and the runup to increased investor concentration to fewer and fewer names stocks like amazon, microsoft, google, facebook counting for 22% of the s&p 500 total market cap that is the biggest, smallest slice in the history of the markets. the fewest companies account for the greatest weight in the history of the modern american market four of those names are trading once again at all-time record highs. something to note. they are all leading stocks in the majority of the etfs one thing down is volatility the vix falling yesterday is now down 40% since april 1 as the world from market perspectives has calmed down. >> a mixed picture overnight in asia we'll get you more on those markets. down about 1.5% each coronavirus headlines top stories from travel bans to another warning from dr. fauci kate rogers with the ratest on what is going on on a wednesday morning. good morning >> good morning. the european union could stop american travelers from entering its borders blaming u.s. failures in containing the spread of covid putting u.s., brazil and russia on the top of barred countries dr. fauci says

microsoft google and several other firms were also named in that lawsuit and those 2 are pledging donations to fight racial inequality but perhaps the line share of that money is going to be spent at home and not on the sprawling the global and sometimes shadowy supply chains faction is finding its conscience as a wealthy clothing retailer is splashing the cash levi's the say today h. and m. group will donate half a $1000000.00 to the national association for the advancement of colored people color of change and the american civil liberties union we support these are going to say sions in their efforts for justice economic rights and democratic empowerment let's change together we're giving a $100000.00 grant to the american civil liberties union for its critical work in criminal justice reform and racial justice we must listen to the voices of then heard and join them so it becomes a lasting chorus that leads to progress and yet just a year ago people making clothing for them and other top labels were struggling in ethiopia to live on just $26.00 a month and yes we get it you can't just sa

microsoft google and several other firms were also named in that lawsuit and those 2 are pledging donations to fight racial inequality but perhaps the line share of that money is going to be spent at home and not on the sprawling the global and sometimes shadowy supply chains fashion is finding its conscience as well the clothing retailer is splashing the cash revised the say today h. and m. group will donate half a $1000000.00 to the national association for the advancement of colored people color of change and the american civil liberties union we support these are going is ations in their efforts for justice economic rights and democratic empowerment let's change together we are giving a $100000.00 grant to the american civil liberties union for its critical work in criminal justice reform and racial justice we must listen to the voices of then heard and join them so it becomes a lasting chorus that leads to progress and yet just a year ago people making clothing for them and other top labels were struggling in ethiopia to live on just $26.00 a month and yes we get it you can't just say

we saw some of the big players like apple, microsoft, google, and amazon pledge million-dollar donations justice groups, but in the case of facebook in particular, it has been fascinating to watch what has happened here over the past few weeks. many civil rights groups are asking on facebook to crack down on the hate and racism that plovers rates -- proliferates on the platform. a boycott was announced by the naacp and the antidefamation league called stop paid for profit. what they are asking marketers to do is hold off ad spending on facebook for the month of july just to get the message across to facebook that this is serious. thursday night, we saw verizon say that they would boycott facebook during july. we also saw companies like rei, patagonia, ben & jerry's come out and say they were going to halt ad spending on facebook. in the past, these protests and boycotts of facebook do not make much of a dent on the platform but facebook seems to be getting the message because they have reportedly sent out a memo to their partners saying that we are taking this really asleep. we are heari

world, so they follow leadership, and you're seeing not just amazon, but you look at apple, microsoft, googleothers, their stances and their moves over the coming days, weeks, months, are going to be pivotal in terms of perception internally as well as externally. i think this was a good move, especially the massive challenges that employees face if they have to go to the office. emily: let's talk about facebook, because facebook was getting such high praise for being the last to go back to work. zuckerberg out there speaking about working from home. and suddenly this post from president trump became such a flashpoint. you have civil rights leaders upset, facebook employees walking out and resigning. mark zuckerberg did a q&a with facebook employees today and there were lots of angry questions. how big a risk is this to a company that depends on the talent? the: when you look at th dorsey trader battle against trump, it but facebook --twitter battle against trump, it but facebook in the eye of the storm . jimmy carter brazil within facebook as well as external-- extremely controversial within

