with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> welcome back, everybody, the world health organization is scrambling to talk about the trance mission of people who never developed symptoms is very rare the group said today that much is still unknown and while asymptomatic transmission the likelihood is unclear. >>> and a new n-95 respirator mask has been in high demand and byd already secured a $178 million deal with washington state and a nearly $1 billion with california both contingent on winning federal approval. >>> a new york city police officer is now charged with assault after he shoved a woman to the ground and cursed at her at a protest against police brutality. >> sue, thank you very much. in a moment our next guest is no stranger to activism the ceo of men aben and jerriess going to join us just more than 50

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. i geh. common bird.e. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today. >>> welcome back to "the exchange." more good news on the housing front with homebuilders publishing their biggest ascent ever >> building sentiment went from 21 points to 58 points any reading above 50 is a positive market. back in april it plunged a record 42 points down to 30. that has stocks in the builders, which have already bounced a lot from the lows, moving higher again today. builders point to record low mortgage rates, existing homes for sale and a flight from

with adyen, the payments platform that delivers convenience for all. adyen. business. >>> is wall street's free pass expiring >> what was freet pass what is it if it is still in effect it was a period where it seems like stocks were reopening just the fact that most of the country was going to be restarting was enough to fuel this rally and it was going to be weeks because they could but i think it is more of a push and bull about the risks and the rewards of the reopening, but also the support of some fiscal support measures, extended unemployment measures, it may be closer, it may need more health on that and that is the election these things will complicate the case people were so under invested in stocks and that seems to have changed but also you can look back in the last several days and say we needed a shakeout we got overheated and so far it is a shakeout. it is still in the pull back zone there is just morically cased news flow along with this pull back >> so taking a look at the southbous&p right now. we're down about 9% right now. here are the worst stocks t

with adyen, the payments platform that delivers convenience for all. adyen. business.daries. >>> here is your cnbc update gilead is going to test an inhaled version of remdesivir. >>> and disneyland going to reopen in phases they said they would reopen their domestic locations delta airlines will restart service between the u.s. and china. and virgin galactic has signed a deal with nasa to train ast astronauts for trips to the space station. that is our cnbc news update for this hour. "squawk on the street" continues after this after this kpts whether a remote test drive, shopping, trade-in, or even service pickup, audi at your door can do this and more at participating dealers. the premium audi dealership experience, on your terms. audi at your door. ♪ yeah ♪ ♪ y-yeah ♪ ♪ yeah ♪ hey, hey >>> welcome back to "squawk alley. air bnb is starting to see green shoots of sales. they are seeing a rise in certain states >> i think one thing that i larned is no not get in the business of predicting the future so what i can tell you is the following. beginning with march, travel

with adyen, the payments platform that delivers convenience for all. adyen. business.oundaries. >>> apple is in the blue chips involved in the sell off apple still at 8% for the week wamsey is joining us now on that call >> i'm doing good, i hope you are, too i want to told in rumblings of the past few days that they will move to air their own armed based chips. this coming after apple recently bought intel's 5g modem business what we have seen, when they focus on vertical integration like that, what does it mean for margins and growth, how much does that play into a call like this for you >> i think the call that we're making today is really focused on the visibilities of cash flows. we have no idea how they will pay out, but here you have a company where 200 million phones, the viz ability of that free cash flow they want to deliver next year is a real number and people having that viz abili visibility is worth a lot at this point most other options thatyou loo out there there is a tremendous amount of uncertainty with regard to how the cashflows will billion play ou

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> here is your cnbc news update this is the first time since march 19th that throughput was higher than 600,000. >>> amazon is launching a climate pledge fund. it will include transportation, lo gist ticks, manufacturing, food, and culture among others they added the $2 billion is an initial commitment signaling that the fund could grow overtime >>> and black americans enrolled in medicare were four times more likely than white counter parts to be hospitalized for covid-19. asians were hospitalized about 1.5 times the rate of white americans. carl, back over to you >> all right, frank, let's check in with bob and see what is happening. hey, bob >> we had a wild overnight session on the novaro comments we moved 80 points and dropped down he walked them back there is that circle and now we have european services and manufacturing numbers right in the murn that help moved bond yields up a little bit it is still basically megacap tech energy is okay banks were up early o

