levels for example, our newer contents are over 60% of an annualized there are second derivative read rate in the last three months. throughs there but not as impactful as what amazon is so those people will continue to seeing trade some even if not on these >> kevin, thank you. kind of crazy levels tyler, thanks. >> have to leave it there. >> what do the individuals "closing bell" starts right now. trading in particular, thomas? >> it welcome to the closing individual stocks? the faang type stocks or is it etfs bell, everybody. >> you will be surprised to hear that amazon and tesla. the nasdaq takes a breather. they are the biggest runs followed by apple and microsoft, a new intraday record earlier close to the open. let's have a look at what is facebook, and other tech stocks. driving the action this afternoon. but tesla is especially corporate earnings from ibm and interesting. we have a huge position. coca-cola. highlighting that negative covid-19 impact but coming in better than expected and also, huge short positions european leaders agree to a hugely significant stimulus plan while in the u.s., congress

continues to debate the next stage of emergency measures. and as the nasdaq underperforms. it's very interesting. >> what is the biggest driver of it is yesterday's winners that, thomas leading the declines is it that people are at home with more stimulus money that sort of a narrative in the all fangangs, tesla, zoom, ebay. media. what do you think it is? the dow up is 1% s&p 500 is up about 0.6%, sara >> well, it's no the so much to >> big show coming up. jonathan tisch will join us and to go out for a walk anymore the face covering debate for people are sitting at home and doing whatever they can do on hotels he'll talk a little nfl. the screen plus, testing delay snarl and training is very exciting efforts to trace and control the virus in this country, we'll thing. speak with the ceo of labcorp. >> and what about the regions, thomas is this big jump particularly an individual's activity only so >> and we're talking about a massive afternoon of earnings, prominent in the u.s. or elsewhere too? snap, united airlines, texas >> it is elsewhere instruments and more we're going to talk with brokers it's even more than in the u.s chairman thomas peterffy and it's all over the world. it's eastern europe. it is latin america, it is canada they really picked up. let's start off with the rally and the big stories we're

watching mike santoli tracking the and, of course, southeast asia action the dow is up 270 points and outside of china >> our reporter just broke the news of your competitor, td ameritrade are you concerned about the mike, start us off with the action we're seeing today in schwab-td ameritrade combination that is about to happen stocks >> yeah, sara. upside follow-through. am all of it happened at the representing a big competitor open we got a little pop perhaps as a for you? >> i'm very happy with the merger reflection of the global move. that means we have fewer choices. european markets were rallying so whatever we have to offer is going to be more visible you see it is mostly flat throughout the day this is a two-year chart i want to show for a couple of reasons this brings us up to a level we've only been in january and february of this year. so essentially recovered that >> they confirm and do you think last final momentum push that we got in january and february. at least at the index level. that the going to see and with the average stock is far below that equal weight in russell 1000 that do does it seem the price war. strength is down 9%, 8% year to do you that i is peaked and now past and you will be able to expand your margins again slowly but surely

date also want to point out this modified v in 2018 and the way he did get that recovery is right about here four months in it's going to be confined. that's where we've been. we almost gathered all the rest of the losses. it shows you that perhaps even we have to see who is going tow if this is proving to be a very merge globally important market low and significant in terms of a bull face for this market, it wouldn't be surprising for things to flat enout here even they expand internationally and though we had a six week side they want to expand over -- even ways trading range this big question about the big nasdaq stocks, are they looking though they have withdrawn from singapore and london frothy, bubbly is it too concentrated in this but then they changed. area of the market well this is the look of the nasdaq 100 earnings yield. we'll see. >> you've been in this business so essentially price earnings for a long time. when you see this kind of surge ratio up side down compared to in retail activity around certain names like tesla as he high grade corporate bonds what we saw back in 2000 is the mentioned, does it look like a earnings yield in blue bubble to you in any way vastly lower than the bond yield. that meant stocks in this area were extremely expensive >> we have to look at the relative to low risk investments statistic. we saw that in the 1960s

in bonds look at how this is perfectly but i mean the scale up is uncomparably larger. tracked. i keep making the point the so this is certainly something largest growth stocks are valued up against high grade corporate that cannot last for a long debt it really about the scarcity of reliable cash flows in the world. and this shows you it's not too far out of whack now it does tell you that the time i do not expect levels to go valuations are extremely back to where they were previously i think trading will remain a dependent on yields being at this level favorite activity for many, many people in the future question arg we can argue if that is going to continue it is not necessarily something where it's been all about enthusiasm and hopes for a bright future for the companies. >> that would certainly help your own business. it is more about what they're able to show on a cash flow talking your book. basis at least for now we got united airlines earnings just out phil lebeau with the numbers phil >> sayer yashgs we knew it would be a massive loss and it was $1.6 billion that is how much united lost in i'll take it, mike the second quarter it is the point that the fed has we'll give ut earnings per share a lot to do with this? or the loss per share. >> the fed is keeping short term $9.31. that is how much united lost in risk rates at zero indefinitely the second quarter worst than the expectation of a now and backstopping the corporate debt market. loss of $9.02. yes rvegts that is telling you revenue better than expected exactly that coming in at $1.4 billion. that they certainly are have a big role in refreshing the the street expecting

$1.3 billion capital markets and if yields go three metrics we're focusing on from united, start off with q-2 daily cash burn. up this will be a problem. $40 million a day. that was on the low end of the guidance of the company then this is going to be an issue for this part of the provided for q-3, new guidance. market growth stocks really are $25 million a day is going to be bonds with perceivedup side on the estimated daily cash berne top of what they're giving new burn previously they were guiding for terms of today's cash. >> mike, i gather we can a cash burn of $30 million a rationalize why we're seeing a day. then liquidity as of july 20th this is a fresh move lower in yields and higher number, united sitting on in stocks given all you said the stimulus from central banks. $15.8 billion. the estimate from the airline is that at the end of q-3, it expects to have over $18 billion in cash on hand. that includes by the way a treasury loan of $4.5 billion. they have not yet taken. there are still disconnected in but have been approved for finally in, terms of capacity, the sentiment level? >> you can say it's a disconnect if you believe gold is a play on q-2, 12.2% that's how many seats they were chaos or instability or safety flying in the second quarter really low which is why they had if you say gold does well when positive unit revenue. real interest rates are q-3, it's an improvement not by a lot negative, in other words, when they're below zero, rate of 35%. the they're trying to be as inflation, rather, it suggests

judicious as possible about that everything is up. putting more planes and seats in treasury prices are way up the air. we'll talk about the q-3 outlook gold prices are way up with united ceo scott kirby. industrial metals are strong you don't want to miss this exclusive tomorrow morning on "squawk box," 8:00 eastern again, united losing $1.6 billion in the second quarter. bringing down its expected daily it really surged off a depressed cash burn rate to $25 million a level and more than doubled. >> the other thing as well, just day. back to you. quickly point out -- >> phil lebeau, thank you for that >> phil, thank you >> sorry, sara >> and weak dollar >> weak dollar as well my bad >> the just want to get a quick the nasdaq is basically the only comment from santoli on the significant index around the share price reaction whole world today. down .5% after hours giving a lot of information you also got sweden which was there, mike. it sound like they're getting a little more clarity and visibility on the rate of cash burn and what they can expect even off the low levels. >> the thing is controlling what the company can't control right now. it's been survival mode. it's been trying to mitigate just the cash bleed. and i think they've also been very communicative up to this point. all the airlines have had to be lower. a critical deadline as they've taken in new money approaches we have more on that and raised debt.