you had money come out of the á into the microsoft, google and $eh!a case where retail traders were getting out at the bottom they didn't buy the bottom today after a 30 to 40% pullback, it's nothing to do cartwheels over. >i people have been ueáqr)ected on thisçpif anything, a day like ty when you got on othg states, ih think it's>( fér'terms of ?nmazon, it' ubn kefeels safe ben after. i think that trade continues. >> karen, quick comment? >> let's say you and i started a podcast where we were betting on sports for whatever reason we like their uniforms we were having a good time and we were doing it every day then the real sports gamblers who really know what they're doing started listening to what we were doing. wouldn't that be kind of ridiculous >> point taken, karen finerman well put >> guy, go it's a free for all now. >> first of all, i love the sugar cane gang as much as anybody and i have them on my spotify play list. >> sugar hill. >> sugar cane, sugar hill. >> is that it? >> that's it >>> coming up, seeing red on wall street today.

between 2005-'18, the likes of microsoft, google and facebook, and amazon, spent a half billion dollarsmore lobbying congress and sending money to candidates on both sides of the aisle. one senator says that should stop. he's senator josh hawley. and today he has introduced a bill that would allow users to sue big tech. his bill would put companies on notice for the user's legal fees and require them to pay $5,000 fine. senator hawley, however, doesn't seem confident his bill will pass. >> i mean, i hope that, i hope we'll be able to debate it and vote on the floor of the senate. this is obviously something that the president, being censored by twitter, effectively, the federalist being de-platformed by google yesterday, this is of pressing importance. lou: well, his concerns and skepticism are well placed. and the pressing issue of constraining technology oligarchs and their trillions of dollars in market power and influence is one that at this point only the federal government, as i said, has the power to constrain. >>> u.s. trade representative robert lighthizer today on capitol hill

but what if google and its competitor microsoft bing decided it wasn't worth bidding for those devicesllout, my next guest says google should just make its own search engine we' tony, let's start with what would prompt a move like this and why wouldn't google want to pay apple and microsoft for a search engine anymore? >> thanks for having me. google pays 8 billion a year and it ultimately generates, we think, $25 billion a year for search on ios, on apple's operating system the reason it pays that much, we believe, is if it doesn't, someone else like microsoft might. the worry, of course, if you're apple is, let's say one day micro soflt says, look, search isn't that important to us we have other priorities, in which case there is no counterbid, and google could turn around and say, hey, we're only going to pay you half a billion, apple, and that would be very risky to apple hence, could you have a stocking horse, is there something apple could do that would provide an inexpensive insurance policy to keep google and/or microsoft at the table bidding for this asset to be the default se

microsoft, google, facebook, have been upping and promoting their own video conferencing platforms.nings call no doubt analysts will want to know how zoom is going to keep that lead. melissa, this stock has more than tripled this year back to you. >> thank you, deirdre bosa let's trade zoom dan is back. by the way, there were problems with the technology, it wasn't because we were ignoring dan or anything like that we all love dan. so dan, your thoughts on zoom here >> very high expectations. the consensus estimate for revenues in the quarter was $200 million. the whisper was $300 million they came in close to 330 so it wiemd out all expectations, but i think you would expect that to moderate that full-year guidance, the stock is trading at almost 30 times sales. $58 billion market cap you say to yourself they have done everything that they could have possibly done so great company, great future for it it's going to have to grow into that valuation she used the term "volatility. i would expect some volatility i have no idea if this thing is going to make a straight push to 300, but

