see how things are thanks, steve. >> i will. they all miss you. thank you, bill. >> you bet kelly, it's been fun >> it has been a joy >> let's do this again tomorrow. >> yes, please i thought there was going to be a bigger boost to disney subs from the hamilton over the weekend. >> watch it again and see what you think. >> i'll see you tomorrow thanks for watching "power lunch," everybody. "closing bell" starts right now. >> thank you, kelly and bill welcome, everyone, to "closing bell," i'm sara eisen with wilfred frost. stocks are rallying again. rare m & a news to start the week certainly helping the optimism we continue to see an increase in coronavirus cases in the u.s. and abroad hospitalizations in states like texas are soaring. nasdaq setting a new intraday record as tech stocks lead the

surge here. >> we'll speak with the mayor in miami and about the spike with the virus. and an ammicable separation. match group completing the spinoff. parent company iac last week they'll discuss the strategy going forward and online dating during the pandemic. let's focus on the big stories of bob pisani has the stories. meg terrell has updates on the coronavirus and brian sullivan is covering warren buffett's new bet on the energy space. bob, let's start with you and the markets. >> yeah. the important thing about today is we're up nicely but we're up on lighter volume it is deteriorating a little bit from the earlier part of the

day. we're once again falling back upon dependence on the mega cap tech names technology, computer services, consumer discretionary all of them tech oriented or continuing to lead the overall market consumer discretionary as i mentioned, banks still on the upside not as much as the overall market energy has fallen back that was an early leader i keep mentioning the mega caps every single day they're the main force driving the market when you have four or five stocks that are close to 20% of the overall market capitalization with amazon up 4%, 5% in a day, that's going to move the overall markets i think it's important we're going into earnings season i see several companies, small ones, but out with positive preannouncements here. very impressive. they have positive kmenlcomment revenue trends talking about better copper and gold sales that is a presidenten anlt surpri pleasant surprise. cancellation rates moderating a little bit. a positive there

and intercontinental exchange which owns the new york stock exchange talking about equity volumes continuing to remain elevated that is helping them out we're going into earnings season in about a week and a half these are actually fairly positive early signs this was a big factor as to the positive open this mother. >> yeah. it was remarkable to watch chinese authorities in the form of publications. but essentially chinese authorities attempting to jaw bone the stock market saying this is a great time, talking to chinese investors, to invest in the stock market believe it or not, it's working. the shanghai exchange is at a two year high. all of the major china etfs sitting near multiyear highs >> a lot of folks here are

saying, bob, the fed does that in this country. though much more subtly. not on the front pages of newspapers but pushing everyone into stocks and risk assets. bob pisani, thank you. >> you can make that argument. >> the market moves higher here. coronavirus cases are moving higher as well in this country there are positive developments on the treatment and testing front. meg terrell has a wrap-up of all of it for us meg? >> that's right h on that front, sarah, dr. fauci just wrapping up a chat with the nih director where he said science will get us through this. kind of a message everyone needed to hear on that scientific and technology front, they're making news today saying it's already in late stage clinical trials of its antibody cocktail drug designed xpefk f h. specifically for a prevention trial arm which is in partnership with the organization as well as a treatment arm. and we're expecting to see the data later this summer meanwhile, also getting testing

news the first test approved in may on that basis. this is hand held testing device that can be done at point of care some places like retail pharmacies or urgent care centers and can give you the results in 15 minutes. the down side is there can be a lot of false negatives so if you get a negative test but you have symptoms, they do recommend confirming it with another molecular test now if you want to update you on the trends that we've been seeing across the country. daily new cases continuing to rise yesterday lower at 43,000. that was the holiday weekend we've seen four days of more than 50,000 cases reported the positive rate of tests also increasing although a blip over the weekend as well. the hot spots continue to be in florida and across the south jacksonvil jacksonville seeing the fastest

growth and charles toon, orlando and tampa, guys. a lot of the same spots we've been seeing sara and wilf. >> and yet, meg, the mortality rates. we haven't necessarily seen a huge spike even though the cases and hospitalizations are up. what are the folks, you know, the smart doctors you're talking to, saying about that? is it coming or should we breathe a bit of a sigh of relief that the care is so much better and the age of these cases is so much younger >> what people expect is we will will see an increase in the number of daily deaths reported. that will lag this increase we're starting to see in hospitalizations, but because higher rates and care improved, hopefully it will be more muted than we had seen before.

>> turning now to the energy sector a new bet from warren buffett who largely remained on the sidelines throughout this year's volatility brian sullivan joins us with more on the cnbc news line >> hi, yeah. this is a big deal came out of nowhere. a lot had to do with the failure of the atlantic coast pipeline which they were going to co-build that was about a eight plus year project. it ended up going nowhere. dominion wants cash. he had $4 billion in enterprise value. you can see dominion shares are down big today i talked to people outside this is a credit negative event for the company. it is close to it. dominion wants to deleverage the balance sheet. you have an asset that is expense they've is not in favor when it comes to investors

by the way, we have a guy with $147 billion in cash sitting around who is known for fast deals. so that's what warren and the team did this is about greg able. that is the head of berkshire hathaway he is the vice chairman of the noninsurance side and i think fair to say may have popped his head up as the most likely potential successor to a one mr. warren buffett the question sb the level of conviction in the u.s. energy space. i mean if they wanted to make an all out bet on the oil and gas industry in the u.s., are there other assets out there, bigger assets more shining assets they could have gone for? is this as big a bet you could possibly have hoped to see >> some of the biggest pipeline companies out there.

you have enterprise, kinder morgan, marathon, and a few others by the way, about 75 more smaller ones, some of them are literally like one pipeline going somewhere and then you have the huge multibillion dollar companies this is a one off deal you have to look at the seller not the buyer. okay dominion, their power -- their clients, whatever you want to call them, hower users in virginia, they want renewable energy they're looking to build a huge wind farm off the coast. the natural gas storage sort of legacy type businesses, big, someone called them old dangerous, certainly nonefg. and also giving up 25% of the natural gas ability in maryland.

they delivered the balance sheet. people demanding renewables. he's got pipelines and railroads and i am not sure mr. buffet is that big on efg. warren buffett invested in the battery maker for the electric vehicles you need power to charge your electric car that is four teslas you have the ahome, wilf, you need to charge them and you need natural gas to do it especially in the northeast. >> well, there we go i don't own any teslas you were right to mention the oil and gas corporation which will make it on the wall one day. may be small one day >> take me when you go, brother. >> good to see you energy one of the worst foremaning sectors today on the s&p 500. it is positive

50 minutes left in the session on line dating platform match completing the break up with iac last week. we'll speak with the chief operating officer about what that means for shareholders and how the pandemic changed the dating landscape you're watching "closing bell" on 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 for when it matters most find out more at usaa.com 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

