that they signed and

ultimately it is -- it's unacceptable to freedom loving people around the world. president trump has made it clear we're going to be modifying our trading relationship and trading status with regard to hong kong and we will speak out on behalf of the people of hong kong. joining us ian bremer head of the eurasia, a risk consulting firm. good to see you as always. have we crossed the line much more meaningfully so than the tensions, already significant tensions, between the u.s. and china over the last couple years? >> i think so. i also believe that the chinese government is making very clear irrespective of what kind of economic sanctions the americans decide to levy as a consequence,

they're going to abrogate the one state, two systems policy that used to be the way hong kong was run hong kong can no longer be seen as a global financial center it can be seen as a place to invest that is a conduit for doing business to the mainland but the idea you will have your expats there and they will be safe with rule of law and independent judiciary is a very different story. it's a question of when, not whether those that had tried to use hong kong as a global financial center will be packing up >> so ian, when you look at this and everything, obviously the sanctions bill making its way through congress, the fact that the u.s. is looking to start revoking that special trade status with hong kong as well, everything that's playing out with huawei and chinese telecos, trade tensions that have continued to rise in recent weeks, are we at a tipping point? are we at a point of essentially no return in terms of the

decoupling of the u.s. and china? >> we are on the technology front. this has been a bad couple weeks not just for the chinese in terms of the u.s. increasing pressure on chinese technology firms, huawei's ete and the supply chains that allow them to thrive, but also i'm sure you saw that india with some 58 chinese apps banned responding to the conflict in the himalayas and their borders and protecting india's own champions in technology, big fight with the canadians working through the process of extradition of the cfo of huawei to the united states and prime minister trudeau has made clear he's not going to bend to chinese pressure there despite the fact that an awful lot of canadian diplomats and others are putting pressure on him to make a deal and surrenders to the chinese.

the australians a nascent trade war with the chinese this is not just about the united states. president trump, that sanction against chinese officials, supporting repression of hong kong, passed senate last week, 100 to 0 you don't get 100 to 0 votes in the senate on anything these days there is broad bipartisan support what chinese are doing is unacceptable. >> ian, hsbc is an example, a big uk business, reasonable u.s. business, big asia business and sizable global trade finance business what would be your advice to them >> well, i mean hsbc has a massive exposure to china. they've been told clearly by the chinese government you're going to continue to play by our rules if you want that exposure. for them for standard charter they're going to be holdouts with beijing but for, you know, the big american banks, i think it's a different story. the big american tech firms a

different story. i want to be clear when you asked if this is a tipping point, one of the american congressman on the gop side tweeted out a couple days ago that we should stop buying chinese. that's insane. right. i mean the trump organization can't stop supplying from china. you see chinese made flags at trump rallies. the reality is if you're shopping in an american store today or in five year's time you're going to buy an awful lot of chinese stuff the decouple that's happening is on technology. american cities still need to have chinese expats coming over and paying full rate for high-end real estate that's not going to stop this is not like a cold war between the americans and the soviets where there wasn't interdependence. there's an awful lot of

interdependence between the u.s. and china. the decouple is happening from the top and there's no trust, no trust between the two sides on any issue. >> yeah. lot of nuance in what you're saying thank you for joining us today up next the retail stocks most hit by the reclosing of the american economy and two more ipos surge on their first day of trade today. those stories and more are in the market zone as we count down to the close, which is in just lf pceutes with the dow now up ha aernt stay with us i got an oriole here.

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but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. welcome back ten minutes left we're in the "closing bell" market zone. commercial free coverage of the action going into the close. cnbc's southeastern markets commentator mike santoli here, and chief investment strategist stephanie link with us let's kick things off with the broader markets. the june jobs report giving stocks a boost with the nasdaq on pace for a record close once again. we are losing steam as we

approach the close the s&p 500 up only 0.1% mike, clearly positive jobs report gave us impetus but didn't last that long. nonetheless we're up 4% this week >> that's right. it was a strong week the market coming into the week i think looked vulnerable to maybe cracking below what has been a month long range and it did not go down that way and so you've kind of defined i think for now the lower end of this range. i don't think you want to necessarily extrapolate and say it's up and away because there is a constant rethink of all of the economic data in the context of what we know has gone on in the last few weeks people keep scrutinizing the jobs number saying the survey week for the 4 million plus jobs added was actually before you saw this recent surge in case counts and things like that in the sun belt i think that push/pull is likely to be with us. the nasdaq manages to carry

things a lot of times when there are the doubts out there. >> stephanie, the fact that we have been in this pretty narrow you could say trading range for the s&p 500 over the last couple weeks, what would it take? what is it going to take to see it break out one way or the other? >> well, i think we're going to have to see consistent and steady improvement in economic data and have to see an absolute improvement next year over this year i think the non-farm payroll report was very encouraging today because it was so broad-based. the defusion index was 75%, the best in 20 years the primary participation rate 81.5%, very solid. i was very encouraged that the industries that have suffered so much, the travel and the hospitality and leisure companies saw 2. 1 million job gains. these are encouraging trends and you want to watch the initial claims numbers those are leading indicators,

