really to reframe where we june, peterdle of schaffrik joins us from the royal bank of canada, rbc capitalarkets. thank you for being with us this morning. how is the reset of what we have seen? awent back in and looked at 40% move off the march lows. 4100 dow points that we gyrated over i think the last two, at most three days. how do you reset given that move? :eter tom: we are having some typical -- technical difficulties this money. we thank you for joining us in your london midday, and of course for those of you early morning in america. we heard from chairman powell yesterday. i was talking with jonathan ferro about the importance of a senate move, and then today we hear from the house and that will be a different set of questions. within all of this, stability and great messaging by the fed yesterday, including our kathleen hays conversation with mr. kaplan of dallas. in that, it was really quite clear that they are managing the what was ay from grim press conference, and then the word "morose" came up a few days ago. let's listen to the always optimistic gentleman from dallas. robe

since march 20 not amazon, not zoom, not apple, it is etsy the stock getting two upgrades from rbc capital markets and pushing etsy to the new all-time high the reason the lockdown people are flocking to etsy to buy homemade, hand made masks and hand sanitizer up 200% since the bottom >> a new analysis over the growing u.s. deficit some of the more dire fiscal projections. elon, good morning there you are. hi >> i am here i made it just for you so there is a lot of pain fiscal pain as the u.s. economy tries to fight the coronavirus the new report out this morning by the center for a responsible federal budget shows the u.s. deficit is expected to average $2 trillion a year through 2030. meanwhile, the national debt would reach $20.7 trillion slightly larger than our total output by 2030, it would swell by $170.2 trillion. this makes some assumptions including that washington eventually comes together to pass one more coronavirus relief package. it bakes in a trillion dollar state stimulus bill. it assumes the tax cuts passed in 2017 get extended as well the report finds several funds are i

one of the names in the green today, amazon, rbc capital, the price target, get this, joining us now is mark, great to have you on amazon is currently training around 2500. you have been bullish on this name for awhile. what plead to the price target increase, though >> we were at our eighth annual u.s. survey. the trends have gotten more p positive every year. if you look at penetrate rates, the attention to spend, and maybe most bullish of all, prime pe penetration. they reached a record high level. we think globally they started around 150 million subs. we think they will exit this year doclose to 100 million sub. when we're more bullish we will raise the price target >> how sticky do you expect that model to be based on the research you said some of those satisfaction results among consumers have come down a bit >>> yeah, it is an issue we first saw it clipped down in our survey work, and why would satisfaction be falling and slipping at amazon it used to be high 80% of customers described themselves as very satisfied. that number now is in the high 60s. we think near term there

. >>> welcome back amazon's newest bull on wall street is rbc capital.he analyst behind the call on cnbc earlier today >> maybe most bullish of all, prime penetration. it reached a record high level 67% of u.s. households appear to be prime members >> let's debate with trading nation team today. do you think the good news is reflected in shares of amazon? >> it's had a great year i think the key take away pr the report is the top three categories with consumer interested in apparel and groceries are the least penetrated by online amazon has this enormous potential to increase its foo footprint in all sorts of retail that wasn't available before i think at its core, amazon is really about reducing friction in all sorts of transactions. to me, amazon is unique as a big company. they are just focused on the customer ta are not guilty of this monopolistic disease which is my way or the highway they are constantly trying to make it better for the customer. >> perhaps not short but when looking at the stock, should you stay long? >> yes, you should what's impo

equity strategy at rbc capital markets. lori, good morning we hope to have james mcdonald as well. we're going to work on the audio there. lori, you have recently done a survey of investors. you are picking up on some bearishness cropping up. i'm not sure how to interpret that because on the one hand bearishness might imply that there could be pressure to go lower. on the other hand that might imply that's healthy after the kind of run we had,ed up you would expect to see somebody to sell >> if you go back to our march survey, what we saw was that the level of bullishness on the stock market was one of the highest readings we had in the history of our survey. that told us things were scary in terms of fundamentalings and news flow. they sort of knew inherently this was that point in time was the right time to buy the market they stepped in to help contribute to the rally. now what we see it's not that everybody is bearish the bearishness is starting to pick up where where we were last quarter and the bulls have fallen down sharply. now, what is extremely in our survey is the percen