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to low income families through our internet essentials program. and this summer, xfinity is creating a virtual summer camp for kids at home- all on xfinity x1. we're committed to helping all families stay connected. learn more at xfinity.com/education. welcome back to "closing bell." bill rally on wall street. dow up more than 300 points. amazon is a winner the stock continues to be red hot. it crossed the $3,000 mark for the first time ever. now up more than 60% this year it's up more than 85% from the march lows it continues to soar the analysts just fall over themselves to raise the price targets. >> the nasdaq, of course, continuing to head new records the president tweeting about that this morning as well.

shares of match group on a terror up more than 12% year to date. getting a huge boost during the pandemic the average number of daily messages sent was up more than 20% in april match group's coo and cfo joins us now gary, very good afternoon. thank you for joining us >> thanks for having me. >> i guess for first thing to touch on is that you finished your separation. it wasn't a painful divorce from iac. queef owned 80% of the company and now we're broadly held we have a little bit more independence to set our own trajectory, make our own investment decisions and allocate our capital we have a big road ahead of us we have a lot to do and we're

looking forward to getting to it as an independent company. >> talk about the engagement numbers. has it continued throughout the last couple of months as we've seen a bit more of the reopenings take place? >> it's been remarkable. i think the last few months have been tough on people, lonely people looking for others to have some companionship and relationships with and spend time with even if it is virtual. people adjusted. and they either adjust how they go out you can't do it in person. but you can do it by video which worked successfully for people people gravitated on line. we've seen this in a lot of different places where you do zoom calls for business meetings or face time for family an meeting new people people are using tinder and hing and our other products >> on video dating specifically, gary, how do you make sure that the user is safe in other words, how i do know that if i'm logging ton a video date the person on the other side to steal a phrase from "the

bachelor" is there for the right reason >> yeah. so we're putting safeguards in place to make sure the video dates are something that the both sides want. there is mutual interaction back and forth for a few parts of the conversation we know the video dates are wanted other products are letting people know that they're open to video dates and want a video date we're trying to put safeguards in place to make sure they're safe safety of our user base is one of our key focuses >> does that content, gary, and in fact the text message content between users, does it stay totally private or do you analyze it in any way to sell against it perhaps >> we're moderating in some instances to make sure people are safe we're encouraging people to report any bad behavior they see. and if we see bad behavior, we're taking people off the platform so we want to make sure people feel very comfortable and safe

in our environments and using a variety of tools to do that. >> you don't use that to monetize, just for safety. >> we're not using it to monetize, it's an engagement feature to make sure they have a way to meet and commune with people >> do you still have the race filter on your profile a lot of the competitors did take it off in an effort to fight racism in this country as we saw the protests across the stace. and if did you not take it off, why not? >> you know, we allow our users to filter in a variety of ways different people are looking for different ways in dating and people they want to meet to the extent it makes sense if the product to have those kinds of preferences that people can make, we leave them in there we don't -- we won't monitor for bad behavior or problems they're causing, i think we're watching to see if this works in our platforms. we don't see any issues with it at the moment. we're making sure you have as

good an experience as possible on our products. >> we talk, gary, to so many different sort of tech enabled platforms on cnbc. many have seen a huge spike in engagement during lockdown as you have how confident you are that it doesn't then fall away does innovations like the first video date mean that could all remain high levels of engagement when things reopen >> well, look, i think that options for people to meet have really declined in the last few months right? people used to meet through bars and restaurants and clubs and through their family and school and work and a lot those avenues have been shut down. so we have seen a big increase in engagement and usage of our platform over that period of time naturally, as things open up more, people have additional options but if our platform has proven to be useful during the pandemic, we expect people to continue to return to the platform to meet people. and now they can make a decision whether they want to video date or meet in real life

but, you know, at least for the foreseeable future we don't expect things to go back to normalcy as they were before the pandemic you'll see constraints in restaurant capacity. we think engagement is going to stand up on our platforms for a period of time and for deliver going experiences success to our customer base by using our products we think they'll continue to do so we're optimistic we'll do. that we intervroduce video and engage more and more >> gary, thanks so much for joining us we appreciate it >> okay. thank you for having me. >> we have 40 minutes left of the session. nicely higher, 2% higher on the nasdaq dow and s&p 500 taking part in today's gains as well. the dow up is by 345 points. a little off the highs which is 470. nonetheless, nine out of 11 sectors on the s&p 500 are higher after the break, following the money. the trump administration unveiling long awaited details about who exactly received ppp

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the trump administration disclosing names of many ppp recipients kate rogers has been sifting through it all and has details >> it is a massive excel spread sheet of 650,000 loaners released by the treasury this morning for any loans made in the program. we're continuing to comb through the list a few motable loan recipients so far, foremost, maritime company, elaine choa's family business. pf changes china bistro, the ohio democratic party as well as the women's national republican club of new york

$30 million has been returned so far for cancelled loans. the names of businesses who either repaid or returned large loans are not on this list also a large percentage of businesses in smaller states without as much covid-19 exposure got loans, for example, 32% of businesses in arkansas got loans compared to 14% and 15% of businesses in new york and california back to you. >> so interesting this, kate clearly having the disclosure is a very important step as really no argument against the disclosure i do think though given that the ppp funds in the end have not run out after they were expended, of course. they did meet that extension the whole debate is to whether or not a company should or shouldn't have taken the money is much, much reduced in terms of importance, clearly if you do qualify, you have to qualify this can't be a fraudulent claim, of course but if you do qualify, and there is still money left, there is almost no argument against it. >> if you qualify, right, as the program was written, this is something that was really pushed

out of the gate very quickly to get hands -- loans into the hands of small business owners you can make the argument are these truly small businesses did they really need the money that is certainly up for public debate 51 million jobs supported by this program is what the administration is saying that's the number of jobs totalled up that applicants had listed in terms of the number of employees that they had when they actually applied for the loan we don't know how much of these jobs, you know, are still in existence and have been saved in total. so many businesses around the country are struggling right now still. >> which ones are going to raise the most questions which categories do you think, kate it is venture capital, backed and private equity backed companies, billionaire backed companies? i know this will take a while to go through which ones are we look forg? >> we're looking for all of it, sara it will be up to the public in terms of what gets people most fired up anyone with political connections, you're going to hear people talking about those. venture backed companies

again, the debate of did these businesses really need it? but we have to remember, they applied for the program as written and qualified, right so that's where we stand >> we're also going to see, no doubt, emerging a lot of -- we just saw another one, in fact, that you confirmed, companies that were saying they didn't take one so there will be examples of fraud which, of course, is totally unacceptable but where people did qualify with the money left i think is very different debate to when we're still in that first trench and a lot of applicants wouldn't get it because they were too slow kate rogers, thank you very much still ahead, we're about one week into the massive advertising boycott with facebook we'll speak to the ceo of the naacp who is meeting with mark zuckerberg this week and called facebook the biggest threats to democracy. here's a check on bonds. yields making a move higher today. at the moment, 0.9%.