i think it is really does hinge kayla? >> it will be the first in person bipartisan meeting for on what you're going to see this round of negotiations passengers get confident and get it is set to happen at 3:15 in the volumes back up. the office of house speaker nancy pelosi you see the studder step in air travel for now, companies seem like they can weather this for a little while longer and the the chief of staff tried to find question is just how long. some consensus on where they >> okay. we'll discuss all of those feel they can reach agreement to earnings results a little more pass the next round of stimulus. detail still to come but there are some high level still ahead, gold is fishers within the republican significantly outperforming the s&p 500 this year. next, mike will take a closer look whether the precious metal still has room to rally. you n wacaalys watch or listen on the cnbc app. hey, kids! party. mitch mcconnell said there is significant differences of opinion on the payroll tax holiday that is the preferred stimulus mode for president trump. he persistently pushed for that does it not have widespread support on capitol hill.

he expects them to release them as a starting point for negotiations some republicans have pushed back on that idea. there will be another round of direct stimulus checks for one, here is rand paul a vocal fiscal hawk after leaving that pitch meeting. this is insane we're sending money to people that did not lose their job. we sent $1200 checks to people that didn't lose their job this is insane it has to stop >> worth noting that senator paul has opposed every single round of coronavirus legislation so far sometimes he's alone in that effort sometimes he voted no. other times he just pursued delay tactics. that is an important signal as we try to figure out how quickly and how seamlessly lawmakers can move to get these passed and at least paul is saying he's not

going down without a fight welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. >> president trump pushing back learn how to draw with a minions expert... against mail in voting again today tweeting mail in voting how to build an indoor obstacle course! and less change by the courts plus... whatever she's doing. will lead to the most corrupt and me, jade catta-preta. elections in our nation's the host of e's the soup! history. this coming days after he said camp tonsafun. it's like summer camp, he would have to see about but minus the poison ivy. accepting the election results in an interview with fox news. unless you own poison ivy. in which case, why? for more on what a contested election could mean for the just say "summer camp" markets, let's bring in ian into your xfinity voice remote to join. bremer great to see you as always how likely is a contested outcome? >> if it's not a blowout, the likelihood it's going to be contested is very high certainly if trump loses the election, he is going to say it is rigged. the question is will will he bring republicans with him and can they do anything about it? on the former point, we already

saw that when president trump was clearly -- clear evidence that he was trying to manipulate election outcomes by having the ukrainian president open an investigation into joe biden and his son, only one voted to convict. everybody else is no problem clearly, the bar for republicans aligning with trump if he says the election is rigged is pretty low. but then you have what can they check out best buy after do about it? hours. this is why the pandemic just issuing a sales update matters. after the close. you're going to have enormous the stock up 4.1%. best buy saying sales are up 15% moves towards vote by mail and in some cases 5% to 10% of the compared to last year since the stores reopened for customer pop tligs 50% of the population. shopping it will be hard to pull off. quarter to date sales, you're also going to have a lot approximately higher by 2.5% of people trying to show up on the day. but the actual numbers of people compared to last year. so that is a strong improvement. in balloting stations is and the company also saying it limited. that will lead to problematic is raising the hourly wage to outcomes like with he saw in the georgia $15 per hour for starting primary on june 9th. employees. that is a 4% increase. now in many swing states, you also, providing an update on the have democratic governors and number of jobs

republican legislators they say in april the company michigan, north carolina, pennsylvania, wisconsin. those are four of the six key furloughed 51,000 domestic swing states in the country that determine the outcome. hourly employees they have brought back half of if it is said to be rigged, you that 51,000 employees which can imagine a situation where includes part time workers so some strength at best buy the republican legislature which the ceo is tributes to actually send one outcome to strong consumer demand and congress and the democratic shopping experiences that governors send another emphasize safety and convene yu yens >> best buy moving higher up by so truly, it is quite possible, 4% but still ahead, snap shares in fact, even reasonably moving in the opposite direction. they reported earnings moments ago. plausib down 4.5%. plausible -- probable if there is a close election that it will we'll ask an analyst who got a seem to be rigged and contested. hold rating on t sckhaheto wt they're view is from here. stock slices. that's not something we had in our lifetime, frankly. >> and what do you think the likely impact is on the markets? >> i think it will be much more negative than usual. we had a segment about are we for as little as $5, going to get any more stimulus

now anyone can own companies in the s&p 500, rand paul is by himself on a lot of this stuff. we feel confident there will be even if their shares cost more. another round of stimulus. at $5 a slice, you could own ten companies for $50 instead of paying thousands. the republicans are divided and all commission free online. the house democrats pass schwab stock slices: an easy way to start investing 3.4 trillion as we get closer to elections, you're going to still need more or to give the gift of stock ownership. schwab. money. you'll have massive numbers of own your tomorrow. business that's are bankrupt you swroent a vaccine workable at scale if you have a contested election and you don't have a legislature that can function for a few months when you need that kind of money still pumps into the markets, well, imagine what would happen right now if the markets heard there is no new stimulus no $1.5 trillion there is zero. move that forward three, four months play it again. uncertainty around when congress is going to be able to actually meet again and with whom i would say markets would react negatively to that outcome

>> another theme in your wheel house that the market is playing closer attention to is u.s.-china not in terms of daily moves. but more and more wall street shops are writing about the theme. the tech cold war no matter who gets elected this year what would you tell your investor clients about how to brace for the next decade when it comes to the friction between the u.s. and china and this sort schwab. we're committed to making college more affordable., of battle for global supremacy that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. if you go to a walmart and buy a - [narrator] find your degree at snhu.edu. lot of goods in china if, you're an american farmer a lot of products will be sent to china i think that u.s. will still have -- if you go to american mid tier university or college, you'll have full tuition paid by social stocks moving chinese students the out sized majority of the news on facebook money that comes from julia is back. >> first the news on facebook. international students those things are not -- we're dow jones industrial average not going to break the economic reporting that facebook is

launching teens to study bias on relationship between u.s. and the platforms and that instagram china. but anything involving data. will have separate equity team and that's not just your smart to ensure that diverse communities are treated fairly phone, the digital economy on the platform. it is anything with a chip in and there will be an inclusive product council to integrate it we're breaking it in two if they're in that space, you're plaq black perspective into the product. we'll hear as they xlexplore either going to be aligned with the west, europe, united kingdom, canada, japan, diversity initiatives. they're shifting gears over to australia, probably even india snap those shares down now about or you're going to be with china and some of the poorest 4.5% snap's revenue and user countries in the world that is a real hit to the groernlg -- sorry, revenue beat trajectory on globalization. expectations user growth is right in line with analyst projections it's a herous problem. snap, the stock is trading lower. pressured by the company's projections of slowing user it's going to be two separate growth in the third quarter. the company saying in the systems. context of how it's going to be >> all right investing in the business that it is assuming daily active starting to see that huawei. users will be between 242,000,244 million. that implies the addition of after the break, novartis, one four and six million new of the makers of high drofrhydr subscribers in the quarter cher is much slower than the nine

