which was i think 33.86 or there abouts >> 3393 is the intraday high >> this is the sharpest snap back in market history >> one of the other oddest factors about this whole recession and recovery >> what a whacky year. thanks for watching "power lunch," everybody. "closing bell" right now >> thank you, kelly and tyler. welcome to "closing bell." i'm sara eisen here with wilfred frost. it happened. the s&p 500 set an intraday record high this morning and we're on track for a record close h again, we really are let's see if we can close at these levels look at what is driving the action right now amazon, the top performer, walmart and home depot trading lower despite what were blowout earning reports number progress on stimulus.

housing starts surge 2ging 22% n july countdown to a record. we are above it right now. but as we have said, we have been there before. 59 minutes until it's official will today be the day? i don't know, mike san toll ji not here. if you missed out on the market's stunning rally, is it too late to jump in now? we'll ask founder mike novogratz for his take and a world of difference. how much the global economy has been altered and the challenge that's remain with david melpass. let's get to the stories we're watching bob pisani is marking the action sara has new details on one of

the biggest earnings and bob, let's start off with you. it's technology. there is the tech on the upside. a little consumer discretionary. that is amazon and advance auto parts. this the he do very good retailers lagging behind here. that's how important they are. those are not typos. apple, 42% the stocks all major reasons why we're at new highs today as for the retailers, yeah, we are at new highs at the open at

home depot and walmart not right now. the great same-store sales them. you see kohl's, ross, gap. the problem is clear cautious commentary on the third quarter eastern back to school here walmart cfo said essentially what everybody was thinking about, concerned about here, consumers are spending money but not at a pace they were in the middle of the quarter. the back to school season is off to a slower start than usual i think that's the reason we're seeing such concerns in the retailers today. and if you look at the s&p 500, don't be surprised if you see a little pullback. it is very typical, guys, to see 5%, 6%, 7% pull yakz after you hit new highs. that has been close to the norm. back to you. >> bob, how much of the traders you talk to focus on the u.s. dollar i know traditionally the correlation is lower dollar, good for equities. but is there a level below which they don't want to see it fall, don't want to see it into free

fall >> of course, the strong -- a weak dollar makes imports a lot better, exports more expensive there is a little bit of a tradeoff there but i think it's a major driver of the commodity markets right now. certainly been a major driver of gold, for example. it's not been a huge help for the oil markets. still stuck around the $40 level. i think it's a component particularly in the fact that emerging market sectors have been doing a bit better than expected recently. >> bob pisani, thank you so much for that now shares of kohl's are plum itting on the back of what looked like a solid earnings beat you caught up with the company's ceo. what are the key take aways? >> first, got to check out shares they're absolutely plunging to day. company also painted a grimmer outlook for the rest of the year saying back to school season has started soft and is planning conservatively going into the holiday season the one bright spot i mentioned

is digital sales are up 60% compared with a year earlier consumers stay at home and shop online i did just get off the phone with the ceo this afternoon. here were some of the comments to me. she said this past quarter demonstrated how strong of an operator kohl's is for instance, kohl's stores were closed 25% of the time during the quarter. this was nonessential retail and sales were only down 23% which she shows shows the power of how they were able to offset the weakness with digital sales. the balance sheet is strong which does compare with a love the retailers. the july softness, that is really what seemed to hit the stock which the company laid out. she told me she is trying to be

prudent to wall street and convey that back to school is off to a delayed and slow start. that she said, and they did see softness in texas and florida. in that half, we're anticipating the holiday season will start earlier. there is this question she mentioned to me. that is still a huge question mark that is as early as ctober there is consumer ib sights into a loyalty program and just a lot of data from the consumers and lastly, i think this is an important point from a category perspective. they saw strength in home and active wear. we're all lounging at home those are areas that kohl's has particularly invested in and they can continue to lean into forrest of the year we have a different picture about what the future of

department stores really is with many of them going bankrupt and others really struggling financially. he made the point that kohl's is not and does not think of itself as a traditional department store. 95% of the stores are outside the mall they're not set up from a format perspective. and they're not in the same categories as a department store like active and apparel. and this is in my words, it's more of an in between. like a walmart and target and full on department store and they're transitioning business to keep up with permanent business they're into categories like home and active wear and essentials >> and really exactly to that point, it kind of highlights how surprising, perhaps, maybe not quite the right word, but how different the share price performance is the big dufrns is the guidance

and yet, you're seeing kohl's struggle way more. >> right that is different for one main reason it is forced to close down the stores like a walmart or a target or a home depot which we're allowed to be open they had the sales grow by the same amount that coals lost. that's a key distinction and they're vulnerable to the stimulus with no stimulus deal in sight >> whereas the walmarts still have the groceries to depend on, for instance, is a huge chunk of the business that's more of a defensive play

in this overall environment of uncertainty. >> kohl's down 14% as you can see. walmart and home depot were down a little bit as well a in you surprising candidate for the race to buy the company's u.s. operations. josh lipton has the story for us hi, josh >> so the reaction from many to this news was shock. why in the world would oracle want to acquire tiktok's u.s. operations they're a business software giant. that is a potential suitor here. i checked in with evercore he said this might not be as far fetched an idea as some might think. they have the financial strength to make a bid with another firm. and kirk says perhaps oracle can see this as of an investment meaning larry oechllarry elison

up the business. storing and protecting all that user data. elison is that rare executive near silicon valley that does openly support trump even reportedly thoeg a fund-raiser for the president. guys, back to you. >> thank you for that. >> sara, the key thing that comes to mind for me when we hear of these new entrants in this race is where more intrants makes it less or more likely that a deal gets done in time before the president's ban comes into play. it's a big hurdle to see all the necessary regulatory approvals go through and the separation you need from the parent

company. i just think that facebook has to be seeing this and welcoming it as they breaux their produgr meantime. >> for sure. it does appear that trump administration wants to get this sold i don't know how long it's going to take from a regulatory perspective and approval perspective. i wouldn't see it as a traditional kind of buyout just because it's in their interest to keep it american. and to get it sold by an american company which is why the link from oracle to the trump administration is so interesting. >> don't forget this is also for the canadian, australian and new zealand assets i never quite know why the uk and europe is not included as well or whether this should be the global ex-chinl assets i think there is a lot of little hurdles to get over.

>> it's never as simple as that. >> and give us a piece of the deal so we'll see story that keeps on giving always more developments on that particular one we are, by the way, still in record close territory after the break, walmart warning the consumer spending levels had dropped off since stimulus checks had expired we'll speak with an economist about whether he brought economic reckonning on the horizon. we made usaa insurance for veterans like liz and mike. an army family who is always at the ready. so when they got a little surprise...