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here are the key things driving the action new data showing unexpected growth in the u.s. services sector we continue to see an increase in coronavirus cases in the u.s. and abroad hospitalizations and states like texas soaring. miami rolls back the reopening measures >> tech stocks once again surge

higher >> time now for a cnbc update with sue herrera >> hello, sara good to see you. here's what's happening at this hour while the rate of new deaths from covid-19 has been trending down in the u.s., the total number has gone above 130,000. that is about a quarter of all deaths worldwide and twice as many as second place brazil. in new york, prosecutors are charging a white woman who claims she was threatened by a black man in the city's central park amy cooper is being charged with a misdemeanor of falsely reporting an incident go to cnbc.com to get more on that story. and country music singer charlie daniels has died best known for his grammy winning hit "the devil went down to georgia," daniels was also in the country music hall of fame charlie daniels was 83 years old. you are up to date that is the news update this hour the sara, back to you. >> sue, thank you. we have just about a half hour

left of trading. here's where we stand. pretty strong to start out the week we're going for our fifth day in a ro a row of stocks. the dow is up 1.4% we were up 469 points on the dow. we're up 368 right now goldman sachs is the biggest winner it's maca mix of technology. amazon and the other tech stars are leading the way. financials and industrials and health care materials, real estate, staples, all doog weingl up next, td ameritrade out with the monthly report on the stocks that customers bought and sold in june. some of the names on this list may surprise you we'll discuss and name names after the break. at leaf blowers. you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. make ice. making ice.

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26 minutes left of trading each month td ameritrade takes a look at their client base and more than 12 million funded accounts to gain insight into investor trends. in june, the firm's clients were actually met buyers of equities putting manien to work in fames like boeing, norwegian and disney but as we continue to see covid-19 cases surge, will the reopening trades start to fade joining us now is j.j.kenahan. thank you for joining us so what are your clients actually doing now that we have seen cases start to surge again? it is back to the stay at home trade? >> no. not necessarily. actually, sara, if you look at last week what happened, it's still a little bit of a buy the dip. the fact that last week we saw our clients buying twitter after

they sold off. bought micron. for the month, as reported in the imx, very much the back to work economy reopening trade with as you mentioned, boeing. ze delta, american, southwest, the difference is the traditional client buying delta and the millennial client buying more southwest. so that was interesting. as you and i have ukd that the last couple weeks, our millennial clients continue to believe in the cruise lines with norwegian and carnival cruise lines being to that continue to be things they're buying overall. the last thing that is really interesting about our millennial clients, not only were they buying the things you would expect them to buy being in southwest airlines, draftkings, but then on the other end, they're also ones that are driving by behind coca-cola and microsoft. so real dichotomy between the interest they're having. >> we've been following this

surge. based on the data you're seeing, would you say that frenzy especially among young investors is still going on? >> yeah:you know, i have to qualify that actually hasn't been a true frenzy in my opinion. people are definitely more exposed to the market than, you know, they were at the beginning of this starting but we have seen higher levels of involvement throughout the years in terms of people's willing to take exposure to the market overall so i think that that's pretty interesting. of on the other side, sara, they're selling things you know, if you look at gilead, one stock that particularly has been sold, and, you know, they had an incredible rally. and so alibaba, iq, so the chinese related stocks also being sold and what is interesting for our client base over the last couple weeks is the selling of apple. apple got above $350, still remains number one held stock.

but our clients, you know, it hits this 350 mark, we talked about it when it got over $300 a while ago also at $350 they just want to take some profits. it seems apple overall so, you know, very interesting that on one hand the economy getting back to work people are sort of rushing into it on the other hand, a stock like april that will you think continues to benefit as we go back to work is being sold and one other one that i think is interesting from our millennial clients, they are selling netflix. so, again, kind of plays in line with the fact this they seem to be more optimistic about the economy overall and the fact this you look at the imx rating overall, about 4% from our entire client base, up about 8.5% from millennial client base there is an optimism young younger people which plays into what we're seeing in social media in which people are more willing to gather in large

groups they see the back door economy coming >> based on conversations, where is that optimism coming from we hear from big investor, hedge fund managers, strategists, they look at this market and say looks pretty expensive the risk/reward doesn't look that great there are plenty of negatives in terms of what is happening with the economy. where is the enthusiasm coming from >> well, i think it started right away it started as soon as the fed announced the backstop we saw a lot of the millennial clients leading the way into the optimism about the economy going forward. i actually, you know, i love the fact that younger people have the optimism going forward and that so many more are involved in the market than we saw even a year ago so i think part of it comes a little bit maybe with youth. i know many people criticized some of the millennial clients they're making mistakes, et cetera i guess i would say that those people, you know, i don't think anybody started out as a great investor i think most people had to learn

it over time more importantly, they're getting started young. and with it, i think a lot of it comes from the fact that people still see we're in a great, you know, economy tech know logically. it's like what is happening with tesla today. people say how can this carmaker be trading like this when they only produce 90,000 cars i think part of that is they're producing technology, not just cars i think a lot of the millennial clients see what the future could be those of us that aren't maybe get stuck in our view of where the world is at. >> do you think those millennials if you snapshot what the median performance has been in 2020, are they up or down do you think >> well, you know, wilf, it's a tough question i would say that probably done pretty well if i look at the fact that they were the leaders in march of coming into buy the market overall

i think it's natural people will probably take profits particularly as they're learning a little bit earlier than they maybe should so again this is also part of the process for people, many of whom are new investors and that's why, you know, our education usage is up three times from where it was a year ago. so we hope that that continues to go hand in hand but what i would say is if, you know, looking where the nasdaq is at and manufacture the stocks they tend to buy tend to be nasdaq related, if that correlation stays with those stocks, you would think that it's going pretty well >> great to see you. thank you for joining us >>always a pleasure. thank you for having me. >> after the break, the tesla rally. just heard it mentioned there by j.j. it won't quit. and j.p. morgan saying that joe biden may win and not be bad for stocks those and many more stories to come save hundreds on your wireless bill