they are apple, amazon, microsoft, facebook and of course, google. they closed, most of them, i think four of the five closed in record territory yesterday. a clear boost for the nasdaq. now, apple closed above $366. amazon, $2700 a share. microsoft, over $201. facebook, $242. this morning, no big selloff for any of them. not one. that's big tech for you. that is dominance. >>> now, let's get the latest on the virus. total u.s. cases over 2.3 million. dr. fauci on the hill yesterday said some areas are indeed seeing quote, a disturbing surge in new cases. roll that tape. >> in some respects, we've done very well. however, in other areas of the country, we're now seeing a disturbing surge of infections that looks like it's a combination but one of the things is an increase in community spread, and that's something that i'm really quite concerned about. stuart: now, one of the hot spots, the hot spot at the moment, is texas. ashley, come on in and give us an update on the lone star state, please. ashley: yeah. texas in particular, 5,400 plus new cases i

he said that unlike many other videoconferencing platforms and he mentioned microsoft teams and google, he said it's not a digital substitute for in-person meetings and quote, a persistent play. melissa will be on squawk box tomorrow morning so don't miss that >> deirdre bosa on slack dan nathan, he will work from home boost can last? >> no doubt about it i think some of the changes that have been implemented over the last few months are here to stay as far as the stock's concerned, this is an example of trader on trader crime this stock is trading basically where it was a week ago so it had that run-up from $31 to nearly $40 in less than ten trading days and expectations were really high this is a company that's growing sales year over year, and on an adjusted basis i've been make the case about slack in the mid-20s that slack is very cheap relative to zoom and the ceo butterfield made the case why they're a very, very different offering and i like slack down here in the low 30s >> let's get to two other big names and gap is making moves in the after-hours. hi, court. >> hi, melissa,

microsoft, they're outperforming. amazon up a little for the week. facebook and google, though, i know are down so far for the week still a mixed picture but 5-1 advancing to declining stocks. back to you. >> bob, what do you make of the dow so far today we saw the dow up 800 points and then going down to only a 200-point gain then we get these cdc headlines. >> the question for today is do you buy the dip or not the reason buy the dip looks kind of attractive is it worked in the past. we had dow down 6%, very rare. we had four of them in march where we were down 5%. four days. the last one, i think, was march 18th before the bottom march 23rd every time before that point buying would not have been a bad idea the buy the dip is still there, that mentality we'll see if that works in the longer term, though. kelly? >> that's always the question. bob, we appreciate it. good to see you, sir bob pisani with the latest there. >>> it's been a buying binge for corporate trading. it's a new milestone and that's just investment grade. are we setting ourselves up fire very slow ec

microsoft 1.1%. google 2.8%.has the largest growth. 26.5% are black workers, but only 8% or management. they wrote a lot of checks, they did no hiring, and now they're making the same pledges. here's the thing, silicon valley puts itself above everyone. they make themselves the arbiters of truth. they make themselves the arbiters of what is right, do no harm, and yet they don't live by that example. this week we heard mark, they will put 2.2 million to helping other underfunded black founde founders. his house is worth 24 million, what are we doing, opening a laundry mat? how many companies are going to help with that. >> bill: to be clear amazon is free to donate as much money as they want to black lives matter. you are free to ask questions about the inside of your own company, correct? >> when it puts you in a higher moral ground and all you have to do is write a check, that is what black people are asking for. that is fantastic, but also live the way you live. you can't go out there and only take shots at cer

google has a lot more cash. apple has $100 billion on the balance sheet. microsoft the cash on hand. it can't be apples to apples. it is $4 billion. 2% of $100 billion is around two billion dollars. maybe it won't be 2% are. i think netflix is saying to the rest of the tech peers, this is a trend. this is something that we're doing. do you want to follow us and setting an example? stuart: certainly a lot of money. i didn't do the math by the way, susan. you did that for me. it's a lot of money. the stock is up three bucks. $450 a share on netflix as we speak. thank you, susan. >>> florida recording over 18,000 new virus case this is past weekend. number is unsettling. what is the sunshine state going to do about it. i'm asking senator rick scott on this program later. >>> never a dull moment at the white house press briefing. oh, no, watch this. >> your first question is absolutely absurd. he is proud of the united states of america. stuart: you'll hear, i promise you, you will hear that absolutely absurd question that was asked of her later this hour. >>> first che