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new numbers show assets in the trading volume >> hi, fidelity reporting record customer asset thanks to the boom in retail trading

the boston based company had $3.3 trillion in discretionary assets at the end of june. that includes mutual funds, etfs and other managed accounts which saw a 15% increase from a year earlier. customers opened 1.2 million new retail accounts in that quarter. that was a new high and trading more than doubled with an average $2.3 million back to you. >> kate rooney, thank you very much latest economic data showing some signs of strengthening for the u.s. economy july housing starts topping estimates surging by 22.6% of retailers like home depot and walmart seeing strong consumer demand as well walmart did note that sales growth slowed down in july as stimulus began to taper off. joining us for more on what's going on in the economy is lisa

cook, economics and international relations p professor the amichigan state university she along with other economic advisors met with joe biden and kamala harris last week to discuss the economic fallout from the pandemic. professor cook, thank you so much for joining us. so what is happening there with the economy and how do you reconcile the fact that the consumer spending so strongly on housing and essential retailers at a time where unemployment is so high. >> i'll take your last question first. it seems as though the recovery has largely been completed for high income households that means there's demand for products, for renovations, that will make their homes more palatable to work from so these are the people who haven't been affected,

devastated by covid-19 so they're investing in the houses or they're moving houses. and the housing starts are going up it's indicative of that. so that's currently what is happening. but that's a certain segment of the economy. there is still a large segment of the economy that has been deemed essential and is delivering all those groceries, is providing health care for example, is packing meat, for example. so we are looking at different parts of the occupation distribution to assess what is happening with the economy so that's the first thing. so that's how we can see housing starts going up. but with he can also see rises in the stock market. that's where the recovery is for high income households as well and this is just 2008 recovery where the stock market recovered

a lot faster than the overall economy. in this recession, it's the sectors that are a small share of the s&p 500 so that seems to be part of the explanation. another part of the explanation is probably that market participants are waiting on the package. they're betting there is stimulus to come the stimulus is running out. >> that's just where i want to go i know you can't -- and don't want to discuss details of your conversation with joe biden and kamala harris. as far as policy prescriptions right now, given the stimulus debate, it's at a stand still. what do you think are the most important aces so that money reaches consumers and small businesses that need it most >> i told them the same thing

i've been telling congress i toll congress and the various hearings that we need aid to state and local governments. that's where the real carnage came from and the longevity of the recovery came from the protracted nature of the recovery came from in 2008 so they need a lot of help that's schools and universities and health care workers, all of them depended on state and local dollars. so that's one of the places where i would continue to advocate for help. but certainly extension of ui. the direct federal payments of $1200 for adults and the ppp

program has been helpful all of those things need to be extended and they need to be extended with urgency all of those are secondary as opposed to a national strategy to address the coronavirus because we wouldn't be here talking about a recession if there were not a coronavirus so i really states need to be working together and there needs to be a mechanism for the markets that have arisen because of the coronavirus you need a national testing strategy in college towns, we definitely need policies. our students come from every many the world and country >> lisa, what about going forward into 2021?

even if if tax increases are warranted for fairness, for equality based on the unequal economic recovery that you already eluded to, is now the right time for tax increases when we're early in an economic recovery which will have the least negative impact on growth in the u.s. >> so i really think that there's got to be realignment. that is certainly true we are in it an age grounded in inequality and we're going to see the social fabric fray more. it is already frayed you would probably see it frayed more if the kind of inequality that has been exposed by the coronavirus is allowed to continue so i think that -- i am not in

public finance expert. but i would say that there's got to be some sort of realignment we saw that kind of realignment in the great depression that this is where the middle class started growing more and we do need a much greater focus on the middle class. the middle class is suffering and those who are earning less income than those in the middle class are also suffering and suffering dimensions and we need policies that will help both groups. >> lisa cook, thank you so much for joining us today we appreciate your insight >> pleasure is all mine. thank you. talk to you soon we've got just under 40 minutes -- 37 minutes left of trade. check at why we're at. if we can close here, that will be a record high 3386 is the number you're watching we're at 3393.

the we're about to hit a record high, i will tell you the breadth for the s&p 500 is 3-2 negative that narrow market is looking even more narrow as we flirt with the record levels the nasdaq higher by about .9% still ahead, galaxy digital will join us with his take on whether it is too late to jump into the market our retirement plan with voya gives us confidence... ...we can spend a bit now, knowing we're prepared for the future. surprise! we renovated the guest room, so you can live with us. i'm good at my condo. well planned, well invested, well protected. voya. be confident to and through retirement.

tnchts let's go to our coronavirus tracker. cases in the u.s. appear to be ticking low wert seven day average of newly reported infections falling below 50,000 for the first time in a month. we have a chart here from bank of america showing the sharp declines in hospitalizations in arizona, california and florida. sharply down from the peak eight states have an increase of over 10% in their seven day

average hospitalization indicating trends are moving in the wrong direction overall. vermont, hawaii, south and north dakota, wisconsin, montana, iowa, and west virginia all ones to watch in terms of rising hospitalizations and test manufacturer quest diagnostics announcing they cut the turn around time for test results to one to two days for all patients down from more than seven days which is where they were a month ago. slow turn around times of a week or month hampered testing in the u.s. rendering results effectively useless. so moving in the right direction. and also that yale university saliva test getting approval is a big deal and big game changer. hopef hopefully they can ramp that up >> that would be sewaghuge it is a game change. great chart, sara. i think you had a hand in coming up with that one