right. they have been coming down for 13 consecutive weeks, so while we're still at 11% unemployment, i think you're going to see a steady progression lower, but i think the market will not give us the benefit of the doubt until it starts see this information. the way you're going to see it broadening up the markets is if you have better growth and low inflation. we have to continue to see and watch the data. >> we've got seven minutes left and we are up only half a percent on the s&p 500 now a pair of fresh ipos made their debut today. shares of insurance company lemonade surging up more than 130% after pricing at $29 a share last night it's a two-time cnbc disrupter 50 and number 17 on this year's list and accolade seeing a 36% jump priced at $22 a share getting a glimpse of the thirst for anything growthy, techie and without legacy costs.

>> right you can play buzz phrase bingo it's telehealth, it's cloud based fin tech, disrupter of a large market that applies. the ipo index, which is an index of existing ipos over the last couple years has been strong, a lot of stocks that had secular growth profiles outside of the s&p 500 therefore not part of an index have been extremely strong as investors just look for ways to have differentiated nonmacro dependent growth stories it makes sense they have done well right here. this is by no means a rush of new issues on the market but it could build into that through the summer >> yeah. not necessarily a rush of new issues but certainly it's been a strain of really strong ipo debuts in the last couple weeks and it does seem like tech seems to be the key word in terms of the names that are performing the best, whether in the case of

today health tech or insure tech and i guess i wonder how that speaks to the possibility of more startups, more unicorns, names that could come to market and investor appetite for them even if they're not profitable. >> they're not profitable, not even close and won't be profitable for years but the market wants growth, morgan simple as that they are willing to forgo profitability for the time being -- the information stocks, they want the technology >> all right i think we're having technical difficulties and try to bring stephanie's audio back up. retail stocks are trading higher today but bank of america says beware of retailers with high exposure to states rolling back reopening measures auto names are exposed to states with surging coronavirus cases

auto nation is one of the top three retailers in florida, arizona and texas. other names, group one automotive and sonic automotive in texas penske automotive in arizona asbury automotive in florida mike, in a week where we're already getting auto sales and data and having conversations about the fact that numbers still remain depressed but perhaps better than the expectations going into them, what does this do to that thesis >> there's a little bit of an opposing currenting where you still have presumably pent up demand and ability to still take some of that up in these areas i mean mostly the kind of reclosing efforts or the kind of reversals of the reopenings are not necessarily saying you can't go to a car dealer or an auto parts store. it's about indoor dining and things like that but nonetheless, i think you're seeing some of the high frequency data in terms of

people getting out and around in those states having rolled over a bit. clearly a concern. the market is going to hone in on these types of plays to see if they've not figured that out and as bellwethers of whether you're seeing on the ground activity improving in real time. >> mike, want to pivot back to the market we are losing steam. still higher by a third of a percent and that's close to 4% gains for the week as a whole. the banks i guess are quite a good snapshot of how we've lost steam throughout the day if we can bring up the bank index. 4% of the open, slipped aggressively and it's negative which i don't know if that's a worrying sign when you see a good day of jobs number and such an economic sensitive sector like the bank sells off by the close. >> there was not a lot of high conviction in this idea that it was going to be game on for the cyclical trade as i mentioned before, treasury yields did not play along with this idea that all of a sudden we're going to be adding

millions of jobs in an unending sequence for months to come. i think that all those reasons mean it was a little more of a muted response also last month it did prove that a great jobs number was a pretty decent news event not to make too much of this little decline into a three-day weekend when almost nobody here is kind of playing along it makes sense that some of the cyclical stuff is just not really able to lead given the mixed information we're getting. >> yeah. just to dig into that further, mike, we have two minutes to go in the trading day what are you looking at? >> have softened up if you look at the new york stock exchange up and down volume earlier about 80% to the upside. declining volume has picked up solidly to the green take a look at consumer discretionary against consumer staples on a week to date basis.

certainly the advantage in the discretionary side that's a cyclical measure. same case for the last month or so that at least works in favor of the recovery theme to a modest direction and the volatility index, the vix, it has given way a little bit as you would expect it to when there's not going to be trading for three days straight but 28 is probably still represents a slightly elevated level given what the market has done recouping 75% of the losses in march. >> the s&p 500 up 0.4% that is 4% of gains for the week as whole dow up 82 points it was up 469 points at the open so we have slid significantly during the session it is right at the lows of the session as we approach the close. the nasdaq composite up. on track for a record all-time

closing high the russell in the green as well green for all the indices but not huge gains materials the best performing sector up 1.8% energy follows and industrials real estate only sector in the red. not as near as high as we were at the open. s&p up 0.4% for the week as a whole. >> welcome to the "closing bell." i'm morgan brenen in for sara eisen and wilfred frost. as stocks settled a look wrats we finished the holiday shortened trading week, essentially closing near the lows for the major averages, although still in the green. the dow up 93 points or 0.4 below that 26 k level. the s&p closing near session lows up about half a percent