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>> i think we will be range bound over the course of the next month or couple months. if you look at the market and if you look at the markets internals, there is a bit of a debate playing out between the bulls and bears. the today the bulls have it. we'll see what the next day brings the economic activity is picking up significantly and the bears are looking at the new cases and saying, well, that's going to lead to slowdown of the economic activity and so if you look at the percentage of gdp that, was on track in terms of positive trends for the buyers, it was 80% or 90% in early june so that's why sometimes you get this bearish argument. the reason why i think the bulls have it today is because there's been two very significant changes since let's say march or april. even if we don't see the resurg

of economic activity, we're able to carry a big part of it still online whether it's work from home or workout from home, streaming and so forth so even if we have some physical restrictions, i think a great deal of activity can still go on online that's a big part of the resilience by the way, which is why you see the nasdaq leading, and the other big part is that we've been in this now for almost half a year now as a population, we're much better able to live with the virus. i think the fear of the virus itself has subsided somewhat you're not seeing same hospitalization rates. you're not seeing luckily the same mortality rates so that's why i think you see the market reaction we're seeing today. >> market -- i mean not range bound for some of the names. we're seeing a number of, 52 and record highs for a lot of the stocks for the dow it's apple and microsoft

and the list goes on and on with amazon, ebay, a lot of the winners, cloud stocks like salesforce.com, all hitting record highs do you just stick with the winners? is that the strategy >> well, we've been talking about that on the show for a while. stick with the winner theme. the winners you just mentioned during the last four months, during covid-19, we're using all those products more than we were before covid-19. we're on our phones more we're zooming in more. we're definitely getting online more i think that's why the market is making new highs here. and i think as we come out of this pandemic and we see more and more positive news on the health care front, i don't think that's going to change but we're also seeing, i think we've been talked about a lot today on the show which is this rapid testing and rapid results is a real positive side for getting the economy going again. and i think if we can do that,

rapidly test and rapid results will allow people to get back to work and i think that's major bouie for the market >> the u.s. election is a few months away. j.p. morgan is pushing back on the view that a biden victory is bad for stocks the firm out with a new note saying they see a democratic win as neutral even as a slight positive for the stock market. the firm recommending stocks believes will outperform under a democratic president including esg picks like tesla and nikola and stocks that benefit from the dekaes lags like p & g and nike. wh where do you stand on this if we see a big election related pullback in the markets, is that a buying opportunity >> i think the election is definitely an uncertainty that we have to monitor in the second half of the year and the democratic agenda as we know it right now does include proposals for higher taxes so just leaving everything aside, that could be a head wind that markets will have to grapple with but like every election, typically this does create

winners and losers especially within sectors you pointed out to something very important whether it's under the current administration and some of the calls for the infrastructure plans that feature some of the green investments in them or whether the democratic agenda, it also has a lot of the green investments, we see a significant opportunity for things like electric vehicles and clean energy to do well under either direction so we are looking for winners and losers and that's one space that i would zero in on here. it doesn't matter who gets elected president. the discussion will focus around higher taxes and more regulations. it's been the opposition during the trump presidency what do you think?

>> i've been hearing that argument since i've been on wall street for 30 years. last i checked, a lot of people made a lot of money when bill clinton was president. and they didn't do too well from 2000-2008. i've been hearing that forever you know, main street cares about getting people back to work main street cares about widening of the economy and some of the names you mentioned are going to benefit the monetary policy in people's favorite the next few years. some of policies that happen irrespective who have is president, i'll give you a good example, i mean when president trump was elected, you know, we started battered tesla stock it was down $170. the there is no chance that stock can win. we have do buy the coal stocks and prison stocks. i'm not sure how they've done. but they've not done asgood as tesla. the conventional wisdom just doesn't resonate with me i think the market is set and is

beginning to price that in >> yeah, we're looking at the chart. since you took us there. let's talk tesla it's up 13% right now. j & p securities raised the price target to a street high of $1500 per share. the firm says tesla's position to generate $100 billion in annual revenue by 2025 so, mark, at this point, at these levels, would you still be a buyer? >> yes i think we would still be a buyer. he is looking at the great growth companies and great market caps of the companies we measured against companies like nvidia and apple. we look at the free cash flows of the terrific companies and discount those back. december la is growing faster. they have more market share to gain and the kind of profits they're going to get per auto is pretty

high they're going to sell three quarters of a million autos. they 3% or 4% of that down the road we're talking pretty big numbers. we've been talking about this forever. besides volkswagen, i don't see a lot of competition on the horizon. and that's an issue. that gives you great comfort that if you want to buy a car, if you want to buy an electric car, you want to buy tesla >> guess you wouldn't disagree with your own analyst there on that call for $1500. moving on to square, it's one of the biggest winners on wall street today after a very bullish analyst call you have the details, josh >> so, sarah, square getting a fresh all time high in today's trade. the stock rallied, get this, nearly 300% from the lows back in march andrew jeffrey raised the price

target to $150 he said square attracted a lot of new potentially monetizable accounts 14 million eligible direct deposit accounts by mid april. if the customers have a good experience with square, then jack dorsey's company could win. a risk here is that huge runup in the stock square has to deliver some strong results back to you. >> he surge so paypal is trading at a record high how do those companies look like to new terms who have is winning as a result of the changes of behavior from this pandemic? >> we talk about zeroing in on the areas of strength. i think we did by looking at the payment companies. if you think about what is going on in the united states and globally, there is a massive

shift to e-commerce. when we look at how they're trans acting, we're seeing, you know, we're seeing retail transactions pick up we're also seeing and seem to be very resill jenient during this covid-19 drawdown. they're not picking up significantly as well. so there's been a step change, i would say, in our adoption of visual payments and contactless payments in all the names that we're mentioning in the charts that we're showing i think they're very key beneficiaries of those trends as we increasingly move more and more activity online and contactless. >> uber stock jumped today >> joining us by phone, he's got a buy on uber. so do you like this deal or do you understand some

people's confusion that one loss company is buying another loss making company and hoping it ends up profitable >> the stock is up more than 5%. i think from a basic investor perspective, i think you get kind of passing marks here what happens longer term yushgs taking out one player, grub hub is going to be in digestion most over the next 9 to 12 months so there is going to be consolidation and fewer players. that means a lot of fact coming out of the industry. if you look at day trades, they're across the spectrum. people make 10%. we saw some making 15%, 16%, 17%. grub hub makes up about 20% of

gross food sales i think grub hub will be a beneficiary. >> does it change your price target at all on uber or is that more driven by the other parts of uber's business >> right now, it is more driven by the other parts of the business i think when we look at the structural changes in the human behavior coming out of the pandemic, there are two things that are more positively has positioned one is online food delivery and second is the grocery delivery remember, they are in the process of closing an acquisition. but i think come 2021, once they have closed these deals, i think we will have add two more links. and the legs are going to be stronger after the pandemic. i like uber. no changes to price target right now. they seem more positive than

what we saw on friday. >> is the food delivery business a good business? isn't the whole reason there's consolidation is it's so tough for the km pz to make money? there is lawsuits with grub hub and yum brands i mean they're always complaining that nobody makes money. yet, the consumer pays so much to get the food delivery so what kind of business is this >> i think longer term, i think food delivery has -- i think pandemic simply accelerated. how the economics are going to shake out. just to my comment, like, i look at -- the single industry, three main players of charging on almost 100% difference in what the economics are and uber is at the lower end of the spectrum. longer term, that is going to be a hakeout.