>> i tweeted it earlier. i found it in a research note. it's nice to see improvement like that. in terms of hospitalizations and not just a bar chart in revenues that we're used to putting up. there you go, down 66% for a state like arizona >> so we are set by the way for another -- for a record close. we've got an intraday close or intraday high already set for record close as we stand with the s&p 500. coming up, shares of tesla now at more than 30% since the stock split announcement and popping goen day after the break, we'll discuss that move and how gm can capitalize on the buzz as we head to break, here's a check in on bonds. yields went from ten year, well above 0.7% slipping down to 0.669% we're back in a couple minutes

we'll get a cnbc update with sue herrera. >> hello, everybody. here's what's happening at this hour post master general announcement today that he is suspending any moves to streamline operations at the post office until after the election is being welcomed by senate democratic leader chuck schumer as what he calls a recognition of the problems they caused for deliveries. schumer says his changes should be abandoned permanently

all workers have to wear their masks on the job as they try to stop the virus and in california, the golden state killer is starting four days of hearing his victims testify about how his crimes affected their lives afterwards, former police officer already sentenced to life in prison for 13 murders and almost 50 rapes between the years 1975 and 1986. you are up to date back to you. >> sue, thank you so much. tesla hitting a record high today. now up more than 30% since its announced stock split last week. let's get to phil lebeau for more on that move and how gm is looking to cash in on the ev craze. hi, phil >> that's the big question with regard to general motors we'll talk about that in a bit take a look at shares of tesla now topping $1900. that's right, $1900. now in 1901, stunning move especially within the last week. remember, they have a 5-1 stock

split. take a look at tesla versus general motors over the last month. now usually we don't compare the two. gm tends to look like it is flat lining in this case, it has actually moved higher why as it moved higher the speculation that it may try to unlock the value of the ev business in terms of the vehicles, software, ip, as well as the batteries the battery technology $46 a share is the new price target that was put out there by adam jonas from morgue an stanley. you go to $46, if you were to spin off the ev business, in his estimation, that along with the business at $82 billion potentially. but it's not as simple as saying, yeah, spin it off. bring in money to the company. she did say during the last earnings call that when asked by an analyst, no options are off the table. we could see them ultimately do

something where they do a partial, maybe not a full spinoff but a partial spinoff. it's similar to the ferrari spinoff out of chrysler. one got a luxury goods and the other wants the luxury, luxury, luxury ev tesla multiple added to it. >> but that was far easier to do you have a completely separate line there, wilf it is easy to say we're going to take this. it's a separate business we're going to spin that off it is so integrated into not only the company is right now but what it plans to be in the future there is a supplier to us and we'll get a whole bunch of cash when we spin it off.

similar to what they're looking at or did with the autonomous vehicles but even that is easier. it was not a highly integrated with the company bottom line is mary barra will move at some point if she thinks it's in the best interest of general motors she has shown she's not afraid to make this move. it's not as simple as people say when they look at the ev specs and say everybody is doing it, gm should do it as well. >> thanks, phil. phil lebeau. we have just under 30 minutes, 25 minutes left of trade here's where we stand. we have the nasdaq higher. almost 1%. s&p 500, if we close at these levels are a lord closing high first tomb we'ime we've done thc february the winners are taking us higher hike amazon with a 4% move which is huge. tesla also as phil noted galaxy digital founder mike novogratz will be here on where

gold could be going and what a biden win would mean for the market rally and then david melpass joins us to see how the weaker dollar factors into his outlook we look at scktoeto tos s t close at a record high bowl of french onion dip. i'm going to start the bidding at $5. thank you, sir. looking for $6. $6 over there! do i hear 7? $7 in the front! $7 going once. going twice. sold to the onion lover in the front row! next up is lot number 17, a spinach and artichoke dip, beautifully set in a hollowed-out loaf of sourdough bread. don't get mad get e*trade and get more than just trading investing. banking. guidance.

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the s&p 500 on track for a record close gala galaxy digital ceo joins us know the. >> thank s a ton. >> we look for the s&p 500 to have a record closing high, do you think technicals or fundamentals are the most important driver for the s&p 500 at the moment? >> listen this is all a one way

train. through fundamentals out the window the horse has the bit between thinks teeth and keeps running that is almost unheard of on such a large market cap on the split. and so this will run out steam at one point guessing is a tough game usually there is price exhaustion the s&p 500 is interesting 54% off the low. it almost any other environment when something comes at 54% to an old high, it will pause and be a correction. or in a really strange environment. >> i mean if it is all liquidity driven as you say, mike, is gold or even bitcoin a better bet does that same factor apply with more rational? >> it feels more interlekt you'lly sound because store value is just store value. gold is worth ten trillion

apple is not even worth two trillion why is gold worth more than apple? just because it is the pricing can go further you can make sense of it in stocks, you do some crazy discounted cash flow model and say this is going to keep growing. i think we're way beyond that in stocks training with that same frenzy a lot of the story stocks are. this is a speculative bubble make no mistake the i'm sure a lot of u.s. dollars and other currencies i missed this equity market and sat here and watched 54% go by but at least the last 30%. now listen, it's all correlated.

and so if i had a fund we would be having a great year our company galaxy is having a great year it brings a tear to my eye, mike no one is bullish for, what, five years since i moved to the u.s. anyway, on that note, short the u.s. dollar, long currencies like sterling, how much further can that go? is there a point where widespread dollar weakness actually hurts risk sentiment more broadly and hurts u.s. equities in a way it's done the sop it is of late? >> it doesn't feel like it unless it starts really going, you know, catapulting and you're going 1% or 2% a day then you can see instability i think sterling can get to 140 within the next two to three months which is 6% higher so that kind of means it is

still bullish equities you know, if you get faster than that, we start free falling on the dollar it's a different story you know, i don't see that either >> mike, i know you're -- >> i'm sorry >> currencies is a polished thing. nobody -- no countries are wrapping themselves in glory with the fiscal policy right now. so, you know, you're selling the dollar because we have been better we had higher rates and now we're monday tiesing we're blowing out our deficit at spectacular speed. if you look at the move, it's euro and sterling and china a little bit not as much canada mike, i want to turn you to politics for a moment and the impact on the markets. i know you're a big biden supporter. what do you think will be the impact on the market if it is negative as you've been

warning about, why hasn't that shown up yet as the polls continue to show biden momentum and the potential for a democratic sweep >> yeah. i think biden is going to win. i think he's going to win big. i think that's going to be great for the country and tough on the market it's surprising -- listen, not everyone agrees with me. right? the '16 election got people scared you just don't know if that trump army is showing up and they're not on the polls and so there is going to be a lot of nervousness. but it also speaks to just the power of the move. you no he? that the fed and so much more important than politics or anything right now that this is a liquidity driven move it's a once in a lifetime liquidity driven move. listen, for tesla to move up $500 on a split just tells you something about the psychology in the market. that's, you know, tesla, we were talking 420 two years ago with

the whole elon musk at 420 it did 420 in four days. and so it's a great company. it's doing good things and it deserves a decent stock price. but we're way beyond rational. and so i think until we get to the election, the market is not going to focus >> mike, just quickly to round things back where we started, it looks like we'll have a record close on the s&p 500 today tough to make a call to this extent in the very short term zshgs th, does that mark a break higher? >> you'll know by the end of the week we'll close above here like i said, in a normal trading environment, having climbed 54% out of the dungeon, i'm taking profits and waiting for a correction but in this environment with the power of liquidity, we may go through the nasdaq did and then who knows what happens? right? it's really hard to pick highs

so you kind of go like mike powell once said, stay on the airplane and have the seat closest to the exit. and that's the kind of market we're in now it's a momentum driven market. people are making lots of money. retail is making lots of money you have volumes becoming a folk legend that tells you something that's not a normal market >> mike, thanks so much for joining us great discussion as always >> be well >> after the break, will today be the day we get that record closing high for the s&p 500 we'll find out when we take you inside "the market zone. that's next. hey, kids!

