>> key, seeing some buying this week last but not least, brynn, what do you have for us? >> pepsi, one of the non-tech names of the nasdaq 100. it's got a great dividend. it's outperformed coke since the bottom of march 23rd, and i think they'll continue to execute on their snack brands. >> thank you all thanks for watching. kelly, it's all yours. thank you, scott hi, everybody. here is what's ahead the s&p is on track for its best july in a decade, everything from fast food to health care to housing is hitting the highs today. is america about to give way to the comeback kids we'll debate a stock bender this year with tesla a sneaker trade, a trip down

the produce aisle and walking away from new york city. bob pisani with the rundown for us bob? >> markets just keep powering forward, and it's the rotation that's making the market relatively healthy here. take a look at what the markets are doing right now. s&p again, the breakout of that old high we hit a couple months ago on june 8, that's still maintained there for once. chevron and exxon are really helping the dow. we're over $42 in oil. that's a big thing we have some positive oil commentary i want to show you the s&p 500 because it's very important that we've been breaking out the last day and a half now above that february high. we're positive for the year. again, largely this is on tech, but on certain days like today, you get some outperformance like energy and industrials and materials. mega caps, of course, they're the big power. they're down today

amazon up todayesterday, down lt week, down today people are using it as a source of funds to buy other parts of the market earnings are out we're in the middle of earnings season no guidance from coke or ibm, but the overall numbers were good enough to push the stocks forward today. phillip morris actually had comments for the future above the consensus and so did lockheed martin. some of this has been very positive, what's moving stocks the believe that there will be a vaccine is moving markets. q2, there is an economic bottom. q3 will get better if there are reopenings and if there are reclosings, it will result in a lot more stimulus >> bob, any reason why those sectors are popping? >> there were very positive comments for a number of the big

stocks like devin today from some of the analysts but oil has been stuck at $40 now for about a month and a half as it popped above that at $42, that was sort of a trigger that things are not that bad. the reopening story is going better than the u.s. reopening story. taiwan moved into positive territory, some of the other european countries did as well, and so did germany today germany turned positive for the year as well the story is a little more positive in other parts of the world, maybe a little ahead of us in terms of the reopening story. >> that's a good point bob, thank you we'll check in this afternoon. bob pisani the big tech companies added $3 billion in the market cap yesterday alone. microsoft up 10%, amazon up 4% retail and energy are showing some strength. kohl's is up 8% now, united airlines up 3%

for more on these markets, let's bring in david harden. he's chief adviser at summit investments, and sameer samana from wells fargo david, i hear you like the big tech names >> i do. there is a lot at play there was a lot of low quality and risky companies. today you have the tech being led by quality companies, like apple, amazon and microsoft, all of which we own. these are good companies during the 40-some odd unemployment, they're still using their smartphones, they're still using computers, they're still using the internet they can work remote and it's different than the tech bubble

there is a separation of tech and there's definitely some tech out there that i wouldn't own. >> i'm curious, noticthough, we a lot about the tech bubble analogy. what about 1950? that was a time when you had some big names and everything was kind of a mess for a while and we never saw valuations for some of those household names we did in that stretch. is that kind of what we face with these big tech names? >> we could be if they don't execute correctly, if they don't innovate, i think they could run into the same problems that had in the past. but one of the things you find with microsoft, with amazon and with apple, just the big three tech there, they're also some of the most innovative companies out there. from an innovation standpoint, and they're very diversified within their tech, so i think they have a lot to offer i love the rotation that's happening right now, i love the value that's being played. i like to have value with

growth, not just growth. >> let me turn to you, sameer, and talk about energy. there are a number of macro developments that seem supportive for these reopening stocks do you think this could have legs >> you know, it goes back to how the cases around covid track, right? if there is, let's say, a vaccine and it can be distributed globally, let's say sometime end of 2020, early 2021, the odds on that are pretty low, then these companies will kind of wax and wane with the headlines around the development of those with therapies and vaccines in those cases. at least right now if you want to find a ride through on these ups and downs, you try to look for those areas that can kind of grow through this very sluggish environment. those are tech, communications,

e-commerce and kind of a value play that we've had for a while will be financials you want to continue to at least look there for a yield that would be kind of our focus. tech is definitely a cornerstone. >> a good reminder to look at the yields as well, even for something like the financials. david, let me turn back to you you said you like value stocks but not value sectors. what do you mean by that >> well, i think if you look at energy, for example, is a sector that has been extremely down, it has a lot of value from a value factor exposure perspective. but it's also something that's been stuck at 40, like bob talked about earlier for a long time, it's only 3-some-odd percent of the s&p 500 amazon is a bigger weight in the whole s&p energy sector.