3130 the nasdaq not really the outperformer by the end but up about half a percent after hitting a fresh record intraday high earlier in the session. all the major averages finishing out in the green as you heard wilfred say the s&p closing up 4% for the holiday shortened trading week the russell also finishing higher .3% we will ask airbnb's head of global policy and communications about the company's plan to restrict bookings from some guests under 25. this is an effort to crack down on party houses. joining us to talk about the market day meantime hightower chief investment strategist stephanie link with us and chief economist seth carpenter first i'll start with mike santoli. you were talking about this before the break, mike, the fact that we are going into a three-day weekend, perhaps not surprising to see the rally fade into the final moments of trade.

>> could have gone either way. very light participation means it could have walked the market up up wi one relevant thing, pretty sturdy week. defended the lower end of that trading range i've been talking about for a couple weeks it means that the s&p has failed at a very familiar level around 3150 several times over the last two weeks. if you are going to do your weekend chart work and look at that over the last ten days, is there something significant or just playing games here that's something that will perhaps be a message that gets taken out of today on a tactical basis. more broadly market has been this week kind of racking up forward yardage, but in the middle of the field. i would say if you say you're playing the game between the 30 yard lines right now, backed off from there wilf, morgan can explain the football references to you

>> one sport i got into. >> you have faith in me. >> i was going to say, the weekend chart work was that a general quip to all our viewers or do you and morgue have been a secret chart group >> i assumed everybody did that actually. >> we do just checking. >> who doesn't want to do that on fourth of july weekend. >> an extra day to do more chart work stephanie in terms of the markets, are you not concerned about this data we're getting of economic reopenings being paused or put in the opposite direction? >> i mean i do worry about that. that's going to be the thing that drives the growth, right. you see the successes and those states that are pulling back it is alarming florida and texas 15% of the u.s. gdp it's not insignificant i do think there are some successes happening out there and we'll have to watch them again, we just added 7.5 million jobs in the last two months in this economy that's real momentum

when you add in better housing, better retail sales, better manufacturing, all of that and oh, by the way you have boeing restarting the 737 max production, that's going to have ripple effects in a positive way on the economy i'm keeping an eye on the reopenings for sure. absolutely i think we are making baby steps in the economy and i'm encouraged into next year. >> i always love when you reference aerospace. aerospace and defense something we talk about a lot. >> just for you. just for you, morgan. >> i want to get your take -- thank you. seth, i want to get your take on the jobs report, better than expected numbers we saw today and getting that, of course, in the midst of what was a data heavy week, i think about something like ism manufacturing that showed expansion, came in better than expected where does that put us or how do you weigh that against the increase we're seeing in coronavirus cases, the fact that you are seeing some economies, some states start to pause or roll back their reopening

efforts right now and where does that put us in terms of another potential fiscal package >> yeah. i think all of those things mixed together to get this kind of murky package so we saw a big bounce in the data for may and june the jobs report was clearly consistent with that kind of bounce i want to take a little exception to the ism we, i'm happy to say, more or less nailed our forecast for that bounceback, but remember above 50 means an expansion but that's relative to the month earlier and doing better than many -- manufacturing doing better than it was a month earlier or two months earlier is of cold comfort because we should be focusing as much on the levels as changes. when i think about that jobs report, unequivocally it was a good report and we should be happy that the economy is clawing its way back, but we're still 15 million jobs shy of where we were precovid and the first two months of opening should have been the easiest months to start to add jobs

back look at the unemployment insurance data, every week still something close to a 1.5 million americans are getting laid off you have massive growth flows. people hired back while other people are still being laid off. the initial opening up big bump bounce off the bottom. it's going to be tough from here forward and no small part because people are getting laid off. on top of that the resurgence in corona cases i don't think it means we're going back down into contraction, we're probably seeing the initial bounce that's going to be good news. the data will get tougher over the next two and three months. >> shae is able to join us now on the phone shay, we've been talking all day on cnbc about what the jobs number tells us about the strength of the u.s. economic recovery how does it compare to what's going on in europe and what's the view at the moment about overweight or underweight u.s. versus europe?