they could be profitable so i think rational behavior is going to prevail and that probably helps uber as a public company that is consolidating the market. >> thank you so much for joining us will mark, where do you stand on uber >> well, they're obviously, this he do the same thing with lime and trying to consolidate to be the company in transportation. we like the stock here obviously they're going through great pains with covid-19. i think like a lot of the companies, they're trying to get to the other side of this which is a 2021 story. they have terrific management. i think what they paid for -- compared to the private valuation of what door dash is

very, very interesting they got a good deal >> we have 90 seconds left in the session. the s&p 500 is up by 1.5%. the dow a little further higher. 1.7% nasdaq set for another record all time closing, intraday high in the session and climbing close to that intraday level once again either way, set for a record close, up 2.2% the russell taking part today. it is lagging the other indices. it is up 0.7%. in terms of sector performances, only one in the red. thaflt is utilities. the other ten sectors are all higher consumer discretionary drawing a 3% gain today. they're all up about 2%. will oil prices slipping fractionally somewhat surprising to see the oil sector not doing any better

today with that warren buffett investment gold prices gaining despite the fact that equities are gaining too. they're up 10.3% you go to the u.s. dollar lower by 0.4%. yields have ticked up. as i said that, lags compared toint national performance shanghai up a massive 5.7% overnight taking the year to date performance close to 10% of gains in china comparable there for the nasdaq than the dow and the s&p 500. >> nasdaq composite hit another record, all time close up 2.2% on the day >> i'm sara eisen. take a look at stocks. they kicked off the week with a bang five days in a row of gains in

the s&p 500. the dow did finish up 459. 20 out of 30 dow stocks higher walmart the only loser goldman sachs the biggest winner microsoft and apple making record highs let's look at the s&p 500 up 1.6% pretty broad strength there. consumer discretionary the big winner thank you, amazon. chipotle record high communication services faenls, second and third best. as for the nasdaq. record high here up 2.1%. technology led the day a five day win strike for the nasdaq as well russell 2,000 joined the party but no the to the same extent. up .75%. small caps lagging the big stocks mark zuckerberg is meeting with civil rights leaders behind the ad boycott of the social media giant. we'll ask the ceo what changes specifically they want facebook to make ahead of that meeting. joining us to talk about the

market today though, j.p. morgan private banks is still here. mark lehman is here as well. you read about rising coronavirus cases and rising hospitalizations in the u.s. places are rolling back and reopenings ahead of us what keeps driving the market higher >> i think what keeps driving this market higher is the fact that we have now learned and adapted on how to live with the virus. and the hospitalizations have actually been a lot more subdued so far in the hot spots versus where we've seen in new york and new jersey we also had interesting developments today which is china. the fact that china kicked off on such a strong and positive note, i think actually parts help the u.s. market as well

they are tied to electrical vehicles and stimulus. i think there are hopes for in china that have done really quite well semiconductors have rallied. i think it's a confluence of factors that despite the new cases you have supportive policy that is not only here in the united states but you also have that globally as well. and then going back to electric vehicles, when you think about where the policymakers are likely to stimulate, a lot of the infrastructure efforts are focusing on alternative energy, on green energy, and prioritizing especially in europe and china the electric cars i'm not surprised to see the streng strength of the names like tesla and others across the value train as well. >> mark, if we snapshot year to date performance, we've got almost 30% differential between

the dow and the nasdaq 100, one is down 8%, with unis down 21% is that not stretched? >> it is stretched you have to look at the components luke at the dow which has things like boeing and what i'll call last year's economy versus this year's economy you look at the way the stocks and the indices and that's something to look at whatever you were doing precovid-19, you're doing more you're on the phone more you're using microsoft cloud and going to amazon and netflix. those things are being amplified.

we're seeing the energy companies not doing well that is a theme that will play out for years. we see the dominance of big banks being replaced by the capital markets. you'll see the dominance of big energy being replaced by new energy people are putting dollars to work and it's clear what you just said that is statistic. thalt is what is happening. >> we're able to bring in david jaru to join the conversation as well david, earnings season is upon us as well is that a key factor for returns? are we trading on other factors at the moment? momentum and long term growth hopes? >> i think it's the latter more than anything else i mean the market is not nearly as attractive as it was one or two months ago and i think really what the market is seeing today is that we're going to have a very strong recovery in '21 and '22 back to 175 earnings power for the s&p 500. and trade for higher multiple than we have traded. rates are low. that is really what is driving

the market here right now. >> yeah. i mean, your call back in march was well timed there are hundreds of billions of dollars around the march lows the you are saying right now you're, what, are you selling? are you just sort of pausing the buying >> we did put to work $9 billion in equities and a net basis from february to march to take advantage of the opportunity what we find today, honestly, there is a tale of two different markets. one side we have the traditional growth stocks. they average up 25 year to date, right? then we have the other 70% of the market that is down 15%. even though i'm a big believer in some of the secular trends that are benefiting am zwazon's google, the spreads differential between the winners and losers is too wide right now.

>> like what, david? give us some examples if you don't specific stocks, then talk sectors. but stocks if you can. >> the most attractive asset class right now. average utility is down 13% year to date. if you look at utilities, they're the one sector that benefits from probably a president biden. because tax rates are passed through the business model they benefit from renewable tax credit extensions. and a company like adp or others that can grow at 6% rate with a

3.5% dividend yield looks attractive today they're corporate bonds and treasuries it's a win -- i think you win either way here. utilities, the only sector to finish the day lower what's been popular is the exact opposite it's the growth trades it's amazon and tesla and paypal new highs every day. what change that's dynamic, david? had. >> i think valuation matters all of a sudden, amazon had a huge rally this year i do believe when you look at utilities on a, you know, no the tomorrow, not next month, but a two to three year time horizon,

risk of returns of investing in utilities looks extraordinary compelling to me and the amazons and staff providers, like i said, we've been pulling back exposure to that again, i think when you know us well enough, we send to zig when the market zags and vice versa we see good relative value there. we'll let the market get it right over time. >> we spoke early better the sort of range bound nature of markets at the moment. if we're to break the down side part of that range, what would it take? would it be more cases and pauses if the economic reopenings -- we need that to increase dramatically from the levels of the last couple weeks. the 200 moving dayst but what

did we take to break below that? i think that is not only the increase in the new daily cases, but also the hospitalization rates. the hospitalization rates and the mortality rates. one of the reasons why i think the market is resilient even though we have seen over 50,000 new daily cases reported in the united states, if you look at that the hospitalization rates, arizona, texas, california, florida, they're nowhere close to where they were in new york and new jersey as long as that remains the case, we know is a lagging indicator, but so far, it tells me that the demographic is different enough, the age -- the average age is different enough and maybe our continuing efforts are better our treatments are better. as long as that remains the case, i think we can stay in the bottom of the 3,000. when you look at the cap fund. awilly, you look at 2020, let's say it's $165 for s&p 500. you sign it 20 times multiple. that gets you roughly in that range. to break above that, we would

really need to see a breakthrough on the vaccine or treatment front. >> yeah. i mean, there are still plenty of questions out there, david. dr. fauci participated in this stream interview, online q&a with one of the colleagues, a doctor there he said the current state is really not good. this led to where we have record breaking cases >> again, i'm really, again, my time horizon may be different here but i'm really thinking more about 2022 and 2023. earnings power for the market for individual companies and i'm a firm believer whether it is vaccineors therapeutics that we'll be in a post covid-19 world in 2022 and part of 21 as well based on the work we've done on the various vaccine ands

therapeutic options out there. again, i have no idea what the market's going to do other the next month or week but i think if you -- they have a similar time horizon to what we have, what is happening in the marketplace today around the cases is not something that i'm overly concerned about >> thank you all for joining the conversation up next, black rock's rick reider if it he thinks this market rally is sustainable and trti binops finding the most atacveuyg portunities.

