make money while you sleep and wake up tomorrow morning to a nice return. >> brenda? >> tjx this company, there are retail doors that are closing that are competitors. also a lot of great inventory out there, so we think they're poised to do well. >> kevin >> docusign, global document management doing a fantastic job jur, just killing it thank you, everybody we'll see you tomorrow at the same time. "the exchange" with tyler matheson begins right now. >> brian, thank you very much. here's what's ahead on "the exchange" today. the dow fading after being up more than 400 points earlier on positive vaccine news. but the market may be signalling that it shouldn't be hanging all its hopes on data from just 45 patients plus chipotle adding 10,000

workers nationwide, the stock up nearly 40% since the march lows. they're not the only ones hiring we'll go into the restaurant hiring spree straight ahead. as american businesses adapt to the new normal, we're going to check back in with the ceo of the count basie performance center in new jersey, the old school way they're driving the bottom line higher but we begin with today's markets and bob pisani bob, stocks losing a little bit of steam today >> we're having a little bit of problem, tyler let's take a look at the s&p and the dow. the key thing here is we're failing right around the break even point that's about 3230, 3232 or so, and that was also the june high. we keep getting right up against that and falling back again, so that's a little bit of resistance there's the s&p 500 the last few days see how choppy it's been we've been better than a hundred-point range the last few days here's what's moving the

markets. number one, the most important thing is vaccine optimism out there. that's what's holding up the market people believe it's somewhere out there on the horizon the problem is the reopening story. it's not clear how much of a reopening versus a closing story. it's very murky, you can see it on a daily basis how about the earnings it's okay but very early, very cloudy on the guidance i want to see another week's worth of commentary to see if we get any clear idea of what the third quarter is looking at, but i'm not optimistic about that. and this week, value overgrowth. what does that mean, value overgrowth it means mega caps generally sell out because of the big growth stocks. this week some of the big names, like amazon, for example, are generally on the down side they're being used as a source of funds to buy into other sectors of the market. so you see apple, microsoft, amazon down here today modest moves on apple as well. what is value? they're moving into airlines and a little bit on restaurants and

a little bit on retail stocks, guys that's the story back to you. >> robert, thank you very much here's moderna on news that its vaccine produced antibodies. meg tirrell joins me now with the latest hi, meg. >> hey, tyler. these were the full phase 1 results of moderna's trial of covid-19 vaccine in may we got a peek of this data but now we have the full set. as you said, it is only 45 participants they were all healthy, ages 18 to 55 who enrolled in this study. they got two shots about a month apart, and what they found was that all of the volunteers in the study generated neutralizing antibodies, the ones that actually blocked the virus from being able to infect cells in the dose they're taking into the larger phase 3 study, they found the levels of those antibodies were two to four times higher in what you would see from patients who have actually recovered from the disease. but they did have side effects like fatigue, headache, muscle pain that they found especially

after the second dose. so that will be something to watch. they do plan on starting a 30,000-participant phase 3 trial in the united states july 27th, which really puts them neck and neck with pfizer, which has also said it plans to start one in july as well but there are still several questions that remain about this vaccine, and really, all of the vaccines that are in development. one, how protective will it really be, and how long will that protection last two, of course, the broader safety and the longer term safety and three, just how long it's going to take to collect these data to get through the regulatory process and then to ramp up supply and then get the distributions in place to get this vaccine out to people so, tyler, it is a first step today but a long way to go before we've got this vaccine for lots of folks. >> i was going to ask you about the side effect profile, but you mentioned that a little bit. if there's any more, you can tell us there. great. i think the key question here is how persistent are these antibodies how long do they last?