it's easy to kind of sidestep that and find value somewhere else >> give me a couple examples even as we move off the big tech, companies today are rising and falling together amazon is up 7%, but amazon and facebook are only up 17% they've definitely been lagging because of their decline in advertising expense. i don't know if those catch up candidates >> there is a little bit there, but i would rather look at something that has tech that's been growing in their tech space. when i say specifically it's online spending like walmart, walmart has a low pe, about .5, so you got a limited downside. it picks up market space in this type of market, and if we're going to have a rotation into more value, it's still a great name to have it's got a pe of 26. the average pe in that space is 27 i think that walmart gains market share is a great thing, and they just announced they would invest another $4 million

in employees, the largest amount of employees in the u.s. >> david and sameer, a pleasure to speak to you today. appreciate it. shares are tapping the brakes after their major run, not just monday, this month, this year the stock is up nearly 300% it's one reason jp securities are putting on the brakes before the market tomorrow. we have jay osha of jmp securities jay, it's good to see you. you just can't top the securities here. >> i think the company is doing well from a numbers standpoint, but at some point uf to be able to justify the valuation, and even on the scenario we had, which is that this becomes a $100 billion company, i can't get there anymore. >> so where do you stop on the stock price? there are plenty of people who thought a thousand dollars seemed like a stretch and that

was several hundred dollars ago. >> yes, indeed, and obviously when you've got a name that is growing like this, i do think you have to take a step back from, hey, what's next, and try to think holistically. we did say when we went to $1500, hey, this company can be selling two and a half million units in 2005, it can get a whole lot bigger, right? if you get to the point where even on that kind of tremendously successful outcome, you still can't make the stock make sense, then it's time to say so i don't think bad things are going to happen. frankly, i'm amazed that the competition hasn't done a better job. but everything has a price, and that's what we said this morning. >> and this is also the second time in two days we've had this conversation, so more folks on the street are starting to turn more bearish now that it's run up so much now that we have tomorrow's earnings report where it's expected to potentially turn a profit, a gap profit, i believe, right, and that starts the conversation about it going into

the s&p 500, but again, a lot of this has been priced in, hasn't it >> yeah. i think the profitability is going to be touch and go we've got it at a little bit of a loss, but that's hard to call, and they could i would submit that at a $300 billion market cap, probably people have figured that out already. >> and now that elon musk, i think, is the fifth wealthiest person in the world because of his exposure to the stock price run-up is there anything tesla can do to take advantage of this stock price? secondaries are the obvious thing that comes to mind, but should they be using this more to their advantage even if people think the price makes no sense, should they be capitalizing on it >> i'm a big believer in taking advantage of a high stock price and building a balance sheet this company is yielding a lot of free cash and a lot of the concerns they had about the liquidity have gone away honestly, if i were them, i would say, hey, why not take

advantage of this to put even more money on the balance sheet? they are going to need to bill a number of factories over the next four or five years if they want to become a 3 million unit company, and that costs money. if i were elon, i would be figuring out a way to put even more money on the balance sheet, even though the balance sheet is solid like it is >> what are kind of the whisper things going into the meeting tomorrow if we're talking about gap profitability, where is the bar, do you think >> gosh, that's an interesting question remember that they've given us units for the quarter already, so i wouldn't expect any major surprises. i think the big question for tomorrow is going to be, are they willing to put a marker out there for the rest of the year and what is that going to look like gosh, if they say, hey, we can ship more than half a million units, the stock will probably rally. but i think it is going to be

more about that outlook than it is necessarily about the outcome, because we know what the units were for the quarter already. >> absolutely. going to see what they tell you about the rest of the year joe, thanks very much. joe osha from jmp securities downgrading tesla after that huge run-up. coming up, college lawsuits are picking up steam do parents have a case on gathering covid-19 fees? plus retail is spiking we talked to a mall operator with locations in hot spot states to see how that's affecting operations on the ground the fed needs to go much, much bigger and pulling back now would be a mistake "the exchange" is back in two. dolph lundgren, you've got a one-sixty i.q., a master's in chemical engineering