microsoft, apple, google, amazon, that is defensive. that's what led us off the bottom in march and was showing great relative strength. the fact that those stocks have broken out the way they did is pretty amazing i'll say this about the fed. jerome powell, that guidance, he's doing what i guess he thinks he needs to do. just so you know, the markets are working just fine, by the way, even the credit markets i'm not certain why the pedal is still on the metal as it relates to larry kudlow thn this afternoon on the exchange, what are they talking about how great the economy was. earnings were down year over year in 2019 the fed started cutting rates again in the second half of last year to use guy's term, it's kind of madness. we've been talking a lot about the banks. what are they telling you right now. it was a perfect rejection at its 200 day moving average it's down below the breakdown level in march jp morgan that's the one you keep an eye on, also down 8.5% from its highs i'll just say 105 is the level i think the banks, if they f

he's saying competition between apple, google, microsoft, he wants to see them all available, not a targetede company. google, amazon, they're saying, okay, we're okay with it apple so far has declined to send tim cook. i think there is a lot of pressure coming apple's way. >> nilay patel, great stuff. thank you. >> thank you >>> let's go to dom chu for the details. dom? >> the media chain giant is going to request all guests who go to watch a movie in their facilities nationwide to wear a mask until further notice. the reason why that is important, kelly, is it was just yesterday that amc had outlined a reopening plan for its theaters nationwide starting on july 15th that would lead it up to individual jurisdictions. if the state required masks, then the theater would require masks. if it did not, guests would not necessarily have to wear masks that led to a huge outcry in just the last 24 hours as a result, amc saying all guests going forward starting july 15th nationwide will be required to wear a mask. kelly, i'll send things back to you. >> that is a big reversal. this is one of the big

forefront they're changing our lives it's clearer to me by the day that firms like amazon, microsoft, apple, google and tesla been a big part of our lives. tesla touched 1,000 points today for a brief period of time $180 billion i think that's a frothy, too but don't forget, tesla has redefined what it means to be a car. it is single handedly pulling the global auto industry into an electric world they redefined a car from being a smart box to being a connected vehicle and perhaps product in your life so there's some extraordinary things happening the short answer is i agree with alan be a little careful. look at earnings, growth rates but don't make any mistake about the fact that technology is leading us into a new world. >> yeah. hey, alan, it's jon fortt. good morning do you expect a bucket of cold water, perhaps, for the market is there something that perhaps jolts the market out of this -- well, if you think the market is in a daze. and how do you think investors should guard against that eventuality? >> i would -- i certainly would not be 100% equities at the moment i would have a good reser

stocks, even though they're pulling back today in the overall pull back, the apples, the microsofts, the googles and the amazons, et cetera the adobes and some of these chips, that's where you're going to get the growth in an environment that's barely growing. >> how can you extrapolate what your expectations are for free cash flow when you don't know if those businesses are going to be open at 25% capacity or 100% capacity in three months, and you know, to the point that you have been making on your evening program, you know, this isn't a second wave in some of these places, it's the same wave, and so for many investors and looking back prior to covid, you know, looking at things that could have moved into this covid period and still been competitive, still been able to increase their free cash flow, maintain their dividend, maintain their innovation, and their spending on r and d, and really play to what the new world will be, it actually doesn't have to be entirely different than it was pre-covid, but there are going to be things that linger and i think the growth companies are just better si

apple, microsoft, amazon, google, facebook.set the standard for computing, software, online, the cloud, and social networking. all of the things that run our now and in the future and they emerged unscathed and stronger after the virus. they all have vast amounts of cash, about a half trillion dollars on hand, and they are poised to dominate the new post-virus economy. they're all american corporations. that's where the money has been going and that's a big reason why the market has been going up. those five tech companies are together worth $6 trillion. okay, they're a powerful voices want to break some of them up or rein them in or tax them more heavily but as of right now they are the crown jewels of american business. their rise is a big reason for the overall market rally despite all those dreadful news headlines. big tech. scott shellady with us right now. okay, deal with big tech in a second but, scott, you say that this current market rally has a lot to do with, that we're all betting on no more shutdowns. make your cas