welcome back the nasdaq setting a new record high seeing the best day since may. markets continue a ferocious rally back from april lows -- march lows, in fact. joining us now, rick reider, black rock's chief investment officer and head of global allocations. they manage $2.2 trillion in fixed income assets. rick, great to see you thank you for joining us i guess i want to start by what you made of the actual data in recent weeks and months in particular the jobs numbers last week >> so i think it's part of it. think by the way, i think the stock market is people consider

the stock market the same as the equity market. it is actually different the stock market reflects much more of a technology orientation. the economy is strong. on a relative basis when you think about where we stand with regard to the virus, you look at the employment numbers the rate of recovery is impressive and the breadth of where it is coming from. we were very impressed by things like the leisure sector, et cetera, coming back quicker. but then you look at today the nonmanufacturing data that came back, the orders were strong business activity was strong and you see employment is coming back but still it's going to take a longer period of time i think across the board whether it is car sales or trucking data we see, comet is, you know, had a burst of fiscal stimulus but it is pretty solid in terms of recovery. >> clearly though, some of that

is priced into certain sectors of the stock market. where can you still find value, rick is it -- is there any sectors in the u.s. or perhaps internationally that stand out to you >> so i say domestically, i still think it's hard as you said, to see the nasdaq hit a record it it's hard to envision that you keep going given how much you moved. that being said, i also think we're going through what is a remarkable period of time with technology changing the evolution of how commerce works today and the scaleability you're seeing that industries can create i think there is upside there. there is upside in the consumer discretionary data, parts around housing, et cetera i think there is real upside for the first time, i think europe is a place to invest. and diversify your portfolio look at the virus data it's better in europe. the euro-zone recovery fund is

kicking in you're getting what is a mutualization of the debt. and fiscal stimulus. parts of europe i actually think we were doing more of that today. they can diversifying more of the exposure into europe which i can't even remember the first time i said that >> assume you're referencing the note that went out today from the team at black rock, mike pile, downgrading u.s. equities to neutral saying there are more opportunities elsewhere around the world looking at covid-19 cases and how the reopenings have been doing, the consensus of wall street is even though we're seeing surge in cases, comet is open. the economic data is coming in a lot better than expected >> so i think we have a heavyweight to the u.s. and

heavyweight to the sectors like technology, health care and some of that recently the thing that is interesting in europe, you don't have the risk that's are here in the u.s. which, you know, is still europe is better today in terms of where we are with regard to the virus. there is valuations matter of prices matter in terms of where you invest and the u.s. has had quite a run you're still discounting the values there i don't mean overstated. not a lot of companies that are vibrant next generation companies. valuations and in our portfolios and the allocation, you know, we've had a pretty good run in some of the u.s. stocks particularly the technology. evolving that a little bit here and into asia makes them sense

today. much are you concerned that the u.s. data is about to turn worse with some of these spikes in cases and pausing for economic reopenings >> that's a great question i don't think it's going to reverse. you do have the july 31 expiration of the benefits i don't think you'll see this very sharp v recovery that is happening. a lot of this is you see the savings rates, the savings rate that is exploding higher so that is getting into consumption. you have a big restocking that is going to happen i can see a dynamic where the rate of acceleration starts to level off pretty considerably. i still think you're going to see consumption that will be solid. i still think you're going to get takened although slower evolution of reopening i think the trend is in the

right direction. >> rick, doesn't a lot depend on whether we get more fiscal stimulus with that starting to wear off >> so i say that is part of the reason can you get a flat ening from the acceleration you've seen here to for i don't think you -- the economy is operating pretty well i think people underestimate i think going back two or three months, i think i said that on cnbc, when you think about over two trillion of stimulus of fiscal stimulus that got in partnered with this extraordinary monetary stimulus keeping rates low for an extended period of time, the income benefit that gets you an income level that is significantly higher than precoronavirus i still think you have a lot of firepower in the system. and are there areas where additional stimulus can be a part of the economy?

for sure places like state and local funding, health care funding, et cetera so there certainly should be more fiscal stimulus that comes n i don't think the economy has to be broadly has to be dependent on that. >> rick, great to he sue thank you for joining us. >> thank you >> up next, the need for mortgage bailouts is getting worse. we'll discuss how that could impact banks' earnings can you always watch or listen to us live on the go save hundreds on your wireless bill

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the number of borrowers in the mortgage bailout is shrinking. there is strublitroubling signsn those numbers. diana olick joins us >> the overall numbers are falling but more borrowers are extending the bailouts 4.58 million homeowners were in forbearance plan, that according to black knight. that is 8.6% of all active mortgages. down by 100,000 in the past week but with a big red flag. now the federal mortgage bailout started tend of march. sish initially as a 90-day plan and that's the flag. more than two million borrowers

got in right in those first two weeks and so would be expiring now. more borrowers are extending than exiting their bailout can you see here, in the last two weeks, the share of extended bailouts past 90 days jumped from 10% of all forbearances to over 17% that according to the mortgage bankers association which breaks down the numbers now as extra unemployment benefits expire and parts of the economy de-open, these extensions are likely to rise. back to you. >> diana, it's going to be an absolutely key part of banks earnings which, of course, kick off next week, next tuesday specifically it's interesting because the last time we heard from the banks management which was sort of early june at various conferences before they went into quiet period, their updates on this topic were broadly taken as positive by the market in part because they were saying some people even coming off voluntarily and starting to make some payments.

i'd say that 80% or 20% split you mentioned is still roughly in line with the update we got at the start of june so provided banks' updates next week are not meaningfully worse, i think it's probably already priced into the bank stocks. but either way, whatever the updates are on the type of mortgage forbearance and generally loan reserves are, it will be a key focus for the market next week >> yeah. but i would note though of the three different parts of this bailout, you have the fannie-freddie backed part and then the private part which will be the banks, the portfolio loans. the portfolio loan extensions that is people needing more help extending past 09 da90 days are higher than the fannie and freddie ratings. we need to watch that sector because they're jumbo loans or not as we call the qualified mortgages backed by fannie and freddie, they are accelerating

faster than the other sectors. >> we'll watch it. diana, thank you the ceo of the naacp just one of the civil rights leaders behind the facebook ad boycott up next, we'll ask him when thinks facebook's ceo will promise any meaningful changes to the social media giant's hate speech policies. take a look at tesla, up 13% over last year, the stock up is six times. quite a run. no wonder he is selling short shorts to mock the short sellers on the website we'll be right back.