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welcome back we are closing in on 4 million confirmed covid cases here in the u.s. with hospitalizations on the rise in several states. meg tirrell is here with the very latest for us meg? >> hey, kelly. well, our average on new cases we're adding each day in the u.s. is around 66,000, though we did add fewer than that yesterday in the united states pointing out that growth in new

cases is slowing now we're just growing by 10% in new cases versus 20% in the previous week. you can see hospitalizations have also been rising. in some of the states that are adding some of the new cases in hospitalizations, though we are seeing signs of potential nearing or passing of a peak in terms of the new cases however, in other states like montana, north dakota and idaho, even though the numbers are smaller, you can see that their hospitalizations are peaking, showing that their infections in those areas are really starting to take off. meanwhile, kelly, some interesting data coming out today from the cdc looking at antibody levels in ten areas across the u.s., this is from blood essentially taken as part of routine visits just tested for sars-covid-19 antibodies they found in new york city, 23%

had antibodies, versus connecticut had 5.2% and south florida, 2.9%. a lot more people infected than we knew about, but still nowhere close to herd immunity yet, kelly. >> that's fascinating. it makes you wonder if new york city will be the safest place for covid right now if that level of the population already has those antibodies it's also interesting to me, meg, and i'm curious because you follow it so much more closely, it seems like no state or region that had a bad outbreak has had another one. in other words, covid was in the nort northeast, then it went to the west, then it went to the south. i keep waiting for new jersey's numbers to climb again and it's not happening. what does that tell us, do you think? >> it's hard to know perhaps it's experience, and the harder hit areas just saw how scary this was and we've acted accordingly in terms of being careful. there could be other epidemiological aspects at play.

but you're right, we are seeing regions of the country experience this at different times. so far no second waves yet that we know about being repeated in the same regions, but we'll have to see how that goes, of course, as we approach the fall. >> yeah, absolutely. it seems like everybody is still bracing for that to happen meg, we appreciate it. meg tirrell with the latest for us with less than a month to go before most schools begin classes, dozens of colleges are facing lawsuits. parents are demanding reimbursements fees. legal analyst for nbc news and msnbc. danny, it's great to have you and do you think these parents have a case? >> these cases are going to force us as a society to figure out what exactly are we paying for when we pay these thousands of dollars every year for tuition? are we paying for the information? if that's the case, then delivery through online

shouldn't make that much more of a difference than being in person but if you're paying for some intangible experience and just being on campus with other smart professors and students, then you could argue that the online format is a poor substitute. what makes it even more complicated is the fact that we already have online programs and online universities. and for those universities that are already offering online and offering on-campus classes, how in the world do we value this now forced online program, and is it worth the same thing that colleges have been charging students in the past frankly, for time immemorial since universities began >> it's hard to look at the look where it's anybody from drexel, mississippi state, uc boulder. some include swarthmore with

relatively strong financial positions, so what happens with the other colleges if they're forced to come up with reimbursing fees and costs >> it's forced me to think a lot about online versus live, but you're absolutely right. for schools like harvard who have massive endowments, their endowments are bigger than most countries in the world they have a lot of money, and that's the argument. maybe a school like harvard or an unendowed school maybe could have been subsidizing a lot of these losses, now they're facing lawsuits for reimbursed tuition. colleges, when aggregated, can suffer huge hits to these schools whether they're private or state universities. >> i guess the big question out there for all the parents watching, number one, do they cl clamor to get some of their money back, and number two, do

they try to negotiate for what's going to happen this fall? >> it all comes down to the contract, if there is even a contract with applicable terms between the student, the parents and the university those contracts will spell out what they've paid for and what the universities are allowed to do in the case of what's called force mejure, or some unforeseen circumstances, some impossibility of performing the contract for those universities that put in tough clauses that benefit them, then they may be able to avoid these lawsuits for others who have no long wage wh -- language whatsoever, they've left themselves he can posed to these plaintiffs and they may end up paying more than universities with favorable contracts for themselves >> interesting we're all trying to figure this out. that's just the college level. i see you have a little girl in the background there if you're less than nine years old, what do you think it's safe for the kids that's the thousand trillion dollar question. >> here's the fascinating thing.