do we know, was there anything about that in this study or not? >> yeah, so this is just an interim look at the study up to about two months out and so we saw the antibody levels up until something like day 57 they seemed to peak at day 43 and came down slightly in the two weeks after that, but this is a really short amount of time so we'll have to see longer term data to know >> it's an interesting area as we look at the potential for vaccines and how long they will work for us. meg tirrell, thank you very much the positive vaccine news was exactly the shot in the arm, so to speak, that the dow needed to reach above 27,000 for the first time in more than a month. but stocks fading again as the day wears on here. wall street has seen this pattern before, two steps forward on developments in the fight against the coronavirus, ask then one step back on a reopening rollback so can investors break this cycle? with us now is chris zacharelli, chief investment adviser of the

alliance and margo patel margo, what do you think is going to happen here as we move into the summer? are we in the trading range and sort of captive to the headlines or what? >> really, since the end of may, we have been in the flattest trading range, the market really not going anywhere i think the real keynote will be as we see earnings, 3 or so companies should report earnings as we hit the bottom of the v, are companies looking for advancing activity, or have companies still not found the bottom yet to move forward in the economy? i think that will be the keynote to look for in companies' earnings i personally think so much negativity, the surprise will sh -- will be on the upside and move up through the rest of the year >> chris, you make the point that the federal reserve and the federal government have been the backstop for this market

what if that doesn't persist what if there isn't follow-on fiscal stimulus? i think we can pretty much count on the fed doing whatever it can do to backstop the economy, if not the markets, but how about that >> well, i agree the fed has had the market's back this entire time. all that liquidity they've injected into the system, something like 4 to $6 trillion when you couple that with the fiscal stimulus the u.s. government has put in there. i think the fed has committed to stay in the market in order to keep things calm and orderly however, it's really the federal government that can be the marginal difference in support of the economy we saw with all the bank earnings yesterday, and to a lesser extent this morning there, a lot of loan options out there. they are mentioning some caution on going forward, so i do believe in order to support those consumers, you are going to have to continue to see continued stimulus at the end of the year, the fiscal stimulus in terms of unemployment benefits is scheduled to run out i do think they'll come to some

kind of compromise i don't think politicians on either side of the aisle want the economy to go down right before the election, so i think there is bipartisan support for some type of package, but it's just a question of how they make those compromises and what happens. in the absence of that stimulus, i do think the market is a little bit at risk >> let's go to some specific sectors you both would like or would loathe margie, starting with you, the banks had pretty good reports generally today. do you like financials or would you be putting fresh money in other sectors of the market or in individual names that you want to mention? >> we've been avoiding a financial sector for quite some time they haven't gotten the lift from that interest margin or from low rates we haven't seen loans really increase losses are going up. we think it's a very uninteresting sector, so we're looking at other sectors technology and health care are still the two sectors that we think have the most opportunity. >> chris, why don't you dance us through here you list financials as one of the sectors that you do like, but you also like health care

and select portions of emerging markets. give me your profile here. >> sure. and again, to be clear, we're very selective we're looking within specific parts of the financial services industry we would not be brought buyers of the index in and of itself. there are certain best of class names that are still out there and they're operating very well. in addition, you can look at other areas in terms of the large banks in terms of the exchanges and look for increased volatility going forward in emerging markets, again, you want to be selective you don't want to just buy a broad emergence of markets, you want to look at certain companies within china, within india that we believe will provide some of those growth opportunities you've seen come to realization and full valuation of the united states if you look overseas, the same growth opportunities are there, just a lower valuation if you are looking internationally, you want to be selective and now may be a good time in the middle of the year to look outside the u.s. instead of looking just inside the u.s >> it's a good point there when we speak of financials or we speak of health care, it's a very broad sector.

there are financials and there are certain subsectors there, which is your point, and in health care the same you can go to pharmaceuticals, the device makers, so on and so forth. folks, thank you very much chris, margie, we appreciate it. we have a news alert on apple, and we go to josh lipton. josh >> tyler, apple just now announcing new features for apple news and apple news plus here are the features. they're going to include audio stories of some of the best feature stories from apple news, in other words, audio versions of some of the stories published by, for example, essence, fast company and gq this is something others are doing, too, by the way, like the "new york times" which bought autumn, the audio app. interestingly, remember, the "new york times" recently pulled out of its partnership with apple news there will also be a daily audio news briefing hosted by apple news editors and curated local news starting in five regions.