>> yeah. so as we look across the globe we see that u.s. numbers, of course, are driving market volatility but that actually masks some of the positive improvements we're seeing in the labor markets outside of the u.s. both including developing in europe and the emerging markets. when we put that in context, as that translates to our positioning we do see that we are cautiously still overweight ekt equities but seeing opportunities in europe and the emerging markets >> so stephanie, given the conversation we are having right now, where are you positioned in the market and what do you like and steer clear of >> yeah. i mean i still think that a barbel approach makes a lot of sense. i feel like i say that every time i'm on your show. we still do have uncertainty while i'm optimistic about the

future, i do still think we have a lot of unknowns. you want to own some of the defensive growth technology and health care sectors for sure you definitely want to own the secular winners, secular technology, ais, machine learning, software, security, those kinds of things. at the same time if you believe like i do you're going to see a recovery in 2021 in the economy the cyclicals will work too. you do not have to buy the second or third tier in the cyclicals. the quality number one player in each industry will do just fine because those stocks are down quite a bit double digits. make sure the balance sheets are there most of the number one players in the industry are and they have good balance sheets. >> seth, seems like the fed is pretty committed to doing whatever is necessary if that means doing more than they've already done how important is it that the fiscal packages get extended as well >> i think it's going to be actually pretty critical we saw in the data that aggregate income actually came

down in may from april because the stimulus checks were there in the april numbers and the may numbers. the supplemental insurance benefits are adding income allowing some of the recovery and some of the spending categories and if that doesn't come back, then you're going to see a pronounced step down in income which will feed through to the spending numbers. it's critical. i have to say our forecast or the next fiscal package will be one but we're down around a trillion dollars as our forecast i think consensus is up. i think the probability shifted in our favor with today's jobs numbers. it has the chance of reducing the sense of urgency that capital capitol hill to keep supporting this economy. maybe we don't have to do as much i think that could end up backfiring. >> yeah. mike to that point what's the bond market telling us today >> not too much different than what it's been telling us.

you know, certainly the fed as far as the eye can see, far from its mandates, going to stay generous on the longer end it's not really budging very much this very sticky area for the 10-year yield down around 0.7 is not kind of tipping the bond market's hand. as long as credit spreads remain contained as they are right now, that's not an outright negative because absolute corporate bond yields are incredibly low and it's not a point of stress at this point in the market it's kind of not really telling you the economy is going to race ahead. there's going to be reflation nary push soon but with the fed in there it's hard to necessarily decipher what's really a monetary policy backdrop from an economic forecast from the market >> quick slightly different question to end things you're seeing big inflows into your esg

funds? >> we are. it's been a good jeyear for esg funds. first on performance and second on loads if you look back to the beginning of 2019, through the end of may, we're seeing flows in equity funds, $200 billion. traditional equity funds during that same horizon, outflows of $500 billion a swing of $700 billion there. on the performance front, efg funds are out performing across the board. so i think it's shining a light on what we've been saying for a number of years, esg is an extra financial consideration that managers should be considering the environmental social and governance impacts of the stocks they're investing in it's been, you know, positive for esg funds and i think the number of asset managers are starting to take note of that both in terms of the stickiness of the assets and the resilience of the assets given the fact that it's out performed in terms

of performance as well as flows in a very difficult economic environment. >> thank you for joining us. >> thank you. >> happy fourth of july weekend to you all. up next, we will discuss whether the better than expected june jobrertill rts po whu chances of stimulus being approved in washington when the world gets complicated, a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management.

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unemployed receiving an extra $600 in unemployment benefits to the c.a.r.e.s. act i asked vice president pence if the administration was reticent to extend the benefit set to expire at the end of this month. >> we have a real concern about creating an unintended incentive for people to stay on the sidelines in this economy. that $600 plus up in unemployment many believe contributed to that. people are coming off the sideline, the increase in labor participation is encouraging but the next rescue package that president trump has made clear we're supportive of, needs to focus on growth and getting people back in the workforce but growing this economy >> joining us now, jason, former chairman of the white house council of economic advisors, and christian joins us as well jason, start with you.

clearly a great couple of months of jobs numbers, both better than expected. how important is it, though, that we see some extensions of some of the stimuluses like just mentioned? it's unlikely we will get back to zero unemployment over the course of this next month? >> yeah. it's really important that we continue action. we had an extraordinary amount of support over the last two months over a trillion dollars went out. that was more than any given year in the financial crisis this is something that protected us from seeing an even larger second wave recession as the people that got shut out of their jobs, you know, didn't have to cut back on their spending, nearly as much as they would have otherwise >> what's your take on those numbers this morning and how

positive can we be on them >> no question it was an absolute blowout a month of job gains and starting from, you know, 11% unemployment today, i think we need to take a fresh look at our end of year unemployment forecast. k consensus probably needs to come back across may and june taken together we've won back one third of the jobs that we lost in march and april there's still around 15 million people, fewer people in work in june than was the case in february so we've still got a big hole to dig out of of course the big question is can that momentum in june be sustained in july and august given in particular the adverse development in terms of the resurgent virus, but also as swrason points out, the risk