we've been playing with online education for several years now. the pandemic has just forced us to do it very quickly. is it really the wave of the future, or, on the other hand, is it a poor, flimsy substitute for in-person education? maybe in 10, 15 years we'll look back and say, oh, my gosh, do you remember a time when we walked uphill both ways in the snow to go to an in-person class? how quaint, how silly now that we do everything online. or maybe in-person education will be around forever it's been around hundreds, thousands of years since education began. maybe it's a fundamental staple and maybe that intangible we're paying for or that i'll be paying for in the not-too-distant future, thousands and thousands of dollars, maybe there is some value to sending my kid away to a dorm or a sorority to do god knows what with that tuition >> i think the first part of what you said, it might be 10 or

15 years before we ever know the answer danny, thank you so much we appreciate it the feds made a big decision early on, but now it may be time to go even bigger. with wall street working largely from home now, will new york city be rovemin we'll talk about the big apple "the exchange" is back in a couple.

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welcome back to "the exchange." let's check on markets it's a mirim aj ror image of whe saw yesterday. we're just off the recession highs. that's a 1% increase ibm with the reason why that index is overperforming. the dow was the only one in the

green yesterday, giving up some of that today. the s&p is once again cutting in the middle, 3268 today we're watching shares of halliburton. they are climbing today after better than expected second quarter results. they also got the okay to borrow from bank of america they are saying their structural changes to drive some higher cash flow. halliburton shares are up 9% the they're still down 40% this year starbuck's still climbing today, the coffee giant partnering with alibaba, allowing people to order on alibaba's app space. just under $600 a share. amazon, and this goes back to the nasdaq, amazon is lower today. it has not announced a new shopping date, but it tells

suppliers it will likely have one in october shares of amazon down about 2% not giving up their 6% increase yesterday. let's go sto sue herera for an update hi, sue. >> the justice department is accusing two chinese nationals of conducting a global hacking campaign for more than a decade. the government said the two targeted high-tech manufacturing process like solar energy and engineering but also pharmaceutical research, including companies developing covid-19 vaccines. tiktok plans to hire 10,000 more staff in the u.s. over the next three years despite rising tensions between china and the u.s. over privacy and espionage concerns more than 280 journalists at the "wall street journal" sent a letter to the publisher today expressing concerns over what they see as the newspaper's opinion section's shortcoming in terms of fact checking and accuracy and secretary of state mike

pompeo has landed in london and is set for high-level meetings with the british prime minister boris johnson and hong kong democracy activist nathan law following increasing security measures in china. you are up to date, kell that's the news update i'll see you again in an hour. >> sue, thank you very much. sue herera the west coast grocery maybe you should add to your cart, and say goodbye to wall street all that on more on today's "rapid fire. don't go anywhere. we're back in two. 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 or shop online at participating dealers. get 0% apr financing up to 36 months on select new and certified pre-owned models.

welcome back let's catch up on a few stories that should be on your radar today. it is time for "rapid fire."

kate rogers, mike and seema mody coca-cola has seen the biggest drop in sales in 25 years. cnbc's own sara eisen is with us now, because if we're talking coke, we have to talk to sara. what are the zombie brands what are they getting rid of >> this has actually been a long strategy by james quincy but the process has really sped up just sales that are not performing well financially. i asked the ceo about this earlier today. he really didn't give any specifics in terms of naming names, and i'm told by the company that it is still very much an ongoing problem, an ongoing process, looking for the brands, many of them regional,