million subscribers that it added. there is expense growth quinn. you're watching "closing bell" on cnbc. hey, kids! potential growth of expenses as well he says they're expecting -- the cost of revenue and operating cost to grow year over year at percentage rates in the low to mid 20s as they continue to invest in the long term growth of the business. shares now down 5% the. >> julia, thank you so much for. that let's bring in john freeman, vice president of equity research at cfra. john, what is your initial take on these snap numbers and then do you agree with julia as to why the stock is down 4% or 5% >> the revenue beat was in a decent earnings. sort of in line almost there was some impressive numbers with regard to user -- much higher user engagement. but that makes sense given, you know, the sheltering of in place. those are things tha to see was discipline

i didn't really get to see that. and they're projecting cost to continue to grow in the mid 20s. >> there is the ability to narrow the loss, right and to hit break even. i don't see -- you know, i think technically even a marginalized action, the loss widens. so for me, a little disappointing. >> long term though users not the key metric which is strong for the quarter. even growing if it's not as quickly. i wasn't as invested with that and it makes sense that our average revenue per user would decline in a situation where advertising budgets are going to get frozen or cut or whatever.

welcome to camp tonsafun on xfinity! it's summer camp, but in your living room. learn how to draw with a minions expert... how to build an indoor obstacle course! they have shown a lot more legs, plus... whatever she's doing. so to speak, in terms of and me, jade catta-preta. the host of e's the soup! profitability. and i'm not sure why they're camp tonsafun. it's like summer camp, thinking that, you know, upping but minus the poison ivy. the spend now or continuing to unless you own poison ivy. in which case, why? sort of invest in growth rather just say "summer camp" than to pull back a little bit, into your xfinity voice remote to join. its alittle overly aggressive. the company has never made a profit right? so it's concerning >> john, i want to talk about your price target on the stock $14 with a hold. i mean, you missed the big move higher here. it doesn't sound like you're capitulating like a lot of the other analysts following the stock higher >> that's right. i mean, so i change my recommend fr

recommendation from sell there is tremendous upside potential from the company i get very nervous particularly in a down turn when a company is struggling i'm not going to demand profitability instantaneously. you have to start to narrow the welcome back loss when the macro economic shares of novartis following today after reporting earnings situation is a little more, you the drug maker saying the second quarter sales were impacted by a know, you know, unpreable, drop in treatments and visits. cutting the sales outlook. cutting to an extremely right? i think the company is very disruptive environment prompted innovative and they have, you know, there by the pandemic. is tremendous upside potential i sat down with the ceo of i just don't think the risk is novartis and asked about that worth the reward at this point environment and whether he had had seen any countries stockpile >> john freeman, thank you for joining us and preparing medicines for what >> thank you now testing troubles doctors are warning is a second wave in the fall we'll ask the ceo of lapcorp how >> so far in terms of the the company is trying to speed up testing times amid a shortage medicines, we have not seen strong stocking activity thus of testing supplies. 'lbeacin cple minutes. far. we saw it towards the end of quarter one. i think health care systems have got to a more stable situation we're not in the same position as personal protective equipment where you are seeing a lot of volatility

we think we've got to a reasonable steady state in terms of our ability to supply a hospital the one area where i think we'll have to keep watching out is icu medicines. there was a run for certain months on icu medicines. that is now stabilized. it's easy to get lost in the economic uncertainty. the volatility. the ambiguity. this moment calls for more. and northern trust delivers more. with specialized expertise. proven strategies rooted in data and analytics... >> what about the treatment that you have been looking into and insights borne from over 130 years we saw positive results in late of successfully navigating economic turbulence. may from from one of your anti-inflammatory drugs, i giving you new clarity. think, for severe patients of inspiring confidence. covid-19 are there any follow up studies? and helping you uncover new paths forward. any more information that you can tell us about that northern trust. wealth management. >> so our approach is broad based approach to therapeutics one we have our port groel as i mentioned, we're making that available broadly which includes medicines that have proven effective like dexamethazone and

another drug called ruxalitnin they're enrolling and we hope to have readouts in q-3, early q-4. those are i think promising medicines where early data suggests that they could have an important role for hospitalized patients then we have now over 20 medicines and over 34 clinical trials elsewhere that are being evaluated throughout the world we'll continue to see that data come through as well in the coming months. lastly, our research unit is really focused on finding a coronavirus drug that we hope can be used in this current pandemic and future pandemic we have a few candidates we hope to get them into the clinic in the first part of in e year so we're doing everything we can to support the global response >> then there is hydroxychloroquine which has been politicized so much in this country. it's hard to follow the back and forth on the studies what is your latest thinking

about the drug in fighting covid-19 >> as you know, there are over 90 studies on going or reading welcome back time for a cnbc update out on hydroxychloroquine. >> hello, everybody. i think right now the emerging here's what's happening at this hour prosecutors say it is the census is it may have a limited largest bribery scheme in ohio history. role in certain settings the republican speaker of the we make it available ohio house and four others have but i think if we -- i think it looks like there is only a been arrested. limited number of circumstances the fbi says more than $60 where it may have a role million in it bribes were paid but there are some important for their help in passing the studies on going, a large study bailout of a nuclear power in the uk looking at the use plant. governor also a republican is very early in hospitalization. a few other studies as well. calling for him to resign i think that could help inform the decisions. immediately. president trump's efforts to exclude undocumented immigrants there are some countries that is meeting with strong have hydroxychloroquine as part of the standard treatment opposition nancy pelosi says it is unconstitutional and senate protocols. i think it's important we get democratic leader chuck schumer all the best data then make the says the memo is not worth the final informed decision on use of the medicine. paper it is printed on >> you have a pretty unique florida's governor says that state will soon contain the vantage point across countries coronavirus. he says the trend is much better and as a physician how do you evaluate? than two weeks ago

what is your opinion of the u.s. however, deaths continue to rise response to fighting covid-19 with florida's seven-day average versus, say, the europeans now higher than any other state including texas which has about 25% more people. you are up to date the that is the news update this >> the key is early intervention hour to really break transmission cycle. sara, back to you. >> sue, thank you. we know that from outbreaks and up next, the coronavirus testing past pandemics i think in europe, you saw a crunch the surge in u.s. cases left very concerted forceful very labs overwhelmed a cidndov-19 early to get the numbers down, test disease laid. we'll discuss with the ceo of smash the curve and get it down as aggressively as possible. l that reduces transmission labcorp just ahead experience the joy of a bigger world dynamics i think here in europe you've in a highly-connected lexus vehicle seen consistency in the use of at the golden opportunity sales event. social distancing, masks where lease the 2020 es 350 for $359 a month appropriate as well as very good for 36 months. tracking of any cases and experience amazing contact tracing. at your lexus dealer. i think in the u.s. because of experience amazing ♪ ♪ the nature of the u.s. public health system, you have seen a lot more variability in how different states have taken on covid-19 and i think because of that, you see more variability