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with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> good afternoon, everyone, and welcome back to cnbc i'm tyler phragt smath sin and s "power lunch". reopening in america has led to a record surge in daily coronavirus cases. texas and florida the first states to roll back their reopening process. and the move today in part driven by the banks. goldman sachs, jpmorgan leading the dow lower as the federal reserve clamps down on dividends and buybacks amid the pandemic stress are the banks really as strong as they seem plus, the airlines are getting crushed today. executives will meet with vice president mike pence as we speak to ask for more aid as travel remains on eyes for most of the country. we will have more on that, kelly. but now over to you >> tyler, thank you so much the other big name, nike down 6%, almost 7% now after an ugly quarter. they missed estimates by a long shot revenue dropped 38%. setting off a key debate on wall street we could be in for an earnings season of pain as companies struggle to get b

with adyen, the payments platform that delivers convenience for all. adyen. business. >>> welcome back the nasdaq not posting back-to-back losses since mid may. we'll see how it does today. joining us now is anthony chukumba as well as joseph scully, managing director and senior internet analyst. guys, good morning >> good morning, jon. >> anthony, there's been this focus on amazon during this time i know you've got some thoughts about not just amazon but how this mixture of regular, physical retail and online might be accelerated from here what do you see happening? >> yeah. so i think that what we have seen and what we're going to continue to see is that this pandemic is going to accelerate the secular shift to online shopping in a lot of cases you had consumers who either didn't shop online before but were forced to do so, and then also consumers who were already shopping online who expanded the product categories that they were buying online i think that even once we get sort of the all-clear, let's say we get effective treatment and/or a vaccine, a lot of those be

with adyen, the payments platform that delivers convenience for all. adyen. business.ot boundaries. ♪ >>> welcome back, everyone i'm sue herrera. here is your cnbc news update at this hour. >>> testifying this morning to a house panel, george floyd's brother referred to the suspected counterfeit $20 bill that prompted the police response that ultimately ended in his brother's death >> he didn't deserve to die over $20. i'm asking you is that what a black man's worth? $20? this is 2020 enough is enough >>> in the uk, bristol's city council says the toppled statue of a 17th century british slave trader that was chucked in a river by anti-racism protesters will be retrieved and put on display in a museum. bristol's major says the statue will be displayed alongside black lives matter place cards from the recent protests. >>> the international olympic committee and organizers of the postponed tokyo games have now agreed to hold a simplified version of those games next summer to reduce costs and reduce potential exposure to the coronavirus. >>> you are up to date that's the

with adyen, the payments platform that delivers convenience for all. adyen. business. boundaries. >>> people stop what you're doing an listen to this. we are talking about spotify this thing is on a run it has doubled, doubled since bottoming back in february company quickly became the go-to platform for audio streaming and with us now is someone very happy to knows too much about con spotify's chief content officer dawn ostroff. >> thanks for having me, jim. >> i have to ask the obvious when you started doing the podcast thing i said this is brilliant and i immediately was told you idiot, podcast doesn't work, it's about music how did you know that podcasts would be huge? >> well, it's interesting because when you look at the growth of the medium it's hard to deny and not only is it growing to rapidly it's the fastest growing medium right now and when you look at the median age of who is listening to podcasts you will see that it's the youth, the young generations that are really driving this trend. so the median age is as an example on our platform is 26 years old, b

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> we are in the bottom of the hour now the dow and s&p extending their losses we have barry banister joining us good morning, guys i want to start a bit broader because we talk about the markets themselves a lot, but for a venture investor, what is happening right now? kind of in aftershocks of the market volatility. the dip, the economic displacement, and the pandemic effects. are you seeing start ups shutting down, running out of cash, are they holding on. >> the funny thing about this is that it depends on the sector. there is a pretty noted bifurcation these stocks digital health and wellness, but on the other side you're seeing a sharp dip coming from retail, hospitality, and the interesting thing is that it created a bifurcation as much as the economic impact on the economy >> does that translate to equity strategy betting on not just the overall market >> one of the factors has been the northern atmosphere to the southern recently if will compare person to ber

with adyen, the payments platform that delivers convenience for all. adyen. business.s. >>> gilead setting the price for their coronavirus drug >> this is a closely watched decision gilead donated their existing supply up until now. now they announce there will be two different prices for the drug in developed countries. one for governments of developed countries including the united states, $390 per vile, or for the average court of treatment, $2340. that is 30% more they say that is because of the way the u.s. system works in terms of having two track prices they say their calculations are based on the savings of hospitals by $12,000 they're giving a major discount to that. drug pricing watchdog ices puts $2500 to $5000 as the fair price. here is what they said about how they came to the price >> this medicine adds significant value and we decided to price this in this very extraordinary time in priced ite at the price that allows for access across the developed world. what we have done is we have one price for all governments across the development world based upon