apple news, we know, has 125 million monthly readers. the company does not break out users, though, for apple news plus the subscription costs $20 a month. one user says apple news is not important in and of itself but it is part of that bigger, broader strategy for apple finding services to build and monetize guys, back to you. >> thank you very much, josh josh lipton. when we return from retail traffic to traffic congestion, the data and what that day a is telling them plus it's tax day, and working from home may help some high income earners avoid paying business and income taxes in the cities where they typically work we'll tell you why and they're reopened and people came. lots of them in cars. we will check back in with the ceo of one of the performing arts centers in new jersey and

find out how they've changed course to adjust to this new normal "the exchange" returns in two minutes. save hundreds on your wireless bill

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spots such aztecs tecs texas, a california to get an idea how economies are faring, jeff tracks realtime data like consumer foot traffic, restaurant bookings and transportation levels. while activity had been trending higher, especially around the july 4th weekend, warning signs are beginning to crop up again for more let's bring in annetta markowska. aneta, what are they telling you? >> indexes moved pretty much in a straight line higher from mid-april to mid-june, then it started to flatline for about three weeks moving sideways, and last week it looked like it's starting to tip over that's a pretty broadbased loss of momentum that we're seeing across most of the indicators that we're watching. >> is this because -- take us into the numbers a little

deeper is this because, for example, people are now a little more fearful about going out, they're a little more fearful about going to retail destinations or to restaurants what are you seeing that tells you -- what are the numbers behind that overall finding? >> yeah, so that's a great question we actually had the ability to dig into the state level, and what we initially saw was a clear loss of momentum in the covid hot spots, so your sunbelt states they started to peak out mid-june, and that was the initial driver of the loss of momentum what we're starting to see now actually is the midwest following a very similar pattern both in terms of cases accelerating and now activity starting to level off. it looks like the midwest is actually running precisely one month behind the sunbelt in terms of the patterns we're seeing in the data even in the northeast where the virus is still obviously under control, but even there we're starting to see some signs of activity leveling off, and

that's telling us that that could be a behavioral response, you know, to what's going on in other parts of the country but also underneath all of these data could be the fact that the fiscal support is fading, as we know there is pretty much no support from stimulus checks, and that was a very significant driver of that positive momentum early in the reopening. >> aneta, i want to go back if we can, if the control room can, to the chart that showed the timed series of performance of the economy, that one right there. and we're looking there at how the economy falls off in early march and then slowly, slowly, slowly gathers momentum, and now it seems to be rolling over a little bit we're talking here about slowing economic activity, but as i look at that graph, it looks like it is very marginally coming down what is the amplitude of that decline? >> so you're absolutely right. we're not looking at a massive

contraction. but remember, the markets tend to trade not on the levels of activity but on the rate of change, right, your second derivatives. and if you actually look at the growth rates, whether it's now week on week our index is contracting. month over month we went from 40% growth rates, which is where we were mid-june, to down mid single digits. that suggests after this very strong momentum that we saw in official government data in both may and june, july is clearly at risk and we could see plat to maybe even slightly down in terms of jobs, in terms of retail activity, et cetera. >> so much for a v-shaped recovery aneta markowski, thank you very much >> thank you for having me how high earners could avoid paying some income taxes this year they're using a location tracking app to help them do it. we'll explain and speak to the company that makes that app. plus, taking a gamble with

its lack of covid coverage, insurance coverage, that is. a reminder, you can always listen to us live on the cnbc app. "the exchange" is back in two. experience the adventure of a bigger world in a highly capable lexus suv at the golden opportunity sales event. lease the 2020 nx 300 for $339 a month for 36 months. experience amazing at your lexus dealer.