apple came in second, 352 billion, microsoft, google, visa rounding up the top 5, there's amazon in the remarket up more than half percent. finally a look at what is trending this morning on foxbusiness.com. one of the largest restaurants franchisees in the u.s. and pc international preparing for file for bankruptcy protection. they own more than 1100 pizza huts as well as wendy's. theaters will stay close through january 2021, tending coronavirus shutdown for another 4 months, lululemon is buying exercise start-up mirror, shares of lulu taking a big boost. everybody is, well, working out at home still. maria, those are your headlines from here, back over to you. maria: good stories, thank you so much, cheryl, covid-19 pandemic changing how many of us live and work but also how we do media and technology. consulting firm released data on how media and technology habits evolved during the pandemic and shutdown and previewing what things could look like in the future. joining me right now founder and ceo of activate, michael wolff, michael, great to see you, hope you and family are stayin

they're looking at web ex, looking at microsoft teams, google hangouts, there's lots of alternativeslook into and i think by and large companies are looking at those not just because of the ties to china but really because of data concerns and people being able to jump in and jump out of meetings. so i think people really need to be aware and be careful when you're looking at zoom and as you mentioned tiktok. people need to be very, very aware. the thing that concerns me as they're talking -- most people don't think about these things. most people -- a lot of young people aren't thinking about the issues related to particular toke and data -- tiktok and related to zoom and i think people need to educate themselves. dagen: mitch, final word on this. >> this is a supply chain story, when we think of supply chain we think of manufactured goods. there are technology solutions out there where a critical component of the supply chain and how the technology was created has roots back to china. when we re-evaluate global supply chains we could evaluate technology. dagen: getting back to work

reporting on the android google strategy and they say everything that you say with those goals and their optimism around it and then to license that for free and their goal was microsoft has a monopoly and then use google with that user experience and then they can leverage that. and then you describe the endpoint. and that you cover extensively in your book to say this strategy to point to that we collect data has the most viable company in the market so they say this very proudly and when i'm trying to gather that is the difference between their excitement over it and to be rewarded for it which is very popular and your warning so what is the difference? >> such an interesting question. there are a couple things to say about that. you are right they say these things with the public pitch and euphoria and all of that they assess say other things to each other and occasionally what makes it into and those journals that probe public a and in the guardian and so many journalist who have done her role at work in my view digging into the situations. i listen to earnings calls and reports and all kinds of sources that are not typically produced by the public and then over

going to make the judgment that zoom's product is now and will be better than the competitors, microsoft, googleebook? >> yes, absolutely. they have a really focused team. they are a pure play and you know, what they designed and developed is very hard to do, and i don't see any competitors knocking zoom out of the lead, especially now. there's a network effect. it's actually a verb now. everybody says i'm going to zoom you. it's good. stuart: when you become a verb, you have arrived. real fast, the stock price now is just above $200 a share. where do you see it going say next year? >> zoom is going to keep growing. the earnings beat we have, we have never seen an earnings beat of this magnitude. revenue guidance is 200%. zoom can keep going. to be totally clear, it would be really hard to put a cap on zoom. stuart: wow. >> from here easily, the revenue just doubled by the order of forward revenue guidance just doubled, the stock doesn't really have a cap at this point just due to -- s stuart: welcome back, beth kindig. hard to put a cap on zoom stock price. see you again. best to all. >>> gun s