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the s&p 500 hit an intraday record high today for the first time since february. but, guys, we have managed to surpass that closing high in three of the last four sessions. will we close above it for the first time today is it looks like it. i have to say, i mention the breadth is negative. it's doing so in an unspectacular fashion. most sectors are down right now. the dow is down a little more than 50 points what does all this tell you? it's what the markets are afloat the tech sector really comes back wherever we're going and tech is in the lead. i know people have been fearful of it. you want to see a broad sector rally. we'll get there. we'll get there as we continue to see earnings coming out and coming on strong

and we see kind of a potential for a vaccine moving forward liquidity stays in this market we're going to continue as we always used to say and we haven't been able to say as much lately, we'll continue to melt up >> mark, are you surprised to see us standing here at this record level >> it is a little bit shocking i mean, obviously, so much of what i think is led to the 50 plus gain since the end of march is not only the swittness of the policymakers but the order of magnitude with regard to how they responded particularly on the fiscal front so the fact that we seem to be in this vacuum here where we don't have that fourth phase package, it is surprising the market continues to bite on the prospect that either the economic fundamentals will be sufficiently strong to warrant an upleg in equity prices in a fiscal package i don't believe that to be the case, versus the expectation that ultimately under duress fiscal officials will do what is

necessary to ensure that particularly those that are underemployed remain accessible to the economy by way of an extension of the unemployment benefits parnly to continue to drive consumption. they're selling off home depot after blockbuster results. buy the rumor, sell the fact with reaction to the stocks. the without official confirmation we're going to get more stimulus checks, what's the consumer outlook >> look, congress is going to have to act. >> i'm not a seller in the home depots and walmarts. you saw housing starts today up 22%. that's insane. and housing is a leading

indicator. we'll continue to see the market move we have target reporting tomorrow night, sara so, you know, you didn't get in the last time you and i spoke and i said target is a name you want to be in, it's a name that is really getting into now i do still think it's going to continue to rise it's up less than kind of the counterpart than walmart i think it is up 6% year to date you see that growth going into the end of next year >> we have 7 1/2 minutes we're still in record close territory for the s&p 500. the tech heavy nasdaq also outperforming. they may be pivoting towards value of the firm. so record setting outflows from

growth etfs last week and clients bought value etfs for the seventh straight week. there is one value pick that bank of america clients continue to avoid that is financials which saw net selling for the ninth straight week mark, what do you make of the themes >> well, i think if we're going to see a rotation out of tech and the market is going to continue to hold at these levels and move higher, we're going to have to see a significant rotation into financials and industrials. it's those two value heavy weights that matter to the market that can at least be a push against what the technology sector represents in the s&p 500 at about 27% of the overall market even more when you include tech names that reside in other areas like communication and form of google and facebook. or amazon. so encouraging to see the rotation so on the line of resistance it breaks through hardly

it is more likely than not and it is start of energy. they represent 6% of the s&p 500. and these are the financials the expectations are higher. >> yeah. not today. not this week. i know you continue to like technology as a leerader any value sectors that you like? >> you know, it's interesting. we just talk about industrials, financials and energy making up 20% of the s&p 500 this is going to be a stock picker's market. i no he that b of a is talking about the inflows from a sector perspective. we're seeing that they can buy and purchase if you have to be exposed to financials like many of our institutional investors at luke capital markets, it's where do you want to be if i don't want to play the let's wait for interest rates to

rise again game, then i want to be okay, who can benefit from lower interest rates i'm looking at financial that's might be in the asset manager space. that might be doing private equity like the kkrs and blackstones or even if you want to buy one of the investment banks like a goldmen or morgue an stanley, there are opportunities within these particular sectors to find stocks that should outperform as we look forward over the next six to 12 months >> mark, what about the broader market does the broader market want rates to rise or to stay low >> we would like to see rates rise i don't suggest that we're going to see that any time soon anyway the but i think that any kind of migration up to the right in terms of the ten year treasury bond moving up towards say a yield of #95 basis points would be welcomed. it would be indig taftive of the fact that there are monitory

officials and they're gaining traction and it's a liquidity impulse it is growth oriented and it is sustainable in the absence or at least in the expiration of the monetary and fiscal tail winds we've had at least so far. so i think it will be welcomed obviously, it would mean though that tech names, particularly some of the long duration assets like software would suffer under that prospect. that is probably a good new sign for things like the higher beta tech sector like semiconductors as well as would once again reinforce this rotation to cyclicals. >> we have four minutes left of trade. on track still for record close for the s&p 500. we're at 3389. shares of walmart are volatile today. >> walmart sales and profits

crushed estimates. two billion above expectations same-store sales up nearly double digits. the really big number, u.s. e-commerce sales doubled people ordered online for delivery or curb side pickup with strength in home, lab tops and outdoors like bikes and fishing gear which i could hardly keep in stock cfo told me stimulus checks definitely helped drive sales. things are now more back to normal they're hoping that something happens. but with a new relief bill in the air, they are not providing guidance right now, sara >> that is an open question mark, i guess. bertha, thank you. bertha coombs. mark, what do you make of walmart's warning around stimulus and the lack of visibility into consumer spending as a result would you buy the stock on this dip? >> i would although, i think it's legitimate i have sympathy for that forecast it's what i mentioned in my opening remarks that in fact is

a great concern. obviously for those still employed, they're buying we know that retail sales in the aggregate has fully recovered to prepandemic levels and then some we see as a percentage of overall retail sales a disproportionate amount of activities being driven by e-commerce and there is e-commerce activity is booming is there any kind of lack of extension with regard to the unemployment benefit they're $600 and potential $300 and we see the span between the july 31st expiration of the cares act and whatever we might see next if anything it is going to waeg on the consumption on the part of that massive cohort that remains underemployed in the economy 16% in the labor force remains underemployed. >> slipping as we approach the close.