kelly, that are just not performing well. they have to focus on the core brands as the company tries to grow market share again as companies around the world reopen that's really the story for coke this quarter half of its business comes away from home, restaurants, bars, stadiums, movie theaters, and that was tough this last quarter. quincy painted an optimistic picture, saying it's getting better, and the second quarter really marked the worst of it, and that's why the stock went up, because the expectations were low >> where are the snacks? show us the fritos, show us the lay's potato chips it's a gap, it's a 15 percentage point. it's not epic, but it's there. >> that's actually one of the biggest gaps we've seen in history for the spread between coca-cola and pepsi. and it's two things. pepsi has less exposure to the away from home, which in the industry is confusingly called on-premise business, and it also

has snacks that certainly cushions the blow here, because people are buying snacks at home qua quaker oats, for instance, is under pepsi's umbrella, grew 20% last quarter people are eating breakfast at home so you'll get a lot of growth out of the food business when staying at home rather than, say, the orange juice business, which is strong because people are eating breakfast, but food is much stronger as far as the stock-up, eat at home trend. the initial stock-up we saw during the onset of the pandemic, it's really worn off and gone back to normal as consumers, he said, realize there's not going to be any major supply chain impacts and companies like his were able to keep the food and beverages on the shelf. >> they should be given a tremendous amount of credit for keeping those shelves full seema, you would be so proud of me we're going through so much oatmeal. i'm going through a canister every couple days.

it's very healthy. >> pepsi kind of hit the sweet spot having that quaker brand, and i wonder if coca-coloca-cols purchase of coffee came at an inappropriate time which if you're a retailer, you really don't want to have >> no doubt about it the restaurant business, the cafe business is tough there was talk about that even before the pandemic and whether coke even wanted to get into the restaurant business. clearly now it's not a good time, but i would say it's a small percentage of coke's overall business when we talk about the away from home business, it's really the mcdonald's of the world, and you know, the sporting events, the movie theaters i mentioned, the concerts that's really what's hurting because that's where people buy a lot of soda and a lot of beverages, including water, which continues to be a hit. they're still seeing some strong

trends, guys, in terms of what had been working, coke zero sugar, for instance, still up here today topa chico as well, but everything is going down >> sara, thank you very much we appreciate it see you in a little bit. talk about albertson's where two of the street's biggest firms say people should add the grocery chain to their carts goldman sachs initiating with a buy, both saying the stock is facing a big discount with its peers. discount chain aldi is planning to open 78 more stores this year and wants to become the third largest grocer by the year 2022. >> just anecdotally, i'm hearing more consumers being more price conscious about the grocers

they're going to we're not going out as much, people are cooking at ome, so think it's going to come down to who has the lowest and best prices lido is also coming up we've even heard this on domino's earnings, saying people are ordering more food, placing bigger orders to have leftovers. it makes sense you see an albertson's be a recommendation here just because they are a lower price point grocer but walmart is a huge footprint, so how do you take on a giant like that that does offer these deeper discounts >> i don't know if they spoke to the legacy balance sheet issues that albertson's had tch it was a lackluster ipo, wasn't it >> you had an ipo that was pushed out because the market

was able to accommodate it, not because the company reached some kind of growth threshold or had some innovative story to tell. the defensiveness was evident in the recommendations of the stock and the initiations today which was kind of, yeah, we know we've already seen the big pop in grocery and maybe it's not a compelling valuation story, but it's a consumer staple of sorts and can probably perform in that way. what's interesting, too, by the way, when you talk about being cheaper than they're peers, there's really only one which is kroger >> and they're not that comparable seema, if you had to place your bets on albertson's or aldi, where would you put your money >> because of my time in london, i wonder if you feel similarly, kelly, i became a big fan of aldi their liquor, too, so cheap, by the way. hard to say who would win, but what i find is albertson's

investment in technology seems to be paying off, e-commerce sales up 304% compared to the same period last year. who would have thought >> i was looking at acme, but my neighbors said you can get the shrimp, seafood, maybe not the chicken. anyway, that's just in our neighborhood stock is getting a leg up from deutsche bank today people are wearing more sweat pants and working out at home. they're buying sneakers instead of taking trips this year, you guys what do you think? >> i thought that was definitely interesting that people are looking to spend their stimulus money on something, right, because people are pulling back and essentially getting priced out of summer travel they also noticed that the nba restarting could be good for foot locker, but what about a supplier like nike which obviously sold at foot locker but has a more direct consumer