one of the biggest threats to democracy, that's what naacp president and ceo derrick johnson has called facebook as the social media giant continues to deal with charges of racism and disinformation on the platform the civil rights organization along with other groups currently leading an ad boycott called the stock hate for profit

campaign derrick johnson just rang the nasdaq closing bell. he joins us for more in ab interview. derrick, welcome thank you for joining us what are you going to say to mark zuckerberg tomorrow >> well, we spoke with facebook and mark and we simply asking them to ensure that people are safe and our democracy is protected. the flat form should not be used for domestic or foreign interests to subvert our democracy. >> so you said you met with zuckerberg before. and have had engagement with facebook over the last few months and years demanding this kind of action what generally happens do they make the action that you

request and that you fight for and now that so many advertisers are actually pulling money for >> no, we get little promises and no outcomes. we just saw a racial hate group operating under zuckerberg and facebook knew of the threat. they carried out the mird murder of a federal official. it's greet have meetings the issue is what are the outcomes what are the things that facebook can do today to ensure ow society is safe and democracy intact. >> so you would like to see more companies boycott and stop spending on facebook in the meantime >> you know with, he appreciate the partnership with manufacture

the corporate sector who understand the importance of the sauf society no community, no group should be under any levels of -- be nur threat because this platform refused to address the -- what is happening on the platform our society, we -- it's good business to have the democracy that is operated with integrity. this is a platform that that's refused to put in the guardrails he would need to move together as a society to ensure a communities we live in and our democracy that we all can appreciate it is good business to know that the continuity of our society, the protection of our democracy is intact that make for a good environment. >> you mentioned when it came to your conversations with facebook you had good conversations but perhaps and the response by the corporate sector not just

broadly the last couple months and the uprisings, you would say you're encouraged by the corporate response there is a lot of talk and not a lot of action? >> there is a lot to be encouraged about america is not only made clear statements, they are stepping up they stepped up in this campaign this is about the value. we'll be a nation that is united and we respect the uniqueness that we're bringing to the table. or are we going to let them continue to use words of division for the naacp, we fought for this for 111 years here's an opportunity that corporate community, greater society and all those peaceful protesters across the country that look like america, we're all saying let's have a society free of racial hatred. the star is on this mega company

we called facebook and the platform that they allow so many people to use. put the guardrails in place. >> you know, what we typically hear from mark zuckerberg is they are a big pro poponent of e speech and free expression that's why he founded facebook for people to voice their opinion and post what they want to post. how do you deal with that? it is obviously tricky for them to then go in and censor information without overstepping and actually making judgement calls and editorial decisions while at the same time allowing freedom of speech. >> first, you learn about first amendment rights, freedom of speech and there is a limitation. you cannot scream fire at a theater because can you cause harm to others we're saying that racial hate groups on the platform recruiting individuals and carrying out plans to cause harm is equivalent to screaming fire at the theater and naacp, we believe in freedom

of spregs xpreexpression and sp. we also understand the need for the guardrails do we want a society that allow a platform to open up the sick it and cause harm? do we want a society under this illusion of freedom of expression to allow a foreign nation to interfere with our democracy? i think not. any first year law student knows of the limitations >> i wonder how optimistic you are given the fact that analysts on wall street who cover this stock say most of facebook's business is small and medium size business. this is a one month pause. it's not going to aekt if the advertising juggernaut that is facebook where these advertisers are not going to get the same engagement that they get in the same number of eyeballs on facebook and so they're just going to come back we might see them paying lip service to the issue but not actually forcing change. what do you say to that? >> the anlives and corporate

marc and viewers that, is the type of society we want to v where a company can thumb their nose at us this channel cannot allow the level of racial hatred to exist on this channel. communication companies across the country have guardrails. why should facebook have it be the exception? it is a platform it is a useful tool to target ads. it should not be a tool to recruit individuals to participate in white supremacy and use gender hate speech, anti-semitic speech and other harmful speech that target individuals and can cause harm this should not be acceptable. it destabilizes markets and will not unify the markets. >> derrick, thank you so much for joining us much appreciated. >> thank you >> rolling back reopenings coming up. we'll ask the mayor of miami how new restrictions on businesses will impact his city and how rklbksou binhee t

wos.

ncht republican national convention in florida because of the pandemic grassley who is 86 years old says it is the first time he has not gone to the convention since he was elected to the senate 40 years ago. he is making the announcement more than six weeks ahead of the event. harvard university plans to bring 40% of the undergraduates back to campus this fall including the entire freshman class. however, students will have to be tested for the coronavirus every three days and all classes

will be online you can go to cnbc.com for more on the reopening plans of harvard and a lot of other schools. and in paris, the louvre museum reopened today of aa four month shutdown for the coronavirus. about 7,000 visitors bout tickets for today. compare that to as many as 50,000 on a busy summer day before the pandemic hit. and that is the news update this hour. sara, i'll send it back to you >> all right sue, thank you up next, reclosing america florida seeing record cases of coronavirus. we're going to talk to the mayor of miami about the worsening outbreak and what he is doing to slow the spread. "closing bell" back after a quick break. ♪ ♪

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miami-dade county is rolling back the reoption, announcing to

day that all restaurants, gyms, party venues and short term rentals will close effective wednesday. miami was the last city in florida to reopen. miami-dade county is still seeing the highest number of deaths in the state with one in five coronavirus tests actually coming back positive joining us is the mayor of miami. my question with the announcement today closing down restaurants and gyms, what took so long? >> you know, that's a decision that the county mayor made i've been making decisions since the beginning. some decisions i made in terms of being the last city to open in the state of florida and in miami-dade county, i was criticized for i think the numbers are particularly staggering right now. we're seeing four times the growth rate that we saw prior to the stay at home order

most worrysome, the ventilators are get wrg they were at the peak ventilators are not being used as frequently as they were at the beginning and people are surviving thankfully higher percentage of use of ventilators. it is still a critical statistic that we look at to look at the death rate, of course, is the most worry so many statistic i notice you did not decide to close offices and stores they're increasing worries about air conditioning and they're not as dependent on that in europe where they are seeing better case numbers it's so hot and humid right now in florida i don't have to tell you why did you make the decision not to close offices >> yeah, again that's the county mayor's order. the county mayor ordered the restaurants and certain things open i think there are people that, you know, sort of both sides of this argument, frankly