all right, welcome back, everybody, to "the exchange. markets right now are a little bit off their highs, as you see there. 428 was the high on the dow industrials, now up 188. it did nip at 28,000 earlier today. united health warns of a medical cost rebound as people deferred non-medical health care, but it also warned of a cost rebound as people do catch up on appointments and surgeries let's take a look at shares of unh right now, and as you see,

they are down about two and a third percent. pvh announced it is shuttering its doors and cutting 12% of its american workforce pvh higher at 50.27. on tax day, shares of h a&r block at 3300, up 10%. sue, happy tax day >> happy tax day, if there is such a thing i guess if you're getting a refund, it is. here's your news for the hour a short time ago, attorneys for the family of george floyd said they have filed lawsuits against the city of minneapolis and the four police officers response i -- responsible for his death which sparked worldwide

protests ireland postpones pub and nightclub reopenings in light of the coronavirus pandemic alabama's governor is mandating face coverings be worn in public after days of alarm ing upticks in cases army medical personnel have arrived at texas hospitals to help reduce the influx of covid-19 patients. they are opening a new wing dedicated only to covid-19 cases. you are up to date, ty i'll send it back to you >> thank you, sue herera it is tax season, and those who normally work in new york city are now trying to find a way out of paying city taxes as they work from home rather than the office it doesn't help with your 2019 return right now robert frank has the story

hi, robert >> tyler, and happy tax day to you. we've got wealthy taxpayers right now on the move in the business of helping them lower their tax bills during covid and after the election is surging. monaeo allows taxpayers to track their locations and help them with audits said their business has more than doubled in may and june, and the people that work outside the city want to avoid the unincorporated city tax that shows they were not working in the city since march accountants to the city say it could be more than twice $300 million. joining us now to talk more about this is krtthe ceo and

cofound cofounder. we have a lot of anecdotal evidence right now that the wealthy are leaving high-tech cities and states during covid your app is kind of an early window into that what are you seeing? how many healthy people are leaving new york city and even the high-tech states of the northeast? >> thanks for having me on the show, robert and tyler you're exactly right i mean, in fact, even before the covid situation hit, we were seeing spikes in terms of people leaving the northeast states or just high tax states in general, whether it was the northeast or on the west coast, places like california, to move to lower or no tax states, and that was triggered in part by the trump tax act that essentially capped the amount of deduction you could take on your state and local taxes on your federal return now, with covid, we've all seen, unfortunately, massive disruptions around the world in terms of companies mandating

work from home, and so many folks are looking at that situation, saying, hey, i can be anywhere for a majority of reasons, they choose to move away, and that's only kicking off you mentioned we've seen an increase in terms of paying subscribers on our individual products, specifically, of about two and a half times in the months of may and june compared to the same time last year on the other bright side of our business, we're seeing about two and a half to three times as much interest in the same time period compared to the same period last year because companies are also grappling with this new era of work force that they don't have any real control into >> excuse me, robert, for jumping in here. i'm wondering, do you expect that the city of new york will try and challenge the idea that a worker who formerly worked at 30 rock is now working out of

his or her home in greenwich or bergen county, new jersey and say, well, hey, wait a minute, that's not how thfis was suppose to work. do you think they're going to come after those folks >> you know what i can tell you is that from what we have seen by way of the data from new york state tax department, for example, data that we have secured from utopia, which is the morn of -- owner of monaeo w every time a company moves out of a state like new york, that's a big hit in the tax revenue from that state, and they're not taking that easily we've seen very significant increases in the audit activity level, which is essentially the state saying, hey, we're going to just be more diligent about enforcing the laws that exist on the books and try to get our fair share of the revenue that we are owed. so absolutely they're not going