rbc capital markets. $3,300 up from 2,700 that's a new wall street high. we'll be right back. as business moves forward, we're all changing the way things get done. like how we redefine collaboration... how we come up with new ways to serve our customers... and deliver our products. but no matter how things change, one thing never will - you can rely on the people and the network of at&t... to help keep your business connected. >>> welcome back to squawk box this morning the markets coming off a very strong week extending the rally. the dow down 5%. the s&p close to break even and the nasdaq is up 9% according to our next guest the shortest recession in terms of duration on record. the timing on march 23rd was about right for a recession that's likely to end in june 100 days roughly so the whole thing played out pretty much as you'd expect. the managing director is thus far called the market side of this relatively right. so now the big question of course is how much room is there still to run or is there >> this is the tricky part and i talked to a lot of investors about it a

one of the names in the green today, amazon, rbc capital, the price target, get this, joining us nowto have you on amazon is currently training around 2500. you have been bullish on this name for awhile. what plead to the price target increase, though >> we were at our eighth annual u.s. survey. the trends have gotten more p positive

equity strategy, rbc capital markets. great to see you thanks for joining us. clearly, we've had a massive bounceback following a big sell off. are you a a little surprised we've held on to this bounce back in light of the spikes in coronavirus cases across the country? >> you know, i would say that the recent action of the tape has been a little surprising we have seen consistently since february, the market has responded to news flow on the virus, vaccine treatment, stimulus, and we've been getting pretty bad news here in the last week and a half, so the resilience is a little surprising, but what i would tell you on a day like today, we're getting excite d about th market seems to be doing well, but look at the nasdaq versus the russell 2000 the nasdaq has become an expression of defensiveness. a way to play the market without really playing the market in a big risk on way. the russell is really your cyclical risk on tool and lagging on the day so that tells me there's not a lot of conviction and as mike pointed out, sort of held that 3,000 level lately as w

equity strategy at rbc capital markets. lori, good morning we hope to have james mcdonald as well.here. lori, you have recently done a survey of investors. you are picking up on some bearishness cropping up. i'm not sure how to interpret that because on the one hand bearishness might imply that there could be pressure to go lower. on the other hand that might imply that's healthy after the kind of run we had,ed up

rbc capital is raising their predictions as well, calling it $117 worth.beneficiary what they call home nesting. april was a fantastic month for sellers on etsy's platform. sellers were able to suddenly create masks and that's market for masks out of thin air. they sold $122 million worth of masks in one-month, in the month of april f it was a category on its own it would be the second most popular category on the website itself. there are benefits and people are looking for some of these gems. etsy might be one of them. stuart: absolutely extraordinary, $120 million worth of masks. who could see that coming? i certainly did not. another positive, facebook coming back. ashley, when will it start, what will it look like? ashley: finally, right? player practice can begin july the 1st. regular season on july 24th. it will be a 60-game regular season, very abbreviated. it by the way will end late september, roughly around the same time the normal season would end. so that is the good news. you will see some baseball. the bad news though, they're still trying t

fiscal responses from various portions the world, does that drive any of the apportionment of capital for rbclth management? >> we see it generally assets.ve of risky in terms of fiscal response, we would look at what sort of response it is. u.s., itcture in the is very large. no doubt very supportive. to gets a while for this through to the economy. planningall sorts of permissions. there might be a number of ways immediatere medium-term attention to the yesterday. the u.k. a decrease,alks of something germany will have as of july. the benefit of that is -- and we have used this in the u.k. in the 2009 crisis. it is timely. we don't need to wait until the next fiscal year to implement it. it can be temporary, just for a number of months. you don't need to leave it a full year. it is very targeted. lower tax rates can mean higher can helpbut decreasing , which isonsumption what economies will need at the moment. the fiscal stimulus is good. exactly what sort of stimulus is very important. that demand-side needs to make a comeback. can i put two views to you and you tell me which one you agree