quun one of the issues is they don't close commercial spaces that previously were closed under the initial fade e. phase. so you know, i can't answer you he didn't close that i can tell you that there are people obviously very worried about the fact that's not closed and that maybe his orders didn't go far enough. and there are other people that i am getting, you know that, are concerned about the fact that there doesn't seem to be a real long term plan the issue is, you know, we're shutting down restaurants and people who have spent a ton of money to comply with the rules and, you know, there are some bad actors, a lot of bad actors. but you're also shutting down an entire industry. many people are not bad actors its very, very difficult to make decisions. there are no, you know, sort of set of rules we're doing the very best we can with the information we have >> mayor, a lot of the discussion, i guess, this time around is who is really

responsible when we see a spike in cases had is it leadership whether that's federal, state, county or city is or is it actually the individuals now? so much has happened since february and march, the level of education and knowledge about the disease is far higher. is this really now the individuals that are taking part in gatherings as opposeded to leaders like yourself or above >> look, i think we all have to take ownership of the issue. this is something where leaders are expected to lead and make decisions based on science and data the residents have to follow the rules. both have been issues at times i think, you know, we see for example, when we start opening, we saw direct correlation between opening and rise in cases. so that normally means that there say behavioral issue at the same time, we saw our

economy starting to come back and we saw the days where we had the highest level of re-employment, right, you know, the unemployment levels dropping, we also saw the highest level of contagion in our country. that happened at the same time so there is a correlation between opening an economy and seeing increased cases the problem is how do you go forward? how do you move forward? the plan has always been hopefully to gradually open an economy by gradually loosening the restrictions and that just hasn't worked. we have to go back to the drawing board and come up with a plan that will work. >> so two quickies, one on, you mentioned the ventilators were getting full what is your overall hospital capacity at this point and on a related note, how are you protecting the elderly in that state and in miami in particular >> well, the elderly were protecting them by giving them

masks or protect them by asking them to stay at home we're protectsing them by feeding them and we're protecting them by testing them in home which is, you know, something that we're one of the first cities in florida certainly to do that in terms of icu capacity, icu capacity is getting smaller, frankly. you know, i think hospitals are doing what they can to expand capacity they are largest public hospital last week, they stopped elective surgeries. but it is definitely getting more and more severe which is why i think some of our officials have acted right now to try to stop that from becoming a worse problem >> mayor, thank you so much for joining us >> thank you guys. >> still ahead, combing through the loans. we'll get an update on the surprising names that stand out in the government's ppp disclosure including some billionaires and private jet companies. ndat did receive emergency losing bell" back in a couple. some companies still have hr stuck between employees and their data.

entering data. changing data. more and more sensitive, personal data. and it doesn't just drag hr down. it drags the entire business down -- with inefficiency, errors and waste. it's ridiculous. so ridiculous.

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save without even leaving your house. just keep your phone and switch to xfinity mobile. you can get it by ordering a free sim card online. once you activate, you only have to pay for the data you need, starting at just $15 a month. there are no term contracts, no activation fees, and no credit check on the first two lines. get a $50 prepaid card when you switch. 5g is now included with all new data options. switch and save hundreds. xfinity mobile. we have some breaking news on quest diagnostics and testing for covid-19 in the u.s. now the details. >> as demand has surged for

testing particularly across the south and west, quest now says its turn around times have stretched to an average of 4 to 6 days for most patients, excluding priority one patient who's are in the hospital or symptomatic health care workers, it's very concerning because people won't isolate that long. in order to make a difference we need test results back in a day. quest is not alone we're hearing about turn around times leaning leaning edge -- lengthening for lab corp as well as we see the surge in infection particularly across the south and west. >> it's just crazy we're six months into the pandemic and still can't get testing right. who needs to fix this >> it depends who you ask.

a lot will argue we need more national coordination than we've been having. we do have new technologies coming on the market quest and lab corp have been dramatically increasing their capacity and trying to do that as fast as they can but i agree with you it's still not enough we need new strategies >> thank you very much for that as always. the white house unveiling the list of businesses that receives covid-rowe leaf -- relief loans. >> reporter: country clubs, yacht makers, billionaires, and kanye west all beneficiaries of that taxpayer money. -- over 400 other country clubs also received funding.

wycliffe golf and kunitz club got 2 to $5 million right after doing an $18 million renovation that included a new spa and wine wall planet hollywood that's run by robert earl they got $5 million to $10 million and then bought an italian restaurant chain, including $24 million in debt. jet linx got between $5 million and $10 million. and yes, easy llc, owned by kanye west got between $2 million and $5 million even though he just did that $100 million deal with gap. and he's reportedly worth over $3 billion guys >> i mean, some of those are really surprising, robert. i guess what we should say is it's all totally legit, right, and they didn't do anything wrong, because, you know, there was no real criteria to prove that companies were hurting in order to get the funds

>> all these firms and billionaires followed the rules as they were written they were very loose you didn't have to prove you could access capital in another way. you didn't have to prove you were severely impacted by covid. a lot of these companies are company that's did not return the funds, there were billionaires from big companies that did return the funds. this shows government is not the best allocator of capital, especially when you do it this quickly with over $600 billion in cash. >> i guess the added factor, not only did they follow the rules, i think the added moral question was removed when the funds were extended and indeed there's still billions left. if the total bull had run out even if you followed the rules it would still be questionable if you hadn't returned it. it gives the individuals extra protection when they realize

there's still money left another thing i'd add to this, relative to everything that's gone on in last couple months, yes, it doesn't sound great that a golf club just put in a new wine cellar and then borrows money. compare that to the airlines who got a direct pay out, having done billions in buy backs, while being heavily indebted. if you point the finger who is most fortunate i don't think it's the participate pants in the ppp scheme relative to other examples out there. >> no, you're absolutely right the bigger question is does government funding get to those who need it most in a time of crisis that's the question we're all asking when we look at this list. >> absolutely, absolutely. >> yes. >> it's imperfect but it was swift. we'll see if it works over the long term. robert, thank you. >> thank you, guys. up next, the "hamilton

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when it comes to the streaming premier of "hamilton" it appears disney didn't throw away shots from the wildly popular musical. it madilities debut over the holiday weekend and provided big subscriber boost for the streaming service according to app topia. disney saw more than 70% increase in subscribers compared to average june weekend logging 458,000 sign ups in the u.s. and

758,000 worldwide. disney planned theatrical release in october but announced the launch on streaming platform instead. clearly a successful release lots of people commenting on social media as well i have to admit i haven't watched it but it's on the list. i'm torn though, if this was a big movie release i'm questionable to be on for it it's just a recording of the broadway show i wonder if i should wait to see the proper show. >> i think you should. it's for people like you that didn't get to see the broadway show the fact that we're all talking about a broadway show years ago that was actually made into a movie, which was incredible, i watched it saturday night, it's pretty remarkable and could mean big things for disney plus just watch "satisfied" it's the best song. >> we're out of time

"fast money" starts now. "fast money" starts right now. tonight trader line up coming up on fast. tesla zooming to a all-time high plus betting on alibaba building for bigger break out. and late