with adyen, the payments platform that delivers convenience for all. adyen. business.ot boundaries. >>> the supreme court ruled 5-4 in the indication involving separation of church and state montana parents will be able to use a state tax credit to send children to religious schools. it is seen as a victory for those looking for taxpayer subsidies for religious schools. >>> anthony fauci casting doubt on whether or not a vaccine would be available this year he says it may be available this winter or the early part of next year >>. >>> the creator of the "dick van dike show" has died. gs most popular fills included ohod, "the jerk," and "all of me." three unique gummies for your unique needs. find peace. boost mood. sleep well. stress comfort comes naturally, only from nature's bounty comes naturally, we're committed to making college more affordable., that's why we're keeping our tuition the same through the year 2021. - [student] i knew snhu was the place for me when i saw how affordable it was. - [narrator] find your degree at snhu.edu. >>> microsoft, ford, and more

with adyen, the payments platform that delivers convenience for all. adyen. business.aries. >>> take a look at a out performer. shares of spotify going up announcing new deals with podcasts and also kim kardashian west don'gonyer 'lbeight back. you can't predict the future. but a resilient business can be ready for it. a digital foundation from vmware helps you redefine what's possible... now. from the hospital shifting to remote patient care in just 48 hours... to the university moving hundreds of apps quickly to the cloud... or the city government going digital to keep critical services running. you are creating the future-- on the fly. and we are helping you do it. vmware. realize what's possible. cool? drop the taco. get in the car. does this sentra feel like a compromise to you? wait, what...? the handling is good, right? no compromise there. nope! watch this... umm... b-brie...brie brie! rear automatic braking. so if this nissan sentra isn't gonna compromise, why should you? you're right! atta girl. the all-new nissan sentra. with more standard safety features th

with adyen, the payments platform that delivers convenience for all. adyen. business.s. >>> good morning, glasgow police say they have shot and killed a suspect. crews with the seattle dot left the capital hill organized protest zone one protestor lay in the street toe present a bulldoeser from moving forward >>> kanye west is clap raollabog with the gap it will be sold in it's stores and online starting next year. that is our cnbc news update for that is our cnbc news update for this hour, we'll be right backee in just 48 hours... to the university moving hundreds of apps quickly to the cloud... or t. city government going digital to keep critical services running. you are creating the future-- on the fly. and we are helping you do it. vmware. realize what's possible. >>> it is the bottom of the hour here it is translating to more than 560 points on the dow. joining me now is ang la miller. good morning >> good morning, carl. >> great to see you. this is john i want to know how you think about navigating a market like this to openings and closings and the pandemic i k

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. . >>> welcome back to "walk alley. let's break down some of our winners today with our panel thanks for being with us today guys before i start digging into effect names that you cover, first i want your thoughts on valuations and just the big runs that we have seen and the tech names that you cover overall especially given that tech has really bled the rally. what do you think of the valuations here, what do you think of the oves, and how muc further can the stocks that you look at run? >> i think covid was good for some mass aggregators. it put small businesses out of business because they don't have revenue or they don't have a balance sheet to survive and these larger companies have no risk of financial distress. so they're a safe place for investors to hide. >> brandt, the same question to you. >> yeah, for software and internet, multiples have gone up 20%, but i think the recurring revenue that they offer is pretty incredible. so no one wants to leave software ri

with adyen, the payments platform that delivers convenience for all. adyen. business.me back docusign is hitting all time highs today. let's get to more behind the move >> chick out the stock moving stharply higher here fresh all time high in today's trade. the provider of electronic signature technology, the news here is it's going to be joining the nasdaq 100 on june 22nd,ein. it's not just that name alone. just out others we want to highlight. all ripping higher and more broadly, you look at the igv that's the etf that tracks the softs ware names continues to build on its record run and now rallied more than 50% from its march lows it's on track from its best quarter year since 2001. back do you. >> all right thanks very much >>> all right. coming up, a disturbing story involving ebay wait until you hear what employees are accused of doing to silence kricritics. that's next. that's been through multiple market cycles for over 85 years? with capital group, i can. talk to your financial professional or consultant for investment risks and information. ♪ yeah ♪ ♪ y-yeah

with adyen, the payments platform that delivers convenience for all. adyen. business.rybody. new york city's mayor announcing that juneteenth will be a city holiday. he also said that five more murals will be painted along the city streets in the coming weeks. >>> japanese shoppers waiting in long lines at uniqlo stores. the company started to sell watchable face masks the company says more will become available as they ramp up production >>> the national guard removing a 1940s best they got into dangerous and sometimes deadly situations and there it goes. look at that morgan, back to you. >> sue, thank you. coming up, a music industry legend and former spotify exec troy carter. "squawk alley" returns in two. so i'm gonna hold on promoting you this quarter. cool? drop the taco. get in the car. does this sentra feel like a compromise to you? wait, what...? the handling is good, right? no compromise there. nope! watch this... umm... b-brie...brie brie! rear automatic braking. so if this nissan sentra isn't gonna compromise, why should you? you're right! atta girl. the al