3387 as we stand less than a point of breathing room to get that record close on the s&p 500. quickly, home depot under pressure despite earnings beat frank holland explains why >> right shares of home depot falling more than 1% despite eye record q-2 for sales and profits. the company did not provide any g guidance we go to the bell. other highlights, 23% growth if we're in same-store sales. 100% growth for online sales also sga, the cost of doing business, the relatively flat despite this growth. 17% of sales versus 16% of sales just a year ago. home depot cfo, he spoke with me after the earnings call. again, no guidance he said the environment for pros, contractors, plumbers, people like that, that appears to be improving as wenter q-3 and q-4. he says the only question here remains demand back to you. >> thank you so much for that. i think what we need to look at is the s&p 500 intraday chart.

we're a point away from the closing closing high we slipped as we approached the close. 3386.5 is what is required we just gained another couple of points there as we approach the close. it is enough for a record closing high on the s&p 500. the nasdaq gets another one itself as is the norm for the nasdaq really the dow is down a quarter percent. it's at 3389.81 is in record high closing territory unbelievable first time since february 19th of this year we get an all time close on the s&p 500. what a trip it's been. welcome back, everyone if you're just joining us to "closing bell," i'm sara eisen with wilfred frost take a look at how we finished the day. a double record for you. the s&p 500, that is the headliner. 3389 will make it a record closing high and would mark a

54.6% increase from the march lows that was during the height of the fear of pandemic it's been a remarkable come back for the stock market putting the s&p 500 overall up 5% for the year. you did have strong groups like consumer discretionary amazon, a huge move. communication services, technology and consumer staples. those were the groups that closed in the green. energy, financials and industrials all lag today. and all of those groups are nowhere near their highs financials bs for instance, 20%. there is the technology index. a huge part of the strength of this market. let's check out the nasdaq also closed at a record high today. up .75%. you had names like j.b..com which had great analyst action but conviction by goldman sachs after a strong quarter there

names like tesla, amazon, also propelling the technology heavy index to its own record high which is more than 30 for 2020 this one has been at a record for a long time now. as far as the dow, it fell today. down 67 points the russell 2,000 index also took a spill, down 1%. of so the leadership was narrow. it's been a huge story as far as the recent highs and a narrow market. it got more narrow today decliners outweigh advancers, more sectors lower we still managed to get there. meanwhile, the u.s. dollar continues to get crushed down for the fifth day in a row. stocks hit new highs part of the same story we'll talk to world bank president about how the falling dollar could impact the global economy. and what he sees as far as pandemic response globally first, joining us to talk about this historic market day, courtney gibson with us from luke capital we also have two other guests joining us

mark, i'll put it to you first did anyone expect such a fast recovery to a record high since february now up 55% from those march lows i mean, it's been a stunning move >> sarah, i may be alone in saying this i admit, i did not off your list, any vept we saw where we had that waterfall decline going into the march 23rd low, history will tell you often get a ricochet rebound and some 20% or 30% from which then about 70% of the time you get a test back to that initial low. we not only going to get that test back near the initial low, it kept going up with a pause in the 2800 to 2900 trading range, we've been almost vertically moving higher from if there. so i think this upshot has been a surprise i'm going to attribute it to the massive stimulus that is unlike any time in history as to what we're seeing here as the market continues to pull forward. a lot of good news out over the next couple years. that may or may not come in the meantime, certainly

having enjoyed the rebound and the ride. >> michael, what do you make of the fact that we've crossed the record closing line for the s&p 500? and whether this now sparks a consolidation, a pullback, perhaps more of a rotation within the market? >> i would be surprised if there is not a rotation in the market after the strong rally in tech you were mentioning earlier that financials are still down 20% below the highs. it would not surprise me to see consolidation. it's important for viewers to recognize while we have a historic rebound, what is historic is not that the market rebounded. it's how fast it rebounded if you look at history on average rebounds, it isn't a three month rebound, it's a 13 or 15-month rebound. but when you have basically positive economic news, markets

do come back that's why i you this it's very, very important for investors not to get too nervous when they see these sort of down turns which will likely see again in the near future. there is a perceived disconnect between the markets and economy. a lot of people look at the stock market hitting a record high for first time since february and think, what but unemployment rate is 10.2% in this country. in february, it was in the threes it was 3 1/2%. the how does that make sense >> that's funny. that's a number one question i get asked by clients and those that we talk with. what is happening with the market given how bad the economy is and the answer really is this. do we have a systemic problem with the market? do we have a 2008, 2009 where banks are collapsing

we do not. we do not have a systemic correction what we have is a systemic -- what we have is a down turn based essentially on the economy shutting down. virus shutting down. so the market is looking past the next six, past the next 12 months if you say to yourself, what will economic data look like in 12 months? that's the data you have to lay on top of the market rally that you see now. then it starts to make some sense. it also starts to insulate you from that short term fear you might have when there is an occasional bad news virus story or, of course, we have the election situation coming up you have to look past the short term headlines this market is looking at 1 months out. >> courtney, even if a systemic problem is not anyone's base case nor likely, is the chance of it a little high than another record close for second index suggests particularly given that we

haven't seen the stimulus extension? >> is it possible to continue to see other highs on thor indices? is that what you ask is. >> more broadly, the question of whether there is a baseline systemic risk that the market is ignoring it might not be a best case scenario but perhaps it's not a 5% chance, it's a 20% chance >> well, you know, i 100% agree with the other guests as it relates to the fact that this is not a financial systemic issue i think it is bringing up other points that we can talk about at a different time as it relates to the wealth inequality and why we can still see this rise and spending when you have 10% unemployment and 13 million people out of work with he can still see market highs. market is forward looking. and so the folks that are really driving the market from an institutional perspective are looking much further out f you have a longer time horizon, buying at the lows, buying on

the dip is exactly what you want to do. and individuals with discretionary income, absolutely should be doing that and likely are doing that right now >> mark, just to bring up this point again about the narrowness yes, it's the shortest bear market in history. and it's been an amazing come back but it has been narrow even today in fact that we,you know, flirted with this level for the past few sessions, is it a sign that we're topping out? is there a sign of lack of enthusiasm or do you expect to just break past it to new records? >> sara, i think it is a bit indig tough of a sign of exhaustion when you see a 30% decline in the marketplace followed by a recovery to the previous highs, the market trends more side ways than directionally oftentimes the medium gains and mid single digits over the next six to nine months, we might expect a little bit more churn, particularly as we are at these

levels that reminded us as we have come so far so fast and what is next to catalyze it and the next leg higher. i do worry about from a market internal standpoint. we're not giving the confirmation from other indices, particularly something like the russell 2000 index usually you see the soldiers leading the generals it's come a long way and it's at a point in which it is indicative from a chart perspective of a potential breakthrough which is very positive just to suggest that broadening may be occurring. in the meantime, this his tansy around this level that may be accompanied by weakening internals suggests if we don't necessarily see a correction in price, we may in time. >> the s&p 500 closing as we have been discussing at the first record high since mid february let's take a look at the stocks that have led the way since that last high five months ago. abo med and paypal are the best performers in the s&p 500 since that last record close tech stocks like nvidia and take

two are among the leaders. there is even a retail name in the top ten, tractor supply. the up more than 50% since the s&p 500's last record. the biggest laggers, travel mamz, cruise lines, norwegian and carnival are two of the worst performers on the s&p 500 since the last record. so are united, american, and delta. in that sense, michael, there aren't huge surprises per se given what we've been discussing the last four or fuf months. the in that sense, quite encouraging. implies that the market hasn't overheated can you understand why all of those top performers have been top performers >> yeah. i mean, it's really a suction effect, right? you pull money out of names that are not attractive the names you mention that are the laggers and essentially in what industries. energy and travel.