that some of the fiscal support may not be extended or at least may not be extended in the months ahead it's critically important there is still powerful fiscal support. >> yeah. jason, to that point can we sustain the momentum say you get a phase four in terms of fiscal stimulus at the end of this month which i think there is an expectation baked into the market that we do, the devil is in the details. what does this recovery look like so far based on the data we've gotten in the last couple months it has been more v-shaped but is that sustainable >> there's two downturns going on one is all the people who are effectively locked out of their jobs and that's gotten much better as you see the number of people on temporary layoff has fallen from 18 million to 11 million. there's another recession, people that have permanently lost their jobs. that's actually gotten a little worse. it's gone from 5 million people

to 8 million people in june. what we have to worry about is, the reopening is really fast and easy process, but there's a lot of people that will never be reconnected to their jobs, a lot of employers will use this as an opportunity to downsize, and so progress after that even with a robust rescue package i think will get, you know, a lot slower than what we've seen so far. >> jason, i also rose the topic with the -- clearly we don't have a national mandate for one at the moment. to you think we will live to regret that? goldman sachs said it could make a 5% difference to gdp if it prevents the need for pausing of economic reopenings? >> yeah.

fiscal stimulus plan that would have incredibly high bang for the buck would be for the government to print up masks and say thank you donald trump on them and mail them out to every american and tell every american to wear them it's really one evideof the ste control that virus. >> we will leave the conversation there thanks for joining us on this thursday afternoon chris and jason. >> thank you up next, mike santoli looks at whether increasingly bullish sentiment for big cap nasdaq stocks is nearing the danger zone and as a reminder always watch us or listen to us live on the go on the cnbc app we will be right back. stay with us

welcome back let's send it over to mike taking a look at sentiment. >> from two angles measuring constituencies in the market the survey showing bulls versus

bears remains well entrenched toward the bearish direction bears up here. yes, it came down a little bit from above 50 to a bit below 50%. bearish over the next six months still giving what's going on with the markets this is interesting. the number of people bullish is well below average and pretty much goes back to last fall. on a contrarian basis this is supportive of stocks but a couple warnings about this this group tends to skew older traditional retail investors kind of headline driven and actually their portfolios as they report them are still invested in stocks not as if they fled the market but that's a decent signal for the bulls on a contrarian basis. this is from the daily sentiment index measures futures trade it's a long standing series of daily sentiment indexes on assets on the nasdaq 100 a 2100 day average the vertical lines when we got to extremes of bullishness among

the trading crowds and you see that often it's in the vicinity of some kind of a peak for the ndx, although i will say back in december of last year you really did continue steeply higher. after that before we got to the covid crisis, we're not there yet but might be curling down below. there's a lot of crowding into that big cap growth stock trade that's reflected in the nasdaq 100 would not be surprising to have some excuse to come along at some point to have pullback in that area >> mike, even if the retail investors grabbed all the headlines for much of the last month or two in terms of total dollar amount, it's smaller than a lot of institutional investors and the put call ratio are less constructive at the moment. >> it's the hot money pros and the people who are on the smaller side but kind of more on the speculative end of things seem to be playing the upside pretty aggressively and that's sort of maybe leans for caution.

but i think the general investor out there big institutions, relatively defensively positioned it's very much a mixed picture by no means is it saying everybody loves stocks get out of them. you have to look in particular areas of whether it's a short-term signal or something more enduring. >> thank you very much for that. some breaking news by the way. the texas governor issuing an executive order requiring face coverings in public acspes reaction from scott gottlieb next in neighborhoods across the country, you'll see gratitude.

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miles to the job site. the campsite. and anything else we set our sights on. miles that take us back to the places we want to go. and to the people who count on us. so, let's roll up our sleeves. because we've got miles to make up. welcome back texas governor abbott issuing an executive order requiring all texans to wear a mask in public spaces joining us now is former fda commissioner and cnbc contributor dr. scott gottlieb sits on the board of pfizer. thanks for being with us today. >> thanks. >> i want to get your take on this executive order that is coming out of texas right now given what we're seeing in terms of the coronavirus caseload

there. will fred earlier today asked vice president pence about the possibility of a federal mandate to require face masks in public. seems like the trump administration at least is steering clear of that for now, but the fact that we are starting to see it on a state level across more locations in the u.s., what does that tell us >> well, look, there's an inevitability to the state laws. most states are going to end up having a universal masking requirement. the only question is how much spread we're going to tall rate before we get there. this is the simplest thing to do to preserve the things that are most important to us keeping our schools open in the fall, businesses open where we can and at a federal level we can change the cdc guidance. the cdc guidance says you should wear a mask when you can't socially distance. that should be broader at this point. you can't contemplate when you will be able to socially distance or not when you leave your home. in the setting of an epidemic broad guidance makes sense