with adyen, the payments platform that delivers convenience for all. adyen. business.ot boundaries. >>> welcome back a market bellwether, sectors down more than 4%. let's check in with josh lipton in the conservatory for more on this >> check out the smh, the etf that tracks the chips. now on track for its worst day since may 1st. remember, this group has surged, kelly. notable laggards today, would include amd, micron, qualcomm. i just spoke with susquehanna's chris roller he said the space is a bit overbought what is he telling clients right now? , the 5g trend, marvel is a play on the infrastructure side he says if the tip continueses, he would -- that would include names like texas instruments. >> and it is beautiful there, josh, thank you very much. >>> shares with regen ron hits new highs. they have begun -- and said they could know one two months whether or not it's effective. moderna is starting the final testing stage, which would involve 30,000 volunteers, but a vaccine that works is only one part on that note, let's about ink in meg tirrell. meg? >> hey, kel

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> hello and welcome to power lunch. stocks are racing early losses following yesterday's sell off moest g esest gains. that's thanks to the big financials all higher by 2% or there abouts >>> shares of sonic automotive up 200% from the march low as the demand for used cars skyrocket during the pandemic. the ceo david smith will join us we'll welcome him as power lunch begins right now >>> thanks the stocks are still on track for a week in the red bob was more on the moves for us >> we were moving down quickly at the open. we turned around at 10:00. that's when we got the headline that the regulators were easing part of the rule we had word that texas was pausing the roping plans we drifted lower again that's what i mean about dualing headlines that we have been seeing it's been drifting lower they are delaying the california theme park they have been on a down trend for a while. nice to see energy bounce back we had a bad day yesterday on energy as oil dropped about

with adyen, the payments platform that delivers convenience for all. adyen. business. boundaries. >>> welcome back a look at the big etfs >> let's kick it off with the xli and the xlb that tracks materials. both of them up more than 2% we want to look at the quarter we just experienced. it was a wild one. the reopening and recovery story alive and well and playing out in the etf space cyclicals like retail and energy rebounding the xrt up 43% the xly trading 29% higher tech up 26% higher some other notable ones billion o tech up 26%. on pace for its best quarter in nearly 17 years. another notable mover, the kbe bank etf up 10% this quarter on track for its best performance since q1 of last year. really getting a boost from the broader reopening story as well as the easing of some restrictions put in place. we'll look back at the first full half of 2020. much different story for banks kbe and xle the laggards tech the best performer up 11% consumer discretionary up 4% stocks like ebay and dominos up more than 40% on the first half of the year as ecommerce booms and ame

with adyen, the payments platform that delivers convenience for all. adyen. business.elcome back to "the exchange." it's been anything but a ho-hum day in the markets, though that's what it looks like this afternoon. stocks are way off their highs the dow was up 800 points at the high it's up 200 right now, an eighth-tenths gain all three are on track for their biggest weekly declines in 12 weeks because of that huge selloff yesterday. the worst week in 12 weeks still today, s&p up 15, nasdaq up 32 let's look at the financials making a comeback today after two terrible recessions where they were down 17% cyclical areas coming back today as well and utilities selling at about half a percent some of the names on the list include lululemon is at 4% following its first earnings miss in three years. again, year to date still very strong tesla shares are also down as it was downgraded from underweight to equal weight at morgan stanley, who said there were several factors, including in need of apital today it's at 934. pvh is lower after it said it expects revenues to decline

with adyen, the payments platform that delivers convenience for all. adyen. business.e, and welcome back to cnbc i'm tyler phragt smath sin and s "power lunch". reopening in america has led to a record surge i

with adyen, the payments platform that delivers convenience for all. adyen. business.s. >> you'll realize people are looking at this saying how much more debt should america take on the stock is down 7% today it is looking to raise $3.5 billion looking to do it through four vehicles. 1.5 billion in secured notes 750 million in convertibles. and then 500 million in a term long facility that's not the only one looking to raise capital right now and we're going to continue over the next several weeks if no the next couple of months. >> what do we know on the -- where are we on the state of the airlines requiring and not just requesting patients to use them. >> almost all of them having required it. now having said that, if somebody is in flight and they take off their mask, they're not going to be diverted somewhere and when they land, the airlines say, do you know what, we're going to put that by your name that in the future maybe you can put it to somebody else. >> interesting. >> thank you very much she's following another group of travel stocks. >> tyler that's right.