to stand by. as it relates to the law spe specifically, well, today's law allows for it technically speaking, but yes, i wouldn't be surprised if they looked at that and tried to re-evaluate it in a scenario where fiscal balance sheets are taking a hit all around, whether it's companies or taxpayers >> and just to finish on that point, just explain what your product does so it tracks people's location which sounds a little creepy, maybe people would not be willing to do that, but they can use it really for audit defense. so how effective is it if you go to the auditors and say, we're not sure you were out of new york long enough to no longer pay taxes. how does your app data help them does it guarantee that they'll see through that audit, or do they have to have a lot of other stuff to prove they were out of the state? >> that's a great question so, robert, i think we talked about this before. monaeo is now a utopia company

and we have a lot of different products and offerings that help break down the barriers that allow companies and individuals to live and work anywhere. the specific product you're referring to is the monaeo personal edition which is an app-based product that does help individuals that are, say, changing their domicile or tax residency, to be able to make a tax record to help them establish that residency and be effective in an audit, which is almost inevitable when you're high income and you're moving out of the state the short answer to your question, it's not a silver bullet it does not garn tuarantee a wi an audit i think probably nothing can besides using data out of your brain, we're not na businethat and i don't expect that to happen soon, but for clients,

they have had a success rate of being able to represent themselves in audits with their tax advisers >> great thanks so much something we're going to keep a close eye on in the coming months and even next tax year. thanks for joining us. tyler, back to you >> robert, thank you very much as well. cruise lines could see some smooth sailing yes, i'm not kidding chipotle is reopening and has a big hiring plan and hexcng wl rhteltzer sales "t ehae"ilbeig back is so pretty isn't it? wow. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the color inside the car? oh sure. how about blue? that's more cyan but. jump in the back seat, jim. act like my kids. how much longer? -exactly how they sound. it's got massaging seats too, right? oh yeahhhhh. -oh yeahhhhh. visit the mercedes-benz summer event

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all right, folks, welcome back let's catch up on a few stories that should be on your radar this day it's time for "rapid fire. see seema mody, frank holland, kate rogers shares of royal caribbean, norwegian cruise lines, carnival all up double digits seema, it is welcome news for an industry that continues to burn cash as the ships are in port. >> yeah, that's exactly right, tyler. today's price action reflects just how dependent cruise lines are on a vaccine in the meantime, they are working on all these new protocols they hope to introduce once they potentially get back to sea this fall social distancing on board, masks, temperature controls reducing the occupancy they operate at, which we discussed about royal caribbean about a month ago, but they're not going to make much money with all

these new protocols, that's why they're depending on this vaccine not only coming to market but being widely available to the masses. yes, it's great to see these cruise lines up double digits, but you need to have this vaccine available to everyone, specifically the individuals above the age of 70 that have preexisting conditions that may not be comfortable getting on board. >> what are you hearing about bookings late into 2021, seema >> 2021 looks much better than perhaps many people would expect norwegian told us the same last week, that bookings are increasing for 2021, but with a cancellation policy that allows you to cancel 48 hours before you get on board i hear a lot of people are booking that cruise because of the lower price point and saying we can always cancel if we can't get on board >> they have a lot of debt in those companies, seema, and at high rates >> they do

carnival raised about $1.25 billion in new bonds in a mix of euros and dollars, but at a rate of 15% that's a bit higher than 12% a few weeks ago, but it shows you how they have to lower debt if they're not sailing in the near future frank, we turn to you and chipotle as they ope chipotles. we've been seeing a hiring spree in the restaurant space largely but not entirely driven by drive-thru operations. >> tyler, that's right, we've seen a lot of changing consumer preferences throughout the pandemic leaning into carryout and delivery chipotle has done a really

fantastic job with digging out its business they have carryout and they have this order ahead system with the chipotleans, where you place your order and pick up your food you're seeing this big hiring announcement, 10,000 workers over the next few months we've also heard from dunkin' donuts, domino's, mcdonald's and subway really starting a contrast in the broader restaurant industry. we've seen many people furloughed or laid off because so many restaurants can't operate, so investors putting their money behind the names that have not only been able to sustain but grow business during this hard time >> if you can't get a beer at chipotle, a boston beer. maybe a truly hard sell, sir