if we can implement universal masking and getting a high percentage of the population to wear masks when they're outside the home not 100%, you are never going to get 100%, but the studies show 80%, 60%, you get the r below 1. >> dr. gottlieb, the latest action in texas is in response to the numbers getting to place where we don't want them to get. why shouldn't we be preemptive even if that requires going a little too far with something pretty simple rg wearing a mask? we're not saying shut down the whole economy in full again. that's i guess the question to make sure we don't have more states that get to the position that texas is in >> we absolutely should be preemptive it's unfortunate these states after some resistance and they were resistant are driven to these measures only after tens of thousands of cases accrue and hospitalizations and we will see excess death result from that. we have an opportunity to get this under control with interventions we can take on an individual level reducing

activity, socially distancing trying to avoid congregate settings or not allowing them altogether, wearing masks on a universal basis. if we take these measures we can keep schools open in the fall, more businesses open and do the things that are important to us. it seems like a small price to pay. we're not asking people to wear masks for next two years this is a four to six month endeavor we have to get through in the fall and winter to keep this infection at bay until the point it just passes because we have some level of herd immunity because it's coursed through the population or we have a vaccine in early 2021. >> yeah. of course another key piece to the puzzle is testing. we're starting to get comments out of the administration right now that coronavirus surge is straining testing capacity when you see pictures of long lines in some of these states where case numbers are jumping to record levels on a daily basis, just how strange are we

talking about? where are the pain points? how does that compare to earlier on in the pandemic when there were issues around testing as that was getting online? is this as big an issue as then? >> not as big of an issue. we have more capacity in the marketplace. what this demonstrates we don't have a national market for testing and can't swing around capacity when we have epidemics in certain states. we might have plenty of testing in massachusetts or new york to try to do routine surveillance we don't have the capacity of an epidemic in florida or texas, long lines as you said and now shortages. the only swing capacity in this country is quest lab corps and biofrenchs labs that can pulse into the markets but even they have limited capacity to get surge testing supplies into those markets. we're running short on cotton swabs. i thought we would have solved most of that problem but it appears we still have problems around the testing supply chain

we didn't expect to have at this point. we're going to have to contend with the virus heading into the fall and we need to get the supplies up and make sure the supply chain is more vigorous. >> dr. gottlieb, this week on vaccines, we had good news from pfizer, less good news from moderna today. sum it up for us and has the timeline changed from when we're likely to have something widely available? >> i don't think the timeline has changed. i think that some of the statements around having a vaccine by the fall, the winter was really timed to perfection nothing happens to perfection. the complexity isn't just in coming up with a vaccine that can generate an antibody response it's all trying to scale up manufacturing and produce the doses at scale to supply a large population and that's something that the large companies do very well, not just pfizer the company that i'm on the board of but merck is in this hunt, sanofi, j and j, know how to produce at massive scale i'm confident we will get a

vaccine. all the early data suggests we should be able to generate constructs that will allow for some level of immunity the timing is probably at best late 2020 or early 2021 event. we need to get through one more cycle with this virus this fall and winter and should be implementing things like universal masking right now to try to prevent large outbreaks and epidemics heading into the fall when we will have more risks. an awful lot of infection into the fall will increase the risk we have larger outbreaks and we want to try to preserve some of the gains we've made in the northeast and in the northern states and california where we've crushed the virus. >> dr. gottlieb, we're getting some breaking news that regeneron and sanofi are announcing phase three trial of kevzara, i might get the pronunciation -- on covid-19, is that something that's

incrementally positive >> i'm not sure of the product that you're referencing. if that's -- which drug that is. they have a number of drugs they've been working on together. >> my apologies. my apologies i only read the top line of this flash. in fact, the phase three trial of kevzara for covid-19 didn't meet its primary and secondary end points when it was added to best supportive care so sorry, it's bad news on that region ron and sanofi partnership to get in a phase three trial for that >> so i believe that's the drug that was being used to help treat the inflammatory response to the virus, the so-called for people who had a severe inflammatory response. it's disappointing there's other drugs being tested we've had a success in recent weeks with the use of death

mention zone, steroid that showed a profound improvement for patients intubated and required oxygen on hospitalization. we've had advances in that setting. it's disappointing to see a drug not succeed. we've had successes in terms of improving outcomes for patients who are hospitalized and had severe covid disease. >> yeah. of course we'll continue to go through the details of that data that's been released as well region ron trading down 3.5% in afterhours right now finally, the fact that cdc put out guidelines or protocols this week around school reopenings, details about what those potentially could look like in new york city in the fall, what do we know now that we didn't maybe know a couple weeks ago in terms of how this affects children and what is the process, the path forward, i guess the most effective path forward, for schools to start reopening? >> i think the most effective path forward for schools to

reopen is to think about how to keep children and cohorts and not have large groups of kids intermingle. we're talking about having kids wear masks in school i think the most important thing to keep the social networks small so if you have an introduction in the school you don't have a large outbreak like what they're seeing in israel. we should try to open schools this fall. i think many parts of the country can reopen schools this fall the parts of the country where you see epidemics in the sun belt it's going to be difficult for local school boards to make the decision and they have to make those decisions in the last two or three weeks and i think the situation down there in many states like florida and texas isn't going to look better in two or three weeks when they have to make the decisions this is one of the most important things to do is try to get children back in school for a host of reasons many have to do with the socialization of the kids and what's good for them. >> dr. gottlieb, thank you for breaking down a variety of topics today we appreciate it >> thanks a lot.