with adyen, the payments platform that delivers convenience for all. adyen. business.>>> hi, folks. welcome back to "power lunch." stocks are continuing to sell off with just over an hour left in the trading day the dow is down about 706 points early this week morningstar announced winners of its 2020 awards for investing excellence. today we're joined by the winner of the rising talent award let's welcome in managing director and portfolio manager mohit, thank you for joining us. glad to have you with us. >> thank you, tyler, i'm delighted to be here. >> yes we'll talk a little about equities your spectator is fixed income area across credit spectrum from high yield up to investment grade. i would guess that your view of what's going to happen in and across the credit spectrum depends in large measure on what you see happening in the american and global economies. so let's start there what do you see in the economy over the next year to two years? >> yeah. thank you. yeah, i think it's important to have a high degree of humility when doing any kind of economic forecas

with adyen, the payments platform that delivers convenience for all. adyen. business.aries. >>> welcome back some reports after the bell yesterday from the "wall street journal" indicating that dell is considering a spinoff or other transaction, perhaps the sale of its 83% stake in vm ware, frustrated by the fact that it doesn't seem to get any credit for a stake that is basically worth the overall market cap of dell before you even get to dell's business. you're seeing right there of course shareholders reacting to that possibility i can confirm what the "wall street journal" did report yesterday as well this is certainly something being studied by the company we should point out it is not something that can happen until at the earliest september of 2021 given that is when you could actually do a spend that would be tax-free to shareholders because you need five years to pass prior -- from the time that they made the purchase what would it look like? well, that's what's sort of going on right now in terms of some of the advisers who are investigating this for dell and

with adyen, the payments platform that delivers convenience for all. adyen. business.ot boundaries. >>> our phil lebeau joins us this morning with the coo of ford good morning, phil. >> good morning, carl. let's bring in jim farley, coo of ford. lots to talk about including this deal with volkswagen that you finalized this morning let's start with a status check. how do things stand in terms of ramping up production and what do you see in the market in terms of consumer demand for going back out and buying vehicles >> good morning, phil. we're seeing great very strong demand we have for more than a month now. actually, some of our model products on retail were up year over year like f-150 very strong demand on production we're adding second and third shifts now. by july 6 we will be up to full north america production and by the end of this month almost all of our plants will be on three shifts or overtime. >> jim, you are entering a crucial stretch where you will be unveiling the new f series, give us our first look at the bronco that you will roll out over the next y

with adyen, the payments platform that delivers convenience for all. adyen. business.ot boundaries. you say that customers maklet's talk data.s. only xfinity mobile lets you switch up your wireless data whenever. i accept! 5g - everybody's talking about it. how do i get it? everyone gets 5g with our new data options at no extra cost. that's good. next item - corner offices for everyone. just have to make more corners in this building. chad? your wireless your rules. only with xfinity mobile. now that's simple easy awesome. switch and save up to $400 a year on your wireless bill. plus get $200 off a new samsung galaxy s20 ultra. >>> welcome back time for cnbc update with leslie picker. >> i'm leslie picker here is cnbc update. wows says people need to stop vilifying police officers. mcenany says they are putting finishing touches on proposals and reducing cops is a nonstarter warning police departments across the nation that personal information of some officers is being leaked online and could lead to attacks by extremists. "vogue" publisher anna wintower says they hav

with adyen, the payments platform that delivers convenience for all. adyen. business.t boundaries. >>> welcome back in the fight over video game streaming, amazon scoring a knockout over microsoft. josh has the details josh >> that's right, kelly so it's official microsoft is shutting down mixer on july 22nd this is the company's live streaming service, kelly fans go to watch other people play and comment on video games and where streamers can entertain fans for three years microsoft battled giants in this market like amazon's twitch, google's youtube and facebook'sgaming unit but mixer never did catch up for example, in april, people spent 37 million hours watching content on mixer i know that sounds like a lot. but that's compared with 1.5 billion on twitch. microsoft saying in a blog post, it became clear that the time media to grow our own live streaming community to scale is out of measure with the vision and experiences we wanted to deliver to gamers now. mixer did make some big moves poaching superstar gamers like ninja and shroud microsoft was ultimately just t

with adyen, the payments platform that delivers convenience for all. adyen. business.selloff with the dow down 764 points right now is dragging on stocks that had been enjoying a bump from the stay-at-home trend tractor supply is at 3.10%, rh is down 3% the surge in cases may keep us home for longer, so what will consumer trends do to these at-home stocks liz is here from bank america securities liz, it's great to see you again, and a lot of the names you recommend are some of the stay-at-home plays are there any new additions to this list? >> a lot of stocks we highlight in this note are stocks that have done very well from consumers being stuck at home, lowe's, tractor supply, amazon, wayfair. millennials moving out to the suburbs and maybe buying their first home, that would benefit the betting stocks thi we tried to highlight a couple other stocks that aren't quite as obvious in this report that will ultimately be beneficiaries of this urban exodus >> that's fascinating, maybe it helps casper, too. who else would be on that list of that kind of demographic trend? >

with adyen, the payments platform that delivers convenience for all. adyen. business.> hello and welcome to power lunch. stocks are racing early losses following yesterday's sell off moest g esest gains. that's thank