the stock truly has a stock rating price target of $725. this hard seltzer category, frank, has been really, really hot, particularly among younger people, also among women >> ty, don't take this the wrong way. i don't see you as a seltzer drinker. 200% growth in 2019. predicted 50% growth this year boston beer has a quarter of the overall market and recently introduced truly lemonade which so far has been a fast seller. as we can all say right here, seltzer. it's popular people seem to love it looking ahead, and we're looking at it right here, truly is expected to beat 50% of boston beer's revenue this year, so it's going to continue to grow another thing you have to look at, seltzer has a huge runway. 17% of houses have hard seltzer,

74% have beer, so they may be able to continue this fantastic growth story >> kate and seema have smiles on their faces here do you like it, ladies seema, do you like it? >> i like it it brings back memories to last summer i was at a party and a lot of people were saying claw is the law, which perhaps raises more questions about the people i hang out with, but the idea that hard seltzer has embedded itself in this hard culture and has done such a great job of marketing to the young audience, i think that says a lot about its success. >> kate? >> tyler, i'm a wine girl, i don't know what to say seltzer is not for me. i tried it, it's okay. i like regular seltzer spiked seltzer is not for me people in my family love it. it's become part of this pop culture phenomenon and everybody is into it the numbers are astounding in terms of growth looking forward, but not my thing

i'm a rose girl. >> not my thing but you see a lot of people coming out of stores with it the nba is getting ready to restart their season at the bubble in orlando at disney. the nba will gamble on liability covera coverage >> jabari, what's happening? >> for the record, i am not a seltzer dringker, either. this is a problem, tyler the insurance industry is having to readjust some things just like they did during 9/11 with terrorism or when the federal government had to step in and back terrorism insurance in order for the insurance companies to back it as well, so i think that's what you'll see with the virus protection around all insurances, not just it ith nba. you focus on the nba because that's the big sporting event

happened among the four sporting leagues. they'll be covered for everything else, but if it's anything virus-related, it definitely will not be covered but the players still have some workers' comp that they will be protected under, so if they do contract coronavirus, covid issues that they can actually go and reimburse themselves through workmen's comp now, florida's workmen's comp laws are very, very interesting, not really all the way up to date with them but very interesting where it kind of says if you do accept workers' comp, you surrender your rights to go after the company that did have the event because you take the workmen's comp it was a very interesting thing that sports leagues will have to battle when they expect to have fans if they don't, they open themselves up to any type of lawsuit. >> frank, do you think this bubble idea is going to work these are a lot of young men who are accustomed to, let's just

say, a vigorous social life. i think you know what i'm talking about here so can the bubble survive those pressures that are going -- bound to come toward it? >> listen, you already heard the stories coming from down there, right, that the tip hotline has been activated, that there's already a player that got caught and he had to be quarantined for a couple days. i like to call it the gun life off the movie of life. if you go past a certain point, you have to quarantine because it's no longer within the proximity the nba wants you to be it has to survive. if it doesn't survive, the nba will be out of a lot of money and then you have to start talking about constructing the ncaa if they can pull this bubble off, it lowers the blow to the cba. it has to work some way, somehow, and if the spread does not go too far, i think they can pull this off.

the country obviouslymen wants , i think people need it, but it will be interesting how they pull it off because there is a lot on the line. >> jabari, thank you very much i guess we got two cheers for hard seltzer there, folks. still ahead on "the exchange," a thousand cars drove in for a concert at the parking lot of the monmouth park racetrack last weekend as part of the count basie's center. 'lta to adam philipson about that and get a sense of his ppp loan, next