some users under 25 are no longer allowed to rent homes on the platform coming up we'll ask the head of policy why and how businesses are taking safety precautions into their own hands into their own hands stay with us into their ow♪ ♪nds 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.

time for a cnbc news update with sue herrera. >> thanks so much. here's what's happening at this hour, everyone house speaker nancy pelosi saying the u.s. should increase sanctions against russia instead of lowering penalties as the trump administration has requested. she also criticized the president's comments on intelligence concerning russian bounty to kill u.s. soldiers

>> you got the con, the white house put on a con that if you don't have 100% consensus on intelligence, that we shouldn't be bshs it shouldn't rise to a certain level. well, we would practically be investigating nothing if you had to start off at 100% don't buy into that. >> an update now on that fire at an iranian nuclear site. "the new york times" reporting initial evidence points to an act of sabotage although it may have been an industrial accident iranian officials say it was a, quote, incident that did not affect any buildings in use. you are up to date that's the news update wilf, back to you. have a lovely long weekend. >> you too happy fourth of july to you. >> thank you >> we will ask airbnb's head of global policy and communications whether consumers are cutting down on travel as coronavirus cases surmg and why the company

is now restricting user under the age of 25 from renting homes. homes. we're back in a couple minutes america's fastest network for iphones. second tip: you can put googly eyes on your stuff to keep yourself company. uh for example, that' he's my best friend. oh, sorry nancy, i forgot you were there. get the amazing iphone 11 for half-off on at&t, america's fastest network for iphones.

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online tuition rates in the nation. find your degree at snhu.edu. airbnb announcing a new policy to crackdown on party houses amid rising coronavirus cases. guests under 25 with less than three positive reviews will not be able to book homes near to where they live. joining us chris lehane. thanks for joining us. the fact that you guys are taking a step to do this policy has it been a big problem? a lot of people booking houses to have parties and break the lockdown rules >> yeah. thanks for having me the good news 99.95% of the folks who travel in the airbnb those guests stay at homes and treat homes like their own homes and the host treat the guests like extended members of their family a little context here. over the last four or five

weeks, on the airbnb platform in north america and really other parts of the world, we've seen the business really begin to recover. people do want to travel it's inherent to being a human here in the u.s. we're directionally the same over the last four or five weeks from a growth per peck istive and activity perspective over 2019 in the same time period. amongst the reasons i want to be clear, we haven't recovered, i did say recovery, but amongst the reasons is people do inherently get that being able to have your own home to stay in is just inherently safer you have your own kitchen, pool, multiple bedrooms, but as we've seen that type of activity take place on the ploochl, we've been exceptionally cognizant of wanting to make sure we're promoting safe, responsible, healthy travel we think the very nature of that taking place is happening, but we always want to do as much as

we can do to make sure we're promoting healthy and safe travel today we're really sharing this policy which as you described accurately, means if you're under 25 and less than three reviews, you won't be able to make a reservation in the market you're living in that's being done to make sure that we're prioritizing and optimizing for the safety of that house, the safety of the guest, and safety of the community where we're operating in >> will you keep that policy forever? even if we get into healthier times where the virus isn't a risk there will be deception envofld in anyone that books a house for the intention of having a party, i'm sure the renter doesn't -- wouldn't want to rent it out if they knew that was happening? >> a couple things and great question we have something called a community standard you have to agree to behave in certain ways to be on the airbnb platform whether you're a host or a

guest. we have a million dollar insurance policy here in the u.s. that goes to the house so that they're protected right before the pandemic we actually introduced a total ban on party houses on the platform. meaning those types of houses where people were really using those houses to be a public nuisance we have sought to remove thousands of those from the platform in january or may have been december we did a program with the city of los angeles where we took down about 30 houses that fell into that category and then in canada we actually placed this particular policy several months ago and saw it was having a positive impact and so informed by what we saw in canada, has informed and really helped us understand how we can best do this in the united states. again, sharing that policy today informed an awful lot by what we've seen in canada, we will try to learn and understand we