right? and that might even moves over to companies that are thriving in this environment such as some of the companies reported earnings today so it's not as if everything is rising i think sometimes there is concern when there is this disconnect that there is some sort of bubble occurring when really maybe there is just a real sentiment shift away from companies or away from sectors they're going to be struggling over the long term so i think that one thing people have to recognize is that when you hear the word consolidation, it doesn't mean necessarily that everything pretty much trades in a range. consolidation essentially might mean highs come back and the lows come up so you want to be looking for names as i mentioned previously some of these names that have really underperformed even financials, for example, that are laggers, because these might be the names that really sort of close. and the shift of demand.

and that's what you want to look at as an investor. >> thank you to our panel for joining us to day for this record close courtney gibson and michael. good to see all of you guys. the stocks could lead next leg should we see this continue. the key thing here is the major sectors, amazon is up 51% that, is the key there banks, energy, industrials down 8% very lumpy recovery. as for what's next you can expect a modest pullback this is typical after new highs. you pull back five, six, 7%.

you heard about it today sloet back to school warnings from some of the companies and i think that may be an issue we've seen also. vix futures, much higher a few months out going into the election. that could also be a catalyst for things moving side ways. as for where it's at, the big money is still with tech there is no rush into cyclicals. there is no volume rush at all finally, sara mentioned this the dollar weakened in the last three months or. so the one benefit is there is a notable uptake in emerging market sectors there is that orange line moving up the dollar is moving down. you see how perfectly they move in mirror images to each other of course, the weak dollar improves foreign profits when they're brought back into the united states. of course, sara and wilf, i means european wines could be a lot more expensive in the near future guys, back to you. >> a crucial closing point >> that is one side effect

but overall -- >> i just thought i'd bring it up >> helpful for the entire stock market it's a sign of the liquidity it's at the lowest level since '18. bob, just a quick question you mention the big money was in tech wondering about positioning overall. are all of those fund managers that told us and that we saw move to cash during the height of the pandemic, are they all in this market now? is there still money on the sidelines? there is always money on the side heinz, particularly foreign money. the problem i have is i still can't figure out how to make an argument for value over growth it's been winning for ten years. growth is very, very difficult

it's hard to make an argument for consistent rally in the old industrial names that's why i just don't see any -- i don't see volume. i don't see big money moving anywhere into the value names even though you get the munny rallies in those sectors that last three, four, five days maybe. >> bob pisani, thank you up next, we have more on this record breaking day on wall street one black rock portfoliomanage will join us and world bank president will join us. what he expects for developing it's just 90 seconds coming up partner with apc by schneider electric to keep you up and running with a full range of edge computing solutions, including the new lithium ion smart-ups u.p.s., with two times the battery life and cloud enabled remote monitoring. so you can deploy data center like resiliency, with a performance and certainty you expect, and the ongoing support you need.

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the economy, maybe telling another story here one aspect, being the weak dollar which the dollar index hitting the lowest level since may 2018, falling five days in a row and continuing a downward spiral also continue to read about weak economic conditions. the world banks projecting a grim outlook saying it will shrink by 5.2% with the emerging markets and developing economies falling by 2.5% the first contraction in 60 years. joining us for more on the global picture is president of the world bank president, it's good to have you

onboard. what do you think the weak dollar is a reflection of right now? >> hi, sara. if you look at a longer term graph, it's more in the mid rarpg wrf it's been over the five year period or over longer periods. so i think what it's reflecting right now is just some signs of growth outside the u.s so that's good if other countries are growing, then the interest rates won't be as negative or they can move into maybe positive territory. and that strengthens their currencies against the dollar. so i'm not so concerned about that it's okay for the dollar to weaken they get some chance for a recover rich remember, in the 2000s, the 2002, 2003, 2004, dlart was weakening at that time and that was actually a good

period for developing countries. so i'm, you know, i think that the dollar is okay the bigger issue is the depth of recession. >> you seem to suggest that we're going to recover at different speeds around the world. can you get into that a political more as far as who what parts of the world are going to recover fastest >> that's an interesting -- that's a good question and issue. the u.s. has shown some stabilization after the very sharp falloff. but we're seeing data. there is a little disconnect between the data that comes out and the forward looking. so the uk has reported very weak data which is backward looking quarter. look -- as we look forward, i think you see some -- you know, stabilization in the u.s. which

is good. europe is picking some of that up japan is picking that up a little bit and china was already in i think a stabilization mode saying in april and may, and so that's good these are the bigger economies in the biggest economies in the world. with, you know, the u.s. and china being quite a bit bigger than the others. and so that gives you some hope. but the reality for developing countries is still the weakening phase is still on going. >> to what extent can that be fixed in the short or medium term what do the developing economies need to see in terms of help from the developed economies >> that's what we work on every day. one of the things is the immediate crisis so trade finance got cut off as the pandemic hit that means the ability to do any short term financing of imports

and exports. so the world bank is able to step in to that. we're helping with digital connectivity, you know, countries need to be -- even the poorest countries are trying to be online or in connection with the rest of the world. so there is some help that can be done in that. and working capital for companies also is important. so we're talking about the short term financing in that allows people to have inventory and to have accounts receivable we're able to help with those. lo let's say you're involved in tourism, that is hard to bring back quickly how can you stabilize the agriculture system those are some of the -- well, and, of course, the electricity

sector and clean water become very important problems in a recession. >> we're still seeing high trade tensions between the u.s. and china. i just saw a headline go by. the state department asks colleges to divest from china. tiktok and we chat, the ban on huawei do you think that the standoff between the world's two biggest economies is impacting the speed and the size of this global recovery >> well, fortunately, both -- china has, i think, started growing again and the u.s. will probably show that in some of the data going forward from a, you know, from a sharp decline some growth. and so i think the bigger long term issue is what's the best way to have supply chains