line i just don't know that people are necessarily going to be wanting to spend at foot locker in the way that they would be in a normal summer season heading into back to school. that's also changing this year i don't know, kelly. i am definitely wearing a lot of sweats at home i will leave it there. >> we won't ask for a reveal but seema, i will say the nike store, my little barometer, only when the temp says 100 degrees is the line any shorter than it has been there are dozens and dozens of people out there every day when you can just buy from nike, are you going into a mall to buy from foot locker i guess you can go to dot-com. there is a lot of options. >> yes, maybe more people are wearing leisure, but are they going into a mall to shop at foot locker? maybe shoes is one of those things you want to try on rather than buy online, but then you just go to nike that has worked so well. they also term nalinated their

partnership with amazon because it worked so well with nike. let's talk about the great shrieking wall street. companies are considering reducing their presence in new york city by at least 20%. this is one reason the city's economy could shrink by as much as 13% this year it's not just downtown manhattan that's struggling. the iconic bank tower in los angeles was just sold off at a super discount what's in the future for wall street >> not just wall street, but dense, urban office cores. they will be challenged right now. for wall street, it's not as if we were at peak wall street employment in new york city and now we're going to come off that peak the employment level in new york in financial service firms is well below after 911 we saw this, after the tech bubble and after the great recession. it's kind of a long-term

winnowing of the average base. not even adjusting for inflation. so all those things tell you that this is more of a continuation, an acceleration of a trend. but it is definitely worth asking just what this whole work from home, you know, apparent success on trading desks has meant for the future >> mike, what do you glean about -- we talk about wall street and the bonus question definitely applies to a certain segment of those firms, but what about financial firms more broadly, the kind that have sprung up around midtown recently there is a whole community there. do you think these companies are looking at either the suburbs, or look what bernstein did, they moved to nashville, moving to lower cost areas >> i think the larger firms are looking to the outside goldman sachs is a massive center in salt lake city that's been the case for years now. the big firms are doing that smaller firms, i don't know if the cluster effect of start-ups is necessarily going to apply.

there is kind of a thin tech alley in new york, so maybe that can continue to thrive but it's very much unclear what the real overall head count would be i also recall in 2001 after 9/11, morgan stanley bought an office in the suburbs and they had a big head count there as well >> i know the burbs are excited about the potential. kate rogers, make santoli and seema mody, thank you. we're going to talk to the owner of malls around the country, including covid hot spot florida, about whether owners like him should be bailing out the big box stores that's next. stocks reaching highs today. me depot costco, lowe's, monster beverage we're back in a couple.

welcome back we have a news word on tapestry.

over to leslie picker. what's going on, leslie? >> hey, kelly, we received a statement from the now former ceo of tapestry, tapestry announcing the abrupt resignati resignation of the ex-ceo forced by accusations made by a woman jide zeitlin said, in the past month, a woman expressed something and i had to fight against what i heard i felt compelled to resign today because i do not want to create a distraction. tapestry made an investigation of a woman who said jide tried

to lure her into a relationship. kelly? >> that's quite a story. thank you. meanwhile, covid cases are starting to spike around the world. florida is one of those. speaking with the owner of one of the luxury malls. let's check in with forbes good to have you back. what's happening in florida? >> we're 94% open. traffic has been off probably 30 to 40%, but sales have only been off about 20% year to date over last year during the same period with a lot of the luxury brands at leisure business, athletic footwear business have been up double digits compared to last year so it's been a broad spectrum, definitely florida, as the increasing cases have occurred, we've had sporadic shutdown of a few

retailers over the course of time that have reopened, but florida has come back fairly well >> what's drawing people to the mall >> you know what, i think there is a pent-up demand for consumers. i think a lot of stimulus money, i think pent-up demand they were really shut out of regional malls for many months, as you know. there is an e-commerce platform that works hand and hand with brick and mortar, and how you get those services to the consumer is really going to be the future of our business you have to kind of become agnostic with how you sell your goods and services if you're an economic platform, a brick and mortar platform. >> i'm curious as you work with the banks to kind of keep them going a win-win if all goes well and they can ride out the pandemic for a couple years. is that something you would consider taking part in? >> i don't know if it fits our platform real well, but for a