probably have more data than any other travel company in the world. 220 countries and regions half a billion users, half a million -- half a billion, sorry, and that's a lot of data we will get data to see how the policy is working here in the u.s. and as we go forward and continue to adapt and modify things at the end of the day we're a platform based on trust. we've invested more in our trust measures than our growth over the last few years growth comes out of that as a result. >> yeah. it's morgan, you mentioned the ban that you put in place back in december. party houses have been an issue on the airbnb platform for a number of years. something you and i have talked about. in the past as well. some of the illegal listings in markets based on local regulations. i'm just curious, the steps you're taking today in the wake of coronavirus, why did it take coronavirus to make these steps and i guess how does it speak

broadly to the policing efforts of things like party houses and protocols around safety in jen until. >> i think it's a great question for us as i was saying trust is important. we want to invest in it every step of the way. we came up with this under 25 program a little informed by what we saw some of the rental car companies had done we did announce it in canada, saw that it was having a material impact, along with the total party house ban, so i think any time you're a two-sided global network like we are, right, you have hosts, guests and you're in communities, you constantly have to be modifying and adapting and learning like we're only going to grow at the speed of trust and look, right now we are obviously in such a global health crisis that i think anyone who is in this space and sector, you know, has to be looking at ways that they can prioritize and optimize.

i'll give you another example because your question relates to this back in march when the w.h.o. and world health organization declared a global pandemic, i think we were the first amongst the first traveling based companies to announce we will allow guests to get a total refund because we wanted to prioritize the health andsafet and the safety and health of the communities that we're in. we took a hit on that. most took a hit on it. it was the right thing to do i think that's our mindset which is how do we -- how can we prioritize trust and the health and safety -- >> yeah. kris lehane of airbnb, thanks for joining us. >> thanks. i hope everyone has a safe, responsibility july 4th. thank you for everything that you're doing i know it's tough throughout. >> thanks, you too. >> thank you >> you're allowed to party in your house, chris and morgan. >> appropriately, of course. >> all right coming up, restaurants are in a

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welcome back several states like michigan, california and texas are imposing new restrictions on restaurants and bars as coronavirus surges our next guest is looking to address those concerns with the launch of a new app that ensures restaurants are reopening safely joining us is robert irvine, celebrity chef and host of food network's "restaurant impossible." thanks for being with us today

>> first of all, i want to say thank you for allowing me to share this amazing information today we've asked the national restaurant association to bring a commitment which is virus safe basically it's a checklist reminders that are done in a timely manner on your phones so all the protocols and you think about standard operating procedures for restaurants especially in the covid-19 times where they're looking at masks and gloves and everything that's clean. we've all been to airports and restaurants where people say that things are being done and they actually haven't. this is an app that helps with mitigation when you say you're done something, say you're cleaning the refrigerator and you're outside smoking the cigarette, i know that you didn't clean that when you said you did.

it's really accountability of duty of care we're trying to put back the customer confidence through transparency that's the biggest part. it's simple. it's easy to use it's verification of stuff done in realtime. >> is it still not failsafe per se the geo tagging maybe helps but it doesn't make it totally failsafe. >> let me put it this way. it's 99% failsafe as opposed to a pen and a piece of paper because i can tell where you are. when you prep and you say you've done this task, this is the only consumer facing app that when you'rer you're verified you're using that system, the consumer can take the smart phone and use it and find out exactly what you've

done for the last 24 hours or 48 hours of your protocols. that allows me as a guest who has two kids that are below 3 years old or a grandma that's 89 years old to feel safe to go back into a restaurant right now the problem is consumer confidence. >> i guess where i was heading in terms of question was to what extent is this needed for restaurant owners to prevent potential lawsuits coming, whether that's from employees or from customers if people do start catching the virus again >> it goes on to your desktop and it tem's tracking everything we've done up to a year or two years. you know what it's like right now. everybody is saying i got sick in your restaurant this is a mitigation tool to say, listen, we have done our best practices and protocols and our duty of care to make sure

you are your safest. there is no system that's 100% clear, but this is 99% that we can tell what you've done, how you've done it and make you want to come back to a restaurant if you don't do this, restaurants will not be able to come past this pandemic. >> the fact that we're in a world of hurt for restaurants and bars with reopenings scaled back in major cities how painful and bad could this be how many restaurants could we lose what is sustainable in terms of the ones that are able to open but with limited capacity? >> i can tell you that i just reopened six restaurants in three weeks in four states from covid-19, putting in new practices and protocols to make sure consumers are safe.

if i have done that in three weeks and given information on my show, it's really important that we take these protocols seriously. you just said with texas and florida and all these other places, if we don't as business owner dos th eers do this, we wn >> we'll have to leave it there. happy fourth of july to everyone "fast money" starts now. ♪ live from cnbc's global headquarters, this is "fast money. i'm dominick chu we've got tim seymour, tim grasso, karen finerman and brian kelly. coming up on the show, the boycott is growing more big name companies pulling ads from facebook. just ahead you'll hear from one top-ranked analyst who says the street is getting it all wrong when it comes to the full