connected? you know, my view is maybe that connection of supply chains had gone too far in the past and so then you have -- you have -- you begin to sort that out which is some part of the process that's going on. also, i think, you know, the two systems are very different and so there needs to be exploration on how they interact but for the world bank, we work with substantially with both the u.s. is our biggest shareholder. china is the third biggest shareholder. and so we try to work with both in terms of how do you get the best growth for developing countries? one of the big activities or one issue that we're working on is to have more transparency in the debt relationship that's countries have with the developing world

i think it's important to bring back a lot of transparency in the relationships. >> how committed is the trump administration, do you feel, long term to the world bank given actions towards other multilateral organizations like the world health organization during the course of 2020? and do you think a biden administration would be a more helpful and committed partner for you? >> what we're trying to do at the world bank is have international cooperation and that means we work with the united nations and with the imf with the who, the world health organization and in ways that help the people in those countries and in that regard, you know, the current u.s. government has been supportive of the world bank and that's helped a lot

i think whatever administration there is in the u.s., there is huge benefit to the world from the engagement of the u.s. as i say, u.s.'s biggest shareholder in the world bank and biggest contributor, you know, very strong contributions going to development >> so you have a pretty unique vantage point in terms of pandemic, fight and response globally which country did the best job >> you are knknow, i think it we time to evaluate how that has done the data is still coming in and the facts are still coming in as far as how did it spread and why

were some affected more? what is causing that differential so i think it's really too early to tell which responses were effective and how -- for us, the critical thing that, you know, the world bank is able to take very quick broad action. we did over 100 country programs in april anticipate may to provide personal protective equipment. the things that doctors and nurses and health providers needed that is very helpful to the world effort so we tried to do what we can to help in -- this is an all out crisis and a pandemic. so trying to do that and begin to think about rebuilding and resilience into the future you know, one thing is this is a very unequal contraction the poorest people have taken

the biggest brunt of the selloff and of the recession and that's -- we tried to address directly with our programs >> yeah. we know you and the imf are very active as far as lending over this period. david melpass, thank you for joining me zbll thank yo . >> thank you bye-bye, sara. the. >> president of the world bank i tried. you know, the head of the imf named a country. she said vietnam that wouldn't bite. >> i remember, you know, he didn't he was very diplomatic there and vietnam, i remember that sort of surprised us all somewhat but i think germany often is pointed to in terms of the developed nations in terms of success stories. the s&p 500 closing at a new high we'll ask black rock portfolio manage wrer he is putting money to work. after trimming exposure to tech stocks of late reminder, you can always watch go listen to us live on the

on the cnbc app. we'll be right back. hey, kids!

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the s&p 500 closed at the record high today. joining us is black rock

portfolio manager russ koesterich what are you trimming and buying >> so we've been doing a few things we're still overweight technology we're still overweight growth. we have margin been trimming those back what we've been buying for the most part are cyclical parts of the market we've been leading into industrials both here and in europe and the thesis is straight forward. these symptoms trailed both when the market was selling off and during the rebound while this is not a good economy, no one's going to confuse a 10% unemployment rate for a boom, at the margin, the economy is improving faster than most people expected >> do you have come firm mags in the value plays with a ten year treasury yield at .66? >> well, this is awe very good question let me say two things on that.

i think do you have to treat the signal from a tresh you are market a little bit differently than we have in the past they're certainly moving a much more muted fashion than they used to move you see that in terms of volatility and the bond market the second thing is, yes, the bond market is not telling you you're expecting a boom. but if you look at the data, particularly relative to expectations, you actually have a lot of the economic surprise indices, the highest they've ever been. you have to give that a hair cut. clearly, a lot of economists have no idea what to expect given this unprecedented contraction. it points to the fact that relative to what people thought a few months ago, relative to the fears, the economy is healing faster than people thought. segments of the economy are

doing well >> where do you stand on gold. it had a wabble. looked to have stabilized and be back on an upward path >> we like gold. now i think we like it for different reasons. we have 4% of our portfolio in gold the driver of gold is the most important historically the dollar in realrates. that is a growing consensus, that is a good environment for gold in that environment, the opportunity cost of holding an asset without income is obviously nonexistent. typically, that's when gold does the best that's what you're seeing here

today. >> perhaps why warren buffett put a gold muner iner in there. coming up, no matter what, amazon wins. walmart and home depot reporting blockbuster quarters both stocks dipped on the news amazon that benefited. partly on the strength of the e-commerce numbers also got a nice ratings action we'll ask the former whole foods ceo about the state of let tail duryex inst nt. this selenite grey is so pretty isn't it? wow. jim could you pop the hood for us? there she is. -turbocharged, right? yes it is. jim, could you uh kick the tires? oh yes. can you change the color inside the car? oh sure. how about blue? that's more cyan but. jump in the back seat, jim. act like my kids. how much longer? -exactly how they sound. it's got massaging seats too, right? oh yeahhhhh. -oh yeahhhhh. visit the mercedes-benz summer event or shop online at participating dealers. get 0% apr financing up to 36 months on select new and certified pre-owned models.

snhu let's you transfer up to 90 credits - [announcer] if you've tried college but never finished, toward your bachelor's degree. - [woman] it doesn't matter how old you are, you can do it. you can finish. - [announcer] finish your degree at snhu.edu. walmart, home depot and kohl's with great sales. they've seen spending surge online can the jump be sustained? all three stocks ended in the electrode day. joining us is walter robb. watcher of all things retail walter, good to have you back. >> thank az lot. >> are these permanent shifts in

terms of growth online and consumers going online >> i think the single most important thing for the viewers to realize is this shift to digital is generational. in other words, we're not going to go back some of the babyboomers will go back but this is generational the adoption of diblgtsal behaviors are phenomenal in the numbers. >> does it mean that amazon always wins even with growth rates and high double digits for a lot of the other retailers is the market still not convinced that enough of the business is online >> 97% and it's operate good number we have the battle of the titans amazon long established and there is only 6% and people may be missing on

this you'll see tomorrow the target numbers. will you'll see good numbers on the bu on lun pickup store which is both parts of these are econ. you have the battle between the two. the customer loves picking up. and amazon has the advantage on the pure play on line. so we're going to -- these two titans are battling it out you know, we're going to have to see it through and see how it comes out both are positioned t one well though. >> what did you make of the retailers that reported this morning and the guidance or lack of guidance, perhaps, i should say in particular in light of the fact that we haven't seen the stimulus buill extended zblet. >> there are cross currents that are hard to read and make it hard to see what is going to happen in the fall retall is built on rhythms and the patterns of our louvre, seasons, et cetera the back to school thing is blown up are we going back to school or

not? maybe the back to school thing happens in january of 2021 so it is just -- the cross currents of are we going to get a stimulus or not? what is the vud going to do? what is going on with the politics and election in november it is a mixed bag. it is hard to read customers have shown that they're continuing to shop and they're continuing to sort after dopt and adapt to the current environment. >> i had a conversation right before the show started. she gets a ton of consumer insights into the loyalty program and some of the data tracking and what they're hearing from the consumer is that holiday is going to start as early as october which is what kohl's is preparing for. and that there is intention to buy. of they're looking at categories looked like active ware and home items and accessories.