. over to adidi for a market flash. >> market shares are up 4.5%, and session highs right now upon

the news that it is entering the brazil market. beyond meat has announced it will be in 29 stores, grocery stores, retail stores in sao paulo, brazil. again, this marks the entry of beyond meat in brazil. beyond meat has been on a tear in terms of international markets lately it has entered china back in the spring and expanded that entry in from food service into retail as well. but, again, we're looking at the shares they're up about 4.5%. back to you guys >> adidi, thank you very much. adidi roy. restaurants are trying to think of ways to operate, and that includes parking lots, pop-up dining areas and drive-in theaters about a thousand cars drove into the monmouth racetrack parking lot in oceanport to be serenaded

by south side johnny and the asbury ukes. but they said drive-in concerts are merely a bridge until it can open in the events center. let's welcome back adam philipson, the ceo for count basie performance center for the arts how did it go? it was an in h-person concert b a different type of one. >> it was great, tyler thanks for having me back. it was a successful one, one of the largest concert gatherings in north america since this first started. >> where i was last weekend not far out on long island, they did a similar thing, with a concert of an eric clapton tribute band, you pulled in with your car. then they were having a version of the tribeca film festival two nights later with the nicholson park and it sold out, where you

watch movies >> if done safely, which we did, our team did a fantastic job, is that it provided outlets to experience entertainment the feedback is if it's safe, and you feel like in that way it was a positive experience, that people need this back in their lives. >> how much did you charge >> it was between 150 up to 250. we had some gold circle up front in the first three or four rows and then it was a general admission, 150 per car you could have four people in the car. masks on if you were outside of the car going to the bathroom or anything like that, and people were dancing on their cars families were out, my son was dancing on the car people had a really, really good time >> we have some pictures, i think we're showing, of the expansive automobiles that were there. how many people showed up, or how many cars showed up, i guess is a better way to put it. >> we had about a thousand cars which averaged three or four in the car, so we were somewhere

between 3,000 and 4,000 people >> that's an amazing thing i gather some people at the back were listening to the music on their fm radios because the speakers didn't carry that far >> that is true, plus there was a delay. i would say the back half were listening on their fm radio, and as i said, as people were leaving, they were really grateful for the creativity, grateful for the way in which people did this, and grateful for the way it helped raise money for the basie but also for the new jersey pandemic refund >> it's in red bank, right, where your main office is? >> that's correct, we are in red bank >> it's a great town if you're in northern new jersey, you should go see red bank it's an amazing place. have the proceeds for the ppp been disbursed yet what is the status >> that went fast.

we had about $750,000 that went for salsalaries, payroll tax, things of that nature. it was a small bridge, but we were certainly grateful we got it everyone in the industry is asking congress to extend and capitalize on ppps, and the uk offering 1 billion pounds of support, and we certainly need ppp round 2. >> how much of the roughly $750,000 loan will you plan on repaying the other portion of it will be forgiven, i assume, because you used it for payroll and benefits and things like that >> that's correct. i think we'probably somewhere around 80% will be forgiven, which is fantastic that part not forgiven is about a 1% payout over the next few years. 80% forgiven is fantastic for us and very helpful, of course.

>> so what else do you have on slate? i see you have eliza schlesinger, a comedian who is terribly funny i actually know her family a little bit she is truly hilarious >> she is great. we have her for the end of july. we have queen, a great queen tribute band that sells out 5,000-seat venue we're happy to have them along as well, a sing-along queen evening. toward the end of summer, in august, we're looking at a bunch more just to keep it going like you said, it's a runway until we can get reopen. as people are willing to come out and experience the arts, we're doing these. >> people like to do things that are different and new, even if it's a throw-back experience thank you very much. continued good luck to you >> thank you for having us. still ahead as back-to-school spending begins, and often it does in the summer, will it this year?