in terms of the caseload i think the key is consistency now is the time to support the places you love. and early action when you have spend 10 dollars or more at a participating small business and get 5 dollars back, these gross outbreaks. up to 10 times with american express. >> obviously, we're going into election season in this country. "politico" is reporting today enroll now at shopsmall.com. that white house is looking at providing drug proposal executive orders including the rebate plan. what are your expectations as far as what legislation if any will actually happen with the country still fighting a pandemic at the same time? i think the likelihood of legislative action is declining. obviously, executive actions could happen executive actions have to happen within the existing laws depending on the executive action, i expect there to be a lot of debate and action from various players in terms of which effective actions are

taken. i think what we're going to see is a reset probably at the end of this year depending on the elections, depending on the makeup of the senate and the house. where does drug pricing fit in those policy priorities? and then what is the agenda that is going forward our hope as an industry is the focus will be on patient out of pockets, reducing patient out of pockets, giving patients access to medicine. a formula redesign for the long term and not kind of a patchwork of actions that may not lead to a thoughtful overall system. but we'll see. i mean the one thing we learned in the recent years is to be as covid-19 cases rise in the united states, lab companies ready for anything and we are like quest and labcorp are prepared for all the different trying to keep up with demand for more tests events >> should people have to pay for both companies reporting that results may be delayed by about covid-19 treatments and a week with testing demand likely to increase this fall, vaccines >> i think across the industry how will the labs handle the there has been a commitment to really ensure that the medicines surge? joining us is the labcorp ceo. are made available sustainbly.

we have every intention of let's talk about now, adam what is the delay like on making our medicines available average for test results to come at cost. we're not here to develop back >> hi, sara. covid-19 medicines and profit thank you for having me back pleasure to be here. from them. our goal is to support the if you go back to march, we were able to run several thousand global pandemic. beyond that, we're not looking tests per week we're now able to run 165,000 for any significant financial returns. tests per day. other vaccine manufacturers the demand for tests continues to increase. including some of the vaccine manufacturers committed this week our average turn similarly, so i think our around time for patients in the hospital is about a day to a day industry is trying to do the right things for the global and a half for people outside of hospitals, we're currently running on response and really committing average of three to five days. to say this is about production, access, science. this is not the moment to be >> how do we fix that? thinking about taking profits. how do we get that to be a shorter time period? you know, the epidemiologists >> our thanks to the ceo of say that doesn't cut it. you can't quarantine for that novartis for that. many days until you find out it really shows the story for a when you tested positive lot of these pharmaceutical >> sara, there is no doubt we stocks which novartis is lower have to continue to increase today and for the year capacity and we're continuing to beat -- it took down the sales forecast. increase capacity every single the company is pouring so much week over week in terms of resources into these studies and looking for

the first principle is build as repurpose the drugs into much capacity as fast as can you treatments, working on a gene to get the best turn around time therapy for a vaccine candidate. as possible. very early stage irrespective of what that costs. the number of tests being asked to be performed is going faster you heard him, they're not looking to profit off this than the capacity that we can they're selling it at cost build. but we will continue to work so as a result, a lot of the core business, a lot of the hard every day, all day to increase the capacity. dermatology products and opt malg products are getting hit. >> they're not one of the front two or three candidates in terms of vaccine and treatments >> i believe we have to be really thoughtful as we go into either so they're kind of stuck in the fall i am concerned about it. no-man's land on that front. but we have to look at it i also thought the discussion in terms of what some of the european nations did right versus the u.s. is so interesting. we were discussing this off line wholistic li wholistically. people have to wear masks and earlier. really interesting to seat have good hygiene. we have to do tests and have the german dax went positive for the turn around time in two to three year actually closed below that days to track and trace people level. but if you look at the two best that are sick or have been performing indices of the ones exposed to people. we talk about year to date, you you have to find ways to find got germany because it's country new treatments and to find vaccines that ultimately will has handled the virus well work we're involved in each of the therefore, it is cyclical of aspects of the plan.

rally. and the nasdaq >> i just don't understand why the country handled the virus five months into this we cannot badly and stay at home stocks. get testing right in this so two kind of polar opposite country. it's been a problem from day reasons for well performing one. and maybe we have more demand. markets. i just saw the take on what the we're just testing more than everyone else. but why are other countries able european nations or some have them have done well. to figure this out and we're not? >> you know, if you look at the they are down significantly at number of tests that we're date running around the country, it's but a great interview after all. extremely significant number of >> china also outperforming. >> absolutely. tests. and labcorp alone had 165,000 a novartis ceo there joining us day that, is more than a million exclusively. up next, wells fargo shaking up tests per week the issue is that the demand is the c suite today. even higher than that in this the latest of executive changes country. i believe some states as they under ceo. those details after the break. open did an extraordinarily good job. if you look at new york or new a wave of quarterly results set jersey, for example. to take after the close. will we'll bring ut numbers and we need all states to ensure expertnasiasoo alys sn as the that we're doing everything we numbers hit. we'll be right back here on "closing bell. stock slices. can to better control the virus. if we can do that, then we'll be able to have the tests that we need in this country, we're running on average 600,000 tests per day across all of the testing that's being done that is a significant number >> i know.

totally is i get it but i guess what i'm getting at, for as little as $5, now anyone can own companies in the s&p 500, adam, should this be taken over by the federal government? even if their shares cost more. should they play a more central role and not leave it up to the at $5 a slice, you could own ten companies for $50 states and when it comes to money and organization of instead of paying thousands. testing in this country so that all commission free online. it can be more efficient and schwab stock slices: an easy way to start investing happen faster and more effectively? >> you know, i believe that the or to give the gift of stock ownership. fda has done a terrific job of schwab. own your tomorrow. approving them faster than i've ever seen before i think the cdc has done a good hey, our worker's comp insurance is expiring. should i just renew job providing guidelines to tell it? yeah, sure. hey who should be tested and in what there, small business owner. pie insurance here with some sweet advice to stop you from overpaying on worker's comp. try pie instead and save up to 30%. thirty percent? really? sure! get a quote in 3 minutes at easyaspie.com. that is easy. so, priority >> we need accurate testing and social distancing and masks and need another reminder? no, i'm treatments and four, vaccines. good. reminder for what? oh. ho ho, yeah! need if we pull those things together worker's comp insurance? get a the, i believe we can beat the quote in 3 minutes at virus and get the country up and easyaspie.com. running again in a very significant way. >> i know you guys perform both

molecular and antibody tests where do you think the nation is at the moment in terms of immunity >> yeah, if you look at the molecular test and antibody test, we're not close to immunity yet even with the positivity rate of about 10% across the united states, you have to reach much higher levels of exposure. that's why in my opinion, there is nothing more important than trying to reduce the incidents of the disease and not trying to get to herd mentality but reduce it now through the precautions and vaccines as soon as possible >> i want to give a shoutout to the pixel service. that is actually -- i used it and quick and you order on line and send out a test kit with wellsfargo announced that really clear instructions and get it back to the lab the veteran ceo will step down how widely is this being used? in the fall after 22 years at the company and will be who should be using this >> yeah. so pixel is much more widely replaced used to day than it was even a last week on his earnings call