company like simon & brookfield, it's a very ingenius strategy, actually if they can buy these retailers at the right price, be able to reinvent the retailers, restore their base, keep them in business when you have 250 malls both off price and full price, you have to maintain occupancy, you have to have a good cross-section of best in class retail in all categories, and it's something that when you have $8.5 billion access on your balance sheet, it's something that's worth absolutely taking a look at and could be a great future vertical business for them >> so final question for you, what has vacancy been like at your malls >> vacancy has really not been the issue. the issue is we're in negotiation with 500 retailers we're making sure these retailers, a, get open, and make sure we're 90% open across the state. we're in discussion with

retailers that we're making great progress on, and it's really a two-way relationship between the retailers and the developers when we come out of this pandemic and get into a new normal, we want to be at a great starting point with our retailers, our consumers, a great place to shop with compelling offerings guests. >> we appreciate the update. the conversion rates are increasing maybe there's pent up demand with the pandemic doing what it's doing thanks so much we check back in with you soon >> thank you appreciate it. still ahead, according to jeffrey david, the fed got the early idea on stimulus right there's still a lot more work to do he'll tell us why they need to go bigger or face dire consequences that's next.

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welcome back to the exchange different pattern in markets today. the nasdaq selling off while the other major averages gain. the comeback is almost complete. we're only down ten points for the nasdaq composite dow is up 288. we're near session highs s&p is up two-thirds of 1% since mid march the fed has slashed interest rate, announced 2.3 million in lending to support businesses and financial markets and the fight to staunch the fall out if covid. it may not have been enough. my next guess says they got the early part right joining us is the chief market strategist at jeffreys

what's your main concern that they -- would you like to see them announce much bigger programs or make sure they don't shrink what they have already announced? >> i think both, to be honest with you i think last week we had talk about pulling back a little bit. the market got a little nervous on that. i think he got a pretty interesting -- he's got a pretty interesting meeting this time. i think it could be quite a lot of debate internally on what's next a lot of that is all the things you're talking about about the uncertainty. where we're headed and what we're doing. we've got an inflation rate tha

is as low as it's been at any time during the global financial crisis and unemployment rate that is higher during any time what are we doing talking about withdrawals. we should be talking about what we're going to do next if things persist like this. i'd like more than talking about withdrawal >> here is my question if we go back to the policy thrust here we know that monetary policy takes a while but that the stock market prices in more quickly. >> the stock market can d disconnect for quite some time we are stimulating in that investment grade corporate area. i think that's where the fed targeted a lot of the stimulus and every one of the s&p fo500

companies are buying the data. what we have to wait for is the fed to figure out how to get the names facility working i think that could take some time the mandate is really not about the stock market it's about inflation and unemployment right now we have really high unemployment and really low inflation. i think you have to put that stock market story aside as much as everybody likes to talk about bubbles and just say hey, that's the goal let's get that goal done and stocks will do what they will do >> many people who look at the balance sheet going to 33%, the size of the economy thinkst it's way too uncomfortably high you're saying it might not nearly be enough can the main street program achieve that there's this op-ed in saying it's too stingy to banks and

bo borrowers. do they need to do something different? >> i think it's really tricky for them it's not their usual operating area they probably will get this -- they're going to have to tweak it they will get it a little wrong at first you don't want to beat them up for that it's a new thing they're trying to not do what they did during the global financial crisis which is the fact we stimulate wall street, kind of leave main street behind and have an economy that lags in terms of growth while the financial side recovered quickly. that's the story, that's the hope that's my hope at the moment, i think you got to push back a little bit on this idea that we're just sitting here blowing bubbles all the time we humanitarian crisis on our hand with the virus. we have all of these deaths that we're seeing we're seeing go down but the

case is going up it's an odd talk to be talking about where do you liit it's even more under target than before >> you're right. we'll have you back. we really appreciate it. we're not just sitting here blowing bubbles. we'll see you on power lunch tilman tuesday is coming up. ♪ come on in, we're open. ♪ all we do is hand you the bag. simple. done. we adapt and we change. you know, you just figure it out. we've just been finding a way to keep on pushing. ♪

welcome back, everybody. welcome to "power lunch. the dow is up 300 points led by chevron an