who knows. as back to school goes so go the holidays, according to one analyst. a look at the retails st aermot risk and the bright spots when we return. is it because people love filling out forms? maybe they like checking with their supervisor to see how much vacation time they have. or sending corporate their expense reports. i'll let you in on a little secret. they don't. by empowering employees to manage their own tasks, paycom frees you to focus on the business of business. to learn more, visit paycom.com

welcome back, everybody. the s&p retail, the xrt is up 70% since the march lows my next guest says don't cheer it yet this year's back-to-school season or lack of back-to-school could be like nails on a chalkboa chalkboard great to see you how have you been? >> hey, tyler. >> let's talk about back-to-school season which

kicks off, roughly, now, but who knows if there's going to be back-to-school. >> that's the request he back-to-school represents about 20% of annual spend, so that's a big number here. it's, you know, the season just behind christmas and, more importantly, as everything is getting pushed back, and there are big question marks about, are we going back to school, the average household spends over $500 if you're going back to university, the average household is spending over $1,000 are we really going to see that on track with all these big question marks about pushing openings back or not opening at all. >> i wonder if there might be a migration of spending away from clothing and backpacks and things like that and toward technology >> absolutely, tyler and, you know, usually you see that back-to-school spend split between technology, consumer electronics and other things, clothes, backpacks, all the things you talk about. this year that could be more like 75% of the mix here

so, the traditional back-to-school apparel players like a kohl's, macy's, they could go down 30% if we don't go back. >> the other side of the coin, my supposition would be, maybe the multiline retailers like a target or walmart, where i can get clothing, i can get school supplies, i can get electronics, might be beneficiaries >> absolutely. so, you know, what we've seen is people are nervous about being in stores. more and more retailers, including walmart, are saying now you have to wear a mask. the consumer wants to get it all done in one shop, right? you can go into target, you can go into walmart, you can get your consumer electronics. by the way, both have revamped their consumer electronic spaces and upped their game you can get your food. you have to feed your children

many meals at home rather than sending them to school you can get all your back-to-school there in one shop and i think that's going to be a big trade here, is the consumer wants to get it one and done >> so, i get you started by saying people generally spend $500 on back-to-school or $1,000 if it's a university i guess you could make the argument, could you maybe, that it might be more expensive because people are going to be spending on expensive electronics rather than the $29 pair of jeans or whatever it is. >> it could be yes, there will be severe pressure for households to ramp up their technology. you know, if you have a couple kids at home, you need a couple ipads to accommodate all of them this is going to be a big pressure on them and probably at a time where some subsidies are rolling off for families >> it's very hard. i know of families in my town where they have multiple children we only have one child at home

multiple children and they all need to be on a laptop at the same time to be on the zoom classroom or whatever. let's get a quick thought on the future of the fate of the malls. >> yeah, the malls are in a tough spot you know, you look at the lower tier, lower quality malls and it's about 30% of the total mix. they could actually go away over the next 12 to 18 months then you look at the "a" malls like simon property group who, you know, 95% occupy abtcy, they look great however in 2019, a third of the leases for some of these new malls were in entertainment, they were in health, think gyms, you know, think entertainment where there's a lot of people in density that's not your friend anymore. that's going to be a pressure here so, don't forget that the "a" malls are not going to leave this unscathed, particularly as we see so many store closings. >> thank you appreciate it. we appreciate you being here

and watching "the exchange." coming up next hour, we'll get the latest read on the economy the beige book about, oh, i love that color beige, we'll talk to the biggest moderna bull othn e street as they soar on their vaccine trial. cool? drop the taco. get in the car. does this sentra feel like a compromise to you? wait, what...? the handling is good, right? no compromise there. nope! watch this... umm... b-brie...brie brie! rear automatic braking. so if this nissan sentra isn't gonna compromise, why should you? you're right! atta girl. the all-new nissan sentra. with more standard safety features than any other car in its class.

welcome back i'm melissa lee and this is "power lunch." the market giving up most of its early morning rally but the moderna with higher vaccine results. well off the highs of the day as trading revenue surges we'll have much more on that story and on the banks in general. plus, as i mentioned, moderna shares jumping as its coronaviru