and also essential practical gifts. you wonder who you think the holiday beneficiaries will be with such low visibility overall. >> right i saw the release this morning the big number for her was 60% the rest of the sales were light. but this is another one of the rhythms where we go back to school and then we start to work our way towards the holidays which i expect people want to celebrate. there is covid-19 fatigue for sure in the grocery business, as a growser, you have to order how many turkeys do you order? are they going to cook the turkey or the buy the meals? in the clothing segment, people want to get gifts. it's unclear what gifts thaur going to give. it's going to be those that have a robust on lun president thaens are willing to stretch out the orders because you can't -- the pipelines are a little jammed up they have to plan a little further out. customers have to try to have a plan a little bit further out to

make sure they can get it. imagine a grocery store, for example, that is typically full at the holiday all the folks trying to get through there. it is going to be very difficult. this holiday is going to shape up very different in terms of shopping patterns and rhythms than the ones we've seen >> are we past the peak of retail bankruptcies? >> that's a good question. i think we've seen a lot of -- it's a bankruptcy and it's stor closures authentic brands and david simon picked up the retailers to resuscitate them they say they're going to go back into business so we probably reached a high pount here there is going to be some more sorting out. i think we passed the worst of it. >> walter, thank you so much for joining us >> thanks for having me. >> now toasting a deal ryan reynolds aviation gin for more than $88 million. we'll ask the ceo of davos

brands whether more consolidation is on the horizon. stock slices. for as little as $5, now anyone can own companies in the s&p 500, even if their shares cost more. at $5 a slice, you could own ten companies for $50 instead of paying thousands. all commission free online. schwab stock slices: an easy way to start investing or to give the gift of stock ownership. schwab. own your tomorrow.

. time for a cnbc news update. hi, sue. >> hello, everybody. here's what's happening at this hour california's largest power company is now telling customers rotating two hour power outages are likely later today and tonight. the electricity grid struggles to keep up with record demand. detauning that country's president and prime minister who are inside and this follows weeks of

demonstrations calling for the president to step down and the three top producers of the ellen degeneres show are out after reports of a toxic work environment that program sources tell nbc news degeneres apologized to employees saying she had allowed the show to be run by a machine rather than seeing the staff at people you are up to date s sara, i'll send it back to you >> sue, thank you. up next, toasting to a new deal. o we're going to talk to t cheeo of davos brands right after this break.

the alcohol industry is in high spirits the parent company davos brands

was bout for $610 million. joining us now is davos brands co-founder and ceo andrew krisomalis congratulations on the deal. >> thank you very much for having me. pleased to be here >> clearly in our industry we're talking about this deal and indeed hence why you're here, do the consumers know about these types of transactions? and is it hard now continue to grow when you did have this time it is a new brand with a celebrity and owned by a corporate life >> i think so. consumers are in davos brands and they're less consumer forward. and there is a smart company like davos very much browned forward. they're very much brand forward. and davos is an entrepreneurial

platform company it's for the team members. they drive businesses for us within the company and i think the opportunity here is actually, you know, to use your phrase, is to combine so what is most exciting for me and for ryan i know and our team is that best in class juggernaut of the i dwchltgo and intellige market insights with our platform and spirit and hopefully hustle has and will lead to great things the that is part of the, i think, most exciting element that the partnership that was announced by us yesterday. >> consumers may not know davos brands but they know ryan

republican ald reynolds what is it about celebrities getting behind as investors and as promoters of these liquor brands and being able to sell them to big companies? is it really add that much value in terms of consumer sales >> well, i can speak to the other examples only as an observer and a consumer. my observation is that diageo has done a good job with some of these things casa amigo has done very well. that's sort of our model in many respects you mentioned diddy. there are so many examples of celebrity engagements with brands that have not ended as well within the industry

it's hard for me to speak to those other than say those are some great examples. for us, i would say ryan reynolds is obviously a celebrity. he is an a-list hollywood superstar, sexiest man alive he's got all accolades and titles but the world knows ryan as an amazing actor. i think they created $1.6 billion two movie franchise. that's extraordinary now they've seen the creative genius of ryan and george and others and our team collaborating with aviation gin. what the world probably hasn't seen is that ryan has an unbelievable work ethic, roll

your sleeves up, in the trenches >> text back and tell him to join you next time you come on closing bell quick final question aside from the deal about trends you've seen in 2020 and during lockdown have we seen a particular interest in consumers when they do decide to drink at home in liquor as opposed to other things are they getting more inventive and branching out from what would have been their typical drink? >> i think that's the case we've seen it with aviation. gin is huge around the world there's a big tailwind with gin in the u.s

we're a less dry gin i think whether you love gin, you'll love aviation whether you're trying gin for the first time and the same is true for the rest of our brands we had some of our best months ever in terms of sales we have a brand that's primarily mescal it's millennial driven and people are taking it home and experimenting. we've seen a lot of e-commerce channels opened up for the first time in our industry and it is not going anywhere >> thanks for joining us to talk about the deal.

>> thank you for having me >> appreciate the time. up next, nvidia shares are up more than 40% in just three months the gaming company is set to report earnings tomorrow after the llbe ♪ 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. ♪

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>> the dollar is facing pressure on all fronts. how did we get here with 30 million americans unemployed and so much devastation in this country? i'll give you one chart to close out the hour which i think is critical in february the fed balance sheet was 4 trillion see that spike up? that's what happened since then. it's bumping up against 7 trillion liquidity provides the fuel. >> absolutely does "fast money" starts now. "fast money" does start right now. i'm brian and i'm in all week for melissa. great to have you with us. your trader line-up on a big tuesday, guy adami, jeff mills, bonaw bonawy