that's either an intraday high or new high, $191, microsoft. google is up five bucks. apple is up five. look at apple. on the cusp of hitting $350 a share. amazon up $46. facebook is up $1.50. $240 a share on facebook. tesla. elon musk thinks it's time to ramp up production of the semi truck. his semi truck. this morning they are up 4.8%, very close to $1,000 a share. susan, what does our friend dan ives say about tesla? susan: he has a very bullish call on tesla. a lot of analysts do, by the way. he's looking at something like $1500 which is a little more reasonable than say arc investments which has pen sel d penciled in $13,000. talking about a ramp when it comes to the semi truck and ramping up production in china, we saw mayfield tripling so we know there's a recovery when it comes to chinese appetite for tesla-made electric cars in the market. by the way, china has been one of the growth stories for tesla's stock. dan ives says it's worth around $300 more for the share price because of how well it's selling, i guess the timeline which has been in advance of what

big tech firms publicly criticizing the move include, by the way, google, microsoft, twitter, intel,now, the bastions of integrity in our society. chamber of commerce ceo, speaking of integrity, tom donohue, well, he just had to say something. he says the restrictive changes to our nation's immigration system will push investment and economic activity abroad and slow growth, and it will reduce job creation. now remember, he's one of the geniuses who said the economy and the markets would fall apart if the president put tariffs on chinese exports to this country. another, another brilliant move from the chamber of commerce. >>> senator lindsey graham, you know him, he sees two sides to every story no matter what that one truth may be. he said this: those who believe legal immigration -- particularly work visas -- are helpful to the american worker do not understand the american economy. now graham has demonstrated that he knows very little about economics over the course of his career. he's tried to doom the republican party before with his views on illegal immigration. he followed jo

when i'm talking about is the banks, like facebook, google, microsoft, netflix.redaily consumed by the companies you just mentioned. covid has amplified that, but if you look at what we are doing as a community, as a society, we are spending more time on our phones, more time watching netflix, more time going online, shopping, etc., all the things we are doing is amplifying our av or aim evaluations are extreme, and entry points at the top are never easy to recommend, but i think the amount of time one is spending on those companies you mentioned is far more than it was 90 days ago. that is what people are doing. we have just accelerated the trend and the pace of things people are doing. bordering on instacart, watching movies at home -- ordering on instacart, watching movies at home, those things are moving everything fast forward, and i think that is telling in the stock prices. i don't think that will change anytime soon. we talked about regulation and europe in the united states getting much more involved with what they will regulate. i have not seen it, and

microsoft, google, apple, amazon, facebook. that's big tech. okay. i will try to bring you the top gainers amongst the dow 30 at some point. what have we got next? have we got airlines there? can you show me that, please? i'm guessing in the dark here. airlines, premarket, they are up, beaten down all week. coming back very very nicely today. look at the percentage gains for all of the big name airline companies. big gains indeed. the big financial stocks, where are they? i'm showing them to you now. morgan, goldman, bank of america, citigroup, morgan stanley, all nicely higher. we've got a rebound in the stocks that were most beaten down. >>> it's time we brought in jonathan hoenig, our market watcher for friday morning. yesterday's selloff, is this the start of something big? >> well, i will tell you when i see the scenes from seattle, i'm going to be watching because it's horrifying. it's like the birds come to life. one of the big performers among yesterday's selloff has been gold and when you see scenes of what you said, literally anarchy in the

crying out for into police brutality and white supremacy employees of tech giants like apple google and microsoft raised over $4000000.00 for the black lives matter foundation noble enough movements need a salient message manpower energy and yes funds but what is the black lives matter foundation your guess is as good as mine this week the cap blew off of this shadow group that has no affiliation with black lives matter whatsoever the black lives matter foundation is actually located in santa clarita california it has one paid employee and lists a u.p.s. store as its address the black lives better foundation has 0 point nation with b.l. him and according to the foundation's own founder robert ray barnes i never met them never spoke them and i have no one lation shit with them since early june donations have been pouring in to support black lives matter and this santa clarita group seems to be taking advantage of the moment in the popular name further once black lives matter foundation hasn't done a thing to advance the movement with the millions he's raised since swagger jack in the brain but bor