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> welcome back and let's catch you up on a few stories that should be on your radar today. it is time for "rapid fire" and here to break down the headlines is courtney reagan, dom chu and alma modi. we have a break on the coronavirus. there will be a treatment starting in august for the hailed drug emdesivir. customers are looking for an easier way to administer this drug this could be a helpful thing to get this drug out of the hospital, right? >> it could be really helpful. right now this is given by daily infusion with an i.v., so by the time patients get to that point, they're already pretty sick. it's thought that this drug, because of the way it works, could work earlier at the beginning of the disease it could be give binen by a nebulizer and gotten outside the hospital if people could get it before they become hospitalized, it could stop the disease in its tracks earlier and the hope is it would work better but we have to wait for the result of those trials w

with adyen, the payments platform that delivers convenience for all. adyen. business.om tenant trouble to reconfiguring whole buildings, the commercial real estate is getting hit hard by this pandemic, and that has some investors ready to pounce. leslie >> it's been part of the current crisis that's shorting commercial real estate the thought among head fund managers, which includes karl icon, is that the deficit has impacted apartments and hotels as people have started working from home, employers are start to go rethink their office footprint as well. one hedge if you understand activist is shorting new york office stocks. jonathan licht is the chief investor at atlantic buildings it says you were short power reality, s and green realty. they are flat or higher since that article came out on may 22nd, but still down after the depths of the coronavirus in late march are you still short these names or are there others you're betting against? >> we don't comment on shorts specifically i think the journal made an assumption based on what we wrote. but i think new york is

with adyen, the payments platform that delivers convenience for all. adyen. business.aries. >>> welcome back to "power lunch. as america shops, eats and works from home during the coronavirus pandemic, the way we travel when we do go out is changing as well phil lebeau has those details. >> big impacts on both the airline and the auto industry. we'll talk about the airlines in a little bit, but first of all let's talk about the auto industry and where you are really noticing the impact especially the people who say i have to drive or i'm going to start driving is with the used car market it is red hot right now. the average price according to cox automotive, just over $21,000, june sales are surging. 40 million used vehicles were sold last year that is a record may eclipse that this year if things continue to percolate in the second half of the year. take a look at two companies, sonic automotive and car max sonic, used vehicle sales in june up 7% a big change from last couple of months car max will be reporting its q1 earnings tomorrow morning and we'll get an update

with adyen, the payments platform that delivers convenience for all. adyen. business.es. >>> so we're announcing today a joint travel advisory. people coming in from states that have a high infection rate must quarantine for 14 days. and we have a calibration for the infection rate and any state that goes over that infection rate, that state will be subject to the quarantine it's only for the simple reason that we worked very hard to get the viral transmission rate down we don't want to see it go up because a lot of people come into this region and they could literally bring the infection with them. it wouldn't be malicious or malevolent but it would still be real so we are jointly instituting that travel advisory today because what happens in new york, happens in new jersey, happens in connecticut and i think it's right i think it's smart i'm glad that we're doing it together and we've done a lot of good things together. and hopefully we're on the other side of this mountain. and we'll continue to see the numbers go down. we'll continue to see the economic activity go

with adyen, the payments platform that delivers convenience for all. adyen. business.me back to "squawk box," everybody. the markets are under pressure this morning we're going to run you through some of the names that are adding to that pressure. first off, take a look at boeing it is leading the dow industrials lower. volatile stock trading down $11 to 178. norwegian cruise lines is "the biggest loser" in the s&p 500. this has been one of those volatile stocks. the cruise lines have been under so much pressure people coming back this is one that was very heavily traded now down 10.8% this morning. decline to $18.28. then there's j.p. morgan chase which is leading the financials lower. this has been one of the groups that has come under pressure as people worry about the zero interest rates and the potential for bad loans in the economy jpmorgan down by 3.8%. if you take a look at the broader market, the futures ahead of the open, as we mentioned under pressure dow futures down by 620 points earlier this morning we started down about 550 we have seen it down by as muc

with adyen, the payments platform that delivers convenience for all. adyen. business.ot boundaries. and their financial well-being. since our beginning, our business has been people. it's evident in good times, with decisions focused on the long-term. and crucial when circumstances become difficult. that continued emphasis on people - our advisors, associates, clients and communities gives us purpose, strength and a way forward. today. and always. (music) anncr: give customers access to precisely what they want, when they need it the most. with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> under pressure futures pointing to a pull back this morning following a record run on wall street the next move goes to jay powell investors look to the central bank for more stimulus life in the fast lane. shares of tesla closing at a record high. we'll talk about the company's future with long-term future ron baron. second hour of "squawk box" begins right now. >>> good morning welcome back to "squawk box" right here on cnbc i'