week ago the ceo had some strong words i expect next week and into the for wells' prior management future we use even more. in general, i believe that the cdc guidelines on who should be tested outside of a hospital teams. >> leadership didn't make the difficult decisions necessary. setting could be appropriate use for pixel. we also recognize that we've when we launched, we launched been extremely inefficient for our test with three principles too long and will will begin to in mind. one, build capacity as fast as take decisive actions. can you. since i joined the company, i two, make sure nobody is advantaged or disadvantaged named six new members to the based on their ability to pay. operating committee coming outside of wells fargo with so anybody can order pixel strong and relevant industry online and get the test. experience there is no up front out of >> last week i asked the cfo pocket cost. whether that commentary was there is none of that for any of demoralizing to hear as one the our tests. third thing is make sure nobody few remaining membersst old is prioritized over anybody else and the only exception we made guard. >> i think it's a very fair for that was for patients that criticism for him to say, were in the hospital to try to listen, i've seen what good save ppe looks like wrels and so have the >> adam, thank you so much for folks that joined us in the last joining us >> it's a pleasure to be here. nine months. and even before who joined us thanks for having me from outside >> up next, two tech companies spend a record amount on and there's a different way to run this bank. loyi lt bbngasquarter. a different way to be structured we'll tell you the names when "closing bell" comes back. and different way to operate we're going to move in that direction. >> i don't know if john knew of ♪ this pending news when he joined come on in, we're open. us last week ♪

an interesting comment given today's news and guys, i mean, he clearly stuck around a lot longer than a all we do is hand you the bag. simple. done. we adapt and we change. lot of the old guard that was also clearly warranted you know, you just figure it out. given he was never in a role of leadership over the business we've just been finding a way to keep on pushing. unit that -- or the cross ♪ selling and wrongdoing was in. the question is whether he deserves to go at this stage and i guess whether or not the answer to that is yes or no, investors don't really mind. and they'll probably look at this and say, look, already six of the nine operating committees changed. might as well make it seven. and really try and draw line under the previous management team and get this fed asset cap lifted the shares are up sharply today. that's a broader rebound and rotation into the banks as opposed to having to endure this news there is little less -- little left of bad news that can come out to damage the stock. >> new leader certainly has the right to install his team.

wells fargo is bottoming out relative to the s&p 500 banks starting at the end of june, after the dividend news came out. it seems like it cleared the decks. evaluation premium is gone looks cheap as well. we'll see if this is, you know, more of a real inflection point for how wall street views the company. >> i think the real question is will the new ceo come on cnbc. >> if not the new cfo, the new ceo. i've been requested either for a very long time >> all right time to get a cnbc update with sue herrera. >> hello, everybody. here's what's happening at this hour a hearing on atlanta's mask mandate has been delayed after not one but two judges recuse

themselves from the case governor kemp filed suit to block atlanta's mask requirement saying local leaders can't challenge the lax restrictions confederate statues should be taken down reverend robert w. lee testified before a committee this morning. he drew on biblical scripture to make his case. and in paens, thd to land safely on a rural highway. the plane did strike a car but it caused only minor damage. and luckily all three people on that plane survived. amazon and another company you're up to date. setting new lobbying records that is the news update this hour sara, back to you. i'll see you next hour >> the big take-away is amazon >> all right see you then spent a record amount on sue. lobbying for the quarter and thanks fl. coming up, labcorp is doing

tikt tiktok's parent spiked its lobbying fund by more than 60% millions of tests. overall, though, facebook was we'll talk to the ceo of the company and how they're the top spender. addressing the lag time. as we head to break, a quick its lobbyi ining spend fell by % check on bonds for you yields lower across the board today. since last quarter despite some of the strength we're seeing in stocks amazon and microsoft were the you're also seeing buying of only two tech giants to increase bonds. their lobbying funds amid the pandemic now the reports are out as the ceos are getting ready to testify before a house panel on monday. >> tiktok certainly has its work cut out for it up next, tapestry's ceo stepping down today under some pretty unusual circumstances usaa is made for what's next no matter what challenges life throws at you, we're always here to help with fast response and great service and it doesn't stop there we're also here to help look ahead that's why we're helping members catch up by spreading any missed usaa insurance payments over the next twelve months

so you can keep more cash in your pockets for when it matters most and that's just one of the many ways we're here to help the military community find out more at usaa.com it's like walking into the chocolate factory and you won a golden ticket. all of these are face masks. this looks like a bottle of vodka. but when we first got these, we were like whoa! [laughing] my three-year-old, when we get a box delivered, screams "mommy's work!" mommy's work. with this pandemic, safety is even more important to make sure we go home safe every single day.

coming up, the travel industry is a major focus of it's a bad day for elon concern during the pandemic, we'll speak with jonathan tisch after this short break musk, right, phil? >> a bad day for elon musk we have the second of your pay traunches of your $55 billion potential pay package vest, that's a good day. that's what has happened you take a look at shares of first up is this exquisite bowl of french onion dip. tesla. when you show the six-month i'm going to start the bidding at $5. chart you see that the average thank you, sir. looking for $6. $6 over there! market capitalization for tell do i hear 7? $7 in the front! $7 going once. going twice. tesla shared have topped $150 sold to the onion lover in the front row! billion. that's the six-month average next up is lot number 17, a spinach and artichoke dip, which would unhock the secolockf beautifully set in a hollowed-out loaf of sourdough bread. the pay traunches. it works out to $2.1 billion in don't get mad get e*trade and get more than just trading terms of the pay package that investing. banking. guidance. would be coming elon musk's way. by the way, he would have to in a highly capable lexus suv

sell those shares in addition to at the golden opportunity sales event. the $700 million worth of lease the 2020 nx 300 for $339 a month for 36 months. options he received experience amazing at your lexus dealer. so what you're looking at is a very good day for elon musk hitting the second of those pay traunchs with $2.1 billion. >> mike i guess he takes no salary at all so fully warranted. you can't argue with the performance of it. >> you certainly can't argue with the performance he does take no salary, but he also is a founder who owns, you know, 18-19% of the company. yet they still have these compensation provisions where they reload him with more equity at these discounted option strike packages. tesla is a big holder in all of these esg portfolios mark zuckerberg also a founder at facebook. he takes no salary, no bonus he takes no stock compensation

it's basically the expenses he accepts for private security from the company >> shares of tapestry closing up 4% today, the retailer announcing this morning that its ceo resigned for personal reasons effectively immediately after they opened a probe acc e welcome back several states added to the accusing him of posing as a quarantine list in the tri-state photographer with an alias to area including nebraska, north lure her into a romantic dakota and alaska bringing the total to 31 states not great news for the hotel relationship he says in the past month a woman i photographed and had a industry occupancy rates were climbing relationship more than 10 years back from the lows and started ago reached out to various media to plateau organizations to express her joining us now jonathan tisch, concern s about what had lowe's hotel chairman and occurred i felt compelled to resign treasurer. today. back in 2009, he was a nominee thank you for joining us we'll dive into the numbers i for the united nations as a