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> as states begin to reopen, be inmbeijing may offer some insight. eunice, you led us through the beginnings of this we saw it there long before it hit our shores wondering what life is like for you now? >> it has gotten better. it feels odd, i no longer have to get my temperature checked everywhere that's one of the latest changes as china emerges from this pandemic up until this weekend, boxing with others in a basement gym in beijing was banned now the chinese capital has loosened restrictions, people like this are working out even without masks. >> translator: i feel safe, the gym is professional and vent lain is good. >> beijing is becoming less strict about masks most people still wear them. rules are relaxing this is a temperature check. it is empty. more and more places are opening up restaurants no longer require customers sit three feet apart or register i.d. the looser approach is bringing more to businesses like the basement gym and their workers >> trans

with adyen, the payments platform that delivers convenience for all. adyen. business.yment benefits will not stop in august what may well stop in the reform is necessary, i mean, almost all businesses on both sides of the aisle understand the $600 plus up, above the state unemployment benefits they'll continue to receive is in effect a disincentive i mean, we're paying people not to work. t better than their salaries would get. that might have worked the first couple of months it will end in late july i think that returning to employment we are in the administration, the president is looking at a reform measure that will still provide some kind of bonus for returning to work. >> larry kudlow. of course, this weekend on cnn discussing the $600 bonus that will expire at the end of july it doesn't sound like it's going to be reinstated you've been talking about it a bit. is it a disincentive to come back to work >> secretary mnuchin when i asked him about it said it's one of the moral hazards of trying to make it so struggliing americans can make it through the period i t

with adyen, the payments platform that delivers convenience for all. adyen. business.elcome back s&p 500 up 1.8%. 23 minutes left in the session as the country continues to reopen, we're seeing spikes in cases across different parts of the country. phoenix, scottsdale, arizona, are seeing the fastest case doubling in the u.s. followed by tampa and orlando and florida. and charlotte in north carolina. joining us now to talk about the coronavirus testing capacity, adam, the ceo of lab corp. thank you for joining us how many tests are you able to do at the moment per week and how quick sly is that growing >> good afternoon. it's great to talk with you. thank you for having me here today. also big thank you to all my labcorp colleagues that work around the world and around the clock to perform the tests if you look at the test we performed, there is the pc test, a simple nasal swab. that tells if you you currently have the disease we can run about 110,000 of those every day. >> that's a significant increase from a week ago. we were about 90,000 and we're continuing to buil

with adyen, the payments platform that delivers convenience for all. adyen. business.l 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 r 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. >>> as the country slowly begins to reopen, cnbc and change research are looking at the growing concerns of covid-19 for voters in battleground states amen jaifrs explains what they found. >> yeah, mike. that's right we're seeing an interesting split here geographically in terms of some soft those states that experienced a real flairup of covid-19 and the other ones that are not seeing dramatic flare-up, you're seeing that in the respondents talking about whether or not we're reopening too quickly. take a look at the six battleground states that we surveyed here. you see that florida and arizona, people saying we are reopening too quickly. 50% in florida

with adyen, the payments platform that delivers convenience for all. adyen. business.ndaries. i geh. common bird.e. ooh look! over here! something much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today. >>> welcome back the dew up more thow up 200 pois square and paypal hitting all time highs company data shows success in getting government loans to small businesses kate rooney with the story kate >> scare and paypal played a significant role in the paycheck protection program according to company data, they focused on the smaller side of ppp loans. square capitals average loan size was just $11,000. that's about a tenth of the size of the average sba loan. 60ers this 60% of tho

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> it's time for jim and stop trading. you? mentioned southwest sell to buy. we have to buy to sell beyond meat at barclays they're saying it's food service. my sources indicate mcdonald's, it's not over with beyond meat, but what matters is there's a substantial food service business and they said they're cutting prices to take business away from a traditional meat companies. is it time to take profits i think they're taking a long-term view they're here to stay they want to show people the price is cheaper than beef it's up a great deal it's not one of those companies that's being run, so to speak, on robin hood. and it's also not one of those software companies that goldman recommended today that are all getting rolled over but it is one that has been a bellwether in this market >> yeah. down 20% in five days. and you're right the news out of mcdonald's was a little confusing mcdonald's later came back and said the relationship hasn't changed despite what happened