mentioned. have you seen something similar financial envoy under president with your hotels that picked up off the lows but plateaued over obama but he later withdrew from the last month or so consideration for that job for, >> very much so. quote, personal reasons. it's a challenge according to reporting from the cable, zeitlin faced criticism for his business dealings relating to indian contractors and was also previously accused our hotels are domestic and of identity fraud. a little bit of shadiness there. we're in states that are spiking. so the numbers that we were i cannot think of a worse time feeling good about are for something like this to reversing. and that's going to be a really happen he wasn't a ceo for very long. tough position for our industry. that company, like so many other we have furloughed, we have laid off and separated ourselves from retailers, is in the middle of so many dedicated men and women who care about their role, they care about their positions and to have to make additional the throes of a pandemic layoffs is really a tough place they own coach and kate spade for us to be and they were already having some weakness. the handbag category has been particularly weak going into this crisis. now the cfo is going to take wear a mask and adhere to the guidelines over we offer safety and security in unfortunately the very short our properties we do it as an industry. list of black ceos gets even

and we certainly do it first and foremost as a company. >> and, jonathan, i guess that shorter. i think there are four now in is the immediate message the the fortune 500. rest of 2020 you are fearful particularly as >> very new ceo of a company it comes to business travel that there will be a long term impact that was already struggling that worked from home will reduce the need for business quite a bit, very dependent on travel long term mall traffic and specific >> certainly if you look atsur fashion accessories. have as, they are starting to indicate that. tapestry either one of the best but we and the travel industry or worst performing stocks in the s&p many days because it's a pure reopening or at least it's are optimistic, we work together viewed that way by the traders. through our industry groups. we put protocols in place. >> we've learned from netflix we have safe stay guest and snap these stocks have run into disappointing earnings. checklists we want our guests to know we care about them. but the reality is this summer, >> very difficult to imagine a higher bar here just because of most travel is based on drive to the valuation that's been added to microsoft over these months destinations that are somewhat and the fact that people find so near your home many reasons to love it. there probably will be no return we'll see how high the stakes to significant business travel are for that report. inthe fall >> microsoft and tesla reports groups are an issue until regulations change will be during "closing bell." and we can put more than 25, 50

fa"fast money" starts right now. people in one meeting at a time. i will say that we open lowe's tonight's trader lineup, tim kansas city hotel on june 1st, seymour, karen finerman, chris 800 rooms. we're having weddings at some of mil mills. big tech pulling back sharply our properties and then the last piece of this after yesterday's rally. puzzle is international travel the latest news on the stimulus that is a tough one also it's not going to come back for package. we'll bring you all the a while. >> so what is your occupancy headlines. gold prices hitting a nine-year right now? >> we don't disclose individual high today plus jeff mills, the general, occupancies. but in certain places we're he's got a fast pitch on one doing okay but also you have to understand financial name he says can add that we are spoiled in the to the 30% gains it's already business we had many, many quarters of seen this year no, it's not really strong occupancies, strong adrs. and we're not seeing that now. travel and tourism is the largest industry in the world and millions of people are at risk of having already lost their job, could lose their job. unless we can find a way which we will do to work together to stimulate travel, to get people feeling safe about the protocols

that are in place, wear a mask, wear it for yourself, wear it for our team members, we'll do it for you >> currently congress is hashing out the details of the next stimulus bill. what would you say needs to go for hotels and do we need to see another round of ppp for -- i know you own your hotels outright many are owned by franchises across this country. >> sara, you're right. we're different than some of the big names. we have equity interest in many, many of our properties some 100% and some 50% so we do own the real estate we do own the business we think that congress should extend the ppp at least until the end of the year for our workers who find themselves on leave of absence still there may be adjustments in the tax code let's reinstate the business

meals deductibility. let's put in a tax credit for travel let's support the dmos, destination marketing organizations around the country who are really hurting, who are ready to promote travel to a particular city or a particular location but they can't afford it right now. those are the kinds of ideas that congress needs to think about for our industry >> is there a wave of bankruptcies to come at the end of this year >> let's take new york city as an example the estimate is some 20% of the hotels in new york city will not reopen and that might be the story across the board it is a very, very tough time for travel and tourism we're doing everything we can to keep everybody safe but find the right time, the right time to tell the story that people want to travel. it will be safe to travel. a seamless experience with the

airlines we need to find the right moment to find the dialogues. and we will do it as an industry we've done it before we did it after 9/11 this is a much p more difficult period i've been doing this for a long time and i've got some amazing colleagues in this industry. we are ready to fight the battles. the men and women who lead great tourism organizations around the world. but it's going to take some time >> jonathan, let's talk a little football i mean the nba spent months trying to figure out this bubble in orlando your ownership stake in the giants it seems like the nfl is a little further behind with the season in less than two months away is it? >> well, i think the conversations with the players are continuing there is agreement about how to handle the protocols in terms of testing. certainly we are looking to see the successes so far at the nba

and everybody staying in the bubble people testing negatively. baseball, other sports and football certainly is america's favorite entertainment today. and the networks want football we want football as we continue conversations with the players, the same things that we discussed a moment ago about keeping everybody safe is paramount in the conversations. it will be great if we can play the game i think the american people want to see football in the fall. i think it will be great for our country and just would be a real lift to have football back on live and games that are really safe for the protection of our players and everybody involved >> not to mention a big economic hit to the juggernaut that is football jonathan tisch, thank you for joining us. >> thank you for having me after the break, coke pops on earnings.

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welcome back to "the market zone." we have lindsey bell with us as well good afternoon, lindsey. let's kick thing offs with the broader markets. slipping as we approach the close in the last hour or so mike, we may be slipping was he approach the close but the theme remains the same throughout today's session >> the market is corn tending with the fact that the huge leadership stocks in the nasdaq as strong as the trends have been look a little bit stretched. the if you look at the nasdaq up 50% off the lows in four months, it is as far above the 200-day

average. so essentially just there's been too much upside momentum for it to quickly continue here in the short term so that is one dynamic the other is i think somewhat loosely held conviction that value is the real trade. the i think people are in it to play the quick reversal. is off as i look at the last hour or so, just seems like the top started to spin a little bit slowly you had had an upside gap at the open and sat there all day mostly it is the big tech stocks weighing on the s&p 500. >> so what extent are earnings providing a market narrative or theme or moving the stocks against, you know, the powerful forces of vaccine hopes and the

fed? >> i think you're seeing the sector take a breather before we get to the big earnings releases next week. we'll have some this week. but you get the bigger names like amazon, facebook, google next week. this is when we see air decline of 8.7% of the technology sector within the s&p 500 have remained stable by the way, that's one of the best expectations for the second quarter from a growth perspective. the joifr all s&p 500 expecting to decline 45% investors are getting nervous that it could be a sell the news event like we saw with netflix last week. >> let's hit earnings. one winner so far, coca-cola up nicely today.

helping boost the dow. the company did see the 23rd earnings beat in 25 quarters, nice streak there, coke also posted the largest revenue drop in 30 years. coke did not provide any guidance about future guidance i did speak with the ceo earlier today about his outlook. >> certainly our expectation that q-2 will have been the worst quarter in this crisis i think going forward there is still a lot of uncertainty as to exact nature of the recovery and the direction. but we feel pretty good about saying that q-2 was the bottom and we'll see recovery from here forward. it will not be a straight line >> that's one reason the stock is higher in will volumes and sales across the region. the setup is coke is down 15%

year to date it was unusually underperforming the rival pepsi. so the street was pretty much expecting the weakness given that coke last quarter said 50% of the business is a away from home for restaurants and bars. quincey said as reopenings happen, the business should come back. >> that was a jolt i think to the way people are positioning coke there is certainly the perception of stability. this is quun one one of the very few events that coke has exposure to consumption away from home. that seemed to be built into the stock. we note as well, if i look at the coke dividend yield relative to the s&p 500 dividend yield, it's basically at more than a decade high right now. it still does have that yield advantage. i'm sure that is giving the stock a little support even though it's not really a market right now that is really chasing high absolute dividend yields. it is something out there if you believe -- certainly this was

the bottom quarter in terms of year on year rate change i'm sure that's the case so it seems as if that might be something that investors focus on is the yield story. >> and lindsey, just to go back to a point you slightly brought up in your first answer. i guess it speaks to the relative expectations for different types of companies coming into earnings last week net nix was flix he we internet basket. do you think amazon or microsoft of late, they seem to have been linked to momentum do you think earnings will change that? >> yeah. i think earnings, what we're seeing this week, too, with coke, what we saw with netflix and even ibm's initial reaction is you are seeing the market reacting to the results and the outlook and commentary that corporations are saying. but you can't take out the eat qua out the equation what the stocks

have done. if you're going into earnings and they beat. it could be a sell on news event. the bar is simply set that much higher for some of the names i know we'll talk about snapchat later. but you actually seen earnings expectations in sales expectations move higher the last couple of months for that that is a stock that is really taking off so i do think that you can't forget where these stocks have come from going into the reports. the. >> let's get on to snap. one of the big names set to report after the close julia has a preview for us >> well, we'll see whether snap benefits from the facebook ad boycott and users having more time on their hands and whether that can outweigh an advertising contract here with the social platform when they report shortly. analysts anticipate they will grow revenue 13% the company's expected to report a 9 cent loss per share. that is three cents greater loss than the year ago quarter. it is expected to add 9 1/2 million active daily users for

238 1/2 million active users the sara, i'll be watching the numbers. back to you. >> julia, thank you. now let's get to phil lebeau for what to expect from united airlines also out after the bell >> we're going to see a massive loss how big of a loss remains to be seen when the numbers come out in a few minutes, the expectation is for a loss of just over $9 a share. but like with all the airlines, i don't think anybody is really paying attention to the exact loss the we're focused on the latest cash burn rate what are they going to say about q-3 demand and cost outlook? tomorrow morning on "squawk box," do you not want to miss this, our exclusive interview with united ceo scott kirby. he'll give us his take on where the market is right now especially with the plateau in demand for people who are out and about flying around right now. back to you. >> yeah. we just heard it from jonathan tisch of lowes hotels. not looking good phil, thanks we have just over two minutes left of trading in the session

dow is up 143. we're near the lows. what you are seeing? >> they started off very strong. in fact, yesterday just remember we had this rally that was entirely narrowly based in the big nasdaq stocks. breadth was negative today, we still have much more volume and advancing stocks. the nasdaq volume is a little bit more mixed at this point so far it's more of a breadth looks okay even though the headline index backed off a little bit i want to take a look at high yield. it's been improving for a couple of days now. it had gone side ways and got into june and july it picked up a supportive element for equities then take a look at the volatility index the daily check right here never gave much ground at the markets highs of the day here you see it popping slightly above 25 again nothing math bick that level it is roughly where we bottom in early june

still shows persistent demand for down side protection in the s&p 500 index if not in individual stocks right now. so bulls want to see this bleed lower as i keep saying it's a little stubborn >> thanks so much. just over one minute left of the session. briefly the s&p 500 was negative about five minutes ago the nasdaq was down more than 1% but we're off the lows as we speak. you can see quite a lot of selling in the final hour. the high is up 345 that is still 0.6% of gains for the dow. outperformer the s&p 500 for you. touched negative moments ago but back to ten basis points or so positive. nasdaq composite remains the lagger on underperforming down 0.8% rotation out of tech, out of growth into value and into cyclicals. energy, the best performing sector on the s&p 500. quite comfortably up a healthy 6% oil prices rising 2.2% energy stocks multiplying that by three financial sector 1.8

banks in particular within that are doing well wells fargo up 6.5%. that is a recent underperformer. tech communications services and consumer discretionary the worst sectors as you would expect with that tech weakness today of course, amazon and consumer discretionary all of the big faang names in the red tesla down 5%. amazon, apple, microsoft, facebook down 1% at the close, the nasdaq down 0.8% s&p 500 up .2% >> looks like we just got a positive close there on the s&p 500. making it higher for the fifth day of the last six sessions welcome back to "closing bell. as always, mike santoli and cnbc commentator, take a look at how we finished up on wall street. dow performed the major averages ended in a weak spot relative to where it was for the rest of the session. up 159 some outside impact there from

boeing and chevron the point contributors to the dow's rise the s&p 500 up a little less than .2% did you see some positive performance from groups like energy, technology taking a backseat that is what led the nasdaq to close lower down .8% did it hit a record at the open. pretty much went negative and underperformed all day long. closed at the loefz the daws of. the russell 2000, ip 3.33% owens and minor, a company we don't talk about had a big impact that stock surging 80% medical logistics company. helped the russell 2000 index of small caps outperform on a day. but it's been underperforming for the year investors getting set for earnings from snap, texas instruments, united airlines, td ameritrade and interactive brokers. this is going to be a big hour we'll break down the results as soon as they are released for you. and then we're going to discuss interactive brokerage results

and the outlook for the market and trading when we're joined by the chairman, thomas petterfey joining us, lindsey bell still with us. first though, it you, mike the air coming off a little bit of the high flying nasdaq names after yesterday's extraordinary day. what do you make of the strength we saw today and places tied to commodities which, by the way, crude oil also had a nice finish >> the inverse of yesterday. yesterday was just a revival after four days of those huge tech stocks. the average stock suffered today the equally weighted s&p 500 up 1%. or just barely positive. then you had russell 1,000 value up more than 1% as you had the nasdaq down. so it shows you the math problem if you're an index investor and you want to see a rotation out of the big concentrated growth names. because they represent so much of it that rotation generally means it's going to be a stand off or a kind of a stalemate in

terms of the index or could actually weigh on the overall value of it. not going to extend today's action and say this is the new pattern. this pin pal between different styles of investing day to day >> mike, what is triggering this rotation you said it was the polar opposite of yesterday. that was the polar opposite of last week. >> it has been >> there has to be something to make this change it is not good news on the virus. it is not good earnings from any of the cyclical companies. >> i don't know if it's good news it's certainly not incrementally worse than expected news on the virus. i know that is a very low bar. you have global revival of companies and it's in support of general risk the problem is the nasdaq as i said up 15%. it looks stretched even the s&p 500 rally right

now, it is doing better than rally off the 2009 generation aloe in stocks there is a lot of room to settle down from here still in a strong uptrend. you see a seasonal force is even turn a little negative so right now, it still held above the top end of the six week range from the s&p 500 and if any of the shifts really, you know, continue from here >> it's true energy financials and industrials as the winners of the day. the value rotation are you a believer a lot of people say that you're not getting confirmation from the economic data but also from the bond market which continues to show lower yields which we saw again today. p .6 on the ten year >> yeah. i think there is definitely concerning signs out like what we're seeing in the treasury market what we're seeing also infer the vix. mike pointed that out earlier. stubbornly staying in this mid