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. the xfinity voice remote will find exactly that.for, happy stuff. if the groups happy, i'm happy. you can even say a famous movie quote and it will know the right movie. that'll do, donkey! you're expecting prince charming? you can learn something new any time. education. and if you're not sure what you're looking for, say... surprise me. just ask "what can i say?" to find more of what you love with the xfinity voice remote. >>> market trying to hold on to gains here following yesterday's massive selloff. stocks had the worst one day decline since back in march. we're still on track for our worst week for stocks since march. but the more than 5% decline for the s&p 500 so far our next guest placed major bet on the market during the drop in february and march, buying nearly $9 billion in stocks and so far that bet especially paid off. joining us now is david giroux, chief investment officer at t. rowe price and five time nominee and two-time winner of morning star's fun

with adyen, the payments platform that delivers convenience for all. adyen. business.thing much better. there it is. peacock, included with xfinity x1. remarkable. fascinating. -very. it streams tons of your favorite shows and movies, plus the latest in sports news and... huh - run! the newest streaming app has landed on xfinity x1. now that's... simple. easy. awesome. xfinity x1 just got even better with peacock premium included at no additional cost. no strings attached. just say "peacock" into your voice remote to start watching today. >>> coming up, grocery stores have largely escaped the economic pain by others in the country. a key re oadf whether that's due to be continued coming up. ew mos maybe it'll give us a new perspective. maybe we'll see things we've been missing. maybe it'll help us see just how connected we all are. and maybe... just maybe, if we look at the big picture... it'll remind us just how amazing freedom really is. but inside... there's advanced research, modeling and refinement. constructing funds that don't simply follow an index. but explore

with adyen, the payments platform that delivers convenience for all. adyen. business. boundaries. >>> jim, only enough time for you show us what's on the show tonight. >> amc, will we be able to go to the movies that's what we're going to find out. and green thumb. >> that's interesting. not an easy road there for adam. >> see you tomorrow. >> yep >> okay. let's get over to sara now to start the 10:00 of "squawk on the street." >> let's do it good morning david and jim, and everyone. welcome to "squawk on the street" here with david faber and mike carl has the morning off look at stocks this morning. we are taking a bit of a step back here. the dow is down 147 points s&p also saw to the tune of a quarter of 1%. the nasdaq is flat we saw stocks losing steam into the close yesterday. lei, leading economic indicators crossing the tape. let's get to rick santelli for the numbers in chicago rick >> we're awaiting the may number, we're expecting it up 2.4 %. the worth month was minus 7.4 in march of this year that's the all-time low. 2 .8 % up 2 .8 %. down close to expectati

with adyen, the payments platform that delivers convenience for all. adyen. business. not boundaries. >>> take a look at futures here. we're going to try to work back some of what we lost on thursday coming off 5% drops for all the major indices and the first three-day loss for the s&p since march. we're back in just a moment. marco...! polo! marco...! polo! marco...! polo! marco...! polo! marco...! polo! sì? marco...! polo! scusa? marco...! polo! ma io sono marco polo, ma playing "marco polo" with marco polo? surprising. ragazzini, io sono marco polo. sì, sono qui what's not surprising? geico helping you save even more on car and motorcycle insurance. ahhh... polo. marco...! polo! now get an extra 15% credit when you switch before october 7th. a newlywed... a guy who just got into college... that's why behind these masks, johnson & johnson scientists are working to accelerate development of a covid-19 vaccine, drawing on decades of experience responding to public health emergencies like ebola and hiv. for the life behind every mask, the clock never stops and neither d

with adyen, the payments platform that delivers convenience for all. adyen. business. >>> disney, one of the biggest losers in the dow on the reopening of theme parks, julia boorstin has the latest. julia. >> sara, 8,000 people signed moveon.org petition calling on disney to delay july 12019 opening of disney world in orlando until there is a decline in covid cases this comes after a dozen unions representing some 17,000 disney land employees in california wrote to governor gavin newsom saying they still believe it's unsafe to reopen the park. disney saying the safety and well-being of cast members and guest are at the forefront of planning and we look forward to continued dialogue with our unions on extensive health and safety protocols following guidance from public health as we plan during phased reopening. disney's park opening kbigest division by revenue and most powerful driver of bottom line froth last year so there's certainly a lot of pressure on disney to make sure that both its employees and consumers feel comfortable returning to those marks. disney shares

with adyen, the payments platform that delivers convenience for all. adyen. business.ndaries. >>> the dow is off the best levels of the day. dipping negative once again. one group offering investors relief, esg index funds. since the march 23 close both vanguard and black rock's esg funds have outperformed the broader market they're up 37% from the market bottom thank you for joining us, john my first question is on performance, actually. would we expect esg funds to outper in volatile times or when markets are less volatile? >> certainly they have outperformed during volatile times. part of the reason for that is that they have management teams generally that are well able to deal with these issues they invested in companies with management teams that do well during periods of crisis. >> we're learning a lot about company management and ability to deal with crisis during this time period. we're getting real time evidence in terms of whether or not the policies and procedures that companies have in terms of how they'll deal with the employees, supply chains, and the co