20 range that indicates there is some level of nervousness within market also, even if you look at a gold prices continue to go higher there. so there is some ways that investors seem to be hedging as the market begins to feel a little more stretched going into earnings season for sure i think what is really pushing the market higher is this belief that the secretary quarterer is going to be the bottom for earnings third quarter is still going to be pretty negative but get better same with fourth quarter better than the third quarter. and then again, looking out to 2021, being optimistic that we'll be able to maintain earnings expectations as they're set at $161 per share for 2021, i think that's what investors are looking towards. they're looking out to next year they're hopeful that the stimulus packages that are being talked to congress right now will help get us through the end of this year >> mike, you mentioned the vix earlier. what other measures of fear versus greed out there that we

can look at over the last couple of days? >> yeah. first of all, the sentiment is getting more optimistic. the index is a composite of market based measures. it's made kind of a multimonth high certainly not as high as it's been at the peak in recent years. people are looking at the fact that options speculators are very much skewed towards playing the upside bets. that has been a little bit of a head wind towards the sentment picture. people get took bullish in the short term but against that is this idea that traditional investors are underinvested. i guess that is less true incrementally but still somewhat true that big investors such as symptomatic hedge funds and traditional retail are not in this market with both feet what about the tone and guidance the other thing that coach showed you today is not just the setup. it was down double digits going in

setup for some positivity there. but the tone to hear quincey talk about how second quarter was a bottom. what you are getting so far? i know it's early from the ceos. >> yeah. the tone is so important and also, quarter to date trends we just started the third quarter too. that is almost more important than what happened the second quarter. philip morris came out today they were raising their outlook for the second quarter lockheed martin also and then prologis. philip morris talked about june month to date trends getting better too so i think the company that's, again, also not forgetting where the stocks have been before the earnings report either, but companies that can have a positive tone about the outlook

over the next couple of months in the face of rising coronavirus cases are certainly going to be rewarded >> let's get to our first earnings of the afternoon. we have texas instruments. >> that's right. the chipmaker reporting earnings per share of $1.48 that includes a 33 cent benefit that the company says was not included in the original guidance but that looks like a beat 88 cents is what the street was stekt xpektin expecting. revenue coming in on mark. the company did raise the eps guidance we're looking for a comparable eps number but what they're guiding for the third quarter is a range of earnings per share between $1.14

and $1.34. revenue between $3.26 billion and $3.54 billion compared to $3.1 billion you can see shares are up 3% in the after hours. they've been producing chips they have at the beginning of the year in anticipation of that we have to wait for the earnings call which kicks off shortly there is very little commentary in the earnings release about what they see for the remainder of the year apart from raising that q-3 guidance eps and revenue. back to you. >> thank you so much for that. texas instruments up 3.3% in after hours trade. michael, to throw new straight to the deep end, what is your take on seeing anice beat ther from texas instruments and whether that can in fact reignite the broader tech sector which suffered today

>> i don't think the tech sector is really going to suffer much longer even though we have a short term down term today in the last couple days i think tech is really a space you want to be obviously, these are really good numbers. you know, 25% of the s&p 500 roughly reports in the next ten days or so and it will be really telling on what the guidance looks like i think you're going to continue to hear a course of companies talking about how the worst, not the medical situation, but the earning situation, the worst is behind us. so i think this is going to be a trend this be quarter season even though the medical news is horrible, i think the financial news is going to look better >> last time you were on with us, you said you prefer large cap stocks over small cap stocks and u.s. over international. that has been a pretty good call is that what still your strategy >> yeah. it is. i think that scale is going to really matter. i think large restaurants will

survive better than small restaurants. and i think particularly in asia from an emerging market standpoint, you're going to see real problems in the emerging economies. in my contacts with china, i talk to people in china every single day things are tough on the ground in china businesses are really retrenching. even though there is some sort of bounce back occurring off the bottom, just look at the united states and comparison. i think the united states is far better position. i think you stay u.s. if you're going to go international, go global, go multinational i think that's the way you get your international stocks these days. >> more earnings to tell you about. snap just out. julia with the results julia? >> yeah. looks like snap -- yeah, snaps results are out. earnings per share, a nine cent loss that is in line with expectations revenue reporting $454 million in revenue beating estimates of $439

million in revenue that adds up to average revenue for $1.99. they are projected it is flat with a year ago quarter. daily active users coming in at $238 million that is half a million less than wall street estimates. and the company giving a couple of -- not giving revenue guidance but a couple different points of guidance saying that revenue to date is july 1st through 19th up 42% year over year. that will continue thus far. they estimate this last three weeks about three weeks to be 32% of year over year. and for their cost structure, they're assuming that the daily active users will be between 234,000,239 million. that is four million users added. so they do have some other

interesting stats here you have see the stock is down 11%. >> julia, thank you. and, mike this is another example of a tough setup of 100% over the last three months looks strong on the financials a miss though on the users after last quarter that was such a bright spot. >> the stock is giving back the last month or so of upside traded around $22 a little month ago. that is showing you extra kind of upstid that can get skim add way right here so a little too early clearly unless we hear about it in the call to get any sense of market share shifts based on facebook boycotts it really was about the field position of the stock going into it trading a little rich. of it's about as high as it's been since the early days after the ipo.

>> on average, snapchatters open snapchat 30 times a day. we'll continue to follow snap. thank you lindsey and michael for joining the conversation good to see you both up next on the show, we'll ask interactive broker chairman about his company's earnings and how the customers are putting money wtoork in this environment. we're back in just 90 seconds on "closing bell.

td ameritrade earnings are out. kate rooney has the numbers. >> setting new records when it comes to customer accounts let's get you the top and bottom line numbers though. both were a beat $1.09 on eps versus 85 cents expected revenues were a beat let's get to the record daily active revenue trades. 3.4 million. that was more than four time the prior quarter. up 62% quarter over quarter. net new client assets, $33 billion. it was about 60/40 retail and institutional investors. that grew 11% year over year record growth new funded retail accounts as well the interim president and ceo called the results exceptional driven by that retail trading boom td is set to be bought by charles schwab for $26 billion executives from td say that is expected to close in the second half and that deal is on track

back to you. >> thanks so much for that and now shares of interactive brokers moving higher after reporting a q-2 earnings beat moments ago. the stock year to date was about 10% or so. are you picking up trade from the other brokers? >> so we have individual customers. we have about 55% of our customers are individuals. the rest of them are hedge funds, financial advisors and smaller brokerage firms who do not wish to create their own

technology >> i think the stronger segment is individuals. >> do you think that is sustainable? i mean, you have observed crazy levels of engagement with individuals over last quarter in a way you think is not sustainable? >> i do